Looking for a mentor.

Discussion in 'Politics & Religion' started by MrJohnGalt, Mar 26, 2004.

  1. I just started trading a month ago. I have some programming background so I felt system trading the way to go and have read that most hedge fund managers are system traders. I opened up a trading account with Tradestation but I lost a lot of account trading with them.

    I feel that the market is too dynamic to be modelled watching my system losing. Reading posts in different trading site, I noticed most traders use both systematic signals and discretionary feel to trade. I feel that the combination of rational dynamics and quantitative logic is the secret of success in trading.

    I do not have experience in trading discretion. I have followed Woodie's CCI thread but I have came to a conclusion that CCI does not have any statistical viability but traders use the discretion to trade well.

    Would anybody be generous enough to mentor me with discretionary trading? Is there a website about discretionary trading? Are there any good chatroom with good discretionary traders helping or giving explanations or his or her trades?

    Thank you all, in advance.
     
  2. MrJohnGalt, I may be able to help you. What market(s) are you planning on trading?

    I can teach you how to win trading forex.

    Let me know, maybe even in a PM so as not to clutter this forum.

    Sam
     
  3. Currently, I have an account with Interactive Brokers because they have low commissions and offers low cost realtime data. I have traded E-mini S&P and Nasdaq. I have read that daytrading stocks are impossible unless you go into a long-term trading so I don't have any plans. Does Interactive Broker allow forex?
     
  4. "Does Interactive Broker allow forex?"

    OANDA allows forex: A broker I'd recommend to trade currencies.

    Sam
     
  5. Have you traded E-mini products? If you have, how different is it from forex? I have read that there are currency futures market. Is it different with them?
     
  6. MrJohnGalt: I'm strictly a (forex) cash and carry ;) man.

    Do you tend towards being a chart trader or a news/data trader?

    Regards,

    Saham Gamal Ruach
     
  7. are you related to that great fx trader who used to post on elite?

    Overload ?
     
  8. Because of my programming background, I use technical analysis. I have experience testing Candle patterns, Moving Average, Stochastic, RSI and CCI.

    I haven't looked into news/data trader. Is this like tape reading?

    If you wouldn't mind sharing, how do you trade?
     
  9. Another question is I have had painful experiences with drawdowns. I really get shaky both during market hours when I have a open trade and also when I my account has been negative. From reading posts by others in ET, I know that it cannot affect my trading but still the more I think about it, the more painful it gets.

    I am currently not trading due to this. I know and expect not to make money with a snap of a finger. But I have had a strong anxiety to computer generated signals. I have tried to stop watching my equity during open positions but that still doesn't help me ignore the drawdowns.

    I stuck to my system but I am worried and honestly fear the anxiety affecting my discretionary trades. The problems maybe something beyond the scope of asking for a mentor. I have bought and read Mark Douglas' book and finished Van Tharp's Peak Performance Course Exercise. And working on my psychological side of trading. But I am still not sure if that is enough for me to be profitable.
     
  10. Where do you live?
    Why have you chosen futures as your trqading vehicle? They are highly leveraged for a newbie.
    DTP
     
    #10     Mar 26, 2004