What kind of work can I put in to earn a mentor?
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What kind of work can I put in to earn a mentor?


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Created July 1st 2019 by secondchance4now
Updated August 3rd 2019 by CrudeDude
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What kind of work can I put in to earn a mentor?

  #1 (permalink)
Jersey City, NJ
 
 
Posts: 13 since Jul 2019
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What kind of work can I put in to earn a mentor?

No, I'm not going to outright ask for a mentor, that's presumptuous. I'm sure there's over a gazillion requests for a mentor. And I get why mentors don't want to take up every offer or why they don't advertise mentorship...it's just not worth it. It's a lot of time and energy spent on someone you know is going to make a lot of mistakes at first, is probably going to frustrate you, but you want it to pay off in the end.

So what kind of work should I put in? How can I show a mentor I'm worthy?

I've thought of posting my paper trades, because I sure as hell am not ready to trade futures with real money. And with each trade I'll post my thought process. If I do that enough times, will potential mentors out there give me a chance?

If that's not enough, what else should I do?

I've heard from some people I should just paper trade until I figure things out. Maybe, maybe that'll work, but it's better to learn from someone with experience.

Take care everyone.

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  #2 (permalink)
Legendary Market Wizard
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Hey @secondchance4now!

two things:
1) Be wary of anyone who claims to be a mentor.
2) The only person you need to prove you are worthy to is yourself.

There's no way around putting in the work. There are plenty of people on this forum who are happy to help you along your journey, but it is your journey you have to take!

Someone shared these videos with me when I was starting here so I'll share them with you.

(Link button is acting a bit funky so I'll just paste the URL here)
https://www.youtube.com/channel/UCWzHsd2fbLueDSfRunb1DmA/search?query=ft+71

FT71 provides a lot of great information and these ideas can kind of help guide you while you sim-trade.

I personally recommend starting with "The Holy Grail: Expectancy & Habits" https://www.youtube.com/watch?v=Y6Wykz1ySqA&t=8s

Cheers!

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  #3 (permalink)
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What kind of work can I put in to earn a mentor?


He doesnít work much with people one on one anymore, but I have learned a LOT from Damian Castilla. You can find his thread on forexfactory ďRatios and Harmonics: a different way to tradeĒ and on YouTube at this channel. https://m.youtube.com/channel/UCy5Zq25cFK3FZeF26wn4m0w/videos

Please disregard if this is not the response youíre looking for. I hope you get something out of these!

Best,
mtz

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  #4 (permalink)
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you're welcome to ask questions in my journal about trading. If there's a question asked I'll almost always answer and help steer you in the right direction.

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  #5 (permalink)
Jersey City, NJ
 
 
Posts: 13 since Jul 2019
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Yeah, I totally get that you have to learn yourself, definitely.

I've actually made all the mistakes you shouldn't make trading, this was years ago. So I've learned my lessons.

BTW, how do you people here feel about Tim Morge and median lines/Andrew's Pitchfork? I've been following his stuff a lot and he seems like he's not full of shit. He's been trading professionally for decades and has plenty of free information. He also says in trading you will take losses, there is no holy grail. And he says you can even still be profitable if you have a good risk management and a good risk:reward ratio, even if you're right 40% of the time.

What do you guys think?

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  #6 (permalink)
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secondchance4now View Post
Yeah, I totally get that you have to learn yourself, definitely.

I've actually made all the mistakes you shouldn't make trading, this was years ago. So I've learned my lessons.

BTW, how do you people here feel about Tim Morge and median lines/Andrew's Pitchfork? I've been following his stuff a lot and he seems like he's not full of shit. He's been trading professionally for decades and has plenty of free information. He also says in trading you will take losses, there is no holy grail. And he says you can even still be profitable if you have a good risk management and a good risk:reward ratio, even if you're right 40% of the time.

What do you guys think?

That's trading. It's a game of averages. You can run backtests on strategies and see that a strategy with an r:r of 2:1 with a 40% win rate and 80 trades over 8 months on 1 contract should yield 90% profit on a 20k account in /NQ

Your goal should be to nail down strategies that have a positive expectancy. Otherwise all you're doing is gambling and I believe most traders are doing just that.

I would never follow someone else's trades. It's great to develop strategies based on a professionals thoughts but trading is about what you think is the best strategy to get your piece of the pie. This is not a game for following others, no matter how many guys/gals say they're winning on their instagram accounts.

The lessons learned and mistakes made will sometimes still be made. 10 years later and I've fudged 2 times this year...(holding a loser)

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  #7 (permalink)
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secondchance4now View Post
No, I'm not going to outright ask for a mentor, that's presumptuous. I'm sure there's over a gazillion requests for a mentor. And I get why mentors don't want to take up every offer or why they don't advertise mentorship...it's just not worth it. It's a lot of time and energy spent on someone you know is going to make a lot of mistakes at first, is probably going to frustrate you, but you want it to pay off in the end.

So what kind of work should I put in? How can I show a mentor I'm worthy?

I've thought of posting my paper trades, because I sure as hell am not ready to trade futures with real money. And with each trade I'll post my thought process. If I do that enough times, will potential mentors out there give me a chance?

If that's not enough, what else should I do?

I've heard from some people I should just paper trade until I figure things out. Maybe, maybe that'll work, but it's better to learn from someone with experience.

Take care everyone.

I would suggest you start a journal and any questions to have put them in there, if you're successful in paper trading then I would work on other areas and go from there

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #8 (permalink)
Jersey City, NJ
 
 
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Any idea how to pick a contract to start trading?

I was thinking of the micro currency futures since the margins for that tend to be around $100-$200, does that mean I'll be risking less with that? I want to learn and practice by starting with something that has the least amount of risk.

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  #9 (permalink)
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secondchance4now View Post
Any idea how to pick a contract to start trading?



I was thinking of the micro currency futures since the margins for that tend to be around $100-$200, does that mean I'll be risking less with that? I want to learn and practice by starting with something that has the least amount of risk.



I have never traded them so Iím not sure but Iíve heard the liquidity on the micro currencies is thin. Take a look at the new micro e-mini futures. I have traded them and have no issue with fills. /MES /MNQ /MYM


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  #10 (permalink)
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mtzimmer1 View Post
I have never traded them so Iím not sure but Iíve heard the liquidity on the micro currencies is thin. Take a look at the new micro e-mini futures. I have traded them and have no issue with fills. /MES /MNQ /MYM

Yeah, those are more liquid, definitely, but the margin requirement is higher.

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