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Experience at Live Trading Rooms

  #63 (permalink)

NY + NY/USA
 
Trading Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received


JamTheTrader View Post
Mike,

I do believe that a good, key work good trading mentor can either shorten ones learning curve, or at least allow one to realize before spending over 200,000 to learn how to trade (that was my education cost with no mentor). Also, if nothing else, a good mentor will teach his traders how to protect their precious capital first and for most while learning to trade. Trading is not for everybody, and most are not willing to do the work that it takes to learn either.

Jam

I agree that emphatically telling someone to just go it alone is not the best way. It does eventually come down to that, but it depends on how many years and how costly you want the ride to be until that point. Training with someone who has gone the road before you and come to their destination can shorten the learning curve and make it less expensive. The problem arises when you think that a mentor equals no loss and an easy road. IT does not. You still will have pain and suffering, but a mentor can help you control it just by his/her example, and help you understand that whether you make it will eventually come down to you as an individual. If the mentor is any good he can teach you to fish well enough to at least eat regularly. Whether you will feast on cake and ice-cream will be completely up to you and no mentor can do that for you.
So I think having a plan whereby you spend 6 months getting your initial training with someone who YOU MUST VERIFY THEIR TRACK RECORD, can go a long way to get you started out with the least amount of pain.
The hard part is going to be finding the right mentor and first method that you are able to understand and work with.
Alternatively is to find a trading buddy or group and help each other. This is where a forum like this can help. It means a bit more work on your part, and you may have to really find a sympathetic ear to spend some real 1:1 time with you, but it is an alternative, but not necessarily a cheaper alternative or efficient method.
If you plan has a time line and goal projections, then you can gauge whether the progress you are making is suitable for you, and go from there with alternatives.

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