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Need a Mentor

  • #1
  • First Post: Nov 24, 2008 6:45pm Nov 24, 2008 6:45pm
Hey folks, ever since i ventured into Forex its taken over me, i eat sleep and breathe Forex, its just the passion that ive developed for it. I went Live about a month ago but am too skeptical to actually trade anything beyond 10 Pips cause well theres just no confidence right now. Ive earned $200 cause am "experimenting live" with 0.1. However now i know i NEED a mentor, someone who can show me a plan, i am willing to take losses, to walk the path of the warrior who isnt afraid of the woulnd, however, since im new i need someone to show me what im doing right and wrong. Im willing to do whatever it takes to master this trade. I believe i HAVE the discipline and the passion but am just too cautious right now. My target is 5% profit per day.

Any Senior experienced member, please help, im winning to split the profit initially if thats what it takes, i just want to learn!
  • #2
  • Nov 25, 2008 3:02am Nov 25, 2008 3:02am
Quoting velociate
Hey folks, ever since i ventured into Forex its taken over me, i eat sleep and breathe Forex, its just the passion that ive developed for it. I went Live about a month ago but am too skeptical to actually trade anything beyond 10 Pips cause well theres just no confidence right now. Ive earned $200 cause am "experimenting live" with 0.1. However now i know i NEED a mentor, someone who can show me a plan, i am willing to take losses, to walk the path of the warrior who isnt afraid of the woulnd, however, since im new i need someone to show me what...
Wow you are very conservative with your 5% a day goal. Starting with 1000$ you would have made 121 Million Dollars by the end of the year.
Do you think that`s going to happen? Don't set goals aslong as you are just
practicing.
  • #3
  • Nov 25, 2008 5:16am Nov 25, 2008 5:16am
Quoting velociate
Hey folks, ever since i ventured into Forex its taken over me, i eat sleep and breathe Forex, its just the passion that ive developed for it. I went Live about a month ago but am too skeptical to actually trade anything beyond 10 Pips cause well theres just no confidence right now. Ive earned $200 cause am "experimenting live" with 0.1. However now i know i NEED a mentor, someone who can show me a plan, i am willing to take losses, to walk the path of the warrior who isnt afraid of the woulnd, however, since im new i need someone to show me what...
Ill iron your clothes and do the housework for just 5% of your profits a month, my contract has to be for over 6 months though.

Leon
Living the adventure in my head.
  • #4
  • Nov 25, 2008 6:50am Nov 25, 2008 6:50am
Hi velociate,

the first thing you need to do is forget about the money or how much profit you are going to make everyday.

Trading is a tool that will allow you to study yourself, do you like taking short cuts, are you someone who has an issue with greed, do you like showing off, do you want to prove a point with trading and so on. So if you are willing to look at yourself after every trade your education in this field will progress with much more ease and purpose.

Trading is about the game, the game of probabilities, taking the trades with higher probabilities of success and being patient enough to wait for them.

The first part of your journey is to develope a system or pinch, borrow for a better word or even buy a system that you can use or develope futher to suit your own style.

Once you have a system fundamental, technical or even following the stars, dont make it about the money, make it about perfecting yourself as a trader, how well do you follow your trading rules or how often do you break them and if you do break your trading rules why do you break them?

Once you have sorted out your trading style and system, treat yourself as the employee of your company and your only job is to execute the trading plan to the letter and if you do not then you dont get paid. Now after saying you dont get paid I also need to say that you should not make yourself wrong you should be kind to yourself but just be firm with yourself (an open and honest truthful talk with yourself or someone who you can confied in), to get to the source of the situation at hand.

Another thing to do is work out why you want to trade as there will be times that trading will confront you and push you to your limits where you will think about quiting and it will be the reasons why you started trading that will keep you in the game.

Also keep a trading diary not just for results but also for your thoughts as well, this will help you in seeing the clutter that is in your head.

The last thing that I will mention for now is get balance if you dont already have it in your life, dont let trading consume your whole life do something that will re-energise yourself.

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #5
  • Nov 25, 2008 12:28pm Nov 25, 2008 12:28pm
Quoting Go Getter
Hi velociate,

the first thing you need to do is forget about the money or how much profit you are going to make everyday.

Trading is a tool that will allow you to study yourself, do you like taking short cuts, are you someone who has an issue with greed, do you like showing off, do you want to prove a point with trading and so on. So if you are willing to look at yourself after every trade your education in this field will progress with much more ease and purpose.

