Mentorship (4th year still not profitable)

You can learn a lot if you look over other people's shoulders to see what they do and if successful - to get the how of it !
Even unsuccessful traders can be useful to see what NOT to do. And it will cost you nothing.
Journals are a great place to learn as they often explain their reasoning and give their results.
Mix with other traders in the pub etc.
Good luck
Oh and find your own time frame and instruments and treat them like a demanding mistress.
 
ironchef said:
You don't need mentors. Do the following (yes, it is unconventional):

You need to get back to basic first, even if you are a technical trader. If you trade commodities, perhaps you need to know your commodities, their seasonality, what affects their prices...., then you are ready to use the technical tools. If you trade FX, perhaps study the politics, central banks... then apply the technical.

Read trading books, do research but don't follow their recipes, they won't work. Get off the beaten path and you will likely do better.:D

Good luck.
More...

Down playing mentorship is hurtful if this fellow takes you to heart.

People who align themselves with successful mentors; well.. it should be obvious.

Most of the greats in all fields, sought out mentors and allies.

What most Did Not Do was try to figure it all out on their own... but there are exceptions.

Btw- it is hard for a longtime losing trader to get back to (winning) basics; obvious reasons.

A losing trader of four years who will not abandon his quest is looking for serrious and actionable advise.

With life in general and areas of gambling/speculation in particular:

Mentorship not only can be make or break for many, but it can also save years of time, lost opportunities and lost money, as well as helping one to become better than otherwise possible.
 
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Humpy said:
You can learn a lot if you look over other people's shoulders to see what they do and if successful - to get the how of it !
Even unsuccessful traders can be useful to see what NOT to do. And it will cost you nothing.
More...
Right, we are monkeys, trying to duplicate and understand why someone bought or sell is a good approach. "Why them and not me?" is the best catalyst.

777 said:
People who align themselves with successful mentors; well.. it should be obvious.
Most of the greats in all fields, sought out mentors.
More...

This is where you are wrong. Trading is not tennis, golf or poker.
Except for the Turtles in the 70's, could you give me an example of successful mentorship ?
There are really few. Because trading is selfish and personal.
You will not spend hours / days / months to explain trading. Better trade than educate if you got an edge that you don't want others to copy.
The people who educate / mentor are 95% sellers / losers.
The remaining 5% mentor friends and family, not unknown people.

And if you are looking for respect and glory, you will write a book rather than mentor wannabe traders.
Aka Vic Sperandeo, Stan Weinstein, Marty Schwartz, Larry Williams etc.

CM
 
Chris Mac said:
Right, we are monkeys, trying to duplicate and understand why someone bought or sell is a good approach. "Why them and not me?" is the best catalyst.
Chris Mac said:
Right, we are monkeys, trying to duplicate and understand why someone bought or sell is a good approach. "Why them and not me?" is the best catalyst.



This is where you are wrong. Trading is not tennis, golf or poker.
Except for the Turtles in the 70's, could you give me an example of successful mentorship ?
There are really few. Because trading is selfish and personal.
You will not spend hours / days / months to explain trading. Better trade than educate if you got an edge that you don't want others to copy.
The people who educate / mentor are 95% sellers / losers.
The remaining 5% mentor friends and family, not unknown people.

And if you are looking for respect and glory, you will write a book rather than mentor wannabe traders.
Aka Vic Sperandeo, Stan Weinstein, Marty Schwartz, Larry Williams etc.

CM
More...




This is where you are wrong. Trading is not tennis, golf or poker.
Except for the Turtles in the 70's, could you give me an example of successful mentorship ?
There are really few. Because trading is selfish and personal.
You will not spend hours / days / months to explain trading. Better trade than educate if you got an edge that you don't want others to copy.
The people who educate / mentor are 95% sellers / losers.
The remaining 5% mentor friends and family, not unknown people.

And if you are looking for respect and glory, you will write a book rather than mentor wannabe traders.
Aka Vic Sperandeo, Stan Weinstein, Marty Schwartz, Larry Williams etc.

CM
More...

1. Yes... most mentors for hire are mostly posers and hustlers.

2. Most winning traders I know had mentors and allies along the way.

I respect your views and I am not going to go back and forth on this

The poster asking for help has been given quite a few ideas to consider
 
maxinger said:
honestly speaking, 4 years is quite short.

if you got passion and determination, then go try harder and smarter.
More...

You write truth.

However, I have know people who become winners almost immidatly by falling in with the right people. This sort of thing usually depends on the inefficiencies the group is exploiting.

Seeking out high-level winners who one can interact with is a worthy goal. Obviously most will not be able to do this.
 
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Every experienced trader on ET is a mentor.
Take Maverick and other seasoned posters like Morse for example, their trading methods and style are poles apart from mine, most times posts are way over my head, but I've been trading 30+ years and still keenly pay attention to them. Pays to hang around and listen to the smart (intelligent) guys and gals.
Not so many gals around but they too are very clever.
Maestro was a clever cookie but dunno where he went.
 
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