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Need a true Teacher Mentor


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Need a true Teacher Mentor

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  #1 (permalink)
Joplin, Mo. Jasper
 
 
Posts: 35 since Sep 2019
Thanks: 16 given, 39 received

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 ?

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  #2 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,821 since Jul 2012
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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 ?

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.

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  #3 (permalink)
Joplin, Mo. Jasper
 
 
Posts: 35 since Sep 2019
Thanks: 16 given, 39 received


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

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  #4 (permalink)
Legendary 4LeafClover
Mumbai, India
 
Experience: Beginner
Platform: Own Customized
Trading: Crude, NIFTY, BANKNIFTY
 
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Posts: 552 since Jan 2019
Thanks: 1,287 given, 1,320 received


Quoting 
I was there and put the time in but just cant see what Im missing

Journal often helps in this case.

I've been spending quite a bit of time here in last year or so, I just pick-up a thread and read. Its fascinating how many things I thought I was doing right and was proven wrong. After that it was not surprising for me to see why even my wholehearted effort was not resulting in strong positive money performance.

Read journals and make one yourself as well if you have not already.

I can't personally recommend any mentor, I've not really done that myself so just take my words with pinch of salt.

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  #5 (permalink)
Arnhem, The Netherlands
 
Experience: Intermediate
Platform: NinjaTrader, Zorro
Broker: RCG/Continuum, IB, Oanda
Trading: Futures: FDAX, GC, ES, CL also: FX, CFD, ETF
 
rlstreet's Avatar
 
Posts: 73 since Aug 2012
Thanks: 45 given, 79 received

Before seeking advice from others maybe start with the question why you want to trade as there are a lot of easier ways of making money.

And if you have the passion for it, reading your post and troubles you have gone through certainly points that way, it is also advisable to have an extra income on the side. Don't bet the farm on a trading income.

So get the pressure of this learning phase on one hand but on the other hand try to learn with real money on the line, no paper trading. Just do it very small, not too much leverage, just so you can sleep at night when things go south. And when things are going terribly wrong the better, your job is to endure that little pain and eval your own reaction. You have.to train that skill. So in time you can psychologically can handle more leverage. For every person this is different. Some of us have natural talent most of us haven't because our baked in flight fight response

So start with proving to yourself that you can handle a small account. Consider a modest profit, at least not blowing up the account as an real achievement. That will build your confidence more than any mentor can do.






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  #6 (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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Posts: 1,339 since Aug 2009
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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. Recommendations on where to look and start ?

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.

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  #7 (permalink)
New Brunswick NJ/USA
 
Experience: Intermediate
Platform: NT7, NT8
Trading: NQ, CL, GC, NG, HG
 
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Posts: 148 since Aug 2014
Thanks: 84 given, 336 received


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 ?

If you are interested in trading futures, I highly recommend SMB Futures.

Here's a forum thread on SMBF and Merritt Black, head of SMB Futures: https://futures.io/trading-reviews-vendors/42662-meritt-black-smb-capital-futures-2.html?42662=#post769860

DM me if you wish more detailed information. BTW, just fyi, I am not affiliated with SMBF but have taken their Market Profile & Futures Foundation Course and am currently in Merritt Black's mentoring class.

Good luck to you,
Ricardo aka PilotTrader

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  #8 (permalink)
Reno, Nevada
 
Experience: Advanced
Platform: NinjaTrader
Trading: ZN, ZB, CL
 
phantomtrader's Avatar
 
Posts: 332 since May 2011
Thanks: 77 given, 547 received

You need to learn to test your ideas. The best way IMO is TradeStation where you can learn EasyLanguage which is an offshoot of C++. There are templates in TS (I wrote one of them) where you can just fill in the blanks and test your setups. EL is extremely easy to learn.
The EL library contains all the mathematical functions and indicators you need. You simply plug them in to the template and test, test, test.
Ninja is too difficult and their testing engine is crap.

You can't compete in this business without a thorough, back tested strategy. You can learn order flow with Jigsaw or John Grady which is also helpful. However, if you're trading the ES or the NQ the DOM is practically useless as the market moves too fast and the computer algos are running hundreds of times faster than you can execute a trade. Bonds are different - there you have a chance with using the Jigsaw DOM. I don't know about currency futures as I only trade bonds, but you might look at them as well. CL volatility is too strong, especially right now - I'd stay away from that.

In any case, if you can't test your ideas, you're wasting your time in this business.

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  #9 (permalink)
Reno, Nevada
 
Experience: Advanced
Platform: NinjaTrader
Trading: ZN, ZB, CL
 
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Posts: 332 since May 2011
Thanks: 77 given, 547 received


PilotTrader View Post
If you are interested in trading futures, I highly recommend SMB Futures.

Here's a forum thread on SMBF and Merritt Black, head of SMB Futures: https://futures.io/trading-reviews-vendors/42662-meritt-black-smb-capital-futures-2.html?42662=#post769860

DM me if you wish more detailed information. BTW, just fyi, I am not affiliated with SMBF but have taken their Market Profile & Futures Foundation Course and am currently in Merritt Black's mentoring class.

Good luck to you,
Ricardo aka PilotTrader

SMB also costs a fortune - and as we all know, there's no guarantee of success. Most of their videos show they are trading stocks, not futures. I wouldn't trust their business model.

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  #10 (permalink)
New Brunswick NJ/USA
 
Experience: Intermediate
Platform: NT7, NT8
Trading: NQ, CL, GC, NG, HG
 
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Posts: 148 since Aug 2014
Thanks: 84 given, 336 received



phantomtrader View Post
SMB also costs a fortune - and as we all know, there's no guarantee of success. Most of their videos show they are trading stocks, not futures. I wouldn't trust their business model.

Yes, it does cost a lot. But for me personally, it has been well worth the investment. Also agree that there is no guarantee of success, such is life, generally.

Regards
Ricardo aka 'PilotTrader'

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