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Primary source of income: how many have made it?
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Primary source of income: how many have made it?

  #621 (permalink)
Elite Member
Prince George BC Canada
 
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deaddog's Avatar
 
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anthony667 View Post
The most difficult question for me to answer is how to find a mentor thats not a scammer. Its more easy to teach 100 students at $5000 tuition a pop (thats half a million dollars a year) than actually day trade. Ive come across quite a few vendors and all they teach is something like "after your price breaks through the midband of your bollinger and comes back to midband take trade in direction of the market"....Personally I only want to trade Futures and I cant seem to get beyond break even on a net monthly basis.

A mentor will not teach you a winning method, a mentor will guide you to develop a method that will fit your personality.

Keep asking yourself "WHY"; Why do you only want to trade futures?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #622 (permalink)
Elite Member
Erie,Pa
 
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anthony667 View Post
Ive lost all faith in indicators, even if they work its only in certain market conditions for each indicator...there has to be a simpler solution than mastering an indicator. Usually the most genius solutions are the simplest!


Sounds as if you are trading live where as I am not. Started market replay using indicators and did not improve my positions much. I have opted for supply and demand as my core strategy. Longer term trading without the anxiousness of scalping for a few. Can I say it is more forgiving? Plenty of info on the net about it and the only indicator I use from time to time is a horizontal line. Thing about Bollinger bands, it can give me a heads up, but it won't whisper in my ear when that next candle is going to turn. Only price can do that.

Tim

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  #623 (permalink)
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anthony667 View Post
The most difficult question for me to answer is how to find a mentor thats not a scammer. Its more easy to teach 100 students at $5000 tuition a pop (thats half a million dollars a year) than actually day trade. Ive come across quite a few vendors and all they teach is something like "after your price breaks through the midband of your bollinger and comes back to midband take trade in direction of the market"....Personally I only want to trade Futures and I cant seem to get beyond break even on a net monthly basis.


Finding a legit mentor can be tough....there are several recognized traders that provide coaching and instructional services but those can be very limited AND quite pricey....Micheal Martin comes to mind.....I think he's in the $3000 range...can't quite remember to be fair but I know its up there.

The other option is to follow a known successful trader here on the forum. There are a couple that trade regularly and post their results and thought processes. Some of those require reading mountains of superficial nonsense to get to the meat but could be worth it for you.

Another idea is to ask someone if you can trade with them via skype or something like that to get a feel for how they approach the market. This is hit and miss depending on the person and how good they are.

Or you can simply get in front of the charts and just observe price action for several months until you are comfortable with how your instrument moves and then start trading small and build up.

If you are in fact break even most months, you are ahead of the pack. I suspect one of the main things you probably need to do is learn money management AND learn to let your winners run a bit more.

These two things will most likely improve your results tremendously.

Cheers and good luck.

Note: If you are willing to relocate, SMB in NYC could be a great place to go and learn. A buddy recently went there and is doing great so far.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; March 15th, 2015 at 08:11 PM.
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  #624 (permalink)
Trading Apprentice
Franklin Lakes NJ
 
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Posts: 16 since Feb 2015
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PandaWarrior View Post
Finding a legit mentor can be tough....there are several recognized traders that provide coaching and instructional services but those can be very limited AND quite pricey....Micheal Martin comes to mind.....I think he's in the $3000 range...can't quite remember to be fair but I know its up there.

The other option is to follow a known successful trader here on the forum. There are a couple that trade regularly and post their results and thought processes. Some of those require reading mountains of superficial nonsense to get to the meat but could be worth it for you.

Another idea is to ask someone if you can trade with them via skype or something like that to get a feel for how they approach the market. This is hit and miss depending on the person and how good they are.

Or you can simply get in front of the charts and just observe price action for several months until you are comfortable with how your instrument moves and then start trading small and build up.

If you are in fact break even most months, you are ahead of the pack. I suspect one of the main things you probably need to do is learn money management AND learn to let your winners run a bit more.

These two things will most likely improve your results tremendously.

Cheers and good luck.

Note: If you are willing to relocate, SMB in NYC could be a great place to go and learn. A buddy recently went there and is doing great so far.

Thanks for the advice, Actually I live 15 min from NYC !

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  #625 (permalink)
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Franklin Lakes NJ
 
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Posts: 16 since Feb 2015
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deaddog View Post
A mentor will not teach you a winning method, a mentor will guide you to develop a method that will fit your personality.

Keep asking yourself "WHY"; Why do you only want to trade futures?

Advantages of Futures:
-Better taxation
-Better liquidity and less slip
-More difficult to manipulate compared to stocks
-Good leverage

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  #626 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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anthony667 View Post
Advantages of Futures:
-Better taxation
-Better liquidity and less slip
-More difficult to manipulate compared to stocks
-Good leverage

I'd totally agree with number 1
Number 2 is debatable - Gold has high volume, but awful slippage (I was slipped 5 points on a 2 lot market order a few weeks ago)
Number 3 is debatable - Silver, Cattle, Hogs, Nat Gas - just to name a few - have been manipulated over the years
I'd agree with number 4, although many people don't realize that leverage is a double edged sword. Leverage can be really, really dangerous


I'd add number 5: Easier record keeping for taxes

For futures taxation, the overall tax rate is much lower than for stocks (point #1), and record keeping (point #5) is a breeze - I only have to enter 2 numbers on Form 6781 every year. I don't have to worry about holding periods, wash sales, etc.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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