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Ten-thousand in Education and still not profitable!


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Ten-thousand in Education and still not profitable!

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  #281 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Maybe you could start a mentors type program Mike. Maybe some of them might be interested in it.
Be nice for some of the intermediate traders to maybe move to the next level of getting/staying CP and trading live.

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  #282 (permalink)
 Big Mike 
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PowerBroker View Post
Maybe you could start a mentors type program Mike. Maybe some of them might be interested in it.
Be nice for some of the intermediate traders to maybe move to the next level of getting/staying CP and trading live.

I already post, do webinars, start discussions, answer questions, reply to journals and overall try to help where I can -- most of which is in the Elite section to support those who support the site.

I am not interested in mentoring. Tried it a couple years ago (free), overwhelming majority were not willing to put in the work, thus wasting my time.

Mike

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  #283 (permalink)
 ddnut 
San Marcos, CA
 
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PowerBroker View Post
Maybe you could start a mentors type program Mike. Maybe some of them might be interested in it.
Be nice for some of the intermediate traders to maybe move to the next level of getting/staying CP and trading live.


Big Mike View Post
I already post, do webinars, start discussions, answer questions, reply to journals and overall try to help where I can -- most of which is in the Elite section to support those who support the site.

I am not interested in mentoring. Tried it a couple years ago (free), overwhelming majority were not willing to put in the work, thus wasting my time.

Mike

I believe that PB's intent was to provide a forum where the professionals might be willling to work more closely with struggling traders. First of all, the futures.io (formerly BMT) community already has that to a great extent in my opinion. The problem with mentoring is that it requires a long-term commitment from both parties, and as Mike states the majority of students are just not willing to put in the effort. Meanwhile, those who do show that they are making the effort to improve will find assistance. "When the student is ready, the teacher will appear."

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  #284 (permalink)
 CRM5096 
Harrisburg pa
 
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"It is important to learn what other people have learned, but too many people have lived and died for me to learn more than a small fraction of what they have learned. There is a prodigious supply of information, facts, opinions, theories, suppositions, and doctrines, but the wisdom needed to sort through the mountain of trash in the hope of finding a gold nugget is not supplied."

-- Colin Low


use others methodology but create your own personal doctrine with it
But examine everything carefully; hold fast to that which is good;

Nothing so Impressive as Simplicity
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  #285 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Big Mike View Post
I already post, do webinars, start discussions, answer questions, reply to journals and overall try to help where I can -- most of which is in the Elite section to support those who support the site.

I am not interested in mentoring. Tried it a couple years ago (free), overwhelming majority were not willing to put in the work, thus wasting my time.

Mike

I stand corrected and will not make any suggestions or post in this thread again.

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  #286 (permalink)
 GaryD 
Orlando, Florida
 
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phantomtrader View Post
This is a tough business. Get over it. Everybody has spent money on software, systems, mentors, teachers, etc. Most everybody has blown an account or two before really getting serious.

Here's the thing: Either you're committed to do the hard work, take what you've learned, continue researching and learning and put it all together into a methodology which is uniquely your own, or you're going to fail. No one copy-cats in this business. You can be sitting next to the best trader in the world who shares all his/her secrets. But you have another thing coming if you think you're going to mimic his/her trades. It doesn't happen that way. Trading skill is an evolutionary process.


That comment says to me he is a trader. Such wisdom in those words.

We start by believing the answer is in the math, and end by discovering the answer is inside us. We can only become a trader by chiseling away at ourselves long enough to reveal it, and that is not a pleasant experience, and we do not always recognize the parts we are searching for. It is no wonder that many hope to bypass that process and instead purchase success from someone else.




phantomtrader View Post

The most valuable education you can get in this business is free - it's here on this board, it's in webinars and other free tools easily found on the internet. It's people who are willing to share and answer questions.


Phantomtrader may have just delivered on the money spent. Even if the education you pay for is the best money could buy, and came with years of historical proof of success, all educations lack one important factor; you must find your own way.

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  #287 (permalink)
 Maisie 
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phantomtrader, so glad you posted. i too have come to the conclusion that you have to cook up your own recipe, having tried two "trade alert" services, one "challenge" program and assorted dvds, etc. obviously you can learn from all these other people but i don't really think you can copy. however, the challenge is to know when you are creating something unique and special, and when you are barking up the wrong tree. i wonder if anyone has studied how many trades you need to make to know if a system works? i'm going to ask some of the algo peeps around here.

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  #288 (permalink)
 cory 
virginia
 
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phantomtrader View Post
This is a tough business. Get over it. Everybody has spent money on software, systems, mentors, teachers, etc. Most everybody has blown an account or two before really getting serious.

