Chris, see my reply. I do offer training/mentoring. As I've said, the ability to work with the mind in a different way is the primary advantage. One thing that is required for discretionary trading is the ability to deal with uncertainty. It is a very performance activity which requires combining lots of information and boiling that down to a prediction. I think the ability to internalize wins and losses is important for the discretionary trader but not to the extent that you can' keep trading. I want someone who will watch to see if they were wrong even if it painful. If I exit a trade then I always continue to watch the market: most people try to shut down and shut out the information. So, it's important you can feel the losses but keep trading even when things look dark. This is only possible with a strong self confidence for the self internalizing trader. Some traders are externalizing, most system traders. They don't feel anything. I think this is a dangerous way to trade and requires a genius to make it work but is another angle. I can do both.
It is ability to hold 2 things in the mind at the same and entertain possibilities.
Now, my systematic strategies require a different sort of skills. You just basically got to place the order. So, there are a lot of angles and ways to be successful.
I've never mentor anyone but most of all I would look for someone who is driven to win, who will take ownership for losses, who isn't a risk maniac but will push himself to do the best, above average intelligence, and a large capital base. The most important thing to me would be a strong desire to win without an overly critical attitude.
If you try to correct my spelling then that would be a sign to me that you aren't cut out for this. You gotta be focused on the prize. It would show me that you aren't concentrating on the message, aren't 100% focused, and that you aren't driven. That type of mentality is a huge red flag. I want someone who is constantly thinking about winning, trying to figure out the market, analyzing his performance.. Weakness is sickness. But, you also would have to love it. I would also be concerned about the gambling type. If you can't learn from your mistakes then you are doomed.
Again, the argumentative types, overly left brain types, the type who can't lose any money, then those are the types that would concern me or I'd outright rule out. I have the advantage of being able to both be very analytical and critical and very uncritical with a strong programming and logical mind and also a strong creative mind. Not many people have this ability.
This is not to say it is the only way. Some people approach the market in a very systematic way, design strategies, and they do well too. It is mainly finding your strengths and then doing what works. I always say focus on your strengths. It wouldn't make sense for me to approach the markets in the same way as a phd.
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The elite trader is one who cannot be shaken out of a the right position but who gives like water when he is wrong. Quickly, easily, effortlessly.
A fine example was on Friday, I took a small short position. It was based on a hypothesis that the market might sell off. I turned out to be completely wrong. I lost a very small amount on it. I didn't wait for price to hit a stop. I just recognized I was wrong and got out. I traded GOOD. However, I was just a fine thread from reversing. If I had of, I would have traded great.
What happens when you are wrong?
Gambler: Gets wiped out or takes devastating loss.
Fair trader: Lets stop get hit. Takes large loss.
Good trader: Takes small loss or a large loss if it is only possibility.
Great Trader: Takes small loss and then makes money.
What happens when you are very right?
Gambler: Takes a large loss often, he was oversized.
Fair trader: Gets stopped out for a small loss or gets a small win.
Good trader: Takes out a good sized profit.
Great trader: Takes out a good sized profit and some more either by adding to position, holding for additional profits, or jumping back in.
