You're joking or what's your angle?
Can anyone be my trading mentor? (short term trading)
- Thread starter SURVIVOR
- Start date
You're joking or what's your angle?
ergro, anyone who can't do it is an abject failure.
Still not sure what's your angle. Seems like you're trying to pick an unnecessary argument.
The point was to manage the OPs expectations as the chances of becoming a success as a retail short term trader are slim.
If you want to become a successful trader, the first thing you as an 18-year old need is to develop a highly sensitive BS detector. (I'm guessing that you're around 18-years ???)
Hint #1:
Learn to distinguish the difference between what is fact and what is someone’s opinion (or hidden agenda) presented as a “fact”.
Hint: #2:
“Elite Trader” forum does not necessarily mean that people here are successful traders. Sorry to disappoint you. It might actually be detrimental for you to “learn” for most forums.
Hint #3:
Trading is a business, and needs to be treat as such, it’s not about clicking buy/sell buttons.
Hint #4:
Respect risk and make managing the smoothness of your equity curve your priority. Consider taking advantage of compounding interest since you’re young instead of taking on additional risk. Use your young age and time to your advantage, instead of pissing away your money by taking unnecessary risk. If you’ll become a good trader, then you can take on more risk, but not when you don’t know the limits of your knowledge and personal psychology (the market will test your every weakness).
Hint #5:
Continue your school education so you have a career as a safety net because most people fail at trading regardless how much they want to make it. Trading psychology/emotions is what screws up most people. Have a back-up plan to earn income because the odds are against you. (Don’t trust people who promise you riches).
Hint #6:
There is nothing wrong with trading resistance / support levels, channels, etc. Unfortunately, most people don’t how to trade them (there is more to it than drawing an abstract line). Check out Tony OZ’s book, he is legit trader, even though he wrote the book 24 years ago. Still a good read and his methods might resonate with your trading approach. (Don’t worry about the hype about algos that you read about on this forum, trading principle remain more less the same).
The Stock Trader: How I Make a Living Trading Stocks: Oz, Tony: 9780967943503: Amazon.com: Books
There are some trading methods that might be more efficient than others, but ultimately you need to trade what you believe. A book “Market Wizards” (recommended read) is a testimony to how some of the best traders in the world have very different trading methods. Do what works for you, and make it your own strategy to fit your own personality.
Hint #7:
Rember to live a balanced life, trading should be about improving the quality of your life, and NOT about getting married to a computer screen. Some people just spend whole days stressing in front of the screens and make much less than swing traders. Don’t get sucked into intraday trading (at least as a beginner).
Hint #8:
You can purchase a software which will let you replay the past bars ‘minute by minute’ (or whatever timeframe you prefer) at much faster speed and this way you can practice your technical analysis much faster than wasting your time with screentime. Why sit in front of a monitor say for six hours each day, when you can practice with bar-replays at much faster speed ???
Once you have your strategies nailed down, then you can start practicing trading live with small size. Live trading is where you’ll start dealing with your emotions, and most likely you won’t be able to replicate your demo results in your live trading. Demo trading won’t prepare for live trading.
However, some people just sit in front of their computers all day long, while trading live (gambling) without having their own strategies fully defined (filters, setups, market dynamics, entry, SL, Re-entry, trade management, worst case contingency, etc). Don’t make the same mistakes, don’t do live trading before you have your strategies fully sorted out or you’ll be juggling too many variables all at once (eg. no edge + emotional decision making = lethal combo).
Hint #9:
Do your own due diligence, and don’t listen to me either, test everything for yourself.
Hint #10:
If I’d be 18, I’d stay away from trading, it’s a pain in the ass. Yet at the same time, don’t let anyone discourage you from your dreams. Don’t worry, follow your bliss, but have back up plan.
in case you can’t tell. I’m being sarcastic.
he’s 18: full of hormones and full of naivety.
That clears it up.
Everyone thinks they're special, better than the rest and that they will be the exception to the rule. Most people won't.
The challenge in trading is the low barrier to entry and an entire jungle of frauds who are selling the dream making it seem easy and within reach.
LOL ok 18 yr old'r let the medical community know they are wasting their time.
Seems I am, by posting in this topic. Though now no longer.
Unless you have a family member or friend of the family that will take you under their wing it is unlikely you will find a shortcut into this highly competitive undertaking.
In the old days you could work your way up from clerking on the floor. Nowadays this entry point is gone. Best to graduate from a top school, get good at machine learning and AI and apply for an entry position on the trading desk of a good shop. Not easy, but doable.
In the old days you could work your way up from clerking on the floor. Nowadays this entry point is gone. Best to graduate from a top school, get good at machine learning and AI and apply for an entry position on the trading desk of a good shop. Not easy, but doable.
99% looking for mentoring are lazy, whinny, stubborn, delusional, unteachable time wasters.
99% of mentors are losers, lazy, deceitful, delusional, lousy teachers making a killing of their naive students.
Among the big winners they have many things in common in the way they approach trading, their mindset, routines, etc. Go through the market Wizards books & take notes - you should see it for yourself where you focus needs to be.
Now look at the published studies on why most retail traders are losers, this is easy. Next, work towards making sure what you are doing is vastly different than what this crowd is doing & more in line with the big winners.
99% of mentors are losers, lazy, deceitful, delusional, lousy teachers making a killing of their naive students.
Among the big winners they have many things in common in the way they approach trading, their mindset, routines, etc. Go through the market Wizards books & take notes - you should see it for yourself where you focus needs to be.
Now look at the published studies on why most retail traders are losers, this is easy. Next, work towards making sure what you are doing is vastly different than what this crowd is doing & more in line with the big winners.
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