You don't need a mentor so much as you need to stop trading forex/commodities. At the very least trade something that is mean-reverting so that price isn't flying every which way. If you have no money, experiment with the Q, or SPY, or DIA. One resource: Trading the NQ.
Mentorship (4th year still not profitable)
- Thread starter iamnewuser911
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You don't need a mentor so much as you need to stop trading forex/commodities. At the very least trade something that is mean-reverting so that price isn't flying every which way. If you have no money, experiment with the Q, or SPY, or DIA. One resource: Trading the NQ.
Agree, most of mentors only teach basic and insufficient skills.
We need to do this part time for many years, first.
You are ready to find your way. You know you don't know. Humility is KEY.
This is the first step for successful trading.
Mentors were useful 20/30 years ago.
Because information was not free at that time, you needed to learn informal rules, people to work with / avoid, etc.
Today? Nope. The best mentor is yourself.
Everyone got access to tons of free information / graphs.
Your edge is your brain.
4 years is nothing. Do your homework 1/2, 3 more years.
And one day you will see what others won't.
Keep the faith! Lots of losers / naysayers here.
CM
Let me see if I can help.
I see that you are trading fx and commodities
do not trade those futures that hardly move.
eg audusd hardly move. so focus on other things.
You can see in my journal that I don't like to trade those futures that has small day range.
choose the appropriate trading session (asian, european, US session).
lately commodities hardly move during asian session.
so don't trade commodities during asian session.
But be careful because things might change.
look at Nikkei. it has not been moving for years.
so we wouldn't want to touch that. past few days it is moving.
so that's where we put focus.
if you give more more details of what u are doing, we can help u better.
I see that you are trading fx and commodities
do not trade those futures that hardly move.
eg audusd hardly move. so focus on other things.
You can see in my journal that I don't like to trade those futures that has small day range.
choose the appropriate trading session (asian, european, US session).
lately commodities hardly move during asian session.
so don't trade commodities during asian session.
But be careful because things might change.
look at Nikkei. it has not been moving for years.
so we wouldn't want to touch that. past few days it is moving.
so that's where we put focus.
if you give more more details of what u are doing, we can help u better.
Look what happens when you trade in consolidation zone without volatility to break you out.
its pretty easy to make money lol just check out my youtube
You have to restrict trading to outliers.. prev session high low.. intraday high low.. when you restrict entries to outliers, your trade has a higher chance of going into profit. Combine that with volatility, and boom.. volatility is being gamed out. So only structural liquidations leads to momentary vol or news events.
Most profitable day traders do not need tuition money, especially given the hazard of distractions and missed signals. Paying someone who is NOT a successful trader is a crap shoot as to value. Plus, even someone who is willing to mentor realizes that despite one's best effort, the likelihood of a student's failure is substantial...and who wants to be part of that?
A number of competencies have to be gained to be able to do this including technical proficiency and real time recognition skills which are doomed to failure without appropriate behavioral disciplines.
Acquiring these competencies takes time and effort and 4 years is not particularly long. You are simply not there yet and most will quit before they can develop the necessary qualities to succeed.
A number of competencies have to be gained to be able to do this including technical proficiency and real time recognition skills which are doomed to failure without appropriate behavioral disciplines.
Acquiring these competencies takes time and effort and 4 years is not particularly long. You are simply not there yet and most will quit before they can develop the necessary qualities to succeed.