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Need a true Teacher Mentor


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Need a true Teacher Mentor

  #21 (permalink)
saint louis MO
 
Experience: Beginner
Platform: TradeStation
Trading: NQ, ES, YM, CL, GC
 
Posts: 32 since Oct 2017
Thanks: 14 given, 14 received


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

I can honestly say in my experience that systems/algo trading is the most important step I have ever taken in my trading education. Ironically the first one to respond to your thread, Kevin Davey, is also the greatest resource I have found on the subject and he offers so much free education to help you get started. I would check out every free video he has on youtube and get on his mailing list right away and just gobble up every last morsel of his material as it is very helpful and educational. Later down the road after you have agreed that algo trading is the way to go to reach consistent profit without emotion involved I would invest in a good walkforward processor to help you with the heavy lifting of backtesting the proper way.

for me as it was for Kevin Davey, discretionairy trading was a recipe for disaster for my health and wealth. Algo is not easy but very rewarding. Its easy to sit down and hit a button and lose money and maybe even have a few stellar winning days but algo trading is very analytical and systems oriented and has a lot to do with the scientific method which I can really understand that. Also, it gives me the ability to trade nearly every futures asset simultaneously.

I hope this helps. For more resources check out Kevin Davey's youtube videos for free online and i would buy every one of his books. they are cheap and will really help you get started with your algo education. Also, open a tradestation account as this is a very easy platform to use and run with algos.

Happy trading and education.

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  #22 (permalink)
Manchester, UK
 
Experience: Beginner
Platform: Ninja Trader
Trading: Emini, Currency Futures
 
Posts: 25 since Sep 2017
Thanks: 11 given, 15 received

Ty199, what you want is to learn from the best before you wipe your account clean.

In my opinion, 'the best' would be Axia Futures. I am now doing the Career Course online and it is by far the best training I've done and I should know, as I've spent thousands on training so far.

Have a look on their YouTube channel and you will soon understand those are people that know what they are talking about. You will learn volume profile, order flow, volume, macro etc. from Richard Bailey, which has the very rare qualities of knowing how to do it and being able to explain others how to do it themselves.

Stop spending any more money elsewhere, learn with Axia and you will stand a much better chance.

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  #23 (permalink)
Denver
 
 
Posts: 13 since Apr 2020
Thanks: 0 given, 8 received


I think there maybe several things you might address.

1/ unless you work for a hedge fund, or any type of financial institution, finding a mentor is going to be pretty much not going to happen. Mentors don't get paid, they mentor you because they believe in your skills and need you to be up to speed for the task at end: Make money for the company.

2/There are a lot of online courses, trade rooms or on-site trading schools. When I started and after looking the overwhelming choices available I decided to go to Online Trading Academy. It is expensive, yes, and very controversial school, many people swear by OTA, and as many feels it's a scam, it doesn’t really matter, what I am about to say could apply to any schools…. I came to OTA to learn Futures, I already had extensive experience with stocks and longer term investing, and made a good living at it. This is what OTA taught me and what I feel any good school should:

It teaches you risk management more than anything else, this is the most important skill if you want to survive the game.
It teaches you to create a thorough trade plan. Probably as important as risk management and actually a big part of risk management.
It gives you an understanding of technical analysis and its mechanics.

This is what you should expect from most better schools. Now the biggest problem with trading education that I have seen, and the reason the "scam" word is so popular with most schools, is expectation:

The expectation to learn a "System" that will make you a successful trader.

That school doesn't exist. And most people end-up blaming the school because they feel they paid all that money and are not making any... Going to Harvard Law School doesn't guarantee you will become a successful lawyer, going to the “Cordon Blue” culinary school will not make you a great chef, chances are you will start washing the dishes first… You have to pay your dues, and in trading paying your dues is making costly mistakes and leaving more money than you should at the table.. You have to put the work, your have to have talent, and by talent I mean a disposition for the trade (pardon my pun) you have chosen as a career, as a profession. I have seen many students from OTA who spend a lot of money on their education and after a couple of month had only placed 10 trades, of course they are not going to succeed.

I have put an enormous amount of work and time, because I understood that my education was only the beginning , it got me started in the right direction and with the right mind set. Since, I have read a lot of books on technical analysis, successful traders, psychology etc... I spend a gigantic amount of time looking at charts, charting, reading charts and deciphering what the chart is trying to tell me.

