Looking for a mentor

Quote from deaddog:

pepdegree:
Looking forward to your live calls.
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I doubt any live calls would convince the OP to start looking for the magic indicator(s)/proper settings, because pepdegree made clear that he trades on assumption with no stops, willing to allow leverage and/or back month contracts assist in this "hold until profitable or you have to puke it out if a price action emergency arises" method of trading.

I actually believed he had a leading indicator/setting combo that allowed him to enter just before price took off (as insinuated in his post), which would allow for a stop loss just below/above the swing S/R point prior to take off.
 
sivachevy,

learn everything there is to know about money management. Some one mentioned..van tharp and other writers..read the books. Also Elite trader has a very good section about Trade management, many experienced traders will give you good information on this section.

Read online as much you can about the fascinated subject of " risk & money management". Do the opposite what a lot of start up traders do, they ignore and wait until they almost ruined their trading accounts.
If you do get a mentor , RMM should be high on his priority list to teach you to master.

God luck and safe trading..
 
Quote from traderslair:

That's all nicely written but the problem with people is that when they start with trading, everybody wants profits FAST.

Why wait? Market is there, look! Just a setup that could have given me money!! Why didn't I take it!!

There is almost no one on this planet that has the power to wait and sim trade like a real trader and do exactly the same when he moves onto real trading.

Maybe in the old days with pen and paper, but nowadays it's impossible to jump in with a live account and make consistent money just like that. I know what beginning or losing traders do and I take profit out of this. You need to sim for several months and create extreme discipline. That takes time and pain.

I don't buy it that 'many' traders started without ever blowing up with a small account and traded that small account into a multi million $ account. That's a pipe dream.

I'm here to tell you: if you haven't started: don't start. If you started: it's a painful ride. Odds are you won't succeed. There are plenty of other very much easier ways to become rich on this planet. Trading isn't one of them.

I'll take anybody up for the test, if you say you just did it without blowing up and are consistent making money I want to see this. I do it now, trading is my primary source of income but I have had my pain and blow ups. I'll show you my account, you show me yours, we can audit it by somebody neutral by both parties accepted.
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What you wish to do was done publically many years ago.

If you wish, review these documented records.

You views may be quite similar to the record of those who use CW.

I empathsize with your experience; I certainly wouldn't wish it on anyone.

I am very thankful that what you experienced can be optional for anyone else. All they have to do is make different decisions than you did.

I am surprised that you did not read about others who did not have your experience.
 
Quote from NoDoji:

I doubt any live calls would convince the OP to start looking for the magic indicator(s)/proper settings.
LoL...

Anyone including OP could actually make money when I said,"you can by the current level"-@~~52.10 points plus..I can say it again.By the current level..LoL

I actually believed he had a leading indicator/setting combo that allowed him to enter just before price took off (as insinuated in his post), which would allow for a stop loss just below/above the swing S/R point prior to take off.

At some point start to add where your stops placed.In an up leg you should at least squeez 5:1 instead of your 1,8:1.
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I wish I had such an experience to place stops as ND have.I'd know more precisely where to add.I should check your posts later I guess.

:)
 
Thank you all for your valuable advice. I will still attempt to study Mr. Al Brooks texts'. I think I can but I want to fully digest his material. I will look into Master Swing Trader as well.
 
the price action purists have you on the wrong path but to each his own. trade naked and indicator-free and find freedom in FTTs! it's a bit overdone. imho.
 
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