Help from mentors?

Hi there,

I’m not quite sure what replies if any I am likely to get to this post, but please be gentle! :slight_smile: I also wasn’t sure which section to post this so please feel free to move this admin.

So I have been trading for two years, well, should I say trying to. I’ve had some success only to lose it again, I’ve spent money on courses, software, indicators and signals, and I still find myself in a position where I don’t feel like I am moving forward.

Currently I work full-time but I have a condition that means that I won’t be able to work probably in the next five years, so I’m looking for trading to supplement my future. I don’t want to get rich, I don’t want a boat or a house in the Hamptons, just enough money to be able to get by.

Now I’m not a stupid person, in fact, I am actually a Director in a company, so I guess I must have something about me. However, no matter how many books, videos, courses I look at I struggle. I learn better by doing but you can only do if you have someone prepared to help you. And that brings me to the point of this post. I was wondering if there is anybody altruistic out there who fancied mentoring me, or who knew someone who might be prepared to do so? I don’t want someone at my beck and call, maybe just in the beginning talk me through some concepts and help me get them into my head. I suspect there will be a Eureka moment at some point, but I’m just struggling and need some help finding it.

I prefer trading longer timeframes, 4 hour or daily, prefer price action rather than indicators but frankly if someone could get a system that works through what appears to be a somewhat thick skull of mine I’m open to options. Anyway, I have waffled enough, if you are, or you know someone who might be, interested in helping a frustrated trader out then please PM me.

Thanks, Frustrated Trader

Hi. Welcome.

Quick question, as typing on my 'phone: what is your

trading budget (account size)?

Started small, $1000 with small lot sizes for now

Great question pip,I was about to ask that.

Anyway, welcome to the forum. I understand entirely your point. I have traded for about 5 years, I would say successfully seeing I actually have a working system at present, it did take a while especially to manage risk, something I am constantly now taking into account and always modifying my strategy to adapt to the changing market as well. This to be honest was the only reason for initial failure.

Okay, before I start waffling… To answer your question.

You are on the right track with books, a few recommends will be something on volume analysis (Anna Coulling’s volume price analysis all 3 books), something on real successful traders (Market Wizards from Jack D.), something on market psychology (Five waves to financial freedom from Ramki this dude is low profile but traded an account for Chase Manhattan).

Indicators are basic statistics so I don’t add much significance to it as you can normally see it all in the chart by just drawing trend lines. You could easily waste money on that stuff so best to put you off now.

Your current time frame is great 4hr and daily filters the noise an increasing problem as more and more algos come into trading.

In terms of mentor, you might be rushing into the classroom to quickly, also you are not likely to find too many here. What I suggest is, you can follow myself, pip, GP00 and some other good traders in here and see what we trade and why, we do have a thread that we post our trades on 301 Moved Permanently but there is also a wealth of knowledge floating around here.

My general strategy is

Buy at relative low prices in a high volume area or sell at high prices in a high volume area (understanding volume helps).
Never buy at the top of the market or sell at the bottom. (EWP helps with this)
Look for opportunity trades close to the 200MA.

This is a simplified version I do have other things I look at. This idea is based on Risk/Reward. Years of testing and trading has ensured that I only enter trades that are high probability and offer the best R/R this means picking the right entry price. If I am scalping I have a stop that is soo tight with a target with at least a 1/2 outcome. Volatility in FX has reduced considerably, 1. because of Algo’s 2. because the central backs watch this market like hawks. So you are not going to get crazy returns by scalping, you have to hold the trade and fight short term volatility.

In terms of co-trading, like you, I will be a full time trader soon, after so many years I have the experience, knowledge and the right finances to start that journey. I am also in equities, so for me it will be part of a broader market involvement. Send me a PM, I am quite happy to swap emails, and we can exchange trading ideas, always nice to hook up with fellow traders.

Hope I was helpful and answered your question.

Thank you , ‘Professor’ Emerald, for that most excellent post…

To Frustrated Trader: I am nobody to be giving advice, as my trading budget is

about the same as yours; however, if I could give you (and myself) some advice,

it would be to either grow your account slowly and be content with something like

a monthly equity growth average of 5%, or wait until you have, say, 10,000 dollars

at least, which means that you can still risk small but actually see returns that could

make a more palpable contribution to your monthly living needs/expenses…

I agree with everything that my good peer Emerald has already said, and I would add that

you may also like to read PipNRoll’s ‘Finding Consistency’ thread, over on

Newbie Island…She is a great FX-Honorary member at BabyPips, and her trading is strong.

Bye for now, and…

keep us posted.

