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According to you, the student should have to pay to find out whether or not the mentor is competent. If the mentor does not have a trading edge, the student gets ripped off. The only way to avoid that situation is for the mentor to provide proof of competence before taking the student's money...

Sounds like you agree with me that anyone thinking of hiring a mentor should require proof of a sustainable trading edge before handing over money to the teacher.

A flight instructor has to pass tests and get a license to prove that he/she is qualified to teach flying. That includes actually flying an airplane. A flight instructor's qualifications to teach flying are verifiable and provable. In fact, a CFI (flight instructor's licence) requires the...

When I first started trading 17+ years ago, I tried to find a mentor. Even way back then, there were plenty of people offering services for a price. Though I was not an experienced trader, I knew enough math to determine that the most important aspect of trading is having a sustainable edge...

As a general rule, people who make money trading aren't selling software (or anything else). There may be exceptions to this rule, but they're far and few between. The vast majority of the time, when you see someone selling trading software they're selling something they can't make money with --...

I want more trades if it puts more money in my bank account each week. I want fewer trades if it puts more money in my bank account each week. I want more flowers in my garden if it puts more money in my bank account each week. I want fewer flowers in my garden if it puts more money in...

This is excellent advice, and I would add that those new to the profession need to be realistic about the learning curve. From my own experience, and other traders I've spoken to, someone new to the game needs to plan on a two-year learning curve if they are to have any chance of reaching the...

I'm not a tech expert, but the tech guy who set me up said that quality of DSL service is highly dependent on how far you are from the switch. If you go the DSL route, make sure you ask the phone company how far you are from the switch. I can't remember offhand what the acceptable distances are...

Why didn't you papertrade (simtrade) until you were sure you had a tested system? Never trade real dollars until you have a tested method. Then trade minimum size with real money until you can be consistently profitable. It took me two years to learn to be consistently profitable. I think...

"...be able to recognize both..." Words of wisdom. Perhaps the most important aspect of maintaining an edge in the market.

I've been using Munger Tolles & Olson (www.mto.com) for 15 years. They're always the smartest guys (and gals) in the room. Their hourly rates are high, but they are very efficient and their overall billings are no higher than any other quality firm. Steve Guise is an excellent estate lawyer at MTO.

I'm not an expert on anti-virus software, but I've learned a lot lessons the hard way by having bad experiences with most of the name brand products. I finally settled on ESET Nod32. It's light weight, very fast, real-time and I've never had a problem with it.

We have exactly the same situation here in California. Our governor is either incapable of understanding the problem, or he doesn't have the courage to say it. Either way, it's just a matter of time until the state goes belly up.

Good guess. I trade ES & CL.

Here's what I do: 1. I have a home office with a door and a sign that says "DO NOT DISTURB." I tell my wife and kids that when that sign is on the door I am not to be bothered unless the house is on fire. 2. I work out every day. Pushups, situps, stretching, walking and eliptical machine...

Where are you putting your stops? 1 point? 2 points?

I'm in California where many people are waiting for the other shoe to drop. In our area, prices are down about 25% off the peak. I'm close to the ocean, so we haven't been hit quite as hard. Sales have picked up a little and real estate agents are starting to spin the story that prices have...

Israel is not going anywhere. Neither is Iran. This crazy shouting match has been going on since the beginning of time and it will continue into the foreseeable future. No bombs, just bombastic behavior.

Almost every trader goes through what's happening to you. Here's how I got myself to follow my rules and I continue to do this every day, even after seventeen years: 1. Write down a comprenhensive set of trading rules. 2. On every trade, score yourself on how well you followed your rules. (I...