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Impossible to find a real pro with a real edge as a mentor?
- Thread starter dancalio
- Start date
Quote from TraderZones:
Fibonacci trading doesn't work. That is why it is free. Fib levels are not more significant than any other level. Studies such as the following:
"Our conclusion must be that there is no significant difference between the frequencies with which price and time ratios occur in cycles in the Dow Jones Industrial Average, and frequencies which we would expect to occur at random in such a time series. In our introduction, we noted that empirical evidence from academic studies suggests that not all of technical analysis can be dismissed prima facie. The evidence from this paper suggests that the idea that round fractions and Fibonacci ratios occur in the Dow can be dismissed." http://www.cass.city.ac.uk/media/stories/resources/Magic_Numbers_in_the_Dow.pdf
If you have a real edge, then thinking people sell it for $50 a week says little for your personal level of knowledge.
Reading the paper and the references leads to quite a humorous conclusion.
Think about it. How can these people all be so careless and uninformed?
It is very possible that someone could read this "assessor" stuff and think that they had learned something.
What did all these people leave out????
There are some great resources on Youtube for free. Just do some searches and find the ones with some credibility.
Quote from TraderZones:
Fibonacci trading doesn't work. That is why it is free. Fib levels are not more significant than any other level. Studies such as the following:
"Our conclusion must be that there is no significant difference between the frequencies with which price and time ratios occur in cycles in the Dow Jones Industrial Average, and frequencies which we would expect to occur at random in such a time series. In our introduction, we noted that empirical evidence from academic studies suggests that not all of technical analysis can be dismissed prima facie. The evidence from this paper suggests that the idea that round fractions and Fibonacci ratios occur in the Dow can be dismissed." http://www.cass.city.ac.uk/media/stories/resources/Magic_Numbers_in_the_Dow.pdf
Fibonacci. Elliot Wave. Gann. Darts. Standard deviations. Chicken bones. These systems are just as arbitrary as the next for picking entry points. It doesn't matter which system you use as long as you have sound risk management in place and know how to take profits.
Quote from dancalio:
You get what you pay for. Anybody willing to tell you about their winning system for $500 doesn't have a system worth paying for.
uh, your title of the thread and the opening comment do not match
you should state your thesis (title of the thread)
then your comments,
then expect continued commentary,
its no wonder such a poor presentation, which essentially is an interview or solicitation for an employer (mentor) really is,
its no wonder your efforts have not produced results you expect
its called symmetry of thought process, which is an essential factor in interviews and evaluation of candidates,
and also, an essential thought process that math majors learn in their earliest classes. Incidently, they make the best traders!
Quote from goldenarm:
... It doesn't matter which system you use as long as you have sound risk management in place and know how to take profits.
You still need something where the odds are not stacked against you. No risk and money management will help you to win in roulette on the long term.
To answer the OP question: yes it is very hard to find a mentor. Nobody is willing to enter this kind of trading marriage. However, having said that, if you have the gift, desire and can develop discipline you can pick up bits and pieces here and there and then put a system that will produce. It is not easy, time consuming and money will be lost before you will see the light at the end of a tunnel but it is doable.
Quote from saxon22:
To answer the OP question: yes it is very hard to find a mentor. Nobody is willing to enter this kind of trading marriage. However, having said that, if you have the gift, desire and can develop discipline you can pick up bits and pieces here and there and then put a system that will produce. It is not easy, time consuming and money will be lost before you will see the light at the end of a tunnel but it is doable.
Yes, this pretty much sums it up.
I thought open-source is in vogue these days. Your damn right it is and it should be!
As such, if you would like to obtain a "free" peek into this noob's trading system that took over 10 years to master, I encourage you to visit Unholy Grail to Success. After all, there's no better value than free.
As such, if you would like to obtain a "free" peek into this noob's trading system that took over 10 years to master, I encourage you to visit Unholy Grail to Success. After all, there's no better value than free.