This is the most appropriate advice any trader can be given. If your methodology is good and tested, and if you follow this in your trade honestly, your portfolio will certainly become better and better.
The following 3 users say Thank You to sraman for this post:
Always appreciate a lesson from a knowledgeable person. As you said it could be me, it may just be. I will be open here. I am retired medically from Law Enforcement after just 10 years on the job. I just had to step down by Dr. orders. The last year of my career I had many incidents that was not pleasant, and as tough as I was and nothing I seen or had to do even put a thought of fear or back away or nothing but lets keep going and just a rush. I could walk away from anything even anyone and not think about nothing. I was rough and could shut emotions down to I had none. But anyway I ended up stepping down due to PTSD after some issues. How , I dont know, I didnt let anything bother me, but somethings got past and started to not set well. But enough on that,I say that because now I cant read a book, a magazine, I cant focus on reading at all. It took about 3 times to read your post all the way. I am not dumb I can read but to focus on reading not a chance. Dont know what caused it. Dr gave me adderall and didnt help at all. But maybe after you say what you did it could be me not seeing and being able to focus on what details Im missing or doing right and not knowing it. I just dont seem to get how the market moves the way it does and know why and when it is going to. Even if I dont be a trader that makes money, I think I will still do it because I just love it. Hate it sometimes LOL. But I just think it is the coolest thing and to make it a job would be huge achievement that I think would be more than anything else I have done. But always Thank you for your time to write your post. I do appreciate all the comments that people take time to post.
The following 2 users say Thank You to Ty199 for this post:
Trading is a lot of work, I don't know that I would call it enjoyable. It is very interesting. The thinking behind the trader is critical, but I can't say what that means for you. There is a PhD psychologist, Andrew Menaker, who works with some of the best professional traders in the United States according to him. His experience is that amateur traders love trading, but they don't make money, and professional traders hate trading even when they have their best year, and can't wait for one more year so they can quit.
TradingView has a free version. I thought I was going to post 10 or 20 videos for friends of mine who are having troubles trading. I didn't mind because I got a chance to articulate and organize my thinking. As it turns out, it turned in to over 300 videos, each about 20 minutes long. It didn't really bother me that there was public access because I don't make my money from teaching or mentoring, and it started out to help my friends. If you find the "ideas" tab...then go to "educational ideas" and then "video only"....you will see my posts. I cannot possibly know all your issues, or what type of trading is suitable for you, but I talked about some issues that you are not likely to come across on your own. I talk about some of my personal issues and training through the years. It might be a start for you and give you some guidance with regard to your needs.
When you go to medical school, there are people who know what they're doing and you will learn what they are teaching, or they will not let you graduate, and then you will take federal/state exams that qualify you to be licensed. There is none of this in trading for individuals who are trying to learn how to trade. You don't even know where to start except by hearsay. By far and away the vast majority of traders lose money and stop trading. This is common knowledge. If you lose you discretionary capital...you are out of business.
The following 7 users say Thank You to sbogatin for this post:
Thanks for your kind but wise and direct post. Since I have no dog in this hunt in terms of profit, I can post a link and ask if there are others. I am sure there are several people intrigued by what you have posted and I plan to spend some time here: https://www.tradingview.com/u/ScottBogatin/
Are there other places I should look?
Thanks,
Jeff
The following 3 users say Thank You to redneck4Christ for this post:
I have kinda, the Dr. had me do some but it was hard to even do that. Maybe because he had me doing breathing lessons for like 10 min at a time starting out. But I still start to think about so much stuff and loose focus on what i was doing. Honest I really not for sure if I know what mediation is to an exact point of what to do.
The following user says Thank You to Ty199 for this post:
If you want to try it again, let me know here and I can possibly guide you a bit. I’m definitely no expert by any means, but from my personal experience it has helped me a lot.
It’s like anything though - if you keep practicing and working on it, you will see the benefits later on. There is not really an “instant gratification” from it, but there is a gradual curve which you will see/feel benefits. Again, this is my own experience, and that is consistent with others I’ve read.
The following user says Thank You to spideysteve for this post:
This is a cool set up, I couldnt find the PPO on TOS. But I am trying this out now. I dont know what I was thinking when you said put the DI on top of the macd LOL. I put it all in one spot on top of each other and it looked like a scribble match LOL. But so far just practice, 3 trades 1 loser 2 wins. The loser I did got in late and it was a small move and topped before I took profit. On the ES 1 contract had a 200$ trade. Ia m going to play with this more and see if I can get a good system going. I may change a few things and try them also, but going to mess with this and see what I can do. Thank you. I like it so far and seems pretty simple and easy to understand !
