You can use ET as a mentor of what not to do!!!!!!! A mentor wil only be found when you are working at a tradign firm gettign a salary and the executives force a trader to train you... that is the only way
heres the same chart with some lines, all lines have at least 3 touching points to make them valid, u can tweak them, but just keep it simple for now
for that pttern to work it needs to stay below resistance at the top of the flag (1080), break support at the bottom of the flag, (1060)and then it should fall to the 1st supp(1045) and possibly the 2nd(1040). Using this chart and a paper acct, you should sell 2 at the top of the flag , the res area, and put a stop a few points above there,hold it til it starts to fall , cover 1 at 1060 ,the lower end of the flag,hold the other with a 5 point stop, if we break to 3 or 4 points below, put your 1st 1 back out and ride it to 45, again cover 1 and leave the other there with a 5 point stop, if it breaks 1045, sell one back out and cover both at 1040,monthly tl's are stronger than weekly tl's which are stronger than dailys, make sure you have all 3 on your chart
Thats exactly what a mentor should do "help/ force/ guide you thru the psychological aspects of trading " Most want someone to tell them what to do. Someone to give them a system that works all the time. I have offered to mentor a few here on ET at no cost but it seems that no one wants to do the work involved.
Duhmentor With all do respect (because I like and agree with most everything you post) butâ¦. Is not your first sentence in direct conflict with your last â if not then you should be able to help/ force/ guide another to do the work involved - no? And (again Iâm just curious).. How did you come about learning how others learn â so youâre confident to say you can mentor someone successfully? Also by willingly taking on the responsibility of mentoring someone â are /can you really guarantee they will get it â guarantee them success? Also (more curiosity) How do you get someone to overcome the internal (psychological) road blocks â so they take the appropriate actions regardless of what their thoughts are telling them? (taking all signals, and exiting all stop losses immediately â come to mind) Short of sitting there and doing the actual trading for someone â I do not know how one person can âforceâ another to trade properly, orâ¦. Really help/ force/ guide another to do anything else for that matter â especially if that person is unable to make their self it do it in the first place â¦(whatever it is)â¦.. Sure some folks are closer to getting it (trading properly) than others, and may need just a little nudge in the right direction⦠But then I know of some who really want to trade - but can not for the life of them - take the appropriate action when its required â consequently theyâve quit tradingâ¦. What specifically would you do for the folks in this category? Again â I am not taking you to task (though I admit it appears so) â I am trying to expand my knowledge and clear up some questions Iâve long maintained one person does not know specifically how another learns..., and/ or one person can not make another do something they psychologically canât If my stance is wrong then I must own up to that factâ¦â¦ Thank You RN
Thank you for your helpful trading posts. I do think an experienced mentor that trades the same methods would be helpful starting out. Finding one would be hard to impossible without some personal contacts. I've been a contractor for what seems like forever now, and I'm very good at it. I have friends in the business who I discuss jobs with and they do likewise with me. We are not mentors to each other but it helps talking to someone experienced and that you trust. And talking shop with skilled people helps everyone become better at what they do and it's enjoyable too. I think something like that in trading would be helpful and enjoyable. Without having to move to New York or Chicago.
Truly most distinguished brother Red of consistently well thought out posts steeped in and born out of a bottomless pool of luculent trading gems, if I may try to throw out an answer to your question... How 'bout this, someone lucks into a friend of a friend or has a mentor assigned to them when they join their prop and learns a trading strategy that makes it extremely difficult for even the most psychologically troubled or blocked to not follow the rules close enough to make at least 4 loaves of bread per month? I am a firm believer that this trading game is predominantly psychological with the correlation increasing with the amount of factors left to the discretion of the trader. However, the more confidence the trader has in the probabilities of said dark gray box system they may have learned, the more likely it is to help even the most neurotic trader break through whatever would have been inhibiting their success. Perhaps, through trading, they will work through their neuroses. Yeah, that's it, take up trading as a path to self-actualization and enlightenment. OK, my argument is disintegrating, still, I know you get the point. Even in some philosophies/religions, like Buddhism, there are those schools that say you merely go and ardently listen to a "realized" teacher (like Oliver Velez, perhaps)and through their grace, you will quickly advance along the PATH and then there are schools that say no one, not even the Buddha/Buffet himself, could give you enlightenment and you must walk the path alone as it is only this illusory YOU that keeps you from your goalless goal. Still, whilst some may figure it out by themselves, most everyone needs a little (or enormous)light somewhere in the distance to get them walking in the right direction and as all is impermanent, even the most seasoned traders need the light or maybe just a perpetually curious mind, to constantly adapt. In support of your "force another to trade"argument, I have sat with a trading savage of the 7 figure per year order for weeks on end, asked heaps of questions to which he was gracious enough to throw me detailed answers and after it all, I could most unequivocally NOT do anything that he was doing. I think my psychology prevented it or put another way, it just wasn't a style that worked for me. Even with him calling what he was doing, either my opinions got in the way or more, I wanted to know exactly WHY I was taking this or that trade so that I could actually use it when I got back to my own wee trading closet and in the fray of the day, I surely wasn't going to ask. Truthfully, outside of a totally automated system, the trader still has to push the execute button when the "IF>>THEN" signal comes or if a complete slacker, may not be aware of the signal so still many ways to thwart any near perfect trading system. Just like 99% of the stuff out there on any subject, I reckon it is just repackaged second hand knowledge. In this case, I just took your words and painted them in the colors of cosmic crap BigArrow, that is what i came on ET for, to find people to bounce trading ideas off of. Outside of and no doubt far superior to ET, it seems as if trading in some prop offices could provide just what you speak of regarding interchange of trading ideas, etc. Failing that, even remote trading with a group connected through IMs or better, skype, may also work.