Mentorship (4th year still not profitable)

OP you need to join a prop firm. I have been trading professionally for about 10 years and about 3 years before that trying to learn at home.
You need low commission structure and to sit around profitable traders and learn from them.. although traditional prop firms are few and far between now, a lot of them struggle now.

I'm not saying this is the rule that is never broken, but I have honestly never met a trader that was successful just teaching themselves at home. By successful I don't mean they can make a few hundred dollars a month profit. I mean live off it.

Ive probably worked with over 100 traders in my time and very very few people are drawing lines on charts/moving averages, risking 10 ticks to make 30 etc. As with everything in life if you do what everyone else is doing you will not get results. If trading was as easy as risk 5 ticks to make 15 and buy support levels we would all be millionaires. I made the exact same mistakes as you, I read books non stop and followed all the rules and got nowhere. You need to think differently to everyone else.
 
777 said:
Down playing mentorship is hurtful if this fellow takes you to heart.
More...
I agree with everything you said but take exception to this. You see, OP was not looking for a mentor but a master so OP could be the "apprentice". OP wanted to travel to and colocated with him/her to learn to trade his/her way.

I have many mentors here on ET. They provided me with their wisdoms, not their "trade". I don't need to be physically with them, watching how they trade to be successful. Some of my mentors on ET: drcha, for pointing out to me I need to trade using longer time frame; Handle123 telling me to "dance around" my holdings, Maverick74 for pointing out the importance of gamma in a short trade, sle, JackRab.... for explaining to me the subtleties of options and volatility. I am particularly grateful to MrScalper for encouraging me to read charts. None of them gave me their trade secrets or their recipes, only their wisdoms. And you know what? Many probably did not even know they were mentoring me.

Are they successful traders? I don't know and don't care because what I looked for are their collective wisdoms and not their trading skills.

Trading is very personal, what works for you usually won't work for me because of personality, psychology and different circumstances.

Finally, a method that becomes too popular will no longer work because to be profitable you take money away from other traders. Remember the January effect? It was so popular folks wrote books and academic papers on it, now it does not work very well.

I learn something from your posts too and appreciate it very much.

Regards,
 
iamnewuser911 said:
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.

I am looking for a mentor to guide as well as teach day in day out. I will not and never give out your systems or strategies. I am willing to work 20 hours a day or do anything that helps me towards achieving profitability. I am willing and desperate to sacrifice anything in return for trading success (Even my life). Flying over to your country to learn is also fine with me. I do not know what I can give in return but I hope my willingness to succeed can make up for it because I will never give up.

So if anyone that has already succeeded and looking for a student to impart your knowledge, please do tell me, 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.

Thank you.
More...

so, any would be mentors contacted you by now or were you given some solid recommendations for the mentors who mentored so many ET's mentor's advocates in the past?
 
tommo said:
OP you need to join a prop firm. I have been trading professionally for about 10 years and about 3 years before that trying to learn at home.
You need low commission structure and to sit around profitable traders and learn from them.. although traditional prop firms are few and far between now, a lot of them struggle now.

I'm not saying this is the rule that is never broken, but I have honestly never met a trader that was successful just teaching themselves at home. By successful I don't mean they can make a few hundred dollars a month profit. I mean live off it.

Ive probably worked with over 100 traders in my time and very very few people are drawing lines on charts/moving averages, risking 10 ticks to make 30 etc. As with everything in life if you do what everyone else is doing you will not get results. If trading was as easy as risk 5 ticks to make 15 and buy support levels we would all be millionaires. I made the exact same mistakes as you, I read books non stop and followed all the rules and got nowhere. You need to think differently to everyone else.
More...

Excellent reply!

Perhaps you will private message the poster with the name and location of a prop firm you recommend.

Some firms offer poor training and horrible deals for new guys

Some firms have offices where the trader will be hustled for lessons by losing office managers. But the same firm may have a different office location where a new trader really has good traders sincerely trying to help him.

Hopefully the poster will contact you privately if you do not reach out to him.

(I am adding you to my people to follow list because you obviously know what you are talking about and you explain yourself well)
 
Last edited:
tommo said:
Ive probably worked with over 100 traders in my time and very very few people are drawing lines on charts/moving averages, risking 10 ticks to make 30 etc.
More...

Curious if they aren't doing this, what are they doing?
 
You must log in or register to reply here.
Back
Top