Finding a Mentor?

Finding a Mentor?
----

Hello All,

This message is really a "test the water" post. I am sure that many will be quick to tell me to try searching (the forum) a little harder. However here goes...

About 8 years ago I had a go trading on the stock market. This was during a very bullish market and while I gained plenty of knowledge on the markets (mostly technical) I didn't really make much money. In fact I probably was lucky to break even. I knew then and know now why I failed. I won't go any too much more detail here but effectively I was undisciplined and traded on emotion (the cardinal sins for a trader). This was the start of a hibernation away from the markets.

Fast forward into 2009 and an attraction for FX grew, rekindling my enjoyment in the markets. It is probably because I see FX best suiting technical (analysis) trading. I discovered the Forex Factory forum and many other good resources (like Baby Pips). Over the past months I have read, and re-read postings and resources to understand i) the fundamentals of FX market (eg what a pip is) and ii) the behaviour of a successful trader.

I feel now like I want to the next step. However I am not quite sure what this step should be. This is where I ask for someone who is successfully trading FX full time to offer some time to bounce some ideas off and provide some basic mentoring. I am not asking for any full time support but rather a sounding board and the occasional words of wisdom.

I can probably write more here but those who are interested - please get in touch via private message. Those who have had experience in searching for and finding a mentor feel free to reply on the forum to this message.

Many thanks,

DMUK

dmuk,

I am a believer in the 'When you are ready to learn, the teacher will appear' philosophy. I think seeking a mentor leads to heartache and wasted time, mostly because those who label themselves mentors usually charge for the service and usually aren't the brightest and best (Remember, those who can't do, teach)

Those who can be most valuable to you are people who have really made it and don't mind helping out to give back a little. Those people don't advertise as mentors and you may just run into someone via a chance meeting, etc It may not happen on a web forum either.

See if there are forex clubs in your area that have meetups and go to the meetings, that might be a start.

Also, you might find someone who can give you advice, but don't hang on their every word, take what makes sense to you and use it and then discount anything that sounds like BS.

....or, be self mentored. We all have access to the same information, both in a metaphysical sense and, with the internet, a literal sense as well.

Smoky, I totally agree with "the teacher will appear". I remember reading the same 500 ideas over and over in trading books forums, etc.

And then one day, it clicked. Started trading breakouts, stopped trading emotionally (mostly anyway), and was O.K. with the occassional losing day, or losing week.

my "Aha" moment was ironic in that one day it clicked...but the information had been there all along.

Anyway, 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


P.S. trading and gambling go hand in hand... A good place to start? Learn Poker if you don't already know it...hit your local casinos...and start making conversation. I made money in cards years before I made money in the market... And I personally know a disproportionate of card players are market traders.

Watch a naked chart of a suitable timeframe which you know your style/personality can sustain, and let the charts be your mentor...answers lie in the simple things

Thanks for the responses.

Some good points made and some contrasting perspectives.

I obviously have some further homework to do and effort to make if I want to find someone appropriate to lend a hand.