Read this thread: https://www.elitetrader.com/et/thre...t-feel-like-theres-so-much-more-to-go.324108/ IMHO, maybe you should try swing trade instead of day trade. Intraday requires faster decision and not suitable for newbies unless you can automate. It is also noisier. Another advantage of swing: You can get a good paying job and build up your trading capital, like the poster above and still have time to hone your trading skill. Best wishes.
What you've stated here is akin to tinkering as well. The "right" markets? He should trade breakouts when it is a BO and fade when it's not. How is this helpful? Everyone has a plan until they get hit in the face... OP, You can sum up the majority of failures to "needing" to be in the market. Vola goes to zero and they force a trade, or unrealistic targets in good vola. A friend of mine had a huge position in CL options as a local. Basically long the ATM straddle with realized vola above implied but he missed some hedge levels and essentially went debit when the straddle pinned to the strike on LTD. He literally missed a 500 lot short by a single tick. For the want of an eighth the kingdom was lost. You need hard REASONABLE stops if you're going to trade by your gut. There needs to be some ruleset... somewhere.
Your mentor making $600k/year in trading. How much capital is he working with? Do you have that amount to work with? You can’t trade like him cause you probably don’t have that amount since you are so young and only learning how to trade. Did he ever show you proof like a brokerage statement that he is successful? Obviously, you don’t have an edge since you have been losing the whole time. Ppl with edge still lose.
That is inspiring but untrue. There are more boys who want to be professional football players than there are spots in the NFL. There are more boys who want to marry supermodels than there are women who are supermodel gorgeous. More brilliant people want to become tenured professors at research universities than there are slots available. In life people often need to abandon their dreams and pursue more realistic goals.
I don't have the capital or experience he has, he's been trading for 17 years. I trade live with him every day and he tells me how much he made or lost that day. I have yet to see his statements but he has a wife and two kids so he can't be faking it since he's here every day with me, he's never tried to get me to give him any money or sell me on anything. Obviously, I'm not going to be able to trade like him now but as I become consistent and grow my account I don't see that being an issue 5-10 years from now. Also, I haven't been losing the whole time, I'm just not winning right now. I've had three periods over the last 8 months now where I've had success then I get too ballsy and take a big loss and mess my mind up then I continue to lose till I get my mind right again.