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Need a true Teacher Mentor


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Need a true Teacher Mentor

  #11 (permalink)
Arnhem, The Netherlands
 
Experience: Intermediate
Platform: NinjaTrader, Zorro
Broker: RCG/Continuum, IB, Oanda
Trading: Futures: FDAX, GC, ES, CL also: FX, CFD, ETF
 
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Posts: 71 since Aug 2012
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@phantomtrader "In any case, if you can't test your ideas, you're wasting your time in this business."

Like you I like quantifiable edges as this fits my believe system, and keeps me going when thing gets rough. But other people trade more out more fundemental reasons which are less testable, but believe in these fundementals keeps them going.

There are many ways of making money in the markets. I like to think there is no one right way in trading.

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  #12 (permalink)
Longyan Fujian/China
 
Experience: Beginner
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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 ?



Do you prefer scalping or intraday swing trade, or even daily swing trading? If you want to scalping, And want to learn orderflow, I recommend Kevin Toch’s one on one DOM trading mentoring, and Walter’s ttwatrader’s Bookmap master class. I can also recommend you good course for intraday or daily swing trading course, you can PM me for more details.

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  #13 (permalink)
Joplin, Mo. Jasper
 
 
Posts: 30 since Sep 2019
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DavidHP View Post
First of all. 4 years may not be enough time.
The biggest thing for me was 'screen time'.
I was not able to spend much time with 'actual' market screen time at first.
I had a job, family, friends etc that took much of my time during market hours.

When I devoted more time to just watching the market I noticed there are trends and rhythms.
It is like dating a new girl. At first you don't know what she likes and does not like. But after spending some time with her, you either find what she likes and hates or you find a new girl. You will NEVER be able to always know what will work, but your time with her will be enjoyable anyway.

There are no Holy Grails.
The best way to trade is the way that YOU are comfortable trading.
Your biggest edge is being able to enjoy trading.
You already know some 'methods' so put them to work for you.

Here is my suggestion:
DON"T PAPER TRADE
Decide what you want to trade.
I suggest ES, YM, NQ, etc (very active futures)
Once you decide on ONE not all. Create some simple charts with only two indicators.
(I suggest moving averages or vwap)
These ARE NOT Holy Grails. But they help to see the trend and support.
Then watch the chosen chart for a month EVERY DAY.
If you add indicators keep them simple.
Indicators ONLY indicate they do not predict.

(If you have a system that has worked for you it may be ok to watch that.)
It is hard for me to know if the way you currently trade is even a possible method.

After you have watched the chart for a while, bring up a similar chart of the MICRO version of that futures contract. (i.e. ES = MES / NQ = MNQ / YM = MYM) These are VERY small mirrors of your chosen target. Start trading using these micro contracts. LIVE.

Use very conservative entries and exits. NEVER let the trade get away from you and not use an appropriate stop. Just because they are small, you are developing skill and you don't want to learn bad habits.

By trading the micros live and not paper you will learn the rhythm of your chosen contract.
You will be able to 'relax' into the way it feels and trades and not risk the farm in doing this.
You will develop transferable habits that you can use on the full contract after you become consistent.

This may help to allow you to practice without developing the bad habit of paper trading.

I am doing micros now learning that profit is profit and not just looking for a trade of 100's every time. A 20$ profit on a trade is good on a micro and would be good on a Emini. Say NQ or ES , those are the ones I like the best. MNQ and MGC would be my 2 that I would want to trade. I have tried moving averages and cant seem to get a solid pattern with them, the VWAP is confusing as i have found so many that say what works for them is not the same for others. The VWAP bounce seems to never work for me, it dont bounce and hits my SL. I think reading the charts would be the best, looking at what is happening and having a very good indication of what its going to do.

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  #14 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
Experience: Advanced
Platform: NinjaTrader
Broker: Ninjatrader / Optimus Futures / AmpFutures
Trading: ES / 6E / 6B / CL
 
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Ty199 View Post
I am doing micros now learning that profit is profit and not just looking for a trade of 100's every time. A 20$ profit on a trade is good on a micro and would be good on a Emini. Say NQ or ES , those are the ones I like the best. MNQ and MGC would be my 2 that I would want to trade. I have tried moving averages and cant seem to get a solid pattern with them, the VWAP is confusing as i have found so many that say what works for them is not the same for others. The VWAP bounce seems to never work for me, it dont bounce and hits my SL. I think reading the charts would be the best, looking at what is happening and having a very good indication of what its going to do.

You can use any system that has an edge for you.
The reason I suggested a mostly empty chart with just moving averages is because the exercise is to get screentime in the market of your choice. If you put moving averages on a chart you should understand their purpose. They are to show how extended from the 'average' price is. They give you and idea of the way the market moves above and below average and then returns. (rhythm).

I personally don't take trades from standard moving averages. My trading chart uses anchored VWAP mostly but I have at least one ema/sma on my charts.

