newbie looking for virtual mentor/ mentors

Quote from sexytrader:

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.
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BTW, it looks like Caleb's Fooled by randomness was written exactly with examples from Options or some other derivatives.
Options look to me like something where someone can make money for some time regularly but then lose everything in one trade. I remember one guy worked with me. He made $200 K one year and lost everything the next.
I prefer to stay with original things like stocks.
 
Quote from shiko2000:

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.
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What does "Generally, graduate progress and improvement will deal with this." mean?

How do you propose to do this?
What are you planning to do different? How will you know if it works?
If you were watching me how could you tell if I was improving?

You are having trouble pushing the trigger? My limited experience with firearms suggests you pull the trigger. :D
 
Quote from duhmentor:

What does "Generally, graduate progress and improvement will deal with this." mean?

How do you propose to do this?
What are you planning to do different? How will you know if it works?
If you were watching me how could you tell if I was improving?

You are having trouble pushing the trigger? My limited experience with firearms suggests you pull the trigger. :D
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I mean gradual progress...
as it is said below, it is hard to pull trigger when you have only 20 bullets. You can be out of ammo in no time.
Company wants us to scalp, it is what I am doing.
but need to make more on winning days to counter losing days. This is the direction I am working. The progress is that I have a lot more winning days now than losing and my winners often bigger or equal my losers.
 
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.
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It depends on the leverage. Unleveraged traders are generally unaffected, but 4:1 or higher traders are in danger of black swans. Black swans are rare, but that is the point. Things like 9/11, 10/19/87, Asian currency crisis, the 2008 meltdown, when they hit, can blowout traders. Black Monday, at the beginning of the Depression, bankrupted many. Capital preservation is #1.

The may be rare, but when considering a career as a highly leveraged trader, getting blown out 4 times in 20 years is rare, but can push someone out of the profession every time. Bankruptcy is a real concern.
 
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.

because in most fields, critical thinking is the most important skill. Your attitude will have little effect on your longterm success. Rather, positive attitude (gee, 6-12 months, I wil...!) will constantly set you up for being blindsided, frustrated and. The market is cold and highly efficient. Until the fact sinks in, that your odds are on the order of 1% of longterm, lucrative success. You keep deluding yourself that you will reach it with attitude and a little time. You are entirely and totally delusional.

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

This is an empty and non-factual statement. This is barely trading 101. As you say you are not yet there, how can you know what works and what is important? Does the new high-school burger chef know how to run a restaurant chain because they have a positive attitude?

If to think like you it is better just to lie and die.

Again, you will not understand any of this until 5+ years have passed. 95-99% of traders fail, but 100% of new ET traders seem somehow expect not to be in that group.
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Well, there is a saying in Russian. The soldier is bad if he does not want to be a general....
I have had worse odds against me but happened to be in that 1-55, so, i think it is entirely possible.
The most important, I do not see it as a get rich quick scheme but rather a long term business and I act accordingly.
I already can trade 300 shares, but I am not in a hurry. i am making sure things work before trading bigger size and even then I will trade only 200 shares as daily limit will be only 30 ticks down.
 
Quote from TraderZones:

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.

because in most fields, critical thinking is the most important skill. Your attitude will have little effect on your longterm success. Rather, positive attitude (gee, 6-12 months, I wil...!) will constantly set you up for being blindsided, frustrated and. The market is cold and highly efficient. Until the fact sinks in, that your odds are on the order of 1% of longterm, lucrative success. You keep deluding yourself that you will reach it with attitude and a little time. You are entirely and totally delusional.

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

This is an empty and non-factual statement. This is barely trading 101. As you say you are not yet there, how can you know what works and what is important? Does the new high-school burger chef know how to run a restaurant chain because they have a positive attitude?

If to think like you it is better just to lie and die.

Again, you will not understand any of this until 5+ years have passed. 95-99% of traders fail, but 100% of new ET traders seem somehow expect not to be in that group.
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very very well said !
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Ok, today again good day.

I am working on cutting and minimazing my losses as it was the reason of my lost day last week. Let losses get too big up to 9 ticks. Today should have been way more up but did not know that it is possible to cancel limit orders by clickking on cancel. I was entering mostly agressively but getting out passivley and when a coule of times my order was hanging but not getting filled I closed trades at market and then tried to cancel order with with mouse. But it was tooo slowly and i got twice filled against my bias. so closed 2 trades at loss. should have been more than 10 today if not these mistakes.
Good that I know what to do now.


I think that cutting losses short, being patient and disciplined is all we need to succeed. My winers all were at least equal to my losses or bigger. and I had more winners.
I am looking to enter with as small risk as possible and if even few ticks more than I expect to lose I let trade pass or set limit order at lower risk price if situation permit.

The moment price break my stop by 1 tick I am out.
 
Limit order can be closed by clicking on Escape on the upper left side of the key board. I used to close them by clicking wioth mouse on cancel in orders window. have lost a lot this way over few weeks.
 
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