Success breeds on ET , sign me up!!!!!
successful traders: did you have a mentor?
- Thread starter dv4632
- Start date
Ahh, if it was only that simple. Just because you may know what not to do, does not mean that you can simply do the opposite and be successful.
It is truly a singular path that we must each take alone, hopefully with guiding nudges along the way.
Once you get the mechanics of trading in order then the whole new world of self mastery comes into play, it's definitely a journey.
I've actually had some pretty amazing advice from some guys on this board though private messaging. You may be surprised at how helpful the rock stars of the past will be. They're still around.
But my programmer is also amazing. I'll come up with an idea, and he''ll take it ten steps further. It's nice to have smart guys on your side.
But my programmer is also amazing. I'll come up with an idea, and he''ll take it ten steps further. It's nice to have smart guys on your side.
Had a mentor for almost two years. No doubt I wouldn't be where i am now without his help. I would share who I used except would most likely be attacked as being a shill. Made small profit in first year and much better the second year. Discipline has been the only road block for me to six figures a year. My goal is to be there within 4 years.
Bottom line.... Find a good mentor if you want to save a lot of money, time, and pain.
Bottom line.... Find a good mentor if you want to save a lot of money, time, and pain.
I like to remark now and then; "there's lots of way to get to NYC" (from southern ct)
I believe that a mentor can really help if said person is clearly legit. I had a person who I was lucky enough to connect with and offered some pathways. It was me being a pain in the ass but I wore him down enough to get me going. Because of that I now and then I selectively give back; although you must also realize this can be a business like any other and u can't give away a lot if u are still trading.
WOW, where do I start, I have paid out for 4-5 figures for seminars and then hounded to death those giving the seminars for at least a year. I have had several mentors, most no one ever heard about except Toby Crabel back in 1989, now I think back he was very much like many of today's of huge upfront money and $300 bucks a month, I never took away much from him as I couldn't get anywhere near the stats he had. The last mentor I had took away more from me than other way around and I had to pay for it. But for what he did show me, was worth a piece of the puzzle.
I don't believe one ever learns 100% from one person, but I think even the ones that don't offer much can spark ideas that can develop into one's trading plan.
Trading comes down to unbelieveable amount of hours of working on yourself, to overcome your flaws, THEN your trading plan with much more working on oneself. You simply can't get instruction on relearning disipline, that has to be changed by yourself.
One can have the Holy Grail in your lap, but if you lack disipline, truly becomes worthless.
I don't believe one ever learns 100% from one person, but I think even the ones that don't offer much can spark ideas that can develop into one's trading plan.
Trading comes down to unbelieveable amount of hours of working on yourself, to overcome your flaws, THEN your trading plan with much more working on oneself. You simply can't get instruction on relearning disipline, that has to be changed by yourself.
One can have the Holy Grail in your lap, but if you lack disipline, truly becomes worthless.
This figure in itself does not mean much. Depending if you trade E-minis or not could you pls. share your stats?
Here if you trade E-minis:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=253085
Here if not E-minis:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=252920
One thing that open outcry pit trading was very good at was providing mentoring opportunities. It was understood and encouraged and it was a point of pride for a successful trader to do a bit of mentoring - especially for his own clerks.
Electronic trading is very difficult because these days most of the successful traders go independent and solo. If they are in an arcade atmosphere they are usually very guarded and paranoid.
The earlier electronic trading firms provided some mentoring opportunities if the firm was structured in a communal atmosphere and you could find a successful trader willing to share. The training programs varied considerably in terms of quality and useful applicable information. The fact of the matter is that electronic trading firms were ( and are ) set up to lose modest amounts of capital on a large population of candidates, rotate them through quickly and rapidly fire most of them, and then try to hang on to the much smaller population of successful traders by any means possible. There comes a point in time where the successful firm trader realizes that he is subsidizing alot of other traders and overhead - so then he bolts at the first contractual opportunity. His personal best interest was not truly in the best interest of the firm - despite the BS and promises and fake adulation coming from the principals.
My long and belabored point being - finding a mentor these days is an extremely challenging task.
Electronic trading is very difficult because these days most of the successful traders go independent and solo. If they are in an arcade atmosphere they are usually very guarded and paranoid.
The earlier electronic trading firms provided some mentoring opportunities if the firm was structured in a communal atmosphere and you could find a successful trader willing to share. The training programs varied considerably in terms of quality and useful applicable information. The fact of the matter is that electronic trading firms were ( and are ) set up to lose modest amounts of capital on a large population of candidates, rotate them through quickly and rapidly fire most of them, and then try to hang on to the much smaller population of successful traders by any means possible. There comes a point in time where the successful firm trader realizes that he is subsidizing alot of other traders and overhead - so then he bolts at the first contractual opportunity. His personal best interest was not truly in the best interest of the firm - despite the BS and promises and fake adulation coming from the principals.
My long and belabored point being - finding a mentor these days is an extremely challenging task.