Looking for a mentor.

Mr. Galt

Your intentions seem legit but I would caution you on this.

It is my belief that it takes time to understand the dynamics of the market place and the MANY methods of making consistent profits as a trader.

Before you sign on with anyone for any amount of money I would suggest you REALLY take the time to educate yourself FIRST.

READ READ READ about as many things as you can.

The Emini's, The Forex market, Gann, Fib, Pattern recognition, Tape reading, etc, etc ... EVERYTHING you can on the markets and becoming a professional trader.

Take your time to find what interests you and what you want from this career.

To RUSH into anything right now with anyone is fool hearted because you don't know what you want yet and simply wanting to make money from the markets is NOT enough.

Even if you where to find the most profitable mentor in the world that will not guarantee you anything.

Because Peter can build a bridge does not mean I can, I might be better suited to build a swing.

My point is, that there are many ways to make a living from trading once you know WHAT your looking for.

This is why I believe it takes so long to find success.

It's really a matter of elimination.

:)
 
Well said SAMSON.

This has been said many times before, but maybe it must be said again and again. Any trading plan must be tailored to an individual's personality and risk tolerances in order for the plan to be successful for that particlular person.

Mark Fisher in his book "The Logical Trader" claims that of the 4000 that he has attempted to teach his trading method, 1000 or 25% actually end up using the method and of those, only 100 or 2.5% become competent in the method to the extent that they earn a very good living from it.

If you use a mentor, it will only work if you are lucky enough to find someone who has a plan that fits your personality, trading style and risk tolerances or, the mentor actually takes the time to guide you into developing your own trading plan that fits your personality and risk tolerances. Otherwise, you are wasting your time.

The most consistent charateristic of a succesful traders is that they took the time to study the markets and develop their own trading plan. Mark Fisher negotiated with his neighbor at the age of 12 to give him a job at the Commodity Exchange in New York. He then spent the next 10 years or so developing a plan that works for him.

Linda Bradford Raschke spent 10 years on the trading floor in Chicago learning and developing a plan that suits her personality.

Nicolas Darvas ("How I Made $2,000,000 in the Stock Market") took 6 years to develop his plan. Even then he was occasionally tempted to forget his rules of trading for "get rich quick" schemes, he eventually returned to his original trading plan. He returned, because he learned the hard way that his plan was the only plan that worked for him. It worked because he developed it to agree with his personality and risk tolerances.

Good luck,

Charles
 
CharlesTrader
Excellent Post

The starting point however must start from a real premise...not a
false premise...This is why blotters and statements are important pieces of the puzzle...

It is more probable that one succeeds with an environment of very few people...not 1000's as per the Fischer case...

What the focus is here is to start at the best starting point possible...
 
Quote from ertrader1:

Forget all these other clowns....with their "ill teach you this and I'll teach you that". For the love of some god, most of these guys are desk jockies, midgets behing big phones and coffe machines. The all meet by the water cooler once an hour to tell their stories on how "channling stocks.com type systems" help their pitful 401ks increase.

Mr JG, dont fall for these monkies. You wana learn how to trade, IM me. I will teach all i know. No money down. I wana % of ur wins and you can came visit me at my trading room.

Let these time clock punching, sally get me my dinner, i read the wallstreet journal on my commuite, 9 to 5ers teach you nothing.
More...

"I wana % of ur wins and you can came visit me at my trading room."

ertrader1: can you show us a picture of your trading room/desk??
:D

gsr
 
Quote from MrJohnGalt:

You're not a clown. You're a drunk hobo I always see at a county fair.
More...
If LongShot is "the drunk hobo you always see at fairs," what does that make you?

gsr
 
Quote from Samson77:

Mr. Galt

Your intentions seem legit but I would caution you on this.

It is my belief that it takes time to understand the dynamics of the market place and the MANY methods of making consistent profits as a trader.

Before you sign on with anyone for any amount of money I would suggest you REALLY take the time to educate yourself FIRST.

READ READ READ about as many things as you can.

The Emini's, The Forex market, Gann, Fib, Pattern recognition, Tape reading, etc, etc ... EVERYTHING you can on the markets and becoming a professional trader.

Take your time to find what interests you and what you want from this career.

To RUSH into anything right now with anyone is fool hearted because you don't know what you want yet and simply wanting to make money from the markets is NOT enough.

Even if you where to find the most profitable mentor in the world that will not guarantee you anything.

Because Peter can build a bridge does not mean I can, I might be better suited to build a swing.

My point is, that there are many ways to make a living from trading once you know WHAT your looking for.

This is why I believe it takes so long to find success.

It's really a matter of elimination.

:)
More...
"Pattern recognition."

Yeah, "Pattern recognition" is important.

When is this garbage thread gunna be dumped into chit chat?

lmao,

Sam
 
Quote from gamalruach:

"Pattern recognition."

Yeah, "Pattern recognition" is important.

When is this garbage thread gunna be dumped into chit chat?

lmao,

Sam
More...

MORON
 
John,

Not a single one of us here at ET or any other chatroom can possibly mentor you properly. Learning to trade successfully comes from within you. The predominance of trading is your psychological characteristics, and your ability to correct and shape your psychologically directed actions to benefit your trading activities. Your true emotional feelings and beliefs about money is one of many things you will have to discover and possibly re-shape to your psychological advantage. This is one of many steps in your journey to discover what is "wrong" with your current beliefs in regards to your thought process for trading. All these mental obstacles have to be dealt with one by one, and your way of thinking has to be broken down and re-shaped. This is the ONLY way you can prepare yourself for success in trading.

John... your willingness to come to this board and openly ask for help shows to me your lack of EGO, and this definitely shows me you are on the right track!

Chris


John, I will send you a PM later and tell you how you can start to help yourself.
 
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