Trading is about the game, the game of probabilities, taking the trades with...
In short...be your own mentor
  • #6
  • Dec 20, 2008 2:46pm Dec 20, 2008 2:46pm
Check out HaroldFX
http://www.forexfactory.com/showthread.php?t=122489


Quoting velociate
Hey folks, ever since i ventured into Forex its taken over me, i eat sleep and breathe Forex, its just the passion that ive developed for it. I went Live about a month ago but am too skeptical to actually trade anything beyond 10 Pips cause well theres just no confidence right now. Ive earned $200 cause am "experimenting live" with 0.1. However now i know i NEED a mentor, someone who can show me a plan, i am willing to take losses, to walk the path of the warrior who isnt afraid of the woulnd, however, since im new i need someone to show me what...
  • #7
  • Dec 20, 2008 2:57pm Dec 20, 2008 2:57pm
look up proacttraders in austin tx - free tutoring etc. i have no connection with them.
  • #8
  • Dec 20, 2008 3:21pm Dec 20, 2008 3:21pm
Quoting velociate
Hey folks, ever since i ventured into Forex its taken over me, i eat sleep and breathe Forex, its just the passion that ive developed for it. I went Live about a month ago but am too skeptical to actually trade anything beyond 10 Pips cause well theres just no confidence right now. Ive earned $200 cause am "experimenting live" with 0.1. However now i know i NEED a mentor, someone who can show me a plan, i am willing to take losses, to walk the path of the warrior who isnt afraid of the woulnd, however, since im new i need someone to show me what...

I know a great mentor it is called forex factory. I have had great success with just following the actions and such of the patrons of this site old and new. Oh and it sounds like you have fear, you need somemore greed in your diet. Let it ride sometimes just keep the size low.
  • #9
  • Dec 20, 2008 5:15pm Dec 20, 2008 5:15pm
Agree with this suggestion. This is a very good group of people and they offer great training. Just look into it and then decide, rather than spend thousands of dollars on classroom training that is only part of the puzzle.
Quoting Kenz987
look up proacttraders in austin tx - free tutoring etc. i have no connection with them.
  • #10
  • Dec 20, 2008 6:40pm Dec 20, 2008 6:40pm
A CD would return about 5% a year. You plan to make in one day what most people would be happy with in one year. You do need a mentor, and some money management.
  • #11
  • Dec 20, 2008 6:58pm Dec 20, 2008 6:58pm
Best mentor: mother market herself.



Try this:


1) Toss a coin: Heads long, Tails short
2) Manage the trade as you see fit. If you think the trade is bad, exit.
3) When you exit a trade, go back to step 1.

If you can double your account in less than 50 flips, I consider you a good enough trader to go live. I personally average between 20 and 30 flips, and I do it once a week, on the weekends, trading simulated data.


The idea is to help you decide if a trade is going against you. The better you can tell if a trade is going against you, the better a trader you become. There are countless strategies here on ForexFactory which focus on entry, but never on exit. This training exercise will help you develop your exit strategy. If you can make a profit with no edge, then you can definitely make a profit with a positive edge.
  • #12
  • Dec 20, 2008 8:42pm Dec 20, 2008 8:42pm
A trader and a market has only 2 choices. Up and down. there is no emotional catharthis that is going to get you where you need to be. Hardwork and hardstudy....It could take you a year or 3 years or never to stumble on your edge. When you find it....Keep it to yourself and never let a soul alive know what it is.
  • #13
  • Dec 21, 2008 4:23am Dec 21, 2008 4:23am
Hi there,

I shall offer one piece of information, that you should think about, and hopefully once you have been able to answer it honestly, you will have clearer picture of what to do.

One of the first things you need to do is decide how much time you are willing to put towards live trading. I say this because if you can only put 1hr, and want to trade 1min charts, then it is going to be a bit difficult to make consistent returns. If you have 8 hrs to put to this, then trading a daily chart method might not be suitable. Hope you get the idea. As an eg. I developed a great 15M method, which had fantastic results, but it required me to be at the computer for upwards of 8hrs, and I had to be at the screen during london session. This was not possible due to family commitments etc. So, I had to find something else.

"KNOW THYSELF" is a phrase that should be coined in your brain from the begining. Are you the type of person that is happy to see -200pips as drawdown, because your system allows for such drawdown and targets upwards of 500pips profits etc. Not many ppl can handle high drawdown, even if it is high pips and small $$. Are you happy to leave positions overnight or when you are not at the computer, and walk away with tp and sl set, only to comeback and see that the position closed at break even, worse still, at a loss, when it was just 5pips shy of your tp? Are you the type of person who would rather 10pips once you have them, rather than another 40 potential pips?

Hope you get the gist of what I am trying to say. Have a successful method is not enough. A succesfull system, that matches your personality is a profitable system.

Regards,
K.
  • #14
  • Dec 21, 2008 6:57am Dec 21, 2008 6:57am
Quoting Ronald Raygun
Best mentor: mother market herself.



Try this:


1) Toss a coin: Heads long, Tails short
2) Manage the trade as you see fit. If you think the trade is bad, exit....
What percentage of your account are you using on each trade? IOW, what is your money management when you practice this way?

