Hello, I'm new to day trading, did anyone of you learn the business by someone providing mentoring and/or taking classes? How did you learn or learning to day trade? There is so much info out there, and everybody wants to sell you something..... Your help would be greatly appreciated
Don't pay a dollar to any mentor. Any mentor charging you is likely making their money from that, not trading.
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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To answer your question I was self taught. I wished I had had a mentor but there was none available that I could find.
How did I learn? By making mistakes, figuring out what I was doing that kept me from being successful , and stop repeating that behavior.
You shouldn’t expect a mentor to show you a method. You should expect a mentor to guide you through the process of finding and developing a system that suites you. Too many people are looking to copy a method that may not be appropriate for them.
There is a lot more to trading than just the entries and exits. There is a whole lot of getting to know your own strengths and weaknesses.
It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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I feel it's incredibly hard to learn how to trade without a proper mentor and coach (not that it's impossible, but a good one can cut your learning curve from years to 6-18 months).
The problem with self coaching is that most people use financial results to determine if a trade was good or bad and that measuring stick simply doesn't work when it comes to the sole source of feedback. You could have a good trade that ended up in a loss and a very bad trade that ended up in profits. The famous Warren Buffet example is that you could have someone who flipped tails 10 times in a row, and if measured solely on how many wins this person had rather than methodology, that coin flipper may think he has some unique talent for flipping coins instead of realizing the outcome was still random.
Of course anyone who has successfully made it through the crucible of self coaching has my undying admiration.
I won't give referrals because I think there's some type of policy on futures.io (formerly BMT) against that. I would suggest, similarly to Mike but from a somewhat different angle: If someone has a big marketing and advertising program, they are probably not the person you are looking for. You're going to have to search really deep in the shadows to find someone both A) actually good at the industry and B) willing to spend time with you. This probably means good 'ol 6 degrees of Kevin Bacon real world in person networking rather than Googling "how to find a trading coach".
I also agree with matching styles is important, but I think this is secondary after learning the basic building blocks such as risk management, fundamentals, and risk management. Did I mention risk management?
PS: Keep in mind that even the people that are fortunate enough to have senior traders look over their shoulders still have a high percentage of washing out of a formal firm training program.
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