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Amount needed to trade for a living??

  • #21
  • Sep 18, 2009 6:04am Sep 18, 2009 6:04am
Quoting pipmutt
Sorry I didn't mean to be cryptic, it's just some people have a different idea of what a mentor is and promote some paid-for training courses and blogs. There's no need to pay for that stuff in my opinion, especially when there's so much free info available around the net.

I'm not a fan of people who ask for money up front in this business, it usually ends up as money wasted!
Sure, that's what i was thinking earlier.

I think giving away alot of your knowledge is a good thing, as it pushes you outside your comfort zone to progress.

Anyway in trading if you help a few people along there way its not going to decrease your lot of the market, if anything it will make for a more active market.

Sorry your weren't being cryptic, just didn't want to have missed something by being naive about the subject.

Thank you
  • #22
  • Sep 18, 2009 6:09am Sep 18, 2009 6:09am
I must just say,

thank you everyone, this is all very helpful.

i wont be giving up my day job just yet and, to be honest.

But maybe one day i can run a mini forex fund from somewhere hot. lol
  • #23
  • Sep 18, 2009 6:27am Sep 18, 2009 6:27am
Quoting Razor_trader
Jacko and his method made good money during the last bull run because it worked out that when the market pulled back, it usually knocked you out, travelled the required distance and allow the "anti hedge" trade to get you back in at the point you were knocked out at.

During the times of sideways action, or a major shift much like has happened he has had to increase the strategies risk while trying to draw profits from a very choppy market and unfortunatly the Risk to Reward is just not feasible. Where before you could take a trade with an initial...
Jacko made good money during the last bull run but he has continued to make damn good money.
Since joining jacko's group, I have contacted this poster http://www.forexfactory.com/showpost...&postcount=539 and am cross checking all his numbers. They are all right so far.

And J16's thread, whilst long, is a fantastic read. His membership site is even better

Like i said in my earlier post, I can vouch for both of these threads. I am a member of both groups. And they are brilliant.
  • #24
  • Sep 18, 2009 6:53am Sep 18, 2009 6:53am
ok,

so coming from a city boy back ground, what i really want to know is, who are the high rollers around here? lol
  • #25
  • Sep 18, 2009 6:56am Sep 18, 2009 6:56am
Quoting jim987
ok,

so coming from a city boy back ground, what i really want to know is, who are the high rollers around here? lol
The ones that post the least.
  • #26
  • Sep 18, 2009 6:59am Sep 18, 2009 6:59am
Or do not post at all...........
  • #27
  • Sep 18, 2009 7:01am Sep 18, 2009 7:01am
Quoting jim987
Or do not post at all...........
Won't be me then!
  • #28
  • Edited 7:49am Sep 18, 2009 7:30am | Edited 7:49am
Quoting PeterFM
Won't be me then!
Double Bluff!!!

Your a hedge fund boy in Mayfair really!!!!!
  • #29
  • Sep 18, 2009 9:58am Sep 18, 2009 9:58am
Quoting Jigsaw
I really mean it more specifically to trading rather than all round, I know "true mentorship" does happen but it is rare.

What I am saying is theres no way in hell a trader would waste his time teaching his methods to anybody when he could trade his methods himself and make so much more money.
Apparently you are assuming that someone can not do both (teach and trade), but must chose one over the other. That is actually not the case. I have taught quite a few people the methods that work for me, several of those being from this forum. It has not once interferred with my trading, and actually, I use screenshots of my charts to aid in the understanding of what I look for in a trade.

While others might, I do not consider it a waste of time to teach someone. With the common goal being to make money to better their lifestyle and support their family, who am I to become a barrier to that if they are willing to put in the effort? I don't make more money by not taking the time to teach someone, nor do I make less money when they learn how.

Trading is an individual sport, not a team effort. Some people pick it up quickly, some slower and some never really get the hang of it. Only that individual can determine into which category he/she falls. But that is only half the equation. The other half is the quality of the information that they are given. Now, if you wanted to learn how to fish for a living, you would go to a pro that already makes his living winning bass tournaments, not someone that has yet to even participate in one. While there are a lot of good fishermen and even a few pros here, majority are still watching from the shore. And like you mentioned, people just need to be mindful who is advising them how to fish.......
  • #30
  • Sep 18, 2009 10:44am Sep 18, 2009 10:44am
Quoting moneymaker2
Now, if you wanted to learn how to fish for a living, you would go to a pro that already makes his living winning bass tournaments, not someone that has yet to even participate in one.
I'm not sure that's true when you consider the people who coach and train pro golfers, tennis players, boxers etc etc, how many of them have competed professionally in their sport?

