No. A mentors success should also be obvious in lifestyle, industry recognition, and trading records. Its hard to hide success in this business--
Paying for a mentor vs. Elite Trader Forum
- Thread starter Iwilldoit
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No. A mentors success should also be obvious in lifestyle, industry recognition, and trading records. Its hard to hide success in this business--
Anyone who sells themselves or tells you ( they are a mentor) as a mentor is by default a phony mentor. Mentors are actively and succesfully involved in their craft -- not marketing to hook clients.
Avoid anyone who approaches you to be your mentor. This is the only signal you need to avoid.
You need to pursue your mentor and become the student. Theres a great thread on here called "how to bud fox" by readen metal that explains it.
http://www.elitetrader.com/et/index.php?threads/how-to-bud-fox-a-bsd-trader.267029/#post-3797205
surf
Avoid anyone who approaches you to be your mentor. This is the only signal you need to avoid.
You need to pursue your mentor and become the student. Theres a great thread on here called "how to bud fox" by readen metal that explains it.
http://www.elitetrader.com/et/index.php?threads/how-to-bud-fox-a-bsd-trader.267029/#post-3797205
surf
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There it is in a nutshell; No one wants to do the work.
I have agreed to help several posters on ET but I refuse to give them a method. When I explain that they have to find and develop their own method that is usually the last I hear from them.
I have to admit that I had the same attitude when I first started. I was convinced that there was some secret that the successful traders knew that I could buy and become instantly successful. Unfortunately that is not the case. You have to do the work.
Review your last 50 trades.
Did you follow your plan?
If you followed your plan then the problem is the backtested model and it is back to the drawing board.
If you didn't follow your plan then the problem is the trader.
If you don't have a plan it could be lack of knowledge.
Just to clarify, when I say that it was far too much work from what I could see, this was because they said they would start the day by looking at all markets, currencies, interest rates, etc. It was almost like they were building a fundamental analysis model of where the market should go, but I don't think they were exactly teaching a long term trading method. They were more than likely trying to teach the "why" of whatever was happening or what should happen, rather than the "what" is happening with the price, and more importantly, what to do about it.
At the time, it wasn't even so much this that I didn't like. What got me was that I was somehow one of the chosen ones that they thought could do really well, so they pulled me off to the side to speak to me personally. This builds you up, perfect part of the pitch, and then they also want a deposit right away that day... they don't want you to leave... they tell you its fully refundable, but you gotta pay something now. I offered $5 as my deposit so I could think about it for a day but they didn't like that.
I was going to preface my remarks that I wasn't referring specifically to you. I have followed some of your posts and realize that you make an effort.Just to clarify, when I say that it was far too much work from what I could see, this was because they said they would start the day by looking at all markets, currencies, interest rates, etc. It was almost like they were building a fundamental analysis model of where the market should go, but I don't think they were exactly teaching a long term trading method. They were more than likely trying to teach the "why" of whatever was happening or what should happen, rather than the "what" is happening with the price, and more importantly, what to do about it.
At the time, it wasn't even so much this that I didn't like. What got me was that I was somehow one of the chosen ones that they thought could do really well, so they pulled me off to the side to speak to me personally. This builds you up, perfect part of the pitch, and then they also want a deposit right away that day... they don't want you to leave... they tell you its fully refundable, but you gotta pay something now. I offered $5 as my deposit so I could think about it for a day but they didn't like that.
I have found that the majority of those who want a mentor are really seeking the Holy Grail. It might be there but I haven't found it. The closest thing I have found is having a well thought out plan and having the discipline to follow it.
Thanks. I'd like to think I'm putting in lots of effort, even more so now that I'm posting so much less these days, but I'm still stuck in neutral and hence why I was paying particular attention to this mentor thread as I was curious what could be learned from it.
I couldn't agree more that having a trading plan and the discipline to follow it is really the only way forward. When I read the journals here, I wonder about where each of those traders come up short. Discipline will only work if the trading plan actually has an edge, but of course without the discipline, even an edge won't produce consistent profits. Its interesting how there is only one way to do this right, and a million ways to do this wrong!
Yes it is a small sample but you should get an idea of where your problem is.
This is somewhat of a crock of shit. There are guys down here who you wouldn't believe are running big funds, trading huge accounts who keep very low profiles. I ain't naming names, but the ones I know about are far from the loud mouth "look at me" blowhards who seek recognition.
Trading records a must.....the other stuff.....nah.