Mentors and education

[trdes]

Well one thing I don't understand is how people use indicators. It's like they listen to a video of someone else talking about it, picking spots of where it's telling you to go short or long and than explaining why its great or why it sucks.

You don't have to use indicators or an indicator the way it was intended. Sometimes you can find better ways to use it, other times if you have a deeper understanding of it you can make it work better than others who have used the indicator longer.

Also @expiated , what is the over all goal to watch a weekly wrap up video? I am genuinely asking, I've never understood the benefit. Unless maybe you're a swing trader? Who can't go back once the week is done and than explain to you why it happened? Also, if you're saying he's forcasting next week, how would that help intra-day trading, particularly given these swings? And if he can forcast the weekly so well, he should be able to do that on other time frames as well.

Again, not debating you, I really don't understand the value.

 

[trader2713]

I'm not interested in mentoring but here's an ES chart that goes over some of my process for tackling an ES chart. Its hind sight bias, yes. But it shows how I approach the market. There's no secret sauce, no perfect entries, just perfect exits.

if you've been doing this for 5 years and are struggling, its likely "process" that you are failing at. Stop looking for entries, setups, etc. You need a repeatable way of viewing the market.

Understanding when market participants are selling to open new positions, selling to close for profit, selling to close (forced selling stop runs), buying to open, buying to close (short covering). Always know whos' doing what. it keeps u on the right side of things, and prevents you from "hoping" for a move when there's unlikely one is coming.

Attached is todays 60 min ES chart

Do you trade off the 60 min or just use it for analysis and a lower time frame to execute on? I typically trade off the 1min chart and mark higher time frame support and resistance on it. But I use 1min price action to enter and develop a trade.

 

[traider]

Price itself is not a good predictor of the future. If you use indicators based on price, they are just another derivative. Either you increase the length of your time frame or come up with other variables to help you predict better. Buy and hold could work too.

 

[trdes]

Price itself is not a good predictor of the future. If you use indicators based on price, they are just another derivative. Either you increase the length of your time frame or come up with other variables to help you predict better. Buy and hold could work too.

Watching price action or watching a DOM, that seems very difficult and not sure how you can consistently catch bigger moves, but maybe someone else can I know I cant. But as far as indicators, how confident are you of your statement? You're telling me the last 'X' amount of bars/candles has nothing to do with the futures bars? People show intent to buy which forms candles, which can you give you clues they want to buy or sell more at certain areas and within candles is price.

Or am I misunderstanding what you mean?

 

[ironchef]

Main tip = don't spend a nickel on any educator until you make winning trades using their free content.

No offense, if I can achieve profitability with free content, why sign up?

 

[trdes]

No offense, if I can achieve profitability with free content, why sign up?

Why would they keep providing it and working for free? That's also a fair question.

 

[KCalhoun]

No offense, if I can achieve profitability with free content, why sign up?

Good question, it's about how much is provided for free, to earn trust, vs more comprehensive in depth training & more alerts etc traders pay for.

Like free samples at Costco, or shareware vs full version software

For example, over 5k traders have registered for my free Saturday webinars, which cover a few great charts, market updates, eventually many go on to join my live room for daily alerts, training and coaching.

Bonus: all week I'm doing free daily 3:30pm 'closing bell' webinars you can join at https://trademastery.com/ttofree/ to recap today's hot charts like INO etc

 

[traider]

Watching price action or watching a DOM, that seems very difficult and not sure how you can consistently catch bigger moves, but maybe someone else can I know I cant. But as far as indicators, how confident are you of your statement? You're telling me the last 'X' amount of bars/candles has nothing to do with the futures bars? People show intent to buy which forms candles, which can you give you clues they want to buy or sell more at certain areas and within candles is price.

Or am I misunderstanding what you mean?

Regarding technical indicators (not incl DOM), you just have to go to place like quantopian and ask the people. They have tested these things to death. alpha is very low.
For dom stuff, you are competing with the new masters of universe, HFT. It's a really tough nut to crack
You can read this too, but if you have a good mind you should be able to realise that these simple formulas derived from price applied blindly will not give you any edge.

Book: Evidence-Based Technical Analysis

 

[ironchef]

I have been a full time intraday trader for over five years. I tried numerous strategies only to eventually have them break down or not have enough consistency. I even taught myself computer programming and began coding my own algos, but due to the inherent risk of constantly over optimizing I watch them make money until they eventually break down as well. But I am mostly a discretionary trader. I guess my point in all this is that I am not a “new” Trader and even though consistent profits elude me I am advanced in knowledge but I am struggling and soon if I do not become consistently profitable I will not be able to support my family and I will have to choose another career which is a disaster because trading is what I love to do. I have put in the time and money researching and educating myself yet somehow I have yet to figure out a strategy or strategies that work for me. So this makes me think that I need more personalized and detailed mentoring. However, with all the hacks and failed traders out there pitching their gimmicky trading education systems, indicators and classes it is hard to discover who can be trusted and are legit.

I trade stocks and futures (ES, CL, GC). I enjoy trading stocks and feel like a better risk to reward is easier to achieve in stocks but as usual struggle with consistency. My question to the community is: are there any mentors out there you guys would recommend or even Trader education courses that are actually legit or legit successful traders out there who teach traders- futures or stocks. It is very hard to trust anyone because this is my livelihood at stake. Thanks in advance for any help or advice!

Try trade longer timeframe. Less noise.

I started trading options in 2013, wasn't able to turn a consistent profit in the beginning. Someone was kind enough to advise me to go longer time frame. That made a world of difference for my method. Of course there are a lot more to the story but in options, time is one of the most important parameters.

 

[ironchef]

Why would they keep providing it and working for free? That's also a fair question.

True, a very good point.

I am generally skeptical about services that teach you how to "make money" but I value services (paid or unpaid) that teach fundamentals and principles behind pricing, market dynamics etc., instead of teaching recipes/black boxes.