That was certainly part of the problem for me. I put in the hours but you don't know the right type of hours. I didn't have a clue what that even meant. I'm still not sure I know.
Those are the sorts of areas where a mentor might cut the learning time down... A good mentor, that s...
You can get help from teachers, but you are going to have to learn a lot by yourself, sitting alone in a room.
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In my opinion it is the same with anything. 8 hours of studying is not effective... There are few people on this planet that will find 8 hours in-a-row that will be effective. Most people have 45 minute time-spans of productivity as I recall from a study a few years back that I read. Each time you have one distraction, it takes an additional 10-15 minutes to regain where you were at prior.
I believe the hours are more specific to determined with explicit focus in what you are doing. Unless this person is on the Autism scale, then I would say that his study time of those hours is probably not accurate, but who knows, just my 2 cents... I probably spend 3-4 hours per day looking at charts, studying, but to count towards my 10K would really be 1-2 hours daily for my focused trading and review and the rest of the time it is just 'playing' mentally.
If you were to give yourself 2 years with most businesses, then you will end up closing your doors a lot! But, maybe that would be the smart thing.. haha... The most successful business that I have owned have always been those that started off on fire, but I believe that is because I was chasing a trend.
Again, I know little if nothing and what I say doesn't matter, but just my understanding of the world around me.
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I was waiting for this response, I am as dedicated as anyone always been self employed, so working from 7am-Midnight everyday including Saturdays, More than I liked on Sundays, waking at 2 am testing till 430 or so is nothing new to me. My belief is when you start something dont stop till your finished or goal is achieved. In this trading task I have scarificed time from my GF's my daughter who is my world, my friends didnt know what to think because when I started this, poof I was gone. Reason I told then till I get this NOTHING is more important other than my daughter!!!!!!!!!!! So Yes I did put in the time but this is how I did it. To each there own. Also I have a lead manager that comes to my trade office when situations arise he can't handle to take direction.
AS far as quality time I agree, but being green there's no way to know unless you try hundreds of setups. And gain that experience of what works and doesn't! HENCE if you had a MENTOR, a driving coach, we'll call it, your destination would be achieved far sooner. Then you can settle in and learn one chart or style and master it.
Honestly Blue and futures.io (formerly BMT) members I'll be here after Feb. I've got sweet spots that always work. What I'm trying to do is KILL the markets as Sharky says. Because lets be real the risk vs rewards are high here. So I wanta be paid in this game otherwise I'll move on to a better one.
Quote from Warren Buffet: I 'll buy a stock to hold for a lifetime, or until a better one comes along
I might start my own thread soon, we'll see>
And as always thx for any input, this is what helps one grow. If we open our eyes and listen>>>>>>
Blue you make me smile, because we are different we can learn from each other. I have never started off a business that was on fire, I made it on fire built it from the ground up. This is my strength core structure.
I don't want this thread to get off track>>>>>>>>>>>>>>>>YES to finding a mentor if he is worthy of teaching.
People are different and different people need different things in order to achieve their goals.
some need knowledge
some need experience
some need self-analysis
some need guidance
some need resources - capital, tools etc.
some need insight
some need clarity of their goals
some need discipline
some need persistance
some need method
Depending on what you need and what the potential mentor is capable of offering and willing to offer will govern if they can assist you (or will hinder you) in achieving your goals.
Only the right mentor for the right person at the right time will advance that person's progress - beyond the advancement that they would have been able to achieve without the mentor.
Good trading to everyone.
Last edited by aquarian1; December 25th, 2011 at 09:22 PM.
Reason: second thoughts
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How do you suggest someone go about finding a mentor?
I would LOVE to be able to just watch someone work for a day or even a few hours, and be able to make a list of questions to ask later on would be a blessing.
This does not seem like something a good mentor is going to advertise, and I would not know where to begin to look for someone to approach that lives in my area. So what do you suggest??
I am getting started and I seem to have more questions now than when I started. The more I learn, the more I realize I do not know/understand.
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Be Patient young one. A Master will find his way to you.
Here is what I would do:
1. Read every freakin journal, system, technique, indicator, robot/EA/Strategy, etc. and see what appeals to you. Take the $ symbols out of it and if these systems made no dollars EVER, what would you find that fits you personally.
For me, it was counter-trend trading as it matched up with my typical motion in life. But, I didn't realize how hard it would be...haha...
2. Next, once you identify the kind of system, trend trading/countertrend, range trading, momentum trading, price action blah blah blah... then start honing in on someone that you feel has good charts that 'sing' to you. Follow this person, read all their posts and watch them.
3. Reach out to them. Don't 'worship' them. EGO has no place for real traders and the fact that one idiot wants to worship another makes no sense. They are just people who are wrong 70% of the time...
4. Build some 'report' with them over time and they will begin to trust you and ask them to help you a little here and there. Again, don't WORSHIP THEM!
5. Continue going down that path until you have mastered the setup with your own nuances and voila... You are now at year 5 and wondering why the hell it took you so long... hahah.....
That is what I would do... Or you can pay some dude and hope for the best. I do believe that paying someone to get you started isn't a bad thing IF YOU HAVE THE MONEY and TIME and understanding that this is temporary and you probably will not be trading that system exactly like that in 2 years time.
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