I m looking for a mentor

RDK91 said:
Hi @padutrader, it's the idiot here.

You have been so quiet lately? How was your week?
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No answer? I can see why ...

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FrankInLa said:
Simple tip, don't ever consider anyone to teach you whose credible live trading records you have not seen. This filter will keep you away from 98% of morons who claim they can teach but can't make a dime for themselves.
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Any suggestions on where to look? I’m in a similar situation to this person. I’m interested in daytrading but I am extremely wary, I would like to speak with a few folks who’ve actually been successful, and consistently make an income from it.
 
RRY16 said:
Did Xela mentor Handle123 or did Handle123 mentor Xela?
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Far as i know, Handle is grand-veteran, so most likely Xela was the student of him.
(don't know, did that happened at all, just a theory based on rationale)
 
Real Money said:
You can look for a master, but as the saying goes...

"when the student is ready....the master will appear."

First I read a lot. I tried to find the best economists and read about economics, it's important.

I read (and watched video lectures/interviews) guys like Shiller, Krugman, Bernanke, Friedman, Kaynes, Smith, Hayek, Mises, etc.

Futures Magazine
The Economist
Wall Street Journal
New York Times
Financial Times
Investing.com
SeekingAlpha.com
Zerohedge (just 'cuz it's interesting, or used to be)

Really made sure to study monetary theory, banking - Yellen, Friedman, Volcker, Bernanke...

I had to understand how the yield curve, FOMC, Fed funds target, GDP, unemployment, and inflation all work together. That took a long time.

This is just a side project (gives you a useful background).***

Then you can learn all about volatility, margin mechanics, risk modeling, hedging... and on and on.

The actual (advanced) trading techniques are secretive and hidden behind NDA's, non-compete agreements, 'trade secrets' and vigorously protected "proprietary information."

Pro traders don't talk much.

There's a lot of regulations from FINRA, the SEC and CFTC. The investment banks, prop firms, and market making firms are competitive. They even poach each others' talent. They like ivy league types.

Frank Partnoy writes some good books about the street (great books).

The best (and hardest) thing to know is market structure and financial engineering. But, that requires that you're good at mathematics.

Obviously, there's an easy way to learn how to trade and a hard way. I kind of like the hard way, personally.
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Are you trading currently? What type of trading are you doing? Day, swing, something else?
 
Ouch1963 said:
Are you trading currently? What type of trading are you doing? Day, swing, something else?
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I was employed in a shit job for a long time saving up a trading stake. This is because I found out that you really need a lot of money to do this right.

I tried it with 10,000 and quickly realized it was gonna take at least 6 times that amount.

Well, fast forward and I managed to save up my stake and now I quit my job. I'm basically on vacation right now. Exciting for me.

I studied how to trade interest rate futures and index futures. So that's the game. Day trading, and overnight is what I like.

I found that you have to deleverage quite a bit in order to swing trade and maintain risk limits.

I like leveraged trading so I prefer intraday.
 
Real Money said:
...Well, fast forward and I managed to save up my stake and now I quit my job. I'm basically on vacation right now. Exciting for me...
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You quit your job during a global Pandemic or did your job stop working just like most other businesses ???

wrbtrader
 
Nobert said:
Far as i know, Handle is grand-veteran, so most likely Xela was the student of him.
(don't know, did that happened at all, just a theory based on rationale)
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"How to flip single wide trailers with no money down"
 
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