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Need a true Teacher Mentor


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Need a true Teacher Mentor

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  #101 (permalink)
washington, D.C.
 
 
Posts: 22 since Jul 2018
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Aurac View Post
We trade to win and most traders define a Ďwiní as a trade that makes money. But in my experience most aspiring traders over-focus on the money, which, paradoxically, causes unnecessary losses. I call this vicious circle the Money Trap.

Let me explain.

In trading and in life, money is a Ďhot topicí. A study of 4,500 couples revealed that arguments over money are by far the top predictor of divorce. Why? In marriages, arguments about money trigger core security and self-worth issues. As so it is in trading.

In trading, two things happen to those who over-focus on money.

First, you will trigger your biological imperative to avoid taking the loss, because your security is at stake. Thatís when then things get slippery and you will be tempted to trade-not-to-lose. This means you will not manage your trade according to any rational rules.

Second, when we are overly preoccupied with money (security), our field of attention narrows down (tunnel vision), so that we are very likely to miss the obvious. We will micro-focus and micro-manage our trades. This loss of perspective will get us shaken out of good trades and our self-esteem will plummet.

Trading well requires that we condition ourselves to do the opposite of what human nature urges us to do. Itís not easy, but changing just this one thing about your trading could make it possible for you to stay in winning trades longer.

Rx: To avoid the Money Trap, consider putting some tape or a piece of paper over your P&L and trade without reference to it until the end of the day. Along with that tactic, shift your attention from Ďthe moneyí to your Method and define a Ďwiní as a trade in which you carefully followed your rules, regardless of the monetary result. By doing this, your security and self-worth are not at stake with each and every trade. Then you can trade-to-win and not sabotage yourself.

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.

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  #102 (permalink)
Gilroy california USA
 
Experience: Intermediate
Platform: NinjaTrader, TOS, MT
Broker: TDAmeritrade Ninja Trader, TastyWorks, Robinhood
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Try listening to Day Trading Radio very good people there

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  #103 (permalink)
Joplin, Mo. Jasper
 
 
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sbogatin View Post
This is to Ty199. I have subscribed to Mike's site for number of years, but I almost never respond to posts. I received an email that I must respond in some way to not get canceled from futures.I/O. So I clicked onto the site where I saw your question. I almost did not respond to your dilemma which I would define as a losing trader for nearly 4 years, and that you're asking for help because you do not know where to turn. The issues that led to your failure are legion, and most of the causes will seem almost impossible to understand if indeed you have been trading for four years and have lost money. It is impossible to give you a solution on one simple post without knowing more about you. It is not just an issue of being underfunded, or having the wrong system, or having no practical understanding about how markets work, there are some issues about you, and perhaps a lack of understanding about how you process information and are unable to apply this insight to a profitable outcome.

I have been around the markets since I was 31, and in just over two weeks I will be 70. I have never read markets better in my life than I read markets now. I am a highly educated man, and I am successful and I don't need to make another dime in my life. Yet, nothing has been more challenging than learning what I needed to know to trade markets. In my not so humble opinion there are very few traders who can read a market better than I do, and it didn't come cheaply, it took me nearly 40 years, and I am still learning.

I am going to give some advice, and I don't know how to give you a complete answer because one fact needs to be determined, and I can't do that for you. you may not ever be a good trader because you don't have the personal insight, the tenacity, and a proper approach to developing your skills. You may not have the conviction to seek out and change the reasons for your failures thus far. You may not have the capital. This is not meant to be harsh. There is reality. When I practice medicine, one of the many things I've done in my life, I never told a patient dying of a terminal illness that everything was going to be all right and that they would get better. There are realities to success and failure. The good thing is you're not mentioning that you have a terminal illness and that means you have a chance. Extending my analogy, I can't tell you what your solution is because I don't know your problem, and from a trading point of view it's impossible to know what you need. From a probability point of view, you need much more than a trading system. There is something about you by the nature of your story that indicates this. So that we are perfectly clear, there is nothing unique to you as I have had my issues, and I chose to work this out over a period of almost 40 years.

I don't wish to violate any of the rules of this site. If there's something that I've said, or there's something inappropriate about the solution I will offer, I would expect Mike to delete my post. The fact is while I know how to read markets and I understand the dynamics of markets far better than most people as best I can tell, I don't even know if I'm posting on the correct link here, one of the issues with old age. I have no website, I have no commercial venture in trading other than trading my own account, I have no interest in the mentoring business, and to be honest, if you did, you couldn't afford me. Last year, a couple of old friends it turns out... have been trading for nearly 30 years, but they weren't making money in markets. I decided in a gesture of friendship to send them videos in a public forum, and this turned into about 300 videos ( to my shock) and about 900 followers which is even more shocking. I do not make a penny from this... as I did it to help two of my friends who are about my age.

