Hi All, My first post here in the forum. I hope I can find assistance here. Let me put my story in few sentences : I started to learn about stock trading since August 2017. I watched a lot of videos on youtube. I also watched DVDs like ( Penny stocks for Tim Sykes, Online Trading Academy, Investors underground for Nathan Michaud, Trading tickers for Tim Grittani) I read many books as well ( How to Make Money in Stocks, Market Wizard,Stock Market Wizards, Getting started in chart patterns, Technical Analysis Explained, Trade Like a Stock Market Wizard, Penny Stocks For Dummies) Unfortunately, till now I am not a successful trader . I still make the same mistakes over and over. Maybe I select the wrong stocks and enter the trade in the wrong time ! I feel like I am confused and nothings is working fine. I was thinking about getting a mentor to help me to fix my issues and start to be profitable. I saw many services on the internet. I know some of them are fraud others are not really successful but they sell what they know ! I want to ask if there are really good mentors having a high reputation and successful. any recommendation ? I found that Tradenet service are very expensive but they trade everday online and show their P&L. did anybody have any experience with them ?
What exactly are you trying to accomplish in the near term? Trade part time while working a "regular" job? Trade full-time?
1. Have you considered trying the opposite of what you are doing? 2. Just reading books is not how you learn to trade. You have to spend time in front of the screen for hours and hours. 3. You are looking for shortcuts and none exist.
There are way too many charlatans and snake oil salesmen out there! I have spent atleast, $10,000 on seminars, books and DVDs. Most of the so called gurus are not gurus and will just take your monies! Suggest you focus on: 1) risk management (position size and stop losses), 2) have a trading journal and log each and every trade. review it once, a week by referring to the stockchart. 3) buy the Pristine Method, Part 1 and Part 2 manuals on Ebay or Amazon. You can get both for about $200 or even less than that! This helped me with my trading as far a giving me structure and with the entries and exits.
The people who would make the best mentors (professional full time traders) are unlikely to be interested in mentoring. They don't need to and it's very time and effort intensive. Speaking for myself, the only reason I would agree to mentor would be if a close friend or family member wanted to learn, and of course there would be no compensation involved.
I traded since I started learning. I had IB account and sit many hours in front of my screen trying to analyze the charts. My mistakes are mainly : 1- I got scared that the trade go against me so I exit early. I don't allow much room for the stock 2- When the stock reach resistance I got confused to go short since it may break it or long since the trend is already up ... 3- I allow looser more time and this increase my failures. I think I need a mentor to discuss with him my entry and exit point and stock selection and this stuff. Books doesn't allow you to have this kind of chat.
1- I am working already on my risk management and sizing. 2- Which trading journal do you recommend ? 3- I will try to find Pristine but I am not sure if it will add me anything new. Most books and DVDs seems to be repetition to me now.
1. Don't trade scared and elt your trade run longer with a stop 2. You are not using proper support and resistance to look for entries or you still do not understand how to identify them. 3. Cut losing trades short with defined stop. You don't need a mentor, you already know what you are doing wrong, just too afraid to change. Fear lessens with experience and time in front of the screens, not from continuing to make the same mistakes.