Looking for a mentor

[oraclewizard77]

1) If already know how to trade $ 5,000 is enough. If you kind of know how to trade $ 10,000 may be enough. If you don't have enough money, stop wasting your time and money trying to trade.

2) Spend your time and money finding a job, or on more education to get a job.

3) If you eventually save enough money, then go back and look to trade. To learn how to trade is like anything else, it takes a few years. It is a business, you need some capital to trade and to survive while learning to trade. There are no holy grails that make you money every day. Sometimes you lose money trading.

I actually respect NoDoji, but giving someone young who does not have the capital and time to commit to trading any advice is not useful. The best advice is to get more education and/or look for a job.

 

[sle]

Quote from AK100:

But a proper mentor, not a marketer, for free, why would he/she do that?

Because if you are trading anything systematic (not just day-punting) there is usually a lot "manual" labor involved, such as maintaining data, writing code, doing EOD processes etc. A trainee, especially a free one, is a great way to get help in exchange for teaching. Also, it's useful to have around a smart person with a fresh point of view.

To OP: Look for an experienced institutional trader that is trying to start his own gig, who's either opening his own fund or starting out as a PM at an established fund. If you are coming as a freebee but show that you have the skills and commitment, you can get in on the ground floor and gain some experience in the process. An IT or stats/math background is usually in demand in these situations.

 

[sivachevy]

Thank you NoDoji for your valuable advice. That is a good website.

Also SLE thanks for your advice. I am trying to find someone similar to what you have said. An institutional trader looking to start up from scratch. I would be willing to learn from him/her and work for peanuts. I have approx. 5000$ saved for learning purposes solely.

 

[NoDoji]

Quote from sivachevy:

Thank you NoDoji for your valuable advice. That is a good website.

I have approx. 5000$ saved for learning purposes solely.

You're welcome and, in my humble opinion, no amount of money spent on learning will provide the knowledge you'll gain from following the steps I outlined for you, which cost about $60 for books, but at least a 1000 hours of your time.

You may be thinking, "Yes, but if I pay a mentor or training service, it will save me much of that 1000 hours of my time."

I taught someone a consistently profitable system, he fully understood the system, he recognized every setup in real time, he knew exactly where I was planning to enter a position, where I was planning to place a protective stop, where I planned to lock in a minimum profit target, and how I would let the winners run further if price exceeded the minimum target.

But because this person hadn't put in the hundreds of hours of research, development and practice that I had, he was unable to trust and trade the system despite observing consistently profitable trading every day for several weeks.

This phenomenon wasn't limited to one person, although this person had by far the most comprehensive understanding of my system.

If you do get the opportunity to learn as an apprentice over a long period of time, I believe it would work out well for you.

All the best!

 

[sivachevy]

To nodoji,

Thank you once again. I was wondering if there were any other texts that would be comprehensible to supplement Al Brooks book? Also what other materials/books are suggested?


Thanks

 

[savagemp5]

They are all bull sh1t.

Im sure most of the traders here are unsuccessful. To TS, and the rest. Try watching Bloomberg TV for 3 years, everyday from 7am Eastern Time to 11am.

Probably if you can do that WITHOUT fail - discipline, Learn what traders do - esp people who are at the pits, Fund managers, Market moving events, corporate actions, etc. And you learn hell lots. every damn 10 basis point on 10 yr US treasuries are reported live - if you know what Im talking.

Then consider what's your passion or why u actually fail at trading. That's how I spent my time learning, much faster than going for an MBA.

 

[savagemp5]

Quote from savagemp5:

They are all bull sh1t.

Im sure most of the traders here are unsuccessful. To TS, and the rest. Try watching Bloomberg TV for 3 years, everyday from 7am Eastern Time to 11am.

Probably if you can do that WITHOUT fail - discipline, Learn what traders do - esp people who are at the pits, Fund managers, Market moving events, corporate actions, etc. And you learn hell lots. every damn 50 basis point on 10 yr US treasuries are reported live - if you know what Im talking.

Then consider what's your passion or why u actually fail at trading. That's how I spent my time learning, much faster than going for an MBA.

 

[KingDong130]

Quote from NoDoji:

But because this person hadn't put in the hundreds of hours of research, development and practice that I had, he was unable to trust and trade the system despite observing consistently profitable trading every day for several weeks.

+1

 

[deaddog]

Quote from NoDoji:
But because this person hadn't put in the hundreds of hours of research, development and practice that I had, he was unable to trust and trade the system despite observing consistently profitable trading every day for several weeks.

Trust is one of the reasons you have to develop your own system. You can get a system from someone else but if you don’t understand why it works and trust it explicitly your emotions will cause you to second guess the system.

Developing your own system takes more work than many are prepared to do. To start with you need to define your objectives.

You want to be a trader and make a bunch of money. What do you want to trade? How much is a bunch? Where do you want to trade? Full time or Part time? And considering where you are now is it reasonable to assume that these objectives are attainable?

 

[Shazbatz30]

One of the books that helped me earlier is "The Master Swing Trader" by Alan Farley. His tactics are very interesting. I sort of mimicked his style until I found my own comfort level. His website has plenty of free info. Really nice guy

www.hardrightedge.com