Mentor Needs Advice!!!!

O

OVERtheLINE

Im helping a smart tough floor person make the switch into trading and scalping. Ive taught him a trend following system
that ive been working on for 2 years, as well as explained tape reading, reading the specialist, reading open book, gauging momentum etc... Ive gotten him in a LLC with rock botton rates and set up his routing and software. I know he
will suffer for a while. Is there any extra advice you would offer?
 
If he's an ex floor trader he may do better with scalping systems than trending systems. That way you don't have to teach an old dog new tricks in terms of money management/risk etc.
 
Actually, there no difference between Floor traders and newbies, metaphorically.

The thing the floor traders(that are successful) is the balls of steel to be consistant with their size they do.

Market feel in the floor and upstairs are completely different... but I am sure they can metaphorically grasp the concept of use of charts and data faster than newbs
 
Quote from OVERtheLINE:

Im helping a smart tough floor person make the switch into trading and scalping. Ive taught him a trend following system
that ive been working on for 2 years, as well as explained tape reading, reading the specialist, reading open book, gauging momentum etc... Ive gotten him in a LLC with rock botton rates and set up his routing and software. I know he
will suffer for a while. Is there any extra advice you would offer?
More...

Moving from the floor to the screen can require a month or more for adaptation - even for the best traders.

It sounds like you have done everything possible to help this person. My only comment would be to not emphasize any one system and provide a mechanism which would allow this person to build multiple strategies. The best way to do this is to provide some type of research and historical trade analysis system which allows an easy retrospective in which to determine improvements which help to minimize failed or marginally successful trades.
 
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