For Those Successful ET Members: Did You Have A Mentor?

You can get by without one, but you will learn from your own mistakes, which to me is better learning. When you can actually feel the pain if losing money then that teaches better than someone telling you it's going to hurt.

But in the end you will eventually have to learn to be on your own without someone holding your hand. So in my opinion a mentor is only for those with a lot of money who dont have the motivation to learn on their own.
 
Teak said:
To add and expand to @deaddog post above...
  1. Books of the top of my head (Market Wizards Series and recommendations of books by Traders interviewed, Reminiscences of a Stock Operator)
  2. Internet (ET, Futures IO and Reddit (mainly to understand the psychology of crowd))
  3. Experience - paper trading is fine but for most people trading real money is different. Your emotions will respond differently when "real" money is on line. Trade small until you know "yourself" and how you react to stress (both greed and fear).
  4. Common Sense - still working on it however my motto is that a smart person learns from their failure, a wise person learns from other peoples failure.
Main learning from years of investing and trading - its not about accounting, finance, systems or economics etc. Its about developing a worldview and then developing the confidence and conviction to act on that worldview. There are no right or wrong answers. Every trade has two sides. Your worldview will dictate which side you take. If you are frequently wrong, go thru 1 to 4 above, rinse and repeat. Worldviews are not static. It should evolve with new information and your personal experience in the market. As one of the traders interviewed by Schwager said "strong opinions, weakly held."
More...

I should have added a caveat. A lot depends upon your learning style. Go down the memory lane to your school, College & University days and recall how you preferred to learn. That same same style should work when it comes to learning the basics of trading. Beyond that you are on your own and the 4 points above apply. You have to develop your own worldview, your own system and trade your convictions.
 
[QUOTE="zghorner, post: 5437242....
Do you think a mentor is required for success in this field? I think most would agree that it is at least helpful...but I am curious to see how many of you (if any) made it solo, strictly with self education via books, videos, seminars, etc...[/QUOTE]
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Good specific question /i thinned it for clarity.
Actually with book help\video help; that proVes its NOT solo,NOT self alone education.
Even just a fun channel like CNBC, one time had IBD founder on the screen. ''YOU daytrade??'' IBD founder frowned/LOL, said ''no, i use weekly charts'' I wondered if he meant 5 day, 6 day or 7 day charts??
Most likely 5 day charts/IBD uses 5 day red white + blue charts..........................
 
I had a few mentors, 2 huge names I learned nada and one who was skilled at trading but not in teaching. I overcame my inability to program ideas, and usually went toward what "others" said a style could not be achieved.

I have mentored, some have done well and 60% never achieved simming 19 of 20 profitable days. And even a few who did 19 of 20 crashed in real money. Most who did well I worked with them 2 years and beyond. Some I had to change entire concepts as inability to remember, so much to learn, so many patterns on when not to take trades to decrease losing percentages.
I don't look at life as "giving back", I looked at it as my challenge.

You trade so many years, nothing is a surprise. Someone thinks they developed something new, been done before, some system some people lose at, others can profit at it. Have to keep open mind.
 
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