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Starting Over x3
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Starting Over x3

  #1 (permalink)
Elite Member
milwaukee, WI USA
 
Trading Experience: Beginner
Platform: Track N Trade
Favorite Futures: futures
 
Posts: 3 since Aug 2015
Thanks: 1 given, 0 received

Starting Over x3

Hi all!

This is my third go around in Commodity Trading. (Just joined the forum - see my post in the INTRO section!)

I have learned what NOT to do, now I have to learn WHAT to do.

My question is: from your experience, what mentoring service would you suggest I look at considering the following:

I am willing to learn from scratch.

I am willing to put 125% time and effort into the Commodity Business.

I have learned from the Master in Business Management (Mack Clark) and can put that knowledge to use.

I operate a business and although day trading is the goal, I cannot do it at this point right now.

I would like to avoid the trading schools that are operated by people that cannot successfully trade themselves

Please advise.

THANK YOU for this forum!

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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mrotto View Post
Hi all!

This is my third go around in Commodity Trading. (Just joined the forum - see my post in the INTRO section!)

I have learned what NOT to do, now I have to learn WHAT to do.

My question is: from your experience, what mentoring service would you suggest I look at considering the following:

You've obviously not spent much time reading threads, because if you did then you'd know that you've already set yourself up to fail again by looking for a "mentoring service".

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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to support our community, become an Elite Member.

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  #4 (permalink)
Elite Member
milwaukee, WI USA
 
Trading Experience: Beginner
Platform: Track N Trade
Favorite Futures: futures
 
Posts: 3 since Aug 2015
Thanks: 1 given, 0 received

Thank you for responding!


Big Mike View Post
You've obviously not spent much time reading threads, because if you did then you'd know that you've already set yourself up to fail again by looking for a "mentoring service".

Mike

ok, please help me then. Here's my thinking.

I started a carpet cleaning company in 1981 because I had a machine left over from a previous business. I knew absolutely nothing about professional cleaning other than where the detergent and water went and how to empty the machine. So I talked to others in the business and subscribed to trade magazines and found the foremost expert/instructor and took his class (Jeff Bishop). Later, in 1995, we were looking to expand and needed direction so once again we searched for an industry expert on Business Management (Mack Clark). We then expanded into Water and Fire Restoration and took classes in that aspect of the industry.

I agree there are books and videos on how to clean carpet, how to manage a business and how to do Water and Fire Damage repair. But I can tell you it is a far cry from learning from an expert and exchanging information with others that take their classes and have followup conversations with them. In fact, the relationship I had with Mack Clark Management Group was that if at any time I had an Management question I could call and get a 100% correct answer, 100% of the time. I cannot explain how valuable that is, let alone boost confidence in what I am doing.

So now I am entering (for the third time) the Commodity Trading Business and want to learn from an expert. (yes, I realize that almost all "teachers" have actually failed at trading) I posted here because it appeared that the people here are very knowledgeable and that I could rely on their experience (although the final decision is up to me)

Please let me know how this midset will have set me up to fail

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  #5 (permalink)
Elite Member
Anchorage Alaska
 
Trading Experience: Intermediate
Platform: Sierra Chart Thinkorswim
Favorite Futures: Emini ES
 
Posts: 6 since Oct 2017
Thanks: 2 given, 2 received

Mentors

If you have the time and the ardent desire to live, eat, breathe, and sleep the markets for years before you make any profit, then proceed with your education; if not, get yourself a good broker with a reputable firm that's been around for decades and invest your money.
Use only the electronic simulator on your trading platform--TradeStation, Think or Swim, Sierra Charts (with TransAct), and such--that don't have monthly fees.
Read and study all webinars, books, articles, and indicators by Linda Bradford Raschke, Jim Dalton, and Larry Williams; you will find copious amounts of this information for free on the internet.
Those who lose are gamblers; those who win at this business have a vast knowledge of the multitude of the subtle through the major influences that move the market and are able to put enough pieces of this constantly changing puzzle together to formulate their trading system.
Keep a journal; be specific about the how when why of your simulated trades; review the journal.
Have a good system--this may take 2 or more years to develop--trade only your system; if your system isn't made from your own trial and error (whether or not you got the ideas for it from somebody else), you can never stand behind it with full confidence.
Money management--never risk more than 1% of your capital on your simulated trades; you will learn more about money management as your education continues.
Use Futures.io; there's a wealth of information; do lots of searches, research, and reading.
You are learning an art form that is also a business; art forms take years to learn, it's wise to have a low overhead when learning this business/art form.
Keep learning and practicing all this consistently for years and your confidence will grow, and then you will know you're ready.
Best regards,
T

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