I’d be hesitant to pay for a mentor/coach. Usually if you do enough research on any of them you eventually find out they are frauds. You’re best of using the money in a small trading account and learning as you go. There is no timeline on when someone becomes a successful trader or has that “eureka” moment as you put it. As emeralddoc(what does that name mean by the way?) put it, higher timeframes do a good job of filtering noise(non-substantial price movements). And the value of understanding market volume is a very strong tool to eyeing the market and what it wants to do.
Personally, I do my analysis on non-time based charts(P&F and renko) and that is arguably the best way to filter noise. However, it can remove you too much from price action if you aren’t careful and switch between time and non-time based charts. It’s just food for thought I give to fellow traders as it’s what turned my trading around.
Most members here won’t steer you wrong bud just keep us posted and ask anything.

emeralddoc(what does that name mean by the way?)
I am a keen Xbox gamer for many years before kids, now I am lucky if I get a weekend on Splinter Cell. So my xbox live gamertag was emeraldorc, after typing several names microsoft suggested this… Well there you go.

I’d be hesitant to pay for a mentor/coach. Usually if you do enough research on any of them you eventually find out they are frauds.
Totally agree, you shouldn’t have to pay for speculatory knowledge. It is speculating after all…

Hi, Im a beginner trying to scalp small amounts out the market, When you are scalping you said your stops are ultra tight, how tight are they in pips? thanks.

I failed out of college. So words like altruistic don’t mean anything me. Just use normal people words and I’ll know what you’re talking about. :slight_smile: YouTube

If you can get emerald to show you a few trades he’s taking you’ll be set. He also has great videos on his thread about volume

Frustratedtrader,

I’d suggest you read through and study the attached three threads. Then read through and study each thread at least three or four more times. Lots of experienced traders have said the Tech Templates threads are some of the best free info on FX trading you’ll find anywhere on the internet.

http://forums.babypips.com/free-forex-trading-systems/6632-alternative-technical-templates.html

http://forums.babypips.com/free-forex-trading-systems/19076-technical-templates-2-a.html

http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html

Also, check out Tess’ bio, the woman that started the threads.

http://forums.babypips.com/q-corner/43863-featured-women-forex-traders-marchs-picks.html#post335526

As far as finding mentors here at babypips? There’s maybe only a handful of folks on the site that are really competent and qualified to act as a mentor, and sorry, so far none of them have shown up on your thread.

A few years back there were some competent and qualified folks posting some valuable trading info on the site, but they’re gone or show up only once in a while. Lately it seems 85-90% of the info posted has been :17:

But check out the three threads, all good stuff!

Hi Mr Quick, I scalp the hour chart and glance the 15m to pick the best entry and watch the 4 hour to gauge trend direction. Stops are usually 10-15 pips tight to take profit at around 30 pips. Unless you are in a continuous uptrend, you find that the most you can get out of a good move is 25 to 30 pips on those time lines.

If you are really good you could scalp the 5 min charts with 6 pip stops but the danger comes with the cost of the trade when added starts to erode your gains. Scalping is the business of machines that are much more effective. This is why all these EA’s are so popular.

Note I use an ECN so I have 0 spread on almost all the pairs as my orders come straight from the traders in the bank and the broker just takes commission for arranging it unlike all these dealer models that charge their own spreads.

Yes I can imagine how machines could scalp in a much more effective way than a person. I scalp the 1min chart using an ECN but get charged the spread and its not commission based. Im thinking about using a 10 pip stop but im not too sure because in a way its taking needless losses because price would probably move my way its just a matter of waiting. something for me to think about. Thanks emeraldorc.

Save your 1k dude.
Demo is good.

great post?

…or greatest post? :cool:

Im thinking about using a 10 pip stop but im not too sure because in a way its taking needless losses because price would probably move my way its just a matter of waiting.

I have done a lot of stat measurements on scalping against swing trading. Scalping allows you to really size up on a trade and do old school leveraging but the snag is that market maker behavior will indeed stop you out more often and keep going in your direction, meaning you can only scalp during low volatility periods. Quant trading with HFT algos has the same issue in banks, so during unpredictable events they just turn them off.

Mind introducing your broker? Appreciate tons! :35:

If you’re looking for a mentor on this site, Chris Capre is the most legitimate IMO.
Check out his thread- he’s a solid price action trader.

Jake

FXPro is my broker.

[B] Who are these anonymous ‘competent and qualified’ people? Can we have some usernames?

Given that they may be too busy with their trading (which is good and proper), what is wrong with other ‘lesser’ traders coming on here and saying up front that, while not being the world’s leading authority on trading, they would still like to give up their time freely to try helping newer traders WHILE WAITING FOR SAID ‘qualified and competent’ TRADERS TO MAKE THEIR WAY BACK TO THE FORUMS?

Nothing wrong with that… I would rather have the world’s ‘second best’ traders helping me today than the ‘best’ ones helping me in one, two, or three years from now!

I am certainly happy to be mentored but, as I learn more, I am very happy to give something back… It may be not much, but it is free, and I do it truly out of a passion to help others… and so do many others, like Emeraldorc, GP00053, PipNRoll, to name but a few recent and consistent forum posters, not to mention Peterma, SimonTemplar, and others too…

There you go x [/B]