Self Taught or Mentored?

[funky]

Quote from Luto:

Mentors can show you their road traveled. As an observer you can learn a lot. Just don't assume that their methods will fit your style. This is akin to me giving you my eye glasses and saying, "hey, they work for me great".

Self taught allows you to create something you have true confidence in which is essential for the psycological developement of a trader.

Learn from the best and improve upon them.

Cheers!

Great points. I was able to 'convince' myself that system/mechanical trading (automated) is the way to go (for me). I don't think that confidence would have come unless I saw someone do it (you know who you are!); for that, i am forever greatful.

Having another trading buddy helps you understand that you aren't alone (especially in a drawdown), and that its just business. When you can observe someone else's reactions to trading (from outside), you will see how silly it seems -- then you get those same feelings and it really helps to know its normal.

Kinda like having a buddy jump (before you do) off a 20 ft. cliff and see him land ok with no injuries. Not really needed, but it sure helps your mind.

 

[chaos]

Another self-taught trader here, a little more than a year in the game. In fact, I don't even know another trader personally, so i couldn't have had a mentor if I wanted one.

Well, I suppose I could have paid for one.

The only traders I've ever met (except for once when I attended a trade show) have been via the Internet. Hat's off to all the helpful people here on ET who have offered advice and shared their knowledge on threads covering so many different trading topics. That's where I've learned most of what I know.

chaos

 

[gamalruach]

Quote from Luto:

Mentors can show you their road traveled. As an observer you can learn a lot. Just don't assume that their methods will fit your style. This is akin to me giving you my eye glasses and saying, "hey, they work for me great".

Self taught allows you to create something you have true confidence in which is essential for the psycological developement of a trader.

Learn from the best and improve upon them.

Cheers!

Very well put, Luto!

"Self taught allows you to create something you have true confidence in which is essential for the psychological development of a trader."

Too few may pay this fact enough credence.

Psychological development is more important than mechanically setting a stop loss and of greater reach and depth when it comes to determining what to do once you are in the heart of a trade, as well as successfully handling adverse circumstances that may arise during a trade.

Sam

 

[backman]

70% self taught thru books, and seminars
30% from mentors and 1 or 2 worthwhile chat rooms

must be highly adaptable, with a trading plan, specifically including stop loss parametes (my ongoing weakness) before entering the position....i have developed proprietary scans, and modified others ive learned from books....Farley/Crabel/Raschke

i was discussing a mentor I had with someone today...and remembered the expression "If u find the Buddha by the side of the road, kill him".....left my mentor after 2 years when i realized that he simply had his ways, and I had mine....took what i needed from him and left the rest...

my biggest issue remains risk management/stop losses, and I continue to improve on tape reading skills and pattern recognition...volatility....a double edged sword one doesn't want to be on the wrong side of for too long

 

[ertrader1]

I was first Mentored by two traders at the Chicago Schonfeld Office. The mentoring combined with the style of the market at that time cut my learning curve in half.

In 2000 i left to trade something else, no mentor...realitive easy trading or i should say, brainless trading, just clicking on a mouse.

Now, I have switched time framesa and have a New Mentor. I am learing new stragt. as we go along. No learning curve this time but a great new load of information and continueing to expand my knowledge.

Mentors, that are profitable and ones that have been able to adjust to trading enviroments are the best to seek out. They are few and far between.

Doing it ur self, with out a mentor is achiveable.....however, the learning curve could be longer than a trader with a mentor and also take into factor the current market conditions.......But IMHO it can be done with out a mentor.

 

[gamalruach]

OK, now I feel bad that I did not pay tribute to my mentor.

Actually, since there is no real school or college course on how to be a successful trader, mentors really do deserve an honorary mention.

I never had heard of a currency pair until, due to a career change (going broke in my current field) I had to find something to do - or face starvation and homelessness.

I opened a trading acct at Ameritrade (had 3 months experience years ago in the NASDAQ went broke there too) that's when I found out I didn't have enough money to be able to daytrade or short. Time to move on.

To what? One click led to another and I came across forex that apparently had made a lot of advances since 2000.

A bit later I went to a forum that turned out to be so whacky I won't even mention the name of it. That is where I met who I think is the smartest guy on earth with it comes to currencies.

