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Trading Reviews and Vendors

Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons



  #6 (permalink)

Elite Member
Buenos Aires Argentina
Trading Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
Posts: 250 since Sep 2014
Thanks: 37 given, 241 received

I feel it's incredibly hard to learn how to trade without a proper mentor and coach (not that it's impossible, but a good one can cut your learning curve from years to 6-18 months).

The problem with self coaching is that most people use financial results to determine if a trade was good or bad and that measuring stick simply doesn't work when it comes to the sole source of feedback. You could have a good trade that ended up in a loss and a very bad trade that ended up in profits. The famous Warren Buffet example is that you could have someone who flipped tails 10 times in a row, and if measured solely on how many wins this person had rather than methodology, that coin flipper may think he has some unique talent for flipping coins instead of realizing the outcome was still random.

Of course anyone who has successfully made it through the crucible of self coaching has my undying admiration.

I won't give referrals because I think there's some type of policy on (formerly BMT) against that. I would suggest, similarly to Mike but from a somewhat different angle: If someone has a big marketing and advertising program, they are probably not the person you are looking for. You're going to have to search really deep in the shadows to find someone both A) actually good at the industry and B) willing to spend time with you. This probably means good 'ol 6 degrees of Kevin Bacon real world in person networking rather than Googling "how to find a trading coach".

I also agree with matching styles is important, but I think this is secondary after learning the basic building blocks such as risk management, fundamentals, and risk management. Did I mention risk management?

PS: Keep in mind that even the people that are fortunate enough to have senior traders look over their shoulders still have a high percentage of washing out of a formal firm training program.

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