There are no tricks or systems. Indicators and studies are only good as odd enhancers, barely helping confirm what you should already be seeing. The only thing that works, is to be consistent and stick to it. If, let say you are a trend follower, then that's all you do, if you see a counter trend opportunity, don't take it, this isn't on your trade plan. Don't move your stops, stick to your plan and repeat. With every-book I have been reading, there is a few universal themes that comes up, the biggest one it seems is:

The major reason traders don't succeed is because they can't stick 100% to their trading plan, they deviate... They let their emotions take over.

And then there is you... If you have done it for 4 years and haven't been profitable, it maybe an opportunity to take a good look at yourself, be honest and fold. Maybe trading isn't for you. It is incredibly hard to take emotions out of the equation, it is extremely hard to stick to a plan and never deviate. When you lose trades a number of times, one after the other, it is only human to doubt the plan, to doubt yourself even though statistically it may be perfectly normal. Not everybody can do it, especially with Futures and that explain why less than 1% futures trader are successful.
I started a year ago and I am still not successful, I lose money. However, I also day trade stocks and I am profitable and able to offset my futures loses. Have you considered trading stocks or even better options? Less risk, a different dynamic and maybe a good way to expend your trading. Stock to me are much safer to trade of course you don’t get as much leverage, but you can still make a very good living. Options is a nice in between, more leverage less risk.
Last. It might be helpful if you could post your trade plan, it might be easier to be specific and help you further.

Good luck.


PS: I often see people referring to sim. trading (paper money) as useless. I disagree. A chart is a chart, and the ability to read it well doesn't require that real money be involved. If you can be profitable trading sim, chance are you will be as successful trading real money as long as you don't deviate from your trading plan.


Last edited by FabriceM; May 10th, 2020 at 11:33 AM.
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  #24 (permalink)
Atlanta
 
Experience: Intermediate
Platform: Ninja Trader, Tradovate
Trading: ES
 
Posts: 2 since Sep 2017
Thanks: 0 given, 0 received

My mentor is Ray Freeman from iamadaytrader.com. He has a systematic approach to the market. I would suggest him. He is very knowledgeable and affordable and most of all he is a very good person. Please reach out to him.

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  #25 (permalink)
Greenville, SC/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG
Trading: Emini NQ
 
Posts: 2 since May 2018
Thanks: 1 given, 1 received

There are a couple of headwinds that everyone has to overcome. Some do, some are unable to. But we all share the same liabilities.

* Risk - we spend our entire lives from childhood on being taught that RISK is a BAD THING and is to be avoided. If we live past our teens, we learn not to play on the freeway. Then when we get into trading, we naturally try to use the same techniques of risk avoidance. This is what causes every retail trader to start by eating like a bird and crapping like an elephant. That mode is unsustainable as you'll eventually grind your account down with minuscule profits and big losses. You'll have to learn to embrace risk as a tool and think differently about risk than you have been for your entire life.

* Trading not to lose - closely related to #1 above is the general attitude of "trading not to lose" which is very different than "trading to win." Everyone starts in this business by trading "not to lose," and by doing so, they subconsciously are pulled towards losing. This is the underlying cause of the "eat like a bird" thing listed above.

It doesn't matter what system that you use; the mind is the number one weapon and also the number one liability.

Focus on one thing and one thing only to master it. Don't trade someone else's system, or at least start with someone's then work to alter whatever you start with until it is uniquely "yours." Only then will you start to accept the risk of the system due to the hundreds of iterations which sends a subtle message to your subconscious that "this system can be trusted."

Doc

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  #26 (permalink)
Houston Texas
 
Experience: Beginner
Platform: NinjaTrader 7
Broker: NinjaTrader Brokerage
Trading: ES, MES
 
JMAL's Avatar
 
Posts: 18 since Jul 2014
Thanks: 5 given, 18 received


Ty199 View Post
Recommendations on where to look and start ?

