I have read many times that all successful traders had a mentor. With all the help on this forum, is it a possible substitute for a formal mentor? Has anyone here made it into that 5% without a formal mentor?
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DislikedI have read many times that all successful traders had a mentor. With all the help on this forum, is it a possible substitute for a formal mentor? Has anyone here made it into that 5% without a formal mentor?Ignored
DislikedThis stuff is so unregulated that it is difficult to distill the good from the bad.Ignored
DislikedI have read many times that all successful traders had a mentor. With all the help on this forum, is it a possible substitute for a formal mentor? Has anyone here made it into that 5% without a formal mentor?Ignored
DislikedWith the help of this forum, I've been able to teach myself how to trade and trade productively. I read a couple books and what not, but for the most part, everything I've learned I've learned here. It's not a mentor that makes a trader, it's the trader. If you are honestly going to put in the time and effort, and I mean really put it in and keep on even when you want to quit and break down; you'll become a trader. That's my belief on the subject.Ignored
DislikedWith the help of this forum, I've been able to teach myself how to trade and trade productively. I read a couple books and what not, but for the most part, everything I've learned I've learned here. It's not a mentor that makes a trader, it's the trader. If you are honestly going to put in the time and effort, and I mean really put it in and keep on even when you want to quit and break down; you'll become a trader. That's my belief on the subject.Ignored
DislikedWell, I can confess a sin: I'm freaking scared of trading.
I have been paper and live trading almost every day in recent years and I have find out that I can't find no advantage with my trading. In the long term always ending up in zero, minus the spread, so overally losing slightly.
I have never blown up a single trading account, but I'm losing always 1-4% per month, I have been doing the same slight losing stabilliy in recent 18 months. I'm quite happy although with losing only so little as I trade quite often But even without the spread I wouldn't be making profit, ending up zero without spread. So trading less often wouldn't make it positive neither, just a smaller lose.
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DislikedI think you're right and if you have enough time, measured in years...not months or minutes, you can learn to trade. For many though, they focus on the system first rather than the mechanics of trading and more importantly, psychology. Even after learning to trade, if you don't have a plan or a system you are still woefully unprepared to trade. There are a lot of pieces to the puzzle. You can put the puzzle together yourself and that may be very rewarding or you can save time and get help. In the final analysis I agree that it's the trader and not the mentor that makes it possible.
By the way, I like your icon and I know what it says. I just got my new despair.com catalog this week.Ignored
DislikedI personally have had a great mentor that for the most part was a great listener. In fact he would simply ask me what I was doing wrong.. Funny how we might know what we are messing up in and for some reason feel better after someone tells us to stop it.. I'm not joking with that either. Now his help was not cheap and 3 years of work has been a price that I feel was worth every cent. I've read on this form that a Dr takes years of training and much cash to go through school.. I guess trading is no different. I would also rank believing in your methodology in good times and bad a very important hurtle to jump over. I also think modern technology with live chats as been a huge help.. Now I still have a long way to go and the road for me has been bumpy but I'm finally gaining confidence in myself and my methodology. When my mentor told me he looks at over 2000 charts per day I did not need to ask why.. I just did it and continue each day.. Habits take time to forum and so if he told me to jump I asked how high.. Ya see he is at a level that I wish to be at and one day I will.. Just got to pass through time to get there..Ignored
DislikedPlease tell me 2000 was a typo. That's crazy. If it wasn't, this just goes to show how everyone is different in their learning process. If I were to have to look at even 200 charts a day, I would be burnt out after a few months of trading. I feel that I can make just as much profit by looking at around 20 charts a day (throughout the course of the day). There are always opportunities within even just this market throughout a week. Whether they are on the dailies, 4 hour, hourlies, or scalping (scalping is also not a style I am sufficient at). It all depends on what you are not only comfortable with, but proficient at.Ignored