Looking for mentor / guidance

Discussion in 'Hook Up' started by c.chugani, May 8, 2008.

  1. Hello everyone,

    I will be finishing my Marketing degree now in june and would like to get into trading as a career.

    I know that my educational background isn't exactly compatible with that of trading - but I have read a lot about successful traders which dont have degrees in Quantitative Finance or even Economics for that matter.

    For the past two years I have been focusing on reading as many books as possible on the subject, as well as study the markets in real time with only price and volume on the charts.

    I was initially thinking of starting trading futures, but realised that with only 10K in my account I would definitely be undercapitalised and overleveraged to survive in the long run.

    I am basically seeking advice on how to start and set up a trading business. I dont mind putting in all the time and effort that is required - as I know that it is not easy.

    I am willing to look into trading any market, any instrument and am open to all sorts of types of trading. I have been focusing on redduke's guide lines on how to study the markets:

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=125643&perpage=6&pagenumber=4

    Although I am living in Spain, I am using optionXpress and QuoteTracker to get free realtime quotes on US equities.

    Any advice, guidance and help is HIGHLY appreciated. I am readily prepared to travel to any part of the world and learn at least the basic skills needed to make this a long-term profitable business activity.

    As a student, all I have is 10K and a HUGE motivation to learn and keep learning how to do this.

    Anyone willing to help me please PM me. Thank you for your time and consideration.

    Warm Regards to all.
     
  2. Oh I imagine you'll get pleanty of PM's offering you all sorts of stuff (at a price!), just make sure you don't pay anyone a cent until you see for yourself, in real time that they know what they're doing and can make money.

    But there's really no need to travel anywhere or pay anyone, there's plenty of information around these froums alone to get you started, I'm sure someone will post a few links to worthy threads.
     
  3. <i>"As a student, all I have is 10K and a HUGE motivation to learn and keep learning how to do this"</i>

    Your two assets, 10k and motivation are unrelated.

    Until you develop trading skills to #1 breakeven and then #2 profit consistently, money doesn't matter. $10k, $100k or $1mil in an account will all turn to net-loss or total loss without trader skills.

    No one develops trader skills right out of the gate, day one by trading real money. Whatever you are told or decide to pursue, DO NOT trade one dime of real money until you've learned a considerable amount of basic trading skills.

    No one "earns while they learn". Most aspiring traders learn unbreakable negative habits by mixing emotions of real money and logic of learned skills too early.

    Real money at work = risk and the emotions tied to that bastardize, retard or kill the learning process. Motivation is terrific... work ethic is critical. Sim-trading with demo money while you learn is priceless.
     
  4. I understand your point. I am not expecting to make money from the get go. I am seeking guidance above anything else.

    ie. WHAT factors to consider when choosing which market to trade, with WHICH instruments to trade it, HOW to structure a business plan out of a trading edge, WHAT to look for when studying price action, etc. etc.

    I dont mind starting with a sim-account, but then again some people swear that it never mimics the "real thing".

    You see, this activity is so relative, so subjective - there are hundreds of ways to do the same thing and still be profitable. The fact that there is no structure to all of this knowledge make me feel lost.

    It is not like enrolling into an MBA or something where the content is given to you and there are a set of things everyone agrees upon.

    In trading everything depends on the trader. I need someone to help me introspect and make me find out exactly HOW I MYSELF should approach this business.

    Cheers.
     
  5. A million dollars net worth isn't really that much in the scheme of things, most successful professionals have at least half of that just in property equity. For a consistently profitable trader who has been in the business for a few years a million dollars could be considered under-performance.

    You meant fuckin billionaire, right?
     
  6. ok I assume you do have a proven strategy that has made you a millionaire (as per your other posts).

    How much net profit can your strategy make in a year? 50K?

    I'm willing to trade 2 years then, after you have taught me, and pay you back your 100K + interest.

    That way I rest assured that this isn't a scam; and you get your money out of the same system you have sucessfully taught me to trade.

    Deal?
     
  7. Feel free to visit my blog for some lower risk swing trading ideas that occasionally work out. It's 100% technical based. It's free and always will be....not worth anything anyway. If you haven't already, I'd suggest reading Edwards & Magee "Technical Analysis of Stock Trends." In my opinion, it's the only book you'll ever need.

    T
    http://actionpointsta.blogspot.com/
     
  8. Surdo

    Surdo

    c.chugani:

    You probably have a better understanding of markets and a larger account than rewtree34!
     
  9. think about what this statement is telling you....peace
     
  10. No, he meant fuckinG (with a G) millionaire
     
    #10     May 8, 2008