This setup is mainly for longer time frames and for swing, or position trading. Now, with the ES or MES try to use it from the 30 minute time frame and up otherwise it may force you to do many trades that will be almost like scalping. Now scalping is known to get peoples' money and give it to the exchanges (market makers). When I use this setup, I use it using options, but I do not want to confuse you with options, because you sound like you are still new to trading. Maybe the next lesson will be using a little more advanced use of the MACD Average line in conjunction with MACD Histogram together with +DI (green)/-DI(red) lines to get a little sooner and capture more profits. Anyway, using this setup with an options strategy called "Collar" can almost guarantee an always profitable trade, by adjusting (if needed) the "Collar" until you get out of the trade. Just be patient and do not risk too much money in the beginning until you get your confidence up using this setup. Try to avoid the temptation to modify this setup. It is simple and profitable and the best strategies are ALWAYS simple and profitable. Wishing you the very best and a lot of profitable trades. Stay in touch.....
The following user says Thank You to nikotron1124 for this post:
I started my course at the Fibonacci trading institute in October of 2019 with Alla Peters. You can watch her videos on how she teaches here: https://fibinstitute.com/. You can read our reviews of the course and her teaching under the review section. You can listen to our podcasts as well.
I decided to join the Fibonacci institute after watching her videos. I signed up for the three month course and when I graduated I signed my wife up as well. In December or when the kids eventually go back to school both my wife and I are joining the six month mastery course.
You need a complete reset. Please take it from me. Your story is no different from mine and many others. Please listen to me. You need to let go of all you think you know and let Alla help you. She has done wonders for my life. She has given me so much hope and joy and peace. All I wish for you is what I have, what I enjoy. The confidence to trade without fear or panic.
Come and listen and watch us trade. And then decide on how you feel. Watch the videos, ask questions, all Alla and talk to her. It’s all there with nothing to lose and a new lease on your trading life to gain. Her methods allows you to grow your account with confidence.
I should warn you, there is a lot to learn but if you are willing to put in the time, you will be rewarded handsomely.
Please go to the site and read my review which is under my names. Emmanuel Erskine. It is an in-depth review of the course which includes what my personal challenges are and have been what I battle and what I’m working on. Making money is not what your issue will be. It’s all the other stuff she teaches to help you hold on and grow your money. Let me repeat that: making money will not be your issue. That is the easy part.
All I can do is point you in the direction. Any thing else you do other than what I have suggested will just continue to take you round the mountain. You will find yourself in the same position in no time at all.
You need a complete overhaul. A complete reset. You can get it here. Www. Fibonacci institute dot com.
Good luck. I’m in the trading room Monday to Friday. Come and say hi. We so my trade four days a week. We are encouraged to only take one trade a day. Two at the most unless you suffer a loss then maybe a third may be required. One trade is usually enough. Greed kicks in after three trades and you are likely to give all or soMe of your profits back. These are some rules we have. They are like guard rails to keep us on the journey. The market will test you every day. We are well armed to face and pass the test. Come learn how and find your enjoyment and passion in trading again.
@Ty199, I certainly don't want to underestimate what you have been going through but maybe the next resources can provide some help:
I think Dr. Joe Dispenza offers an interesting distinctive view (scientific) to say the least (you may know his work). See Todd's Testimonial and more on ptsd.
Another one with a different view, highly valued around the world, is Wim Hof or the Iceman. His method is very simple, effective and not expensive. See Wim Hof Method | "Brain over Body" Michigan Study.
I have been trading on and off for the last 22 years. The first 'trial' I lost 360k, the second trial I lost 60k, now this time I actually made 150k (this year alone), so yes there is hope, but it comes with ....
Paper trading is good if you want to test some ideas, NEVER treat paper trading as NOT FOR REAL otherwise you are actually just wasting your time.
You will have days that you loose money, suck it up, it comes with the work, main important thing is that you are good at the end of the week/month.
If you are consistently loosing money, than you might be an addict (sorry I am very blunt in my expressions, but I wish people were more non-political-correct and say how it is), so if you cannot afford it, and losing, than stop with this work, it is not meant to be.
About trading courses and 'hot tips', forget about those. I have wasted >20 k on this B.S. and the best thing I learned from it is that they are not there to make you money. Most of those companies need this income as their so called 'super indicators' or 'super strategies' did not made them money, so they try to sell it to you. If it would have worked they would not sell it, believe me, no free lunch.
There are some traders that do have ethics and I am sure you can find a bunch in this forum. The ones that share their experiences are the ones with valueable lessons. Use those to grow, it does work.