I have to be very careful what I say here, because most people who offer advice, including some of the advice you are being offered is not what's going to work for you, but this form doesn't allow for me to address those issues.

Since I like to play by the rules, if Mike cares to hear where I post, but Mike will be familiar with that site, I would be happy to give him that information and he can decide if it's appropriate to post that information on this site, or to you directly. I don't know what 900 people are doing in their own trading, but I know one of my students who is well-funded and has had marginal success until recently, is doing phenomenally... actually in markets that I do not trade as my interest is in futures markets. It is about how to think, seeking objectivity...in addition to understanding markets and their traps.

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.

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  #104 (permalink)
oldsmar
 
Experience: Advanced
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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.

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  #105 (permalink)
Fort McMurray, AB Canada
 
Experience: Beginner
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@Ty199

Have you tried mindfulness and meditation practice to help with focus and concentration?

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  #106 (permalink)
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
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sbogatin View Post
This is to Ty199. I have subscribed to Mike's site for number of years, but I almost never respond to posts. I received an email that I must respond in some way to not get canceled from futures.I/O. So I clicked onto the site where I saw your question. I almost did not respond to your dilemma which I would define as a losing trader for nearly 4 years, and that you're asking for help because you do not know where to turn. The issues that led to your failure are legion, and most of the causes will seem almost impossible to understand if indeed you have been trading for four years and have lost money. It is impossible to give you a solution on one simple post without knowing more about you. It is not just an issue of being underfunded, or having the wrong system, or having no practical understanding about how markets work, there are some issues about you, and perhaps a lack of understanding about how you process information and are unable to apply this insight to a profitable outcome.

I have been around the markets since I was 31, and in just over two weeks I will be 70. I have never read markets better in my life than I read markets now. I am a highly educated man, and I am successful and I don't need to make another dime in my life. Yet, nothing has been more challenging than learning what I needed to know to trade markets. In my not so humble opinion there are very few traders who can read a market better than I do, and it didn't come cheaply, it took me nearly 40 years, and I am still learning.

I am going to give some advice, and I don't know how to give you a complete answer because one fact needs to be determined, and I can't do that for you. you may not ever be a good trader because you don't have the personal insight, the tenacity, and a proper approach to developing your skills. You may not have the conviction to seek out and change the reasons for your failures thus far. You may not have the capital. This is not meant to be harsh. There is reality. When I practice medicine, one of the many things I've done in my life, I never told a patient dying of a terminal illness that everything was going to be all right and that they would get better. There are realities to success and failure. The good thing is you're not mentioning that you have a terminal illness and that means you have a chance. Extending my analogy, I can't tell you what your solution is because I don't know your problem, and from a trading point of view it's impossible to know what you need. From a probability point of view, you need much more than a trading system. There is something about you by the nature of your story that indicates this. So that we are perfectly clear, there is nothing unique to you as I have had my issues, and I chose to work this out over a period of almost 40 years.

I don't wish to violate any of the rules of this site. If there's something that I've said, or there's something inappropriate about the solution I will offer, I would expect Mike to delete my post. The fact is while I know how to read markets and I understand the dynamics of markets far better than most people as best I can tell, I don't even know if I'm posting on the correct link here, one of the issues with old age. I have no website, I have no commercial venture in trading other than trading my own account, I have no interest in the mentoring business, and to be honest, if you did, you couldn't afford me. Last year, a couple of old friends it turns out... have been trading for nearly 30 years, but they weren't making money in markets. I decided in a gesture of friendship to send them videos in a public forum, and this turned into about 300 videos ( to my shock) and about 900 followers which is even more shocking. I do not make a penny from this... as I did it to help two of my friends who are about my age.

I have to be very careful what I say here, because most people who offer advice, including some of the advice you are being offered is not what's going to work for you, but this form doesn't allow for me to address those issues.

Since I like to play by the rules, if Mike cares to hear where I post, but Mike will be familiar with that site, I would be happy to give him that information and he can decide if it's appropriate to post that information on this site, or to you directly. I don't know what 900 people are doing in their own trading, but I know one of my students who is well-funded and has had marginal success until recently, is doing phenomenally... actually in markets that I do not trade as my interest is in futures markets. It is about how to think, seeking objectivity...in addition to understanding markets and their traps.

