For anyone on here who is consistently profitable trading... Did you have a mentor, or did you figure it out all on your own? If you did have a mentor, how did you find them? Were they in-person or online? What kind of instruction did they give you? How much one-on-one feedback did you get, and how often? For how long did your relationship last? Thanks.
I did not have any mentor whatsoever but instead was a long proccess of figuring out by myself. After watching the market 10-12hours/day and even more without any exaggerations, just staring at the tape (chart) you begin to learn. My only guide was their past performance, there is always a battle that goes on in the market and the chart is your telescope only if you can read it properly. Although the practice of mentoring has long been established in the markets, paying someone for this kind of service is simply a bad idea, all you have to do is understand their motivation.... which is simply to generate fees. If this mentor/trader is so great. why is he teaching random strangers from the internet? In the real world, mentors choose their students, not the other way around. The best mentors you can possibly find are friends or acquaintances whom you know to be good traders, since they have verifiable results and their motivation is clear. best wishes
Building solid trading rules, methods to control losses, practices for defeating reoccurring mistakes, defining prudent use of funds and maintaining a consistent pnl is your best mentor. Every time you argue with yourself against these practices and change your trading you lose the trading battle. If you could have all the mentors you wanted to teach you the âproper trading methodsâ you must still overcome yourself.
I agree with MoneyWalks, I disagree with Onava. Your P/L (your equity curve) tells you whether you have a positive edge and its magnitude, it doesn't tell you anything about how to trade. My first mentor was a fellow I met while in graduate school. I learned much. That relationship lasted about 3 years. If you don't have an in the flesh mentor, you could do a lot worse than to listen to Peter Reznicek, who broadcasts daily on Thinkorswim and who, in my opinion, is a very skilled trader good at conveying his knowledge. That is the best reason I can think of to maintain an account at Thinkorswim if you are a beginning trader, and even if you are not a beginner, you can always profit by listening to the opinions of successful traders.
the best mentor you can ever find is going to be yourself. There are tons of backtesting platforms - try a few and stick with anyone that suits you best (i can recommend amibroker with a full heart); find one and test it to death. As you are doing it keep learning about system testing and analysis. Eventually (in a few years) you will know more than 90% of guru's out there. And be more profitable than about hmm.. say 100% of them. That said, there is a ton of content online that is good; and its usually free. Read and learn from all that; but test things out to really see if they hold up. -gariki
Did you have a mentor, or did you figure it out all on your own? First I had a mentor and then I figured out the rest on my own. Yet, reality is that we read something from someone else that sparks our own ideas and efforts. Thus, it's really not 100% of our own...only the results is 100% our own. If you did have a mentor, how did you find them? My old man was a floor trader (informal mentoring) and my landlord of the condo I rented while in college...he was a retail trader (formal mentoring). What kind of instruction did they give you? Common sense stuff that most ignore or underestimate. How much one-on-one feedback did you get, and how often? Tons and on most market days and more during the summers when not in school. For how long did your relationship last? Informal mentoring from age 15 to 21 and formal mentoring for about 1 year while in college. Mark
Yes, mentor at first. We sat down and went through my trading cards every day after the pit closed. We reviewed my reasons for getting into the market and how I chose to get out of the market. I started a daily trading journal. All the other stuff I picked up somewhat on my own, but also as a result of being exposed to some very good traders at a commercial energy company, at a HF, and at a couple prop firms. I also pick up alot mentoring talented traders and working on a consulting basis with some private trading companies. Still learning quite a bit.
Look at all the snake oil mentors saying they had mentors. It's good for business! This people make me sick. NAD