The suggestion to use the Micro Futures is a great one, use this to first proof to yourself that you can be consistent (and I mean for months in a row) before adding to your positions (like start with the Russel M2K, 1 contract and perhaps 1 to average but that is it. If it goes bad, well suck it up there is always another trade around the corner.)
If you think you have a strategy and it worked on paper but not for real, you know that you can just throw it away, your system MUST BE AS GOOD ON PAPER AS FOR REAL, if not, trash it.
I hope I did not stepped on anyone their toes, it is just a bit of my experiences shared here. I am a wealthy person and do not need to trade, but I like to do so as it is stretching my brains a bit and I love challenges. I trade about 2-3 hours 4 days a week, or if it rains I do some more
The following 5 users say Thank You to Tulips for this post:
I understand this need - but are you 100% sure you want a mentor? What if the mentor asks you to do stuff you don't really want to do:
- Be 100% responsible for your trading decisions & your trading plan
- Cut down your trading time so you have more time to go over videos of every trade you make at the end of every day
- Write to your trade journal after every trade
- Stick rigidly to your plan and make no off plan trades (people find this really tough)
- Keep an eye on the news, the volatility, the pace of the market - use that to decide whether to trade or not
- Not trade on some days
- Throw a lot of your beliefs about trading away
- Have 100% faith in your mentor and follow his instructions to the letter
I'm not saying any of these are things you specifically...
In my experience. A lot of people looking for a mentor are looking for setups. They are looking for a shortcut. They are looking for less work. It's normal for traders to underestimate the amount of work involved to improve and when the shortcut initially looks like a lot of extra work - they bail.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
The following 9 users say Thank You to Jigsaw Trading for this post:
IMO, Mentor is essential...but also someone who can be with you long term ideally lives in same city and you can consult regularly say once a month ...one who can guide , encourage and provide subtle insights....not just to learn from...and yes...he/she needs to be a real trader....
You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
Yes - but it's not available to everyone and certainly many people could make massive strides without one.
Most married men would do well to talk through the days trading with their wife at the end of the day. I've yet to meet a married male trader that wasn't horrified at the thought.
Having an accountability partner is also much better than flying solo. Someone you catch up with each week and you take turns going over what you said you'd do vs what you really did.
Most people are not disciplined enough to do it alone.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
The following 3 users say Thank You to Jigsaw Trading for this post:
What I see as a Mentor would be showing and teaching what and why the market moves and what to look for. Lets be honest, you do something long enough and see it many times over you can have a good , very good thought of what is going to happen. Law enforcement, many times just standing talking to people that was of interest or did something you could tell what the plan to do or get close to what they are going to do. Body language, is he going to run , fight, or just be hard to deal with or easy going. Language, how he is using his words or words in a manner you could tell most likely what he would do. Just eye quick eye contact you knew to get ready. Many times new Officers I would pull the to the side and tell them, hey, this dude is going to run when we go to arrest him just by his attitude and body moments. The way a person looks off and not at you, cant keep a conversation on topic, he is most likely lying and. A person who is carrying a weapon, look at his clothes, pants to the side more than the other, shirt undone just a little imprint of something that shows on the shirt when they move. You can read so much from a person. I would teach new cops by watching videos and pointing out what , why and how, and in what direction is things going to happen. I still do it today. Was in the store at the check out paying for my stuff and a cop walks in and from his look he was looking for someone. I looked to my right and there was a guy, Bamm I knew what was going to happen. He ran for the door. I turned and tripped him and slammed him down and the cop come around the isle to cuff him.. Did not mean to, I just did it out of instinct and reaction to what I saw.
Now same with charts, patterns, volume, time and sales news, anything. These things show signals of what is most likely to go on and how. This is what I want to learn, you see something and you know a move is pretty much going to happen. Someone to show me how to read this and why it did what it did. People do things to show what they are going to do, charts do things that show people what to do. It all pattern from the person who can see it. Thats a mentor as I see. What to look for, why to look for it and what to do with it.
Long post but just putting what I think a person a teacher , mentor should be like.
The following user says Thank You to Ty199 for this post:
Like to say Thank you to everyone that commented and gave advise. I have been sim trading using the micros. The main thing I found out is my patients gets in my way. I have been waiting for a set up instead of trying to make one happen. Also taking a few trades and being done. Still working on this, the greed .. wanting more than what the move is giving. Making some progress so its better ! Thanks everyone for your help !
