Can You Recommend a Mentor, Coach or Trading Course?

This is a discussion on Can You Recommend a Mentor, Coach or Trading Course? within the New to Trade2Win forums, part of the Reception category; Price moves because of buying and selling volume coming in and out of the market in different forms (limit orders, ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 17, 2017, 11:18am   #76
Joined Sep 2006
Price moves because of buying and selling volume coming in and out of the market in different forms (limit orders, buying selling at market price) at key levels where liquidity lies.
A successful trader understands what levels to look for where liquidity is likely to be resting, watching the price and volume relationship to gauge whether price will reverse or continue in order to enter.

Forex is a bust because there is no volume reading. Futures is the only way forward if you want to see volume. A friend of mine used to run an fx brokers in the US (you know MT4 etcetc) and did very well before his dodgy partner messed things up. His quote always resonates: "I've never met anyone trading fx who makes any money."

Of course there ARE people out there in fx that make money. But they are few and far between and will most likely have institutional experience.

If you want training then your first bet is to make sure you look at futures, volume/market profile and auction market theory. The latter term basically means "how volume and price interact with each other at different levels."
bootsyjam is offline   Reply With Quote
Old Oct 17, 2017, 12:55pm   #77
Joined May 2012
Quote:
Originally Posted by bootsyjam View Post

Of course there ARE people out there in fx that make money. But they are few and far between and will most likely have institutional experience.
I agree that fx traders with institutional experience have a leg up because of the tools they use. Fx price movements are driven by economic news and data. Those traders have Bloomberg terminal or Reuters Elkon.
Brumby is offline   Reply With Quote
Old Oct 18, 2017, 2:13pm   #78
Joined Sep 2006
Quote:
Originally Posted by Brumby View Post
I agree that fx traders with institutional experience have a leg up because of the tools they use. Fx price movements are driven by economic news and data. Those traders have Bloomberg terminal or Reuters Elkon.
If they are not part of the interbank liquidity pool that is responsible for placing massive spot fx orders in for sovereign wealth funds/hedge funds/companies, and don't have the front end tools to analyse this volume, then all the terminals in the world won't be much help.
bootsyjam is offline   Reply With Quote
Old Oct 18, 2017, 3:10pm   #79
FXX
Joined Oct 2017
Quote:
Originally Posted by bootsyjam View Post
If they are not part of the interbank liquidity pool that is responsible for placing massive spot fx orders in for sovereign wealth funds/hedge funds/companies, and don't have the front end tools to analyse this volume, then all the terminals in the world won't be much help.
You don't need access to order flow information to make money in fx. I have several friends that trade for either hedge funds,investment banks, or privately (leaving their firm) and they have shown me exactly how they do it and it doesn't involve order flow data. All their trading strategies revolve around fundamental analysis for opportunities after which they employ basic technical analysis for entry\stops\targets.
FXX is offline   Reply With Quote
Thanks! The following members like this post: Brumby
Old Oct 18, 2017, 11:06pm   #80
Joined May 2012
Quote:
Originally Posted by FXX View Post
You don't need access to order flow information to make money in fx. I have several friends that trade for either hedge funds,investment banks, or privately (leaving their firm) and they have shown me exactly how they do it and it doesn't involve order flow data. All their trading strategies revolve around fundamental analysis for opportunities after which they employ