After a while (in which I blew out demo acct after demo account) he suggested I enter a forex trading competition that he entered too (that lasted 30 days) and during that time I must have emailed him well over 200 questions regarding forex and trading - he answered them ALL while we were both competing for the $10,000 prize money.

We see a few structural things differently but the guy, Mike Y., really went all out to help me learn everything I could from him.

He didn't have to. He is successful in his own right. Yet he took me under his wing and never failed to answer a question.

One of the things he me realize was that with equities you trade companies and their products - with currencies you trade money and small parts of countries. He told me that even when a kid in Asia buys a candy bar for .90 cents it has an effect on the huge global fx marketplace. How is that for insight?

I find trading fx infinitely more interesting because money so directly effects people's lives.

Putting a value on a stock is one thing, putting a value on a country's money is quite different.

This type trading takes intelligence. To succeed you need to be smarter than the masses and many times trade contrary.

Mike and me are still friends but he does not hesitate to let me know in so many brief and unkind words when I am beginning to bug him.

He couldn't have done any better at tutoring me than a father would teach a son.

Here's to you Mike, and all mentors everywhere who pass on the timeless gifts of knowledge of how to trade for a living.

Sam

 

[mdl060374]

Quote from gamalruach:

.
Not playing with yourself while looking at Internet porn while waiting for the trade to go into your favor may help - I have not decided yet.

Not true.!

I have some of my best trades not looking at my trades.. set your stop, dont overanalyze, let the trade play itself out, and surf away!!!!

Anyway, back on topic..

I have yet to be profitable, but feel like I am learning alot as I explore different ideas, strategies, etc..
Perhaps I am learning what NOT TO DO, but I feel like I catch myself from making mistakes that I make in the past, which is good.

Books are misleading. After finishing one, you feel like you can walk in teh office teh next day and conquer the markets with your new found indicators/patterns.. We ALL know THT isnt true, but books help provide a framework to work around..

I liken it to constructing a house. First you must decide on teh framwework/skeleton, then slowly dial it in until it works for you...

I am still getting a solid framework developed...

 

[Hombre]

I am learning as I go and do not mind to work hard at it. It would be much better to find someone to help me to teach me what works for them . If somebody who knows how to trade would find a little time to teach me, I guarantee that I will be the best student there ever was .

hombre

 

[gamalruach]

Quote from mdl060374:

Not true.!

I have some of my best trades not looking at my trades.. set your stop, dont overanalyze, let the trade play itself out, and surf away!!!!

Anyway, back on topic..

I have yet to be profitable, but feel like I am learning alot as I explore different ideas, strategies, etc..
Perhaps I am learning what NOT TO DO, but I feel like I catch myself from making mistakes that I make in the past, which is good.

Books are misleading. After finishing one, you feel like you can walk in teh office teh next day and conquer the markets with your new found indicators/patterns.. We ALL know THT isnt true, but books help provide a framework to work around..

I liken it to constructing a house. First you must decide on teh framwework/skeleton, then slowly dial it in until it works for you...

I am still getting a solid framework developed...

I was hoping this might turn into "What is your trade structure" thread...

What you are indicating here, mdl060374, is that trades DO have a structure to them.

What more is a trade than clicking the buy or sell button with your mouse?

Trade structure: The subtle do's and don'ts of trading gleaned from learning, trial and error, reading, being mentored, etc.

The power of learning what NOT to do, then building that OUT of your trades (value of trade structure can never be overstated).

Anyone care to talk about their own "trade structure"?

I'll begin. Having learned from many many past experiences about this, I NEVER punch up "Heidi Klum" in the Google Images search box within mm... 5 to 8 minutes of an important news release before entering a trade (unless the trade's outcome won't really effect me one way or the other).

Sam

 

[tito]

Thanks to all who have responded. My situation is that it is almost impossible for me to find a worthwhile mentor who would be willing to sit down one-on-one with me and show me his tricks, although I do personally know some consistently profitable traders and have learned some general stuff from them (mostly about money management and psychology). I have enough resources to go it alone one small step at a time and learn from my own mistakes over time. I started this thread to know if this is at all possible and I think my question has been sufficiently answered.
Thanks again and I may post more ignorant questions in the future.