Here is a chart I posted in a different thread.
I posted it to show how I was thinking short but the market was saying ??? You are going short when the market keeps bouncing from the 50. What are you thinking.
As you can see, the average shows the market is in a uptrend and shorting was not wise unless it was a scalp at the top of the rhythm waves. (there was more risk to be short)

50 Bounce (ES on 1000 Delta Chart)

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  #15 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: IB, NinjaTrader Brokerage
Trading: Futures
 
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Ty199 View Post
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.


Ty199 View Post
I think reading the charts would be the best, looking at what is happening and having a very good indication of what its going to do.

It seems to me that indeed a good solid foundation is missing. As long as you don't have a good foundation all the trying will cost you till someday you may accidentally stumble across something which resonates with you.

So the question is where to get a good foundation? That's where someone with a lot of experience, call it a mentor, can help. Someone who studied the market for a long time and paid his dues. Someone who walk the talk. Preferable someone who has written down his knowledge so it can be studied. How do you know this person is a trader and not an educator without real successful experience? How do you know his methods work? You look at their track record.

For example Peter L. Brandt, trading commodity futures for the intermediate- & longer term. He runs his own hedge fund successfully since long and published his trading record in his book "Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading".

Or Mark Minervini who won the US championship and is featured in Jack Schwager's Market Wizards together with Pit Bull Marty Schwartz, Linda Raschke and others.

Now Peter Brandt may not resonate with you because of the longer term trading and Mark Minervini not because he trades stocks. Because of these reasons I don't recommend them in particular for you. Nevertheless one will pick up valuable things from their books which one can use in developing one's own personal foundation and trading method. And that's what it's all about, a personal style in tune with one's temperament.

I will name a few "mentors" (with a real trading background, not educators or brokers) who will give you a good foundation for what I think is your preferred way of trading, that is intraday trading using chart reading / price action:

1. Linda Raschke, more than 40 years of experience with a consistent approach (foundation). Traded on the floor (verifiable). Focus on the LBR310 indicator. Watch her videos here on FIO and on YouTube. Search for "Professional Trading Techniques" by Linda Bradford Raschke pdf.

2. Richard Wyckoff developed a great foundation based on support and demand rules. He spent his whole life studying and describing the markets.

He left us with a great legacy (in the form of his books and a course) which, when studied, will make you aware of important eye opening (at least for me) aspects of trading like:

"There are those who think they are studying the market -- what all they are doing is studying what someone said about the market -- not what the market said about itself"

or

"Listen to what the market is saying about others, not what others are saying about the market"

This requires a lot of work & screen time (and the guts to take responsibility). How to analyze a market is one thing. To trade it is something completely different.

Some good resources regarding the Wyckoff method:
- Studies in Tape Reading. More versions online available. Also named "The Day Traders Bible".
- The Wyckoff Method: A Tutorial
- Richard Wyckoff method.

One can make a living by only trading springs and upthrusts (David Weis in "Trades About to Happen: A Modern Adaptation of the Wyckoff Method").

3. Bob Volman wrote "Forex Price Action Scalping: an in-depth look into the field of professional scalping" on chart reading with clearly defined setups and in-depth view on scalping & price action. He has no verified track record but wrote only two books and doesn't sell anything else so I regard him as a professional trader.

4. Lance Beggs (YourTradingCoach) offers a course with clearly designed setups. He writes a lot on different aspects of intraday trading on his blog. He has no verified track record but offers a clear, understandable and useful trading approach.

His setups are more or less described in the free e-book "Trading Decision Points" and in the corresponding blog "NiftyNirvana" (see e-books at the bottom). I think the setups in this free e-book can provide a consistent income when trained long enough and it suits one's personality.

At last there is this remarkable fellow under the name Verniman who calls out his ES trades in real time (verifiable but maybe sim). You can follow him every day via Twitter for $30 a month or for free via https://twitter.com/verniman (see blog link there). I think he is a good example of someone who trades his own developed specific method. Maybe difficult to replicate (that should not be the goal) but there is something to learn nevertheless (for example discipline).

Focus on one instrument only, be it MES or MNQ. No internet and no e-mail during trading. Trade live and analyze your trades thoroughly. Think about starting a journal here on FIO for feed back. Good luck.

-Mich

p.s. I am not affiliated with either one mentioned.


Last edited by Mich62; May 10th, 2020 at 11:02 AM.
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  #16 (permalink)
Murfreesboro, TN, USA
 
Experience: Intermediate
Platform: ThinkorSwim
Broker: Thinkorswim
Trading: emini ES
 
Posts: 7 since Feb 2017
Thanks: 2 given, 19 received

I highly recommend Randall Hudgens as a trading coach and mentor. He loves options but also trades futures. He teaches daytrading, but also swing trading and longer term trading. He is the real deal and also works with a trading mindset coach (who I also highly recommend.) You can see him on Twitter @stkoptioncoach or his website https://www.stockoptioncoach.com/. He is a great guy and the real deal.

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  #17 (permalink)
Minneapolis
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Optimus Futures, CQG
Trading: E-mini ES,
 
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Posts: 27 since May 2019
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kevinkdog View Post
First step would be the figure out what kind of trading you like:

Chart/discretionary trading?
Systems/algo trading?
Combination of the 2?

