Mentors and education

Discussion in 'Educational Resources' started by trader2713, Mar 3, 2020.

  1. qlai

    qlai

    This is too much pressure! This is one of the reason some traders "teach" - diversification of income streams. BTW, just because you are consistent, doesn't mean you can print money every day. Too little volatility, too much volatility, holidays, outages, family emergencies, etc. Basically, you cannot assume you will make a living trading - you must prove to yourself you can while relying on other sources of income or savings. Note: IMHO, it's not enough to make money, the money made must come from skill(edge), not luck. And let me say this as well - no mentor can simply transfer their edge onto you. Just because Michael Jordan is your mentor, doesn't mean you will be a great basketball player - you will simply be better than your current self(hopefully). Good luck.
     
    #51     Mar 7, 2020
  2. Andrea Wylan

    Andrea Wylan Sponsor


    Hi Trader 2713, thanks for sharing this. I think it is a common situation that traders struggle with. I am a mentor / coach and would love to assist you. I don't teach people to trade, and it sounds like you don't need that. You are clear that you know how to trade.

    I help traders with the Mindset part of trading. In my opinion, this is by far the most important, hardest, and most overlooked part of trading success. You said you "struggle with consistency." Again, most traders do. Consistency = discipline = doing what you say you are going to do and following your plan.

    The reason we as traders have challenges with this has to do with emotions / feelings / beliefs / etc. Changing market factors like what you trade, charts, strategies, timeframes, etc. (all the other technical trading variables) might help, but it isn't the real solution. If the "consistency" is off, that is an inside job (inside you--not in the market)! This is where focusing on the Mindset and self trust is pivotal. So, the work that needs to be done is likely on your mindset, rather than in the market. . . When I work with traders that is much of what we do.

    I am happy to talk with you . . . Andrea
     
    #52     Mar 8, 2020
  3. qlai

    qlai

    Hello Andrea. First let me say that I am very glad ET has a sponsor on the psychology end of trading spectrum! The question I have to you is - what should come first - edge or mindset? I am of opinion that without an edge, no amount of discipline and mindfulness can help. Only when one has an edge, can he/she concentrate on psychological challenges. Would appreciate your opinion. Thanks!
     
    #53     Mar 8, 2020
  4. Andrea Wylan

    Andrea Wylan Sponsor

    Thanks Qlai. I appreciate your comment.

    I totally agree. Traders need training and practice and a strategy that works. This does come first, but I think it is best to perfect that in the simulator. Then the focus on learning it and perfecting it and following your plan. With no focus on making money. (Which is really hard to do!!)

    I compare it to going to law school or medical school. You put in YEARS of study and $ investment to be trained. You don't expect to make money right away or operate on a patient! But as traders we want to learn in a week and be successful.

    It usually doesn't work that way. It takes time. First to learn the components of trading, and then to learn about YOURSELF. If you have a plan, strategy, etc and you are unable to consistently follow it--with emotions taking over--you will ultimately likely fail. The part about self awareness, emotions, beliefs, old traumas, etc. are powerful influences on our trading but I don't see them often discussed or dealt with.
     
    #54     Mar 8, 2020
    qlai likes this.
  5. expiated

    expiated

    Hey...

    I didn't know anyone directed a question toward me since I kind of decided to leave ET last week after that final post, given that my focus has shifted away from developing and fine-tuning my system (from August 2017 to February 2020) to merely trading it, and I only saw your post after noticing an alert from someone liking my last entry and then happened to see your question on the next page.

    In response to your inquiry, I personally see no value in weekly reviews, but what I like about AJ's videos is that he forecasts what he expects to happen NEXT over the coming week or two and then leaves his lines (forecast) on the charts so people can see if he's right or wrong when he delivers the next week's wrap up.

    However, I don't even trade stocks or index futures anymore (I trade strictly Forex) and even if I did, it would not matter because any decisions I made would be based on my own system—not on AJ's forecast—so I check him out for other reasons...

    I can see for myself what's going on in the markets, but Monte often provides me with insights as to WHY it is happening, and why he thinks the future holds in store what he has predicted.

    Is this necessary? No, but having a fuller picture concerning aspects of trading I'm not personally all that motivated to master for myself augments my sense of peace while trading. I also find value in comparing my forecasts with his, including the different ways we go about it. I do the same thing in terms of Brad Gilbert, but he's also a Forex guy, just like myself.

    Ideally, it would be great to just hang out and kick around ideas with a couple of other traders who actually know what they're doing. But since I've been unable to find people online or in person who are into that sort of thing, I find my next best option is to check in on guys like Monte and Gilbert (not to mention Stephen Whiteside, Jarratt Davis, Christopher Lewis and/or Cristian Moreno, but that was mostly in the past).

    At least, this is the benefit I get out of it personally.
     
    Last edited: Mar 9, 2020
    #55     Mar 9, 2020
  6. 322170

    322170

    re-read what padutrader said - his advise is well stated as most of us on this site got lost in time trying to find the holy grail or the perfect trading system.

    To become professional in anything will take time and trading is no different - This is a big hill to climb with lots of moments of self doubt and despair along the way.

    You mentioned that you've been trading for 5 years so I'm assuming that you've accumulated some good screen time during those years. If so, look for things that you recognize, things that you've seen over and over again and use this information to your advantage and no matter what never quit!
     
    #56     Mar 9, 2020
  7. Hello Robert Morse,

    I have a question for you please as I am working on my trading plan, and trading startegy and being better at journaling my trades. I want to get better at identifying my trade setups with a name so I know which ones are producing better profits and which ones cause mistakes.

    What do you mean by "what is your process"?
     
    #57     Mar 9, 2020
  8. Robert Morse,

    This is good advice. What do you recommend for trader to professionally journal trades?

    Thanks,
     
    #58     Mar 9, 2020
  9. Robert,

    This is an interesting question, I do not do on my trades journaling per trade.

    This question make me characterize similar setup with a few trades that loses and a few trades that wins.

    Why is this a good question a trader should ask after each trade?
     
    #59     Mar 10, 2020
  10. KCalhoun

    KCalhoun

    #60     Mar 10, 2020
    SimpleMeLike likes this.