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Mentorship (4th year still not profitable)
- Thread starter iamnewuser911
- Start date
Funny you should mention Amplify. On another forum they were slagged off by an ex student until suddenly the guy apologised for his observations. Probably hit with a threatened lawsuit ?
hmm, I would be interested to get a link to that thread you mention. Depending on what was said, I cannot see where there would be any legal recourse for Amplify to leverage a former student to retract a comment unless there was gross defamation or slander in the comments.
I think its a bit sensationalist to say that he was probably hit with a lawsuit.
I dont want to get dragged into justifying why their education is good above others- to me its just a fact. They do not sell students on any dreams or ideas of getting rich quick. Perhaps check out their youtube videos to get a flavour and you might think differently. They do train institutional bank level traders and HF level traders also- client list includes Goldman, FT, McKinsey, Bank of China, the list is extensive and top tier. Maybe you are not aware, but those level traders are doing minimum 2000 to 50k contracts in the Bonds, Commodities, FX and Equities. Hard to challenge that level of endorsement. I always find it crazy that banks have 25year olds trading $20mil in futures contracts a day.
https://www.youtube.com/channel/UCj_bZtVhV4SYXsi7EHssVLw
Or perhaps you are only delighted to follow the training programs littered with pictures of supercars, fists full of cash and loads of amazing trading setups. LOL
I think its a bit sensationalist to say that he was probably hit with a lawsuit.
I dont want to get dragged into justifying why their education is good above others- to me its just a fact. They do not sell students on any dreams or ideas of getting rich quick. Perhaps check out their youtube videos to get a flavour and you might think differently. They do train institutional bank level traders and HF level traders also- client list includes Goldman, FT, McKinsey, Bank of China, the list is extensive and top tier. Maybe you are not aware, but those level traders are doing minimum 2000 to 50k contracts in the Bonds, Commodities, FX and Equities. Hard to challenge that level of endorsement. I always find it crazy that banks have 25year olds trading $20mil in futures contracts a day.
https://www.youtube.com/channel/UCj_bZtVhV4SYXsi7EHssVLw
Or perhaps you are only delighted to follow the training programs littered with pictures of supercars, fists full of cash and loads of amazing trading setups. LOL
lot of good points in here.
Will is a great guy. He taught me personally about position sizing for entries and exits. He was also the first guy to open highlight the hopelessness of trading 1 and 2 lots.
Evident in this video. I like the way he highlights his psychology towards the last contract on in this trade. "How do I feel about this last contract? I dont care really"... or something to that effect. And hes completely right.
I still see traders who take 1 and 2 lot trades and they don't have an option of taking early profits. These guys and girls still don't understand that you can take profits early or half way on the trade expectancy, then bring stop to scratch and be comfortable that they will be profitable no matter what happens next.
Evident in this video. I like the way he highlights his psychology towards the last contract on in this trade. "How do I feel about this last contract? I dont care really"... or something to that effect. And hes completely right.
I still see traders who take 1 and 2 lot trades and they don't have an option of taking early profits. These guys and girls still don't understand that you can take profits early or half way on the trade expectancy, then bring stop to scratch and be comfortable that they will be profitable no matter what happens next.
The market doesn't care or know your mentality - but that is irrelevant.
This is a straw man argument.
The poster never said that humility will help because the market knows you are humble.
Humility helps YOU:
execute a trading plan
cut loses exiting a bad trade
not increase your size after a streak of wins
take a break from trading when you are out of sync and suffering a string of losses
be open to new ideas (ie not thinking you know it all)
Gann's books are worth the time to read and one who does will see the failings are those of human character.
"The market does not beat a man. he beats himself."
i think you may have taken me up incorrectly. By talking about trader psychology, we are not making any attempt to control of apply our mentality on the market, but instead, control how we react to the market, movements, drawdowns, wins etc.
First I make it clear I will not mentor anyone.
This day I prefer not to come to Elitetrader to waste my time to deal with some idiots, but rather make $$$ from the market, or spend time with my family or playing with my new toy (car price drop by at least 50% in the first 3 years so I better enjoy it before the the $60K/year depreciation kick in).
My only advice, all the trading systems (retail or even professional) are down to two scenario - Trend or mean reversion. You can have the 3rd scenario with options (side way, our Bobby favorite, good luck for him in long term). The unfortunately situation is you can't find any system that will work in all the 3 market scenario (you can get it work for 2 out of 3 using Options but with terrible risk/rewards). All the system will work well in one market condition and fail in in another, in long term you will loss due to slippage & commission. Arb is not part of discussion here.
The key (I repeat again) is to find a way to know what is the current market situation (trend or mean reversion), and how (this is important) to know the time when the transition happen (trend become mean reversion or vice versa). Hints, you can't do this purely from technical, experience and common sense did matter.
All the best.