Mentorship (4th year still not profitable)

[tomorton]

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.

May that day come soon for you. And us.

 

[johnnyrock]

1. I have an awesome paper trading system.
2. You said you would die for it! However, my question is whether or not you would be willing to KILL for it? That's the bar. Ask yourself, would you KILL for it?
3. If you are willing to kill for my system the risk, to me, would be too great.

Go long. It's a bull market! (Hat tip to @speedo)

 

[sle]

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.

LOL.

 

[lcranston]

My only advice, all the trading systems (retail or even professional) are down to two scenario - Trend or mean reversion. . . .

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.

While it's true that the choices can be boiled down to trend and mean reversion, there needn't be a transition from one to the other; they can occur simultaneously given that a trend itself has a mean. And if one draws his trendline using Wyckoff's guidance (swing points), all this can be determined technically. For example, the NQ is currently heading toward the upper limit of its trend channel, having bounced off the lower limit the last week of October. The mean is 6300. The upper limit, as of now, is around 6480 (it will rise as the days go by since the channel is diagonal). One can argue about the placement of a trend line, but the point is that these things are watched, and reversals can be expected if and when price reaches these limits. Experience and common sense? Yes. Price doesn't always turn on a dime. But it pays to be aware of these aspects of mean reversion.

 

[Visaria]

By FT do you mean Financial Times? What do they trade?

McKinsey the management consultants, are they trading wheat futures these days?

Goldman does not engage in prop trading but according to you they are trading $20m of futures a day.

What you selling, Timdung?

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.

 

[mnevis]

Kind of agree with this but very hard to do for them as losing traders often try too hard by participating at the expense of being grounded and becoming less self absorbed.
There is a spiritual element to trading, probably would make for an ideal life school for troubled teenagers and dysfunctional adults.

Interesting point of view, by saying this are you saying that 95% of the losing trader are troubled teenagers or dysfunctional adults ?

 

[Overnight]

...troubled teenagers or dysfunctional adults ?

I believe those terms are all interchangeable.

 

[baro-san]

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.

Sorry, but I have to warn you: this is insane. There is so much more in life.

 

[timdug]

By FT do you mean Financial Times? What do they trade?

McKinsey the management consultants, are they trading wheat futures these days?

Goldman does not engage in prop trading but according to you they are trading $20m of futures a day.

What you selling, Timdung?

Im not selling anything. Good luck.

 

[timdug]

LOL.

Yep