who can be the best Mentor

Discussion in 'Educational Resources' started by mr_byte31, Aug 17, 2018.

  1. deaddog

    deaddog

    A check list is not a trading plan.

    If you know what you are doing wrong. Stop doing that.
     
    #21     Aug 17, 2018
  2. deaddog

    deaddog

    If I was to mentor you the first thing I would ask for is a trading plan.

    This would be a document like a business plan. Something you could take to a bank or an investor to convince them to lend you money.

    I would not show you a method, I would expect you to develop your own.
     
    #22     Aug 17, 2018
    El OchoCinco likes this.
  3. smallfil

    smallfil

    If you trade in the stockmarket, you will lose monies! You cannot win 100% of your trades. That is just common sense. What matters is your losses are small in size compared to your winners size which have to be multiples larger. Example: On average, your losses comes out to $100, your winners average $500. That is fine. You can have more losses than winners and still come out ahead. If you place say 10 trades and lose on 7 times, it costs you $700 in losses. However, you win 3 times at $500 each time is $1,500. $1,500-$700= $800 in profits on just 30% winning trades.
     
    #23     Aug 17, 2018
    Growly likes this.
  4. qxr1011

    qxr1011

    The best mentor is the one who is willing to share with you his working method (with which he made a ton of money) + willing to spend plenty of time with you, correcting your mistakes and building your the mental stamina.

    Potentially this mentor can subsidize your education + give you ample money to start with.
     
    #24     Aug 17, 2018
  5. deaddog

    deaddog

    Any one here willing to do that? :)
     
    #25     Aug 17, 2018
  6. Lot already good free advice here. I could add more but OP will just think I am rude because he wants it handed to him.

    If you keep doing the same thing and keep losing and you have no trading plan and too much fear and not full understanding of support and resistance then you might not be ready for a mentor.

    If you are not willing to follow free advice why would pay $10k for it?
     
    #26     Aug 17, 2018
    delux9 likes this.
  7. qxr1011

    qxr1011

    anyone here satisfies the first parameter - "has working method (with which he made a ton of money)"?
     
    #27     Aug 17, 2018
  8. 777

    777

    Gurus-for-hire rarely work out well, unfortunately. Pay close attention to Speedos comments in this thread.

    Your Goal should be to develop a personal relationship with a winning trader and chat, perhaps ask to work for him for free. The problem with this goal is that few can reach it; study Speedos posts. However, This Should Be Your Goal.

    Many simply do not understand enough to coach themselves but if they hook up with winners, as you are attempting, have a chance.

    Few people become worthwhile winners and far fewer do it all on their own.
    ____


    Here is an excerpt from a 2010 lether from the most successful day trading firm, Shoenfeld, to it’s fully trained and backed traders before it fired most of them:

    "unfortunately, our vision of the future of trading has changed. It is getting much tougher for traders to make a living or get by.

    The direct competition from black boxes, stat arb and high frequency trading which continues to grow at exponential rates is here to stay and has caused us to change our outlook for lesser skilled traders."


    I will not say there are no pros making good money, but.


    PS.. Most gurus-for-hire now have no edge and no longer win, or they never did.

    Most gurus-for-hire are good at selling and I have met quite a few trusting souls who have spent over 10,000 dollars on worthless (which is harmful) lessons.
     
    Last edited: Aug 17, 2018
    #28     Aug 17, 2018
    cafeole likes this.
  9. Any trader who has done that will have little interest in bringing along a noob for $10K.

    If one is hoping to find a successful trader who'd altruistically inclined to spend the time to teach someone, that's different... but $10k is no incentive at all.
     
    #29     Aug 17, 2018
  10. deaddog

    deaddog

    Depends on your definition of a "ton of money" I make a comfortable living.
     
    #30     Aug 17, 2018