There's also a big difference between mentoring and just teaching someone how to trade a particular strategy, if it was that simple then 95% of people around here wouldn't be losing their shirt
  • #31
  • Sep 18, 2009 10:48am Sep 18, 2009 10:48am
Quoting jim987
ok,

so coming from a city boy back ground...

Harrow or barrow, I'm guessing the latter
  • #32
  • Sep 18, 2009 11:31am Sep 18, 2009 11:31am
Quoting pipmutt
Harrow or barrow, I'm guessing the latter
You would be wrong my good Sir.

Its hard to be humble when your from Harrow>>>
  • #33
  • Sep 18, 2009 11:36am Sep 18, 2009 11:36am
Barrow all the way, well actually a mixture.

My best friend was a maths teacher at Harrow for 10 years, but unfortunately i was never fortunate to attend such an establishment.

Haven't done to badly as of yet though.
  • #34
  • Sep 18, 2009 12:06pm Sep 18, 2009 12:06pm
Teaching someone how to trade vs. Teaching someone how to be profitable.

There's a lot to learn when it comes to trading. There's even more to learn if you want to be profitable.

I've seen a lot of guys struggle with trading, and then all of a sudden, they get it. They learned how to trade profitably. They get their wings, and they fly.

The thing is, what I've noticed, is that a lot of the times it is hard to quantify what made the turning point possible. Often times they will believe that it was the last indicator that they added, or the last chart setup that they utilized. It might even be attributed to the last book that they read.

The truth is, usually, that they just "learned how to trade". By that I mean, like riding a bike, they just finally figured it out. Now they can go and hop on any bike and ride it just fine. For a newly profitable trader, they could likely trade a variety of chart setups and be equally profitable. These could well be the same charts that were the basis of past failures.

These newly profitable traders often think that now they have their own version of the holy grail. And that they can now teach others to just do the same thing and they will also succeed. We know that this is not the case.

Even a profitable trader is going to have a hard time teaching another asipiring trader to mimic his results.

Now take an unprofitable trader who has been at it for a few years. He has learned almost everything there is to 'know' about trading. These guys often think that they know enough to teach someone else how to trade even if they are not profitable themselves. This is believed to be due to some "mental hangup" that they have. And they believe that someone else could be taught without the psychological disadvantage that they possess. This is unlikely to be true. Someone who is not profitable is going to have a very hard time teaching someone else how to be profitable.

Sure, they can teach someone the basics of trading. They can even teach someone "how" to trade. But that is a far cry from teaching someone "how" to be profitable.

There is a lot to be learned from these forums. A heck of a lot can be learned about how to trade. How to be profitable is up to you.

Someone can teach you "how" to play poker, but that doesn't mean that they have taught you "how" to win tournaments. Some things you just have to do for yourself.
  • #35
  • Sep 18, 2009 12:22pm Sep 18, 2009 12:22pm
Very true. Good post to add with some others have already said.

Quoting price
Teaching someone how to trade vs. Teaching someone how to be profitable.

There's a lot to learn when it comes to trading. There's even more to learn if you want to be profitable.

I've seen a lot of guys struggle with trading, and then all of a sudden, they get it. They learned how to trade profitably. They get their wings, and they fly.

The thing is, what I've noticed, is that a lot of the times it is hard to quantify what made the turning point possible. Often times they will believe that it was the last indicator that they added, or the last...
  • #36
  • Sep 18, 2009 12:37pm Sep 18, 2009 12:37pm
Quoting price
Sure, they can teach someone the basics of trading. They can even teach someone "how" to trade. But that is a far cry from teaching someone "how" to be profitable.

There is a lot to be learned from these forums. A heck of a lot can be learned about how to trade. How to be profitable is up to you.

Someone can teach you "how" to play poker, but that doesn't mean that they have taught you "how" to win tournaments. Some things you just have to do for yourself.
Worth a vouch, I think.
  • #37
  • Sep 18, 2009 12:41pm Sep 18, 2009 12:41pm
Quoting PeterFM
Worth a vouch, I think.
Definitely.
  • #38
  • Sep 18, 2009 12:42pm Sep 18, 2009 12:42pm
Thanks guys, I've been paying attention to some of the stuff you say as well
  • #39
  • Sep 18, 2009 12:44pm Sep 18, 2009 12:44pm
I've done mine.
  • #40
  • Sep 18, 2009 1:03pm Sep 18, 2009 1:03pm
Quoting price
Teaching someone how to trade vs. Teaching someone how to be profitable.

There's a lot to learn when it comes to trading. There's even more to learn if you want to be profitable.

I've seen a lot of guys struggle with trading, and then all of a sudden, they get it. They learned how to trade profitably. They get their wings, and they fly.

The thing is, what I've noticed, is that a lot of the times it is hard to quantify what made the turning point possible. Often times they will believe that it was the last indicator that they added, or the last...
yes absolutely.....i like that! ...very true
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