Thanks
  • #15
  • Dec 21, 2008 9:42am Dec 21, 2008 9:42am
When I run the exercise, I trade in such a way that 200 pips doubles my account. However, keep in mind that my trading style as kermut emphasizes is most likely different from yours. Just keep that in mind, there is no one-size-fits-all system. Each system has its nuances and the trader needs to be aware of them and adapt accordingly, or they go broke.
  • #16
  • Dec 21, 2008 10:34am Dec 21, 2008 10:34am
Quoting Ronald Raygun
When I run the exercise, I trade in such a way that 200 pips doubles my account. However, keep in mind that my trading style as kermut emphasizes is most likely different from yours. Just keep that in mind, there is no one-size-fits-all system. Each system has its nuances and the trader needs to be aware of them and adapt accordingly, or they go broke.
Got it. Thanks. I just wondered what it was since you put a hard figure on doubling the account. Everything I have read by anyone that seems to be successful says managing a trade is the holy grail, that and money management. Those are the two things that keep coming up over and over again among all successful traders regardless of the system they use. That's why I liked your idea of flipping a coin. It teaches managing the trade and how to read price action.

Thanks for the tip.
  • #17
  • Edited 9:44pm Aug 24, 2010 7:35pm | Edited 9:44pm
Whoops! shoulda cheked the date for relevency...well, maybe someone can get something out of it anyway.

I just posted almost this same post up elsewhere, but I think it's relevent here as well... sorry moderators if this isn't kosher to repost again:


I myself have started to mentor, but I don't charge, and I don't take more than one person at a time, and I don't take just anyone. Part of the luxury of providing free, results oriented mentoring is I can be as picky as I want. RIght now, I'm full (one student at a time only) , but, i'm sure there are more qualified mentors than me who are out there (and may not even know they want to mentor yet).

BEST ADVICE:

Find a retail trader who trades for JUST themselves. Don't find a "guru", don't find a stock broker, don't find a hedge fund manager, don't find an industry analyst... Find a TRADER, who trades for themselves primarily.

Do this in person. Do not email them, private message them, mybook, facespace, text, or any such nonsense as this.

Do not ask me "where do I start looking for a trader?" Honestly... I don't know. Start networking. Don't have a network? Get out of your house and meet more people. Tell everyone you know about your quest, ask everyone you know if they know of anyone who trades or invests in the markets for a living.

Don't be picky about your mentor. So you meet a guy who pulls $75,000 a year out of the S&P... MAKE HIM WANT TO TEACH YOU! who cares if it's only 75k, who cares if it's the S&P...learn.

Bring something to the table for him! Traders are generally knowledge seeking individuals (had to be to learn the markets), so get some VERY good books on trading... Super Trader by Van Tharp (or anything by Van Tharp), Trading in the zone by mark douglass, read the market wizards books (all 4).

This information, specifically the risk management and position sizing information in Super Trader, may be of interest to him if he doesn't already know it. In other words...learn your craft to a level that you have something to contribute to the person who just MIGHT take you as a pupil.

One thing to be picky about: your mentors ability to trade REAL money and make a REAL profit. Don't ask them before hand for proof...that's rude. Ask them pro trader questions "whats your typical R:R ratio? Whats a typical drawdown for you? what was your biggest losing week/month last year?" "do you know your standard deviation of drawdown? your sharpe ratio?" Etc...

design a list of questions that you will ask your future mentor when you first meet him/her. These questions should be designed to assess their abilities, without asking him point blank "prove to me you make money consistantly" (again...rude)

The person you are looking for is private, independent, may or may not have much desire to teach, and is not looking for anything except an able, dedicated, student.

Oh, they MAY be interested in funding you at some point in the future, and ask for a small or large share of the profits. This IS acceptable compensation.

Bottom line: you will actually need to meet this person in real life, and the best meeting will probably have nothing to do with trading in particular. Remember, no one likes a leach...but EVERYONE likes an interesting, engaging, hard working FRIEND.

Anyway, if this seems too daunting for you (to network and find a mentor in real life, and convince them to take you as a pupil), I dare say trading isn't your cup 'o tea.

make your job, literally, to find a mentor. Build a prospect list of people you know, make it a goal to meet X amount of new people EVERY DAY, Make another goal to visit your local brokerages and ask everyone there if they know someone who trades for themselves professionally. Find some wealthy people...ask them who they invest with... etc.

Treat FINDING a mentor as your own BUSINESS, and you will find one within 3 -6 months at the latest.

Good Luck...if you want it bad enough, you will find it.

Greg
  • #18
  • Last Post: Aug 24, 2010 10:33pm Aug 24, 2010 10:33pm
I like this, great idea!

Quoting Ronald Raygun
Best mentor: mother market herself.
Try this:


1) Toss a coin: Heads long, Tails short
2) Manage the trade as you see fit. If you think the trade is bad, exit.
3) When you exit a trade, go back to step 1.

If you can double your account in less than 50 flips, I consider you a good enough trader to go live. I personally average between 20 and 30 flips, and I do it once a week, on the weekends, trading simulated data.


The idea is to help you decide if a trade is going against you. The better you can tell if a trade is going against you,...
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