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Take the inexpensive route


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Take the inexpensive route

  #121 (permalink)
 
Fat Tails's Avatar
 Fat Tails 
Berlin, Europe
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tturner86 View Post
In life you should have three people around you. A mentor to teach you, a peer that understands your current level, and someone you can teach.

If you have a family around you.....

They can't teach you, they do not understand your current level and you shouldn't try to teach them.

Otherwise I agree....

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  #122 (permalink)
 
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 trendisyourfriend 
Quebec Canada
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budfox View Post
Why is the ES the best instrument for market profile?

Quickly like that, i would say because it's more range bound.

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  #123 (permalink)
 
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 tturner86 
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Fat Tails View Post
If you have a family around you.....

They can't teach you, they do not understand your current level and you shouldn't try to teach them.

Otherwise I agree....

It should never family.

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  #124 (permalink)
Rich Independence
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Jaguar52 View Post
While trying to maximize your trade, do not fall prey to the illusion of trend in intraday trading. Many concepts and trading principles were formulated for larger day trading chart types. INTRA DAY trading is a different animal. It is very short term, immediate, and challenging. It is also full of many trading opportunities if you can wrap your head about what trading for money really means at this level. Scalpers rule. In all scalps there is the potential of sustained moves, but the structure of the market at this level is zigzag, stair stepping, trading ranges, and static pivot swing ranges. Learn to understand the concepts involved, and decide to trade for money each time you click the mouse. Risk reward is not finite at this level. Flexibility is key. Keep your trading no worse than 1 unit of win to 2 units of loss, and keep your win rate high. This means support/resistance and order flow play crucial roles in all decisions. Capital preservation rules all decisions, not being right or wrong. Losers must be kept small, winners need to be 1:1 or better, but do not turn small winners into bigger losers while trying to maintain the theoretical concept and not the reality of the evolving trade, or you are doomed to fail. The market already knows everything you do and more.

These are words of wisdom. Thanks for sharing.

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  #125 (permalink)
 Jaguar52 
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budfox View Post
Hi Jaguar,

Still following your thread. Could you describe to us how you found your mentor? Did you pay him to be your mentor? or was it a chance meeting?

Thanks.

BF.

I had a few mentors I paid for. The first one served me well later on because, in hindsight, I realized he supplied me with enough good bullshi*T that when the next mentors came along I knew the difference. Once of my earliest mentors went on to become a rock star of buy,sell, or get out. I was fortunate to also meet up with a good systems designer who gave me the opportunity to become a professional moderator (long story for a beer night)
But the best and most helpful person in my trading career was my wife. She never gave up on me even after I blew out $100k. So, I paid for all of them except the best one. (She got the house and the car, all the credit cards, etc.)

The best mentor I had was a chance meeting. I met an old floor and pit trader who was trying to make the transition to electronic trading. He was a computer idiot, but a fantastic trader. He opened my eyes to the real market. Things he talked about was stuff I never heard before from anyone. Most of it was contrary to everything I read and heard. I met my mentor after my trading had already solidified. He propelled me forward at an exponential rate, otherwise it would have taken me longer. I was so grateful that I paid him anyway up until his death.
So, only pay a mentor for his experience. Nothing else is of value; no indicators or systems. A mentor will help shorten your learning curve. It is well worth it, but be careful. Check out his track record in black and white. If he cannot show you his record going back 5 years, then move on. Remember, he is just like you, just further along. You will become him until you can find yourself in the market.

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Last Updated on September 23, 2014


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