newbie looking for virtual mentor/ mentors

Quote from TraderZones:
6-12 months is not "making it" but most likely luck until the black swan or clumsy self-confidence causes a blowout.
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Clumsy self-confidence is definitely as blow-out danger, but day traders trading stocks like MS rarely blow out from black swan event.

If this guy was trading news-driven biotechs, then that might be a significant danger.
 
Quote from TraderZones:

Quote from shiko2000:
I have seen guys who made it and chances are higher to make it while trading prop than own account.

Unlikely. Most of the rotating crop of prop newbies don't get anywhere near the successful props traders so they can get much help. All you learn is 10,000 ways not to make a light bulb, same as at home.

My cousin made it actually with Swift.

Make it? You see his He made $10? $20,000? Has he done this for 5 years, with good metrics? 6-12 months is not "making it" but most likely luck until the black swan or clumsy self-confidence causes a blowout.

Generally from what i have heard it takes 6-12 months on average to start making money. I do not expect to make it before 1 year.

Try 5-10 years, and even then, unlikely to have longterm lucrative success.

I am learning to read tape and watching support/ resistance.

Better than many

I also understand importance of knowing when to trade and when not to trade, patience and discipline.

You think. It takes a long term to REALLY grasp these.

These factors are far more important that system.

No, they are not. Contrary to what many claim, without a serious outperformance edge, you are just a longterm gambler, losing everything to the casino's house edge. Commissions, slippage, bid/ask spread, fees, black swan events, errors, risk and other things make it VERY hard. You may have to do 30%+ annual gain just to break even.
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Ok, I have read Fooled by randomness so I get what you mean.
Black swan is ok, I am scalping so I do not care about those black swans. If I keep stop loss and have proper money management black swan means nothing to me. I have no position left opened at the eind of the day and I have no positions opeend even after 11:30 a.m.
I can let loss run few more ticks but nevertheless I always close position at loss if I see that level I expected to hold is broken.


I do not get it why you need to write all this negative stuff?
If anyone goes into this business or any business with attitude like this success is pretty much impossible.

Positive thinking is important when it is backed by rules and discipline.

If to think like you it is better just to lie and die.
 
Quote from duhmentor:

Why are you cancelling orders that get profitable.

How do you go about being careful?

Why should thinking in ticks differ from thinking in dollars?

Rather than think in Ticks per day think in trades per day that you made following your plan perfectly.
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No, they are not profitable. I see level that holds and set limit order. Then when price approaches and I see either too many green or red prints and think it will not hold I cancel the order before it is getting filled. In most cases it would be profitable trades.
By profitable I mean it gives 2-5 ticks in most cases with little or no draw down.

That's fear man.
 
Quote from NoDoji:

Clumsy self-confidence is definitely as blow-out danger, but day traders trading stocks like MS rarely blow out from black swan event.

If this guy was trading news-driven biotechs, then that might be a significant danger.
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I concentrate only on financial stocks: MS, FAZ and WFC. I also try to follow BAC, C and JPM but I barely have time to follow first 3 and thus 90% of my trades has been MS.
 
Yeah, now this is what I am thinking.
I think for a start I need more confidence in what I am doing.
Generally, graduate progress and improvement will deal with this.
I used to be more fearful few weeks ago, but I nevertheless push the trigger although not that often as I want.
From my limited experience when I am not afraid at all, like last week Thursday-Friday, I become too reckless and lose big. When I am too careful, I reduce earning potential too much. I am looking for some balance here.
 
Quote from shiko2000:

From my limited experience when I am not afraid at all, like last week Thursday-Friday, I become too reckless and lose big. When I am too careful, I reduce earning potential too much. I am looking for some balance here.
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This is the greatest challenge. I struggle with it still after 2 years trading.

Quote from shiko2000:

I do not get it why you need to write all this negative stuff?
If anyone goes into this business or any business with attitude like this success is pretty much impossible.

Positive thinking is important when it is backed by rules and discipline.
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You got that right! If you're looking for a mentor, listen to those who call their trades live, or post their trading blotters and charts so you can see what they're doing, or at the very least communicate their day's trades to you and the how and why of it.

I found several mentors on this site (I'm coming up to the end of my 2nd year of day trading this July), and NONE of them have ever been negative, and every one of them has been extremely helpful and had a great sense of humor :)
 
Quote from TraderZones:

I do not expect you to understand this for 5+ years. I will give you an example, go to the system auditing sites, and se how very very very few systems work, out of the thousands that constantly roll through there.

Collective2 claims 10,000+ systems from various vendors. Maybe 1-2 have some interesting possibilities. It is not any better on TimerTrac, FuturesTruth, or most others. [/B]
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I agree with TraderZones. I am getting back into trading now. I was a profitable Equity Trader and my strategy is to keep it simple..I swing trade only a few different stocks which have lots of volume...get to know them well. I am also considering trading Crude oil futures and S&P futures and avoiding Options (too many variables required for success), and considering perhaps Forex... but keeping it simple...I am also looking for a mentor because I am going back into trading for the longhaul and looking to be consistent and disciplined and would like some support in getting back into trading.
 
I cannot find any such thread now. It used to be a lot of them before when traders showed there daily P/L. I remember seeing Szeven starting his career in 2005 at one of those threads.


Where can newbie like me watch those successful guys talk by the way? :) I see a lot of negative stuff here., Kinda reminds me of Forex blogs :)
 
i also want to improve my skills at reading the tape..and finding institutional order flow.....i feel this is critical..I am constantly backtesting and looking for ways to improve my trades....thats why focus on a few stocks and futures is the way to go for me....I am not a day trader...I am opportunistic...only trade when probability for sucess is high....i have learned to sit on my hands. Anyone out there care to mentor me?
 
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