Scott,

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

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  #107 (permalink)
Joplin, Mo. Jasper
 
 
Posts: 45 since Sep 2019
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spideysteve View Post
@Ty199

Have you tried mindfulness and meditation practice to help with focus and concentration?

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.

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  #108 (permalink)
Fort McMurray, AB Canada
 
Experience: Beginner
Platform: NT, MT4, Jigsaw
Broker: Continuum
Trading: ZN, ES
 
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Ty199 View 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.

If you want to try it again, let me know here and I can possibly guide you a bit. Iím definitely no expert by any means, but from my personal experience it has helped me a lot.

Itís like anything though - if you keep practicing and working on it, you will see the benefits later on. There is not really an ďinstant gratificationĒ 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 Iíve read.

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  #109 (permalink)
Joplin, Mo. Jasper
 
 
Posts: 45 since Sep 2019
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nikotron1124 View Post
It looks like you have the ADX on top of MACD. So, instead of these lines converging when /CL forms a bottom, they are opposite of each other. It really does not make a lot of difference, but if you can have the MACD on top of the ADX it would be much easier to see the lines converging first at almost the exact bottom of /CL and then start getting away from each other. Let me try to attach a chart from another platform that makes it easier to see the setup.


ADX_PPO_HomeDepot


ADX_PPO_051020


I attached two charts with the setup. One is for Home Depot (HD) and the other is for Caterpillar (CAT). On these charts, the PPO, or in your case MACD, is on top and the yellow line is the 9-period average. On the bottom chart is the ADX with +DI/-DI and the blue line is the ADX line. As you can see, I hope, as the bottom is forming on these daily charts, the yellow line comes close to the ADX blue line. This is the warning of a setup getting ready to trigger LONG. The trigger is when the +DI green line CROSSES over the -DI red line. When this happens you go LONG the very next day, or sometimes towards the close of the same day if you see these two lines are about to cross. It is a little bit aggressive, but with a tight stop you can enter the trade. I will try to use TOS to see if I can setup the chart my way. I thought that TOS had the PPO indicator, well I will check it out. There a few tips as to how to use these two indicators together for entering a trade, but let's go one step at a time so you don't get confused. Get this setup working now and later we can discuss the refinements of using these two indicators. Let me know if you need some more clarification of the setup. Good luck and Good money. In my opinion it is better to use this setup from hourly charts and up. Don't use on less than 30 minute charts. For a good profit always go to higher time frames.

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 !

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  #110 (permalink)
Anahein+California
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Gold
 
Posts: 21 since Oct 2012
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Ty199 View 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.....

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  #111 (permalink)
Scarborough
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Emini ES
 
Posts: 27 since Apr 2020


Ty199 View Post
Really need help to learn. I have been trading for about 4 years and lost so much money. I paper trade and did use real money until I finally learned that I am not doing any good loosing my money. I have tried so many set ups, indicators all that stuff but cant get the solid foundation to start with. Im missing something somewhere and have been trying so long to find what it is. I want to learn ! I have to learn ! This is what I want to do... Even after all the lost money, failing and feeling like crap I still have a drive to do it and it has not slowed down. I am not getting something somewhere. Looking for a true person or group to teach me. I dont want to follow someone I want to be on my own after I learn. Recommendations on where to look and start ?

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. Itís 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 Iím working on. Making money is not what your issue will be. Itís 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. Iím 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.

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  #112 (permalink)
phx AZ US
 
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Ty199 View 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.

https://www.youtube.com/watch?v=3uT7L1Pk8t0

106 - Can meditation give traders an edge with Adam Grimes - Better System Trader
adam grimes had some cool meditations but I cannot find it online.
He had provided it for free. Maybe you can email him.

https://soundcloud.com/yvan-byeajee

here is the ones that I followed at one time...awesome stuff....
https://www.thereisaway.org/ho-oponopono-cleaning-meditation/

there are more at thereisaway.org site and it is all free ( atleast ones I used and those were awesome)....
Good luck
Sam

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
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  #113 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
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Trading: Futures
 
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@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.

Take care,
-Mich

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  #114 (permalink)
Hollywood, FL, USA
 
Experience: Intermediate
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Posts: 3 since Oct 2019
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Finding a teacher

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 ....


Quoting 
'I paper trade and did use real money until I finally learned that I am not doing any good loosing my money.'

