Mentorship (4th year still not profitable)

[volpri]

====4th year still not profitable===

that is normal, nothing is wrong

ROFLMAO but i have to agree!

 

[truetype]

There's a good recent book by one of ET's top stockpickers about how to prosper in robot-driven markets.

 

[tommcginnis]

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.

= "What he said!!"

 

[volpri]

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

Um..this is probabally heretical what i am going to say as it deviates from trading orthodoxy but........the markets cares not whether you are humble or prideful or even arrogant. Neither does it care if you are rich or poor. Neither does it care if you are smart or .30 short of a dollar. Ugly or pretty. Male or female. Actually, the market doesn't care at all about ANYTHING. It is not a person with a personality. It is a conglomeration of buyers and sellers trying to find an edge and a reason to take a trade.

So...find an edge and work that over and over. It is a process. Focus on the process not the money. Let your SL's be your capital preservation as you find, discover, implement, adapt your edges.

 

[smileypete]

A little background: I've traded/studied the technical part of trading (FX/Commodities) for almost 4 years every single day, testing out new ideas, analyzing, logging down, backtesting etc however hundreds of system and patterns that I come out with just stop working. It might work for 3-5 years on backtesting, if I put it onto another pair it stops. Or it might only work for a certain period of time. I am from the little red dot.

Usually when I read this I think 'do you have some kind of approach worked out, and probably more importantly, how did you arrive at it?'

Part of the problem might be that there's a desire for a purely intellectual solution to the challenge of discretionary trading, whereas in reality it's constantly adapting and adjusting to changing market conditions, something that's unavoidably hard on human beings...

 

[traider]

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.

You sure that the indexes you mentioned are mean reverting? If you can find a true mean reverting series with low enough cost, you can make lots of $$$

 

[lcranston]

You sure that the indexes you mentioned are mean reverting? If you can find a true mean reverting series with low enough cost, you can make lots of $$$

Yes, because they are for the most part based on stocks, which revert to the mean of PE ratios. Commodities don't. Neither does forex.

And, yes, one can make good money simply by understanding the location of price with regard to the mean/median and the extremes.

 

[Millionaire]

I may not be the brightest but I will make it up with hard work, I will make sure it will be a good decision and you will never regret it.

Interesting, how far would you be prepared to go?

After we found out what the hollywood Thots are prepared to do with guys like Weinstein in order to get a head in that business..

Assuming your mentor wanted payment, Kevin Spacey style, what would you be prepared to do and how often?

 

[Millionaire]

There's a good recent book by one of ET's top stockpickers about how to prosper in robot-driven markets.

Marketsurfer was ET's top stockpicker IF you faded all his calls, like some here did, you would have a made a fortune.

 

[traider]

Yes, because they are for the most part based on stocks, which revert to the mean of PE ratios. Commodities don't. Neither does forex.

And, yes, one can make good money simply by understanding the location of price with regard to the mean/median and the extremes.

You assume that P/E itself is stationary. That is simply not true. Earnings change all the time. News affect companies all the time. Moreover, companies also move with the general market. how are you going to use P/e