Here's the thing: Either you're committed to do the hard work, take what you've learned, continue researching and learning and put it all together into a methodology which is uniquely your own, or you're going to fail. No one copy-cats in this business. You can be sitting next to the best trader in the world who shares all his/her secrets. But you have another thing coming if you think you're going to mimic his/her trades. It doesn't happen that way. Trading skill is an evolutionary process. You have to be persistent, particularly in the event of losses. If you're not in it, you can't win it.

...

how true there was a guy doing ok then he saw somebody doing a little bit better than did. So he 'adopt' the other guy approach now he is at -54%


Quoting 
Quote from ...:

...: Your explanations & pictures have *I hope* solved my consistent income problem. The pictures and descriptions that you have made demonstrate the repeating pattern that trends form in every market.

I've adapted a trading approach almost identical to yours now, for the time being. I'm using 4 hour charts, looking for a specific (but subjective) pattern and place my stops at peaks and valleys formed, with initial stops below/above the last part of the pattern I see. Very, very low risk, and keeps me in the trade should I be correct.

I forsee in the future being able to accomplish this technique in the intraday time frame. This would allow for much higher R/R ratios it seems, because depending on the time frame you chose, you could stack more contracts, and your inital risk could possibly be less than trading on a 4 hour chart. 4 hours is great for those who don't want to watch the market all day. It's easy to see most of the imporant highs and lows that make up the dominant trend. If you downsize your timeframe, you will see the trend pattern is just as prevalent as in the higher time frame, but occurs much faster. The basis of your technique will keep you in the trade if you are correct, and protect your behind if you are not. Is this trading perfection?


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  #289 (permalink)
 Deucalion 
Calgary, Canada
 
Experience: Intermediate
Platform: Multiple
Broker: Multiple
Trading: Multiple
 
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Posts: 430 since Aug 2009


phantomtrader View Post
This is a tough business. Get over it. Everybody has spent money on software, systems, mentors, teachers, etc. Most everybody has blown an account or two before really getting serious.

Here's the thing: Either you're committed to do the hard work, take what you've learned, continue researching and learning and put it all together into a methodology which is uniquely your own, or you're going to fail. No one copy-cats in this business. You can be sitting next to the best trader in the world who shares all his/her secrets. But you have another thing coming if you think you're going to mimic his/her trades. It doesn't happen that way. Trading skill is an evolutionary process. You have to be persistent, particularly in the event of losses. If you're not in it, you can't win it.

About individual P/L's, what good is it to see someone else's profits or losses? You can't duplicate what that person is doing. And just because that person has "done it", doesn't mean YOU can do it too. ........

Curtis Faith / Richard Dennis proved that beyond doubt, and did so in a simple experiment ....the Turtle books have potent lessons...especially Curtis' book. They talk about the same thing as Mark Douglas...but more elemental. A mechanical, trader will never share his secrets, but for all others (discretionary types)....they could reveal their entire system and it would nigh impossible to repeat that performance. For discretion based executions, the mind is the weapon. How you going to copy that.....?


Big Mike View Post
There are a very large number of institutions and professionals here. They never post or show themselves, but some have talked to me privately, and others I see from the view of being the Administrator (for example, their out of office replies when receiving webinar invitations, etc).

Mike

There is flip side to competing with pros and institutions. Much has been written about how we can't compete with them. This is wholly true but also misleading - you can be nimbler than them, you can change/evolve more quickly. You have greater choice as to not trade at all.

And more importantly, all pros face the same issues as you do - doubt, stress, miscalculation. They will make mistakes - same as you. They are not superhuman, and while we cannot compete with them on technology and access to information - all of us can compete on a mental level. The skills people bring from past successes or professional endeavors sharpen our minds. In that sense being successful in previous competitive/professional endeavors is much more important as it takes your biggest weapon and makes it better.

While one can easily say that pros make lesser mistakes and learn faster, but so can you. They do not have exclusive rights on how quickly they can sharpen their minds and subsequently their performance, you can too......

The retailers that acknowledge their disadvantages, recognize their strengths and sharpen those while minimizing their mistakes have that edge. The question is - do you recognize that your mind is indeed a weapon?.....do you sorta, kinda agree, disagree or is this something that is a burning belief in your mind.......

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  #290 (permalink)
 PandaWarrior 
In the heat
 
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Deucalion View Post
The question is - do you recognize that your mind is indeed a weapon?.....do you sorta, kinda agree, disagree or is this something that is a burning belief in your mind.......

I am beginning to believe its the only real weapon we have.....even with an identified edge, if you don't believe 100% in it, you will fail.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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