In need of a mentor...

M

MRPaulson

My name is Mark and I am new here. I'm interested in an expedited learning curve to day trading, primarily e-mini S&P. I've bought into a couple of programs that promised support and stated emphatically that their program was perfect for beginners only to be very disappointed with what I rec'd. Support was non-existent and both programs expected a fairly high degree of experience.

I'm 57 and 3+ years removed from pancreatic cancer surgery. So far so good, but due to physical limitations, working an office job doesn't work. I've had interest since before the surgery and was studying when I was diagnosed. Put it all on hold, but now I feel that sense of urgency that comes with age and my diagnosis. Not looking for empathy, just a quick start from the beginning with someone that is successful and willing to teach. I need to still earn a living. I realize it takes time to get up to speed and that many often fail. Any recommendations for a program or person who I can speak with about helping. Not looking for freebies either.

Thanks for your help in advance. Mark
 
MRPaulson said:
My name is Mark and I am new here. I'm interested in an expedited learning curve to day trading, primarily e-mini S&P. I've bought into a couple of programs that promised support and stated emphatically that their program was perfect for beginners only to be very disappointed with what I rec'd. Support was non-existent and both programs expected a fairly high degree of experience.

I'm 57 and 3+ years removed from pancreatic cancer surgery. So far so good, but due to physical limitations, working an office job doesn't work. I've had interest since before the surgery and was studying when I was diagnosed. Put it all on hold, but now I feel that sense of urgency that comes with age and my diagnosis. Not looking for empathy, just a quick start from the beginning with someone that is successful and willing to teach. I need to still earn a living. I realize it takes time to get up to speed and that many often fail. Any recommendations for a program or person who I can speak with about helping. Not looking for freebies either.

Thanks for your help in advance. Mark
More...

if you need to earn a living, for your age and situation I'd recommend:

- crowd funding... there are many compassionate people out there who will want to help your situation.
- this is not a joke... rich widows... things can work out depending on the situation.
- day trading the SP is a waste of time; you need 10000 hours to learn, and the success rate is too low... you are competing against a lot of smart people, and a lot of robots programmed by smart people.
- if you like to gamble - cash poker, sport betting, horse racing... a lot more dumb money in these games than the S&P.
 
Last edited:
MRPaulson said:
Put it all on hold, but now I feel that sense of urgency that comes with age and my diagnosis.
More...

If the prognosis is good for your cancer (I know pancreatic cancer can be deadly) why not wait? Being in the markets with the added stress of having to prove something to yourself is bound to be bad. If you're bedridden, or close to it, why not turn on CNBC and play the tape for a bit until you feel better and are in the right headspace?
 
MRPaulson said:
...I'm 57 and 3+ years removed from pancreatic cancer surgery. So far so good, but due to physical limitations, working an office job doesn't work. I've had interest since before the surgery and was studying when I was diagnosed. Put it all on hold, but now I feel that sense of urgency that comes with age and my diagnosis. Not looking for empathy, just a quick start from the beginning with someone that is successful and willing to teach. I need to still earn a living. I realize it takes time to get up to speed and that many often fail. Any recommendations for a program or person who I can speak with about helping. Not looking for freebies either.

Thanks for your help in advance. Mark
More...

If an office job doesn't work...why would sitting in front of a computer studying and trading for long hours be suitable for you ?

Seriously, I have a close relative in the exact same situation as you...he had pancreatic cancer surgery several years ago and he's not able to function in front of a computer for long hours.

Yet, he's a little different than your situation...he's retired and enjoying a fat pension while working a new part-time job giving photography classes.

With that said, did you quit your job which is why you do not have disability insurance via your statement working a office job doesn't work. I will assume such considering you stated you still need to earn a living.

Listen carefully, the only suitable person you can work with is with someone that will ONLY do such in person...side by side in your trading environment so that the person can see exactly what those "limitations" you're talking about in which you gave no details but I can guess based upon what my relative went thru (still going thru) after having pancreatic cancer surgery several years ago...essentially that would impact your ability to be a trader.

Anything else, you're just fooling yourself and setting yourself up for a big waste of money, time & energy. Find someone to help you in person. If not, stay away from trading and find another job that's suitable for your health condition.

It start with you telling the forum what country & city you live in to arrange an in person meeting with someone.

Trading is not for those that are desperate...the stress all by itself can cause health problems.

I wish you good health and please do not ignore the advice about in person help (trading side by side with someone).

wrbtrader
 
Last edited:
I would not take on the market for income at your age. Unless you are financially set please do not gamble your money at 57, even more so with your "sense of urgency" that is a recipe for disaster. I know with your age you know this already, but perhaps you need to be reminded. I wish you the best!!

p.s I'd maybe entertain ( as Dozu pointed out) poker at night when the drunks come in. lol
 
I am really sorry about your disease. I hope you fully recover.

The most important thing I would like you to know is this - trading is stressful and stress feeds cancer. Make sure you are 100% healthy before attempting to place a trade. You can read and learn, play with the software and get the basic knowledge first, but please, leave the stressful part for after a full recovery.

These are the things you can learn quite early -

1. What charting package to use. You can get quite a bit of advice here and most packages come with a free trial.

2. How to set up that charting package to view the time frames you want to see.

3. What are the different types of orders and how to place them in your charting package.
This is critical. You shouldn't go live before placing the orders is as easy to you as brushing your teeth.

4. What broker to use. There are many. Make sure they have simulated trading.

5. What are futures, which futures to trade and which to avoid. What is rollover and why do you need to know it. What are margins and why do I need to know them.

What might take you years to accomplish -

1. What kind of trader am I? Am I a scalper or do I let my trades run over the course of a day or more (margins come in to play here). Most people have to find this out only after trading for a while. You might get some inkling by sim trading for while, but I guarantee you will need live trading to really find out. How much risk can I afford and my personality can handle? You will have drawdowns, but how much is too much for you. Your choice.

2. What strategies do I use and why? This is also a big one and is different for everyone. This will definitely take more time than you think. There is no one way to trade and there is no holy grail.

3. Profitability - some take years to get profitable, some never do. Most people who try trading fail and quit.

These are just a few considerations. There are many more. I found these things out the hard way.

Good luck. Most people here are willing to help.
 
MRPaulson said:
I need to still earn a living
More...

IMO, you will not earn a living trading the market at this stage. As I said in my other post, learning to trade takes a long time, becoming profitable even longer (if ever).

You most definitely need an income source while learning this stuff. DO NOT spend thousands of dollars on programs that tell you they can teach you to trade overnight. I did and I regret it every day.

Your life and health are the most important things you have in life. There is a way of getting through this.
 
You must log in or register to reply here.
Back
Top