Mentorship (4th year still not profitable)

Discussion in 'Hook Up' started by iamnewuser911, Nov 13, 2017.

  1. lcranston


    It needn't be stationary. The mean is an average of the range from high to low. The PE of the S&P was 15 for more than a century, until 2000. Now it's closer to 25. Make of that what you will.

    When the PE gets too far above the mean, professionals take profits or even short. When the PE drops below the mean, they buy. Basic market dynamics.
    #31     Nov 13, 2017
  2. I believe that the school of hard knocks is best mentor you will ever have when it comes to trading. However, you need to adhere to three things in order to survive its painful lessons and be able to reach the other side of the learning curve without being knocked out of the trading business.
    1) Trade small> trade management
    2) Discipline > self-control> patience > wait for the right entry point
    3) Keep a journal> write down why you took the trade and what can be done better to improve the outcome.

    Good luck
    #32     Nov 13, 2017
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  3. wtf? you are willing to give up your life for trading success? lol. My advice would be to continue a career/profession/business or learn a new career/profession/business whilst you swing trade using end of day data. I would not put your life on hold for trading as it may never happen.

    in terms of strategies i would forget everything you know, strip everything back and try and formulate a strategy which is solely based on a simple concept. For example monthly/weekly/daily open/close/low high levels. If an instrument cannot hold above its weekly open is there an opportunity to enter get short and minimise your risk?
    #33     Nov 13, 2017
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  4. 777


    If you are going to stay on this path:

    You are smart to try and find a winning trader who will mentor you asap.

    And yes.. developing a personal relationship is best. Most people will never be able to do this, but doing this should be your goal.

    Go to bed thinking of ways to achieve this goal.


    Most Gurus-for-hire; well you know... I don't need to use words like "posers, hustlers, liars, scammers, thieves".
    Last edited: Nov 13, 2017
    #34     Nov 13, 2017
    timdug likes this.
  5. Trading is sometimes just a relatively simple matter of changing your mindset and outlook and collective approach;

    Don't look at trading like a fun video game, and/or a random casino game. -- Look at it like a war zone, and you're the General...leading your troops, or money, into the battlefield.

    Would you take a random, whimsical chance or guess where to put your man's lives at stake...of course not, you would plan and consider every triggering detail and dynamic variable to the best of your knowledge. Same thing with trading.

    I could tell you more about my exact, specific approach...But I would have to kill you afterwards.
    Last edited: Nov 13, 2017
    #35     Nov 13, 2017
    LEO61, timdug, xwwh2000 and 1 other person like this.
  6. soulfire


    You'll find many successful traders say it's taken them well over a decade to the achieve their desired results. You should already know this if you were doing actual due diligence and research on this field and performance results.

    I'm sure all of us would have LOVED to have a successful mentor to help show the way. The reality is they have ZERO reason to spend their time helping you, when they have already paid their dues in years of toiling for a working method.

    Are you listening to yourself? :confused: Why on Earth would anyone trust a stranger on the net with information gained only by blood, sweat, and many tears? Anyone being given any special info would be all the more likely to spill the beans since they didn't have to go through the time and pain of developing it.

    That means nothing to a successful trader who has already put in the work- it's assumed you already are putting in crazy hours to learn.

    A key aspect of those who succeed is having persistence- sticking with learning regardless of the number of failures experienced. You are basically throwing in the towel and pleading for help - that's a bad sign.

    Sacrificing your life? :confused: Again are you listening to what you're saying- what good is learning how to trade if it comes at the cost of your life? That reeks of emotional desperation. Trading is not for everyone and at some point you either succeed, or move on to greener fields.

    You haven't even considered what you would give in return. Willingness to succeed? That would barely work in a real job interview. If it took you 15 long years to figure out how to trade, what could someone offer you to have you spend time as a tutor teaching them and potentially compromising your own system?

    The key is figuring out a "generic" system that can be tailored for the current market that can deal with market changes- not some "holy grail" static system that aces all back testing. You need to have leaps of intuition and I think some luck with careful observation to spot recurring natural patterns of support and resistance that you can form your system around.

    Look at the stats- over 90% of those who try don't succeed. Either you can beat the odds and make it on your own, or if lucky, you have a relative/friend who might assist in guiding you. You can't expect a stranger to help teach you what cost them so much of their own personal sacrifice.
    #36     Nov 13, 2017
    MACD, d08, JamesEM and 3 others like this.
  7. Jack1960


    Many so called me nor are fraud but There are a few good ones also. Do you have funds to pay for a good mentor?
    #37     Nov 13, 2017
  8. ironchef


    :thumbsup::thumbsup::thumbsup:. Well said.

    No need to come here to show off or beat up on others?

    Market doesn't care but it is hard to improve if you think you already know it all, prideful, arrogant, and won't take advice....

    But I agree with the second statement.
    #38     Nov 13, 2017
  9. took me like 16 yrs before i got it . /goodluck
    #39     Nov 13, 2017
  10. ironchef


    You don't need mentors. Do the following (yes, it is unconventional):

    You need to get back to basic first, even if you are a technical trader. If you trade commodities, perhaps you need to know your commodities, their seasonality, what affects their prices...., then you are ready to use the technical tools. If you trade FX, perhaps study the politics, central banks... then apply the technical.

    Read trading books, do research but don't follow their recipes, they won't work. Get off the beaten path and you will likely do better.:D

    Good luck.
    #40     Nov 13, 2017