Finding a trading mentor
- Thread starter pbw
- Start date
I just started seriously trading about 4 months ago -- mostly paper trading and some money --lost about $1000 so far.
My interest is basic on stocks right now -- learning simple stratedgies until I hone my new craft --and then to move into forex perhaps.
Problem is that one gets overwhelmed with reading information --it's never ending -- and it takes quite a while to read a lot of this material. Of course it important to keep up with the reading but it gets too theoretical..
However, on these forums, it also says finding good mentor ship is necessary. I've been to many seminars now and all the mentorship out there is not very good -- they charge a lot and deal with mass amounts of people -- not impressed on my part.
Why would good mentors want to help out new traders when they are busy working their stratetgies --hence what is left are often the left over mentors --probably unable to make it themselves -- that's the delima.
BTW, so far two pms received so far --which I am looking into.
ANy advice appreciated.
My interest is basic on stocks right now -- learning simple stratedgies until I hone my new craft --and then to move into forex perhaps.
Problem is that one gets overwhelmed with reading information --it's never ending -- and it takes quite a while to read a lot of this material. Of course it important to keep up with the reading but it gets too theoretical..
However, on these forums, it also says finding good mentor ship is necessary. I've been to many seminars now and all the mentorship out there is not very good -- they charge a lot and deal with mass amounts of people -- not impressed on my part.
Why would good mentors want to help out new traders when they are busy working their stratetgies --hence what is left are often the left over mentors --probably unable to make it themselves -- that's the delima.
BTW, so far two pms received so far --which I am looking into.
ANy advice appreciated.
pbw
I had a mentor/friend that got me started in daytrading about 5 years ago.. he's a good friend so he didn't charge me anything (or we wouldn't still be friends
).I had prior investment experiences in stocks so i was able to pick up quite fast.. Stuff I learned from him are mostly basic computer setups, realtime data feed, low cost brokerages, etc.
he taught me some trading strategies but I have found that our styles are a little different.. He was more into scalping stocks (still is) when at the time I got hooked in the e-minis.. I tried scalping the minis but failed due to commission costs. I have since put in a lot of efforts to develop my own strategy to position trade..
The point I want to make is that everyone has different mentality when it comes to trading.. As said many times by other ET members, a system that works for one doesn't mean it will work for others. The key is to find something that fits you, no mentor will be able to give you that.
I will talk to my mentor if you would like, although he focuses on futures, not stocks. That being said, he methods and teachings should work for stocks too, we focus on candlesticks, but not in the traditional sense. I paid him about 3k and I get his time pretty much whenever I need it, all trading hours and after hours. He has like a max of 5 students at a time in a live trading room.