Best advice I can give you is to give Price Action Trading (by Mack) a look. He trades the E-mini S&P 500.
https://priceactiontradingsystem.com/pats-price-action-trading-manual/

Mack has a daily Youtube video he puts out 4 days a week showing trade entries, along with good trading advice.
https://www.youtube.com/user/PATsTrading/featured

I found Mack's Trading through here (futures.io back then it was Big Mikes) six years ago, he was mentioned in one of the post so I looked him up and found him to be a very trustful person. Mack uses a trading methodology based off of a second entry. He has literature available for a small sum and a subscription to his web site that does have lots of good learning material. I would recommend watching his daily videos for a while and then if you feel good about him then become a member.

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  #27 (permalink)
orlando
 
Experience: Beginner
Platform: esignal
Trading: forex emini oil gas
 
Posts: 26 since Jan 2017
Thanks: 2 given, 36 received

My 2 cents

!st you need to have a technique to read charts . pick one and screen shot 1000 charts . then pick 3-4 set ups . I use a windows program called paint.net allows you to draw boxes trendlines write notes on the image of the chart . my biggest break through was when i stopped trading for 3 months and studied charts every day and wrote a detailed trade plan .

pick a technique elliot wave , volume profile , moving averages gann etc .

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  #28 (permalink)
Seattle, WA
 
Experience: Advanced
Platform: TradeStation + Bookmap
Trading: ES only
 
Posts: 18 since Aug 2016
Thanks: 5 given, 44 received

My suggestions:

1. For the time being, forget about trading and learning how to trade and trading rooms etc. Concentrate on learning how the market works, what makes it move, why does it do what it does?

2. What has been helpful for me is learning more about market/order flow. And one tool that has been helpful has been subscribing to and using Bookmap (bookmap.com), at $50/month for the program plus data fees. Here, I have an account with S5 Trading, which clears through Gain Capital, and Gain can supply CME data for $12/month, so I pay $62/month for the Bookmap program plus CME data (I'm really only interested in ES). As a Bookmap subscriber, I get access to its educator's daily hourlong analysis and comments, from 8-9 AM Pacific. Mind you, his purpose is NOT to propose or recommend trades --- it is to analyze the market, mainly ES, in terms of where it has been, its order flow, and likely ideas on where it is going. How you might want that to inform your trading is up to you. That's been helpful for me, and I commend it to you.

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  #29 (permalink)
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
Broker: St5/IronBm/Rithmic, IB, ToS
Trading: Emini ES
 
Posts: 64 since Apr 2019
Thanks: 569 given, 100 received


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.

I really appreciate the outpouring of advice when folks tell of their struggles and ask for help. I have similar struggles and I hesitate to throw another log on this raging fire of advice, but, like most others, I think this is unique:

Brian McAboy was a quality assurance engineer. He turned trader and brought his skill set along. For a reasonable fee, he teaches his approach.

Brian is very personable -- you can call or email him to discuss your issues and see if what he offers can help. He doesn't teach new trading method, rather he teaches you how to winnow through your bag of tools, find the sharp ones, and jettison the others. He teaches a pragmatic approach to trading and provides tools for analysis and documentation.

https://insideouttrading.com/

https://insideouttrading.com/tpa-discipline/

Another option:

I watched this video: https://www.youtube.com/watch?v=KA1M-jl5PUI

And I tracked Rico down. He offers private mentoring and he is demonstrably a successful trader. He trades Forex if I remember correctly, but there are currency futures you can trade under his mentorship, if you are both amenable.

This was his email response to my website (https://www.fxtitans.com/) inquiry:

Thanks for your email.

The goal of the program is to help traders find consistency in trading. Traders will learn two systems that Rico uses every day. Rico will guide trades and mentor them for at least three months. During this time, traders will trade together, share ideas, and aim to pass FTMO challenge. The end goal is for the traders to be profitable and trade on their own.

Rico uses Skype to do trading sessions with the students and Telegram as the main app.

For a three month mentoring, we charge $500.

BTW, I too am finding helpful tips and concrete guidance in Minervini's book, like "Only losers add to losers." (PT Jones)

God speed your turning of this difficult corner.

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  #30 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,768 since Jul 2012
Thanks: 1,421 given, 5,326 received


One thing to beware of is in this thread a lot of people are directing you to trading education sites. Some of these people may be shills for these sites (Big Mike does a great job of filtering them out, but some shills always sneak in).


I personally think looking for an educator is the LAST thing you need to be doing at this point.

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