Then what type of instruments:

Stocks?
Futures
Forex?
Crypto?

Once you know those 2 things, then seek out information on your chosen path. Don't sign up with an "educator" right away - most are scams, and most do not even trade (full disclosure: I am an educator).

Get your hands or free or nearly free info: books, internet sites, etc. Learn as much as you can. Absorb as much as you can, until you feel full of knowledge.

Then, and only then, seek out experts in your chosen path.


NOTE: Most people jump right to the first "educator" who dangles a pretty equity curve, because what I propose takes time and effort Don't fall for the scams. Realize trading is HARD work - treat it that way.

Along with what @DavidHP said, I think @kevinkdog should get you on the right path. Don't overthink this. You have two very successful traders offering up advice that you should stop, think and take it to heart.

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  #18 (permalink)
Cincinnati OHIO
 
Experience: Advanced
Platform: MultiChart
Trading: ES
 
Posts: 1 since Jun 2019
Thanks: 0 given, 1 received

before any further real money trading, you ‘d better evaluate what kind of trader you are : your personal/mental strength/weakness, Long term/short preference. Large/small draw down tolerance. From that point : find/search most suitable indicator/signal and build up rule based method (for me it is automatic signal/trading in MultiChart, I develop my own signal). It really doesn’t matter what kind of system/indicator/signal you use, any methods have pros/cons (For the one I use, I always use program to go through all possible outcome in certain time frame to validate first). Trading is Just a game if you took that as a result of probability!

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  #19 (permalink)
london
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Emini ES, Crude CL Gold GC
 
Posts: 1 since Feb 2018
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Awais bokhari a genuine trader/teacher, took me 4yrs to find him.
He has opentrader, and emini player.
Check him out.

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  #20 (permalink)
London+United Kingdom
 
Experience: Advanced
Platform: eSignal
Broker: InteractiveBrokers
Trading: If it moves...
 
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Ty199 View Post
I am very weary of anyone who wants to sign up and pay them to take a course. There is a lot of scams out there and find a legit person has been pretty much impossible so far. I Day Trade, its my type of trading that I get to interact and be active. Chart trading, algo systems both are what I want to learn , but being best at one is fine. I am only interested is Futures. I started with penny stocks and that just sent me to not liking stocks pretty much. I see stocks as a long term trading. I tried Forex and found that it seems like MT4 was designed by a grade school class. I did not like it and I never found interest in currencies. My opinion ,,, Cryto is a bunch of junk, there is nothing there to back it, I dont see anything there period that you actually purchase and resale. Its all made up from nothing. I have traded it but just as a try it for fun , never looked at it as something real. I wont keep going on it as I could for a while. But when I found the Futures market it went so simple to understand ticks and points and you know what it cost to buy a contract, what each tick is worth, just so much cleaner not trying to think I need 1000 shares to be 10$ a penny move. 1000 shares of ABCD at 16.98 isnt as easy as seeing 1 CL contract is $10 a tick . Easy to figure what P/L to look at. How much to invest as a percentage wise. Plus you use the market, not very ofton is there a huge dump or spike out of nowhere for no reason. Ok I will stop rambling. But trading the E Minis and some Oil and Gold is easier to keep up with than a bunch of stocks that you cant keep track of and trade so many of them. I want to learn the Eminis and some Oil and Gold and get them down solid on how they like to move.
I also have read and listened to so many people about how to learn to trade but none truly show you. So many say stuff that the other says is BS. I have paid for a course and I believe the guy to be honest and truthful. But still never gave a real way to trade. I am not the smartest I will admit that and have no problem. But Im not dumb, not lazy, and want to succeed at trading. I love it, even when I hate it. It becomes a part of you almost. Ok done on the rant but Day Trading Futures is what gets me wanting to learn more and not give up. 4 almost 5 years of loosing I think shows I want this. I did it everyday paper trade or real account. I was there and put the time in but just cant see what Im missing

It appears to me that your focus seems to be on making money rather than learning to trade. Imagine someone wanting to earn a living from tennis going on tour trying to win matches. They will fail miserably. Their focus should be on learning learning how to play tennis and getting fit, etc. Then after learning the process of playing tennis, they can start playing matches and they will lose at first. But all the time they will be learning and getting better at the process of playing tennis.
There are no low hanging fruit in trading any more. Every time you step on to the field you are going against professionals that have exemplary trading processes. Unless you are aligned with them....you will lose.
If I were you I would learn how to trade, which means developing a really good trading system. I think these are very difficult to do starting from scratch. So you need to find a suitable one that fits in with your ideas about trading (of which you seem to have some strong opinions) and then adapt it to your personality.
I would start here https://www.vantharp.com/ and go through all the free stuff of which they have a lot.
At the end of that process you will have a different idea of trading than you have now. It will also help you in your search for a suitable system.
You will also need to let go of all your opinions otherwise you will not find truth which is what you are missing.

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