learn the basics on here first
I need to find that buddy then. Meanwhile, Internet can be the oyster.
For the time being, I am deep into books. I have finished Trading In The Zone, and now practising given exercise in its last chapter. Next book, I am getting ready to read, is also of Mark Douglas. I am using both micro and demo accounts at this time.
The main reason to look for a mentor is to reduce the time I am taking while learning on my own. However, trainers do not seem as professional or responsible to their students as rest of the industries are. There is no concept of being assistant to a senior trader as it happens to be in medical or law. Neither anyone hires interns nor look for juniors as it is in engineering, finance, or banking industry.
If we go to YT to watch some videos then it feels like all of these 24 y.o. budds got a printing machines, and they print USD notes out of it. Everyone is singing a song of 50 pips a day whereas, it has been far from truth since the industry developed.
1 Like
I looked onto their training. I would prefer not to learn from them as I am focusing on FX only. At max, I would trade some metals against USD to grip the market volatility.
I am also considering to stick to swing trading until I am confident enough to spend my capital on long positions which need huge SLs. I’ll keep looking for a mentor or a buddy mentor, though.
Many thanks for the help. I’ll keep asking questions here.
They do exist but are few and far between as most just dont have the experience or worse non at all ie the FXlifestye idiots of this world
1 Like
Good luck
Cheers
Blackduck
Depending. Not many successful trader would want to mentors or share their tips for trading.
Most people are of this opinion. However there are those genuine traders that want to help other succeed.
What most traders forget is that no matter how good your strategy or your trading method there are those that will never be able to trade even with the best mentoring.
The same with courses. How many traders are willing to really apply themselves to fully study and comprehend the course material so as to be come successful traders.
Most traders and I say this again MOST traders just want someone to tell them a simple tip or trick that they don’t have to think about too much but will make them a tone of money. The old saying is very true, “most people would rather die than think.”
Probably the real reason MOST traders fail. They unwilling to really learn the art of trading.
Cheers
Blackduck
1 Like
This may start a totally new conversation which might need a different thread with a different title, but to mimimise overall negativity, I’d like to make it short.
As we are talking about teaching and learning, the mentor and the mentee, then I have a new question here.
Usually we see that individual traders working in their basements compete against floor traders and/or institutional traders. They take it very serious that who is at opposite side. [I don’t know why there is an opposite side. Why do people think so…] Now when we have it like this then why “this digital trading” couldn’t make to colleges/universities? Why there isn’t any famous Diploma or undergraduate level college/university degree in Trading?
When it’s institutional and regulated then its teaching and learning should also be institutional and accredited. Why not so? Why not yet? Will there ever be a BSc in Financial Markets?
There are certain charted certifications, but they are still in progress compare to other professions.
I am someone who has educated people online when it comes to trading. Its a long and boring story about starting a thread at FF and then it just kind of went from there. There are a multitude of reasons that mentors don’t work. It has nothing to do with trading or teaching trade setups. Any idiot can read a chart. I know a lot of them that do. I taught my 10 year old to do technical analysis. However, when it comes to trading real money - the stakes are much different.
I turn down offers monthly to mentor, because most people just want to know when to buy or sell. They don’t actually want to learn. Also, and this is the biggest issue: Its all about psychology. That is 90 percent of the game, and that is something that cannot be taught.
I have someone I know in this game that continues to try to bet against the overall trend in the NASDAQ. (Granted, its down 5 percent today, but its been up for months.) He keeps thinking ‘its expensive and doesn’t reflect the true economy.’ No duh. However, you have two choices: Be ‘correct’ or be profitable.
I am sure he is watching what could have been today, but he has blown up a couple of accounts since March, because he won’t let he idea go. Trading is like a gut punch daily. Not everyone can take it. In fact, that 80 percent can’t.
You can use almost any system and make money, if you have the mental strength. Most don’t, and that comes from within. Me, or anyone else trying to mentor that is a waste of time. It all comes form within.
Bingo someone on my wavelength lol
1 Like
Yes and no. My comments were in relation to mentors. There are many traders who take on a mentor and or do a course and because they cannot make money they blame the course and or the mentor.
In regards to the individual traders trading in the basement against institutional and floor traders you are right. That is exactly who they are competing against and some of these traders are some of the smartest minds on the planet. Which leads onto your next point.
With regards to a special university degree for trading there already is. However the courses that cover professional trading are wraped up in other business and financing degrees. These include degrees in accounting economics business and banking and investment. People who study these types of degrees then specialise in the world of trading.
I have a law degree and law ecompasses may different facets such as company law family law environmental law criminal law. I prosecuted in the local courts and so my speciality was criminal law.
Hope this helps
Cheers
Blackduck
Well a mentor needs to be at your side as you mess up.
And there will be many mess ups.
The mentor needs to keep you tied to the mast as those waves of emotions are taking over.
You are sooo correct - beginners want systems - not taking into account the difficulty in following them.
On my own blog I give away the systems I use everyday to make money but it’s almost certain that most who try my approach will not stick to it beyond the first loss
I see a mentor as a kind of Mr Miagi in Karate kid.
And they are few and far between.
Wax on Wax off
1 Like
yep mine already on the desk with many more to follow
From the videos I’ve see at the Scruffy trader I would definitely say you are offering up some pearls of wisdom yourself.
1 Like
Just my job and enjoy the youtube channel as a hobby.
Personally, I just learn on my own. I don’t trust any paid mentors to have my best interests at heart.
If you are able to teach yourself the skills necessary to be a successful trader then I am sure you will also be able to teach yourself to be a good doctor or a good lawyer or even better a great rocket scientist. Trading is a serious business that takes many years of study to learn. That’s why a good mentor is invaluable and in my opinion essential.
You may find some success without a mentor but truely how do you think you are going to be able to know when you are making a mistake if you are making mistakes and how to rectify those mistakes??
Good luck
Blackduck
1 Like
How do you find a good doctor, a good dentist a good mechanic a good anything?? Answer research trial and error asking successful people. At times you have to do the work and find things out for yourself.
There will be always shonks and there will alway be those who are competent.
Good luck with your search.
Cheers
Blackduck
To be honest I think you are going to really struggle finding a ‘mentor’.
If you get on the Goldman Sachs intern programme you’ll find one for sure
Or you could start hanging around the City of London in a few choice bars, buy a few rounds and get pally with a few traders.
This isn’t actually such a bad idea. The whole reason I got into trading was because I knew a few City boys and it didn’t take me long to realise they were no cleverer than me.
Most of them are quite willing to talk about trading too.
But in all seriousness a mentor needs to be by your side as you go through all your trading problems
Systems are the easy part of trading, the mental game is what’s hard. A mentor should be able to guide you whilst your having issues
But who is really go to do that?
I do think the high failure rate in this business is the lack of mentorship for retail traders
Having watched a few of @Lang15 videos at the Scruffy trader I do think he offers some good advice - stripped away of all the bull, which is what you want.
I also think he is willing to do one on one training but you’d have to ask him about that.