Since we are at the ultimate wisdoms... Nope. The best route is to always have money...(then you don't need a mentor) I mean seriously, unless you give an advice on HOW TO GET a mentor, saying that one needs a mentor is pretty much redundant and not much of a help.
Yeah, its like hoping a guardian angel will suddenly rock up at your door. Maybe the OP can clue us in on where he got his.. you know that random chatroom..
I agree, finding a mentor for guidance is the only way to speed up the learning process, without a mentor we are talking 4-5 years minimum just to get a clue. Unfortunately, there is a big problem with the mentor route. Finding an honest mentor is similar to finding a winning lottery ticket. Most mentors are criminals. I've never had the fortune to come across an honest mentor and don't think I ever will because I've had terrible experiences in the past. All they do is steal my money and teach me, well, stuff that does not work. When it does not work they blame you, it's a really filthy business. I'm glad you found an honest mentor, you were very fortunate. I had to do it on my own and after 5 long years all I basically do is just make rent. No wealth, no fancy stuff, just a regular Joe. Trading is tough, period.
LUM2 Yes â but I would bet 1.) Your read on the mkt is better 2.) Your intestinal fortitude is iron clad 3.) Your capital is sufficient 4.) Along with a whole host of experience I donât think a newbie has that, nor should expect to Iâve always maintain â stop out once you know the trade has failed â no matter what... and absolutely know where that point is Would you really suggest not using a stop (intraday, or otherwise), and/or possibly adding to a current loser â to a newbie Sir I know what you're saying but I think they are advanced skills My moto - Do no harm first - and help if I can RN
It's called networking that's very similar to looking for a job because any real mentor will be looking at you more than just a student because the mentor will be investing time & energy into you. Also, he or she will be looking at you as someone they are willing to continue collaborating with to help increase their own profits long after the mentoring has ended. It's a two way street. Here's an example of someone looking for a mentor. Some forums (including ET) have in person get togethers (check ET's hookup thread if you didn't know such existed) @ http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=28 You got to get out there and network to find out more about those you're having drinks or a meal with. Once you develop a friendship or mutual trust along with reviewing that traders message posts to research their communication level...that's when you make it clear you need help with your trading and would like to watch him or her trade in person. Simply, your search should began where ever it is that you live at because I'm 100% positive you aren't the only trader in your city or within driving distance of other cities. Thus, join a bunch of social networks (forums, chat rooms, twitter, facebook, myspace) and go to those in person get togethers that's organize by traders that just want to have some beer and talk... Hopefully, you meet someone at those in person get togethers that's profitable that may be willing to work with you. Last of all, as a reminder, try to avoid the online mentor stuff...it's way too difficult for both sides (mentor and student) to make it work. Instead, go the in person route and it all starts via networking. Mark
Agree with this post. Once I stopped using stops and started averaging down my trading turned around. Only stop I use is an emergency stop for preservation of capital. Once that is hit the day is done.
Yet another long post where you pose as an expert on daytrading. What about giving ET quants specific rules that could be easily tested of all the magical chart patterns you are selling in your website?It doesnt have to be all, a few will do. I find it amazing how the resident ET daytrading gurus can never give us the TS code of their magic
Iâve said it before and Iâll say it again A personâs best mentor is their self Yep - It sounds like a bs statement â but it is 100% true Pick up bits and pieces then use them to build a trader out of you The trader you end up with will be bullet proof RN
If you can find a successful trader you can find a mentor. All you have to do is ask. Most will gladly share with you how they trade. Donât expect any deep dark secrets. There is no Holy Grail. The reason that a successful trader will share with you is that there is nothing he can tell you that will take money out of his pocket. I would be suspicious if someone wanted to be paid. The biggest problem will be getting the trader to explain what it is they are looking at and why they take certain trades and donât take others. Statements like âit was worth a shot at this time â and â I wasnât comfortable with the actionâ are not uncommon. Good traders are not necessarily good teachers. The benefit of having a mentor is seeing that it can be done. And learning what it takes to do it.