The following user says Thank You to Ty199 for this post:
TY -- Glad to see you are making some progress and letting the trades come to you . It can be a slow process to become a good trader and an ever ending learning curve at least for me anyways . There will always be someone a little better so keep grabbing a few good tips when you can . When I use to play golf it was beneficial to play with someone better then me so I could learn from them , trading is no different . Wish you the best on your endeavor .
Join the club of thousands. This is VERY typical, unfortunately. Have seen and found there are several "foundation" skills that if mastered can pull the whole thing together. All (and there are several key ones) Reading the market action (how to read candles, helps) and Support and Resistance levels. Why? Because many of the "big Guys" set their computers to these levels for targets. So any kind of study in S&R, you may find helpful. Indicators that reflect "in the moment" price and volume action. Volume = Volatility= Motion. Working through which markets work best for you also will keep you in highest % of success. Look at past successes where were those trades. Even, what day of the week, and what time of day. Start to narrow whats IS working. And of course, hopefully your fears are not getting in the way. This can be bigger than all the rest. Emotional management and controlling in the moment is key. If you find you are doing something you don't want to, but can't stop, than ask yourself a QUESTION in the precise moment like 'Whats the market tell me?" Believe the answer and go from there. Wishing you the best, stay positive, be determined. One step at a time. - Robin
I am currently doing the Axia Futures Online Career course and in my opinion, it's the only course worth spending your money on. Have a look at their YouTube channel and you will see for yourself.
Have been away from this site for a while. Read some (not all) of the replies, so if this has been said, please bear with me.
You have to find a mentor that suits your personality. I will mentor you, but it will do you zero good if you do not have the temperament, risk tolerance and capital to trade the way I do. I am a numbers guy - I don't look for setups, chart patterns, tape reading, or any of the like. I trade spreads on the indices and ES weekly options. That's it. All math based. If that appeals to you, PM me. If it doesn't, the point remains - your mentor needs to share your desired way of approaching the markets.
The following user says Thank You to jba1962 for this post:
You can see a lot of live trades on their YouTube channel. The guys are the real deal and they are not mainly a training outfit, but a prop trading one.
The following user says Thank You to itrader46 for this post:
Look on YT and you will see. I decided to take the course after watching many hours on their channel and i decided for myself they are good, coz they sound like they know what they are talking about. And btw, the 'audited trading records', as far as I know, it's a myth. Nobody gives you that and even if they did, you'd be like 'Well... I can print that myself...'. They give you enough free material to make your own mind up to decide if you wanted to take the course, or stick with the free stuff.
The following 2 users say Thank You to itrader46 for this post:
Not +100 trades -- I can see on the videos (that were recorded at the time, so no, not live), the orders in the book, as they are placed, because often they're 100 lots or more. No doubt you are aware how this works, and that it can't be faked. There are plenty of shysters out there, and they can easily fool people who don't know better (trading sim, trading live but recording two offsetting hedged accounts, the list goes on). This is not the case here.
The last time I cared if anyone was "legit" in a trading video was about 10 years ago when I was new to futures. I was mesmerized by a video of a "profitable" trader. But I don't watch videos of people trading now because I am a trader, and it's a waste of time. Except for the above, because he/they actually know how to execute, and it's informational.
Whether something being sold is useful depends in part on the information, and in part on the purchaser. If the purchaser is like 90% of traders looking for a way around their own laziness, then nothing will work for them, period. If a recipient is more like a rock than a sponge, they won't soak up much.
The following 3 users say Thank You to josh for this post:
Of course, this is very simple to fake, which is why it's useless, and why only grail chasers care about it. Trade two accounts, hedged against each other, audit them both. On the daily statement, blur out the account number, and post the one for the day that is profitable. It's not rocket science is it? But most traders are so gullible because they're locked into a grail search that they will fall for this. They'd rather chase rainbows than work on their methodology and themselves. Nothing wrong with getting inspiration from successful people, but always seeking proof because you want to believe that someone has the silver bullet is a dead end.
Formulate a model for how the market works, and how to find some edge in your model. For example, identify when a market is trending, buy/sell pullbacks. When it's ranging, buy/sell the edges. Define risk. Execute. It really can be this simple. I'm not advocating quite such a "dumb" strategy, but it's better than what most people come up with, and it's better than any indicator you will pay big money for, because the secret indicator and secret training strokes your laziness muscle, and helps you feel entitled to make money because you spent money, instead of the reality which is that the key to success is mostly between your ears.
The following 5 users say Thank You to josh for this post:
I kinda of agree with you. I day trade on 3 minute charts for about 2 years now. I can say this, I pretty much know if trading trainer is faking or not.