Looking for a mentor
- Thread starter sivachevy
- Start date
welcome babe.
I'd just like to weigh in to support what NoDoji has said.
Firstly, there's no need to blow out a few accounts in order to be profitable. I started trading 12 years ago using the Aberration system and was profitable pretty much from the off. This I put down to the fact that in those days Aberration was an open system so I was able to spend 4 or 5 months writing spreadsheet macros to backtest it and thereby develop my confidence. In other words I was profitable not because I had some crackerjack system (Aberration is very simple) but because I had done the appropriate research. Since then I've purchased Trading Recipes (and then Mechanica) and I'm constantly researching and refining my own strategies. Absolutely no mentoring was involved.
Secondly, my experience with daytrading has been almost the exact opposite, to the extent that I've very rarely gone beyond sim trading before throwing in the towel in frustration. However now I've taken on board what NoDoji has to say. I keep a daily record of events in a couple of markets and sure enough the patterns are emerging, strategies are becoming defined and I now place trades in sim with the same confidence that I do in my EOD trading.
So my advice to the OP would be - do the work. Just like virtually any other endeavour it will be rewarded. If, on the other hand, he wishes to cream an easy risk free living off the back of someone elses labours then I would suggest working for an investment bank.
Firstly, there's no need to blow out a few accounts in order to be profitable. I started trading 12 years ago using the Aberration system and was profitable pretty much from the off. This I put down to the fact that in those days Aberration was an open system so I was able to spend 4 or 5 months writing spreadsheet macros to backtest it and thereby develop my confidence. In other words I was profitable not because I had some crackerjack system (Aberration is very simple) but because I had done the appropriate research. Since then I've purchased Trading Recipes (and then Mechanica) and I'm constantly researching and refining my own strategies. Absolutely no mentoring was involved.
Secondly, my experience with daytrading has been almost the exact opposite, to the extent that I've very rarely gone beyond sim trading before throwing in the towel in frustration. However now I've taken on board what NoDoji has to say. I keep a daily record of events in a couple of markets and sure enough the patterns are emerging, strategies are becoming defined and I now place trades in sim with the same confidence that I do in my EOD trading.
So my advice to the OP would be - do the work. Just like virtually any other endeavour it will be rewarded. If, on the other hand, he wishes to cream an easy risk free living off the back of someone elses labours then I would suggest working for an investment bank.
be realistic, do not think trading is "a piece of cake". most people walk into trading becuase of this illusion.
work at any place, any time, no boss, .... the perfect job! but wait a minute.
be prepared to take years to master tarding.
trading is just like any other profession. Education/training all be a must, most profession needs 4yrs of college study, then trading is no exception. plus you need a little bit gifted. I can not a surgeon, since I hate blood, I will vomit. study it needs time, apply what you know/practice it needs time, train yourself to mange your emotion is the hardest (it takes the longest time), teach yourself discpline also is the hardest.
plus there is no school teaches people how to trade. even there is, most are session based, very costy, also not systematic training.
take my word. be realistic.
find any book about trading to read, try hand on using paper account, those are the easiest ones.
but it can not replaced with real money experience. since your pschy is totally different.
are you afraid of failure? if yes, you can not be a trader
are you hungry for money? trading to make money? if yes, you can not be a trader
can you do the same over and over and not feel borned? if not, then you can not be a trader
work at any place, any time, no boss, .... the perfect job! but wait a minute.
be prepared to take years to master tarding.
trading is just like any other profession. Education/training all be a must, most profession needs 4yrs of college study, then trading is no exception. plus you need a little bit gifted. I can not a surgeon, since I hate blood, I will vomit. study it needs time, apply what you know/practice it needs time, train yourself to mange your emotion is the hardest (it takes the longest time), teach yourself discpline also is the hardest.
plus there is no school teaches people how to trade. even there is, most are session based, very costy, also not systematic training.
take my word. be realistic.
find any book about trading to read, try hand on using paper account, those are the easiest ones.
but it can not replaced with real money experience. since your pschy is totally different.
are you afraid of failure? if yes, you can not be a trader
are you hungry for money? trading to make money? if yes, you can not be a trader
can you do the same over and over and not feel borned? if not, then you can not be a trader
I understand with any new venture, you need to spend money in order to make money. Same thing with trading in my opinion. The form of money i will spend on textbooks and donations to forums like elitetrader will help me indefinitely. I am watching Alan Pring method videos and they are very comprehensive. I am learning a lot from it and was wondering if others also have as well?
Furthermore, is Farley's master swing trader an acceptable beginners book?
Thanks
Furthermore, is Farley's master swing trader an acceptable beginners book?
Thanks