Mentors and education

trader2713 said:
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.
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This is too much pressure! This is one of the reason some traders "teach" - diversification of income streams. BTW, just because you are consistent, doesn't mean you can print money every day. Too little volatility, too much volatility, holidays, outages, family emergencies, etc. Basically, you cannot assume you will make a living trading - you must prove to yourself you can while relying on other sources of income or savings. Note: IMHO, it's not enough to make money, the money made must come from skill(edge), not luck. And let me say this as well - no mentor can simply transfer their edge onto you. Just because Michael Jordan is your mentor, doesn't mean you will be a great basketball player - you will simply be better than your current self(hopefully). Good luck.
 
trader2713 said:
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!
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Hi Trader 2713, thanks for sharing this. I think it is a common situation that traders struggle with. I am a mentor / coach and would love to assist you. I don't teach people to trade, and it sounds like you don't need that. You are clear that you know how to trade.

I help traders with the Mindset part of trading. In my opinion, this is by far the most important, hardest, and most overlooked part of trading success. You said you "struggle with consistency." Again, most traders do. Consistency = discipline = doing what you say you are going to do and following your plan.

The reason we as traders have challenges with this has to do with emotions / feelings / beliefs / etc. Changing market factors like what you trade, charts, strategies, timeframes, etc. (all the other technical trading variables) might help, but it isn't the real solution. If the "consistency" is off, that is an inside job (inside you--not in the market)! This is where focusing on the Mindset and self trust is pivotal. So, the work that needs to be done is likely on your mindset, rather than in the market. . . When I work with traders that is much of what we do.

I am happy to talk with you . . . Andrea
 
Andrea Wylan said:
So, the work that needs to be done is likely on your mindset, rather than in the market. . .
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Hello Andrea. First let me say that I am very glad ET has a sponsor on the psychology end of trading spectrum! The question I have to you is - what should come first - edge or mindset? I am of opinion that without an edge, no amount of discipline and mindfulness can help. Only when one has an edge, can he/she concentrate on psychological challenges. Would appreciate your opinion. Thanks!
 
Thanks Qlai. I appreciate your comment.

I totally agree. Traders need training and practice and a strategy that works. This does come first, but I think it is best to perfect that in the simulator. Then the focus on learning it and perfecting it and following your plan. With no focus on making money. (Which is really hard to do!!)

I compare it to going to law school or medical school. You put in YEARS of study and $ investment to be trained. You don't expect to make money right away or operate on a patient! But as traders we want to learn in a week and be successful.

It usually doesn't work that way. It takes time. First to learn the components of trading, and then to learn about YOURSELF. If you have a plan, strategy, etc and you are unable to consistently follow it--with emotions taking over--you will ultimately likely fail. The part about self awareness, emotions, beliefs, old traumas, etc. are powerful influences on our trading but I don't see them often discussed or dealt with.
 
trdes said:
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.
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Hey...

I didn't know anyone directed a question toward me since I kind of decided to leave ET last week after that final post, given that my focus has shifted away from developing and fine-tuning my system (from August 2017 to February 2020) to merely trading it, and I only saw your post after noticing an alert from someone liking my last entry and then happened to see your question on the next page.

In response to your inquiry, I personally see no value in weekly reviews, but what I like about AJ's videos is that he forecasts what he expects to happen NEXT over the coming week or two and then leaves his lines (forecast) on the charts so people can see if he's right or wrong when he delivers the next week's wrap up.

However, I don't even trade stocks or index futures anymore (I trade strictly Forex) and even if I did, it would not matter because any decisions I made would be based on my own system—not on AJ's forecast—so I check him out for other reasons...

I can see for myself what's going on in the markets, but Monte often provides me with insights as to WHY it is happening, and why he thinks the future holds in store what he has predicted.

Is this necessary? No, but having a fuller picture concerning aspects of trading I'm not personally all that motivated to master for myself augments my sense of peace while trading. I also find value in comparing my forecasts with his, including the different ways we go about it. I do the same thing in terms of Brad Gilbert, but he's also a Forex guy, just like myself.

Ideally, it would be great to just hang out and kick around ideas with a couple of other traders who actually know what they're doing. But since I've been unable to find people online or in person who are into that sort of thing, I find my next best option is to check in on guys like Monte and Gilbert (not to mention Stephen Whiteside, Jarratt Davis, Christopher Lewis and/or Cristian Moreno, but that was mostly in the past).

At least, this is the benefit I get out of it personally.
 
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re-read what padutrader said - his advise is well stated as most of us on this site got lost in time trying to find the holy grail or the perfect trading system.

To become professional in anything will take time and trading is no different - This is a big hill to climb with lots of moments of self doubt and despair along the way.

You mentioned that you've been trading for 5 years so I'm assuming that you've accumulated some good screen time during those years. If so, look for things that you recognize, things that you've seen over and over again and use this information to your advantage and no matter what never quit!
 
Robert Morse said:
Hi Trader2713- I think it would be easier to help you as a community if we know more about your process. Why trade both equities and futures if you have not found a winning process yet? Maybe, for now, it would be best to focus on one. What is your process? What triggers a buy or a sell to open? What triggers an exit? How do you size your trades? When you made money, why would you say that worked when you did the same think on another trade and it failed?
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Hello Robert Morse,

I have a question for you please as I am working on my trading plan, and trading startegy and being better at journaling my trades. I want to get better at identifying my trade setups with a name so I know which ones are producing better profits and which ones cause mistakes.

What do you mean by "what is your process"?
 
Robert Morse said:
This is good. Have you ever done a deep dive into the trades that worked and the ones that did not? Did you get in too soon, stop out too soon, not let winners ride, break a rule or two because you did not wait for a break out with a volume confirmation, etc? I suggest you start by reviewing old trades and setting up a set of rules. Read them each morning before you trade. I also would consider avoiding small and mid-cap stocks. Maybe avoid pre and post-market trading for now. See if your strategy works with NASDAQ 100 stocks. Go back and play smaller for a while. Good luck-Bob
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Robert Morse,

This is good advice. What do you recommend for trader to professionally journal trades?

Thanks,
 
Robert Morse said:
When you made money, why would you say that worked when you did the same think on another trade and it failed?
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Robert,

This is an interesting question, I do not do on my trades journaling per trade.

This question make me characterize similar setup with a few trades that loses and a few trades that wins.

Why is this a good question a trader should ask after each trade?
 
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