Mentoring?

Hi All,

I've been reading like crazy for like 6 months and trading aswell, we're talking full time studying, thousands of hours. I've been waking up at 3-4am my time and working and then going to work and coming home at 9pm.

The things is I can't really seem to get a hold on the actual thing. My first week I made loads, then the second I lost 4 times what I'd made. After that I stopped and went back to the drawing board and read again. Last month I made some profit but so far this month I've almost lost what I made last month.

I really need someone to help me through this I think, I don't need someone to explain techniques. Just tell me what I need and I'll read up on it. I think my main problem is the psychology when actually trading and restraining myself so having someone who has real experience of consistent profits to help me get a grip on it.

While I can't really pay much if anything and I have a tiny account, I'd be willing to give 1/2 of my profits of whatever I make with the person for at least a long period of time. So hopefully in the end the person would make what I made and me improving would improve their bank balance.

It's not that I'm not willing to pay anyone upfront it's that I live in a developing country and it's pretty difficult for me to save any money from my main job as an English teacher. If it is a non-native English speaker I'd also be willing to teach or help said person improve their English. In skype classes with regular grammar classes (by that I mean through a systematic grammar regime) or conversation classes whereby I'll basically note down your problems as we go and teach them to you as we go. So, I'm not after a free handout.....I may even be able to help you in other tasks you have.

So, feel free to flame if you want, kinda expect it when you're asking for this type of help anyway. Any advice on specific reading material and advice is also welcome.

Cheers,

Some of what may be advised is off limits to forum rules and you have no email address.

Can PM me, or [email protected].

Favorite Reading:
1) The Art of Speculation by Philip L. Carret
2) The Global-Investor Book of Investing Rules: Invaluable Advice from 150 Master Investors by Philip Jenks, Stephen Eckett
3) Trading in the Global Currency Markets by Cornelius Luca
4) Currency Trading: How to Access and Trade the World's Biggest Market by Philip Gotthelf
5) An Introduction to Foreign Exchange & Money Markets by UK London Reuters Limited
6) International Money and Foreign Exchange Markets : An Introduction by Julian Walmsley
7) Begin Forex by G. N. Louw

I sent you a pm in regards to a system that is used in traded manually that I like.

Good Luck

Your still rather new to trading. A mentor would be good, but what may also be good would be just to meet - in person- other traders. If no existing trading club exists in your town . Run an ad in the local paper and start one.
If this is not feasible - maybe some sort of videos on the internet would help. Seminar videos are good as you can actually see a trader speaking and explaining some aspect of trading.

Yea unfortunately meeting other forex traders is out of the question where I live here.

I've been watching lots of videos but I really need a person to interact with to help me rather than that type of thing.

I've had a few suggestions which I am looking into (people who do signals, systems taught via e-mail and one charting service). None of them were from Mentor's tho sadly haha.

Keep them coming though, I'm reading and watching a lot of these videos and related stuffs suggested.

I know as you said 6 month isn't much, but I'm practically living forex at the moment so actual experience is like 2 years of a normal part-time learner haha.

Get the book by Chick Goslin.

Just a bit of friendly advice: perhaps this is part of the cause of your failures. The more time & effort you spend trading, the less successful you will be. Believe me, I personally know many traders who continuously lose tons of $, but who spend 22 hours in front of the screen - literally. And, I personally know many traders who are consistently profitable who spend at most 3-6 hours a day trading. Yes, you do need to treat trading like a full time job to succeed, but my opinion is 6 hours/day is the maximum you should spend. And if you reach your daily profit goals sooner, all the better ... spend the rest of your day enjoying your life! As the saying goes, "Trade to live, not live to trade." Time away from trading is just as important (if not more) than time trading, because down-time allows your mind to refresh itself to avoid burn-out and making poor decisions.

Hope that helps a bit.

That's probably a good idea, I'll try to spend 1 or 2 3-hour sessions a day doing it instead of all day for a while. I think I'm gonna go back to demo until I get more confidence or a mentor too. I don't have the confidence I did when I started.

Don't kid yourself either, 6 months is 6 months. Nothing will replace time in front of a live chart, and I don't mean scrolling it back either. Dont get me wrong though, it is a good start, but try not to look at it as if you are owed something for your time. If you stick with it, things will start falling into place.

Demo trade for 6 months. When you can consistently make pips (forget the dollar value; that's irrelevant) and minimise losses (learn about money management and when you should stay out of the market) in all market conditions, then risk real money. If you can't wait 6 months, then prepare to lose more.

Trade Like Jesse LiverMore - Richard Smitten

Maybe this will help, just a thought: )

I over traded and sat at the computer wayyy to long. Then when I did have the trade going my way I would get out to early.

Here's what's helped me a lot. Trade the daily, and trade the obvious areas of major support and resistance. Then set up your trades days in advance with trail stops.

This helped me alot because it kept me from overanalyzing and jumping the gun as well. And then once the trades were in place I wasn't at the computer to mess up my trades : )

This has worked very very well for me over the last 6 months.

You should checkout some live calls which mentors provide. One like this one
https://t.me/swingnscalp

Shane Blankenship at Market Geometry does M/W/F afternoon group sessions for 179.00 a month. He teaches structure and price action. The median lines come with the structure and PA knowledge. You'll know more in 6 months with him than all the books written. But I'll throw 2 at you in case you can't afford 179

do u recommend using the rsi?or what makes it so special?

All of the types of indicators are the same. MACD, RSI, CCI...... I prefer to trade with a naked chart. Indicator all use averages which are all half their average behind. If you have a 20 MA, the middle of the MA is 10. That puts it 10 bars behind from the getgo.

If people are going to use an indicator it's best if they understand what the indicator is telling you. Hayden's book does a good job of dispelling the bullshit uses of the RSI. He makes it a reasonable tool to validate a possible trade consideration after the price action has been assessed.