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

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Ty199 View Post
Really need help to learn. I have been trading for about 4 years and lost so much money. I paper trade and did use real money until I finally learned that I am not doing any good loosing my money. I have tried so many set ups, indicators all that stuff but cant get the solid foundation to start with. Im missing something somewhere and have been trying so long to find what it is. I want to learn ! I have to learn ! This is what I want to do... Even after all the lost money, failing and feeling like crap I still have a drive to do it and it has not slowed down. I am not getting something somewhere. Looking for a true person or group to teach me. I dont want to follow someone I want to be on my own after I learn. Recommendations on where to look and start ?

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.

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  #116 (permalink)
phx AZ US
 
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Jigsaw Trading View 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.

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
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tradersam View 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....

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.

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Joplin, Mo. Jasper
 
 
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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.

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  #119 (permalink)
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n5rinivas View Post
Price action can help you. I was in a similar position and i have seen lot of improvement. I have not been consistent in profit making , but my winning rate has increased after joining here. You can trade Oil, ES and other Futures with mechanism thought in this group.



https://www.oiltradinggroup.com/







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Joplin, Mo. Jasper
 
 
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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 !

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Bangor Maine
 
 
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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 .

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hclara View 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 .

Wow powerful stuff hclara. Thank you.

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  #123 (permalink)
Houston
 
 
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Ty199 View Post
Really need help to learn. I have been trading for about 4 years and lost so much money. I paper trade and did use real money until I finally learned that I am not doing any good loosing my money. I have tried so many set ups, indicators all that stuff but cant get the solid foundation to start with. Im missing something somewhere and have been trying so long to find what it is. I want to learn ! I have to learn ! This is what I want to do... Even after all the lost money, failing and feeling like crap I still have a drive to do it and it has not slowed down. I am not getting something somewhere. Looking for a true person or group to teach me. I dont want to follow someone I want to be on my own after I learn. Recommendations on where to look and start ?

Hello Ty199,

Try one of the price action course here on the forums.

There is no getting around it, you will have to pay for trading course until you find something you are comfortable with.

Trying to learn on your own is non sense to me when you can go buy a trading course or hire a mentor to teach you.

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  #124 (permalink)
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Can you specify which price action course (the paid one)? Any direct links?



goodoboy View Post
Hello Ty199,

Try one of the price action course here on the forums.

There is no getting around it, you will have to pay for trading course until you find something you are comfortable with.


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  #125 (permalink)
Houston
 
 
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yoyotrader1 View Post
Can you specify which price action course (the paid one)? Any direct links?

yoyotrader1,

You can look here

https://futures.io/trading-reviews-vendors/

Start a new thread on Recommended price action courses. I do not want to post and get in trouble what I am using.

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  #126 (permalink)
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Hello Ty199,

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

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  #127 (permalink)
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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.

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  #128 (permalink)
TampaFL
 
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Ty,

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.

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Houston
 
 
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itrader46 View Post
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.

itrader46,

Does Axia Futures have third party audit trading records to view? Or show their live trading records?

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  #130 (permalink)
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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.

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  #131 (permalink)
Houston
 
 
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itrader46 View 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.

itrader46,


So, the answer is no. They do not have 3rd party audit historical trading records, correct?

How do you know they are the "real deal"? What does the "real deal" mean?

Also, anyone can hand pick a few live trades to show you.

You need about 6 months and 200 trades of real trading to see consistency.

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  #132 (permalink)
Legendary Market Wizard
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goodoboy View Post
itrader46,

How do you know they are the real deal? Many many many say they are real deal.

The big traders there swing 300-1000 lots, and you can see it in the book.

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Houston
 
 
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josh View Post
The big traders there swing 300-1000 lots, and you can see it in the book.

josh,

Can you see +100 of their trades live?

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  #134 (permalink)
Manchester, UK
 
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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.

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goodoboy View Post
josh,

Can you see +100 of their trades live?

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.

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  #136 (permalink)
Pahrump, NV
 
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goodoboy View Post
Hello Ty199,

Try one of the price action course here on the forums.

There is no getting around it, you will have to pay for trading course until you find something you are comfortable with.

Trying to learn on your own is non sense to me when you can go buy a trading course or hire a mentor to teach you.

Not true. Lots of stuff on YouTube.

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itrader46 View Post
'audited trading records'


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.

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  #138 (permalink)
Houston
 
 
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josh View 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.

Thank you for the response josh.

You make a a good point, I appreciate it.

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.

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  #139 (permalink)
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https://youtu.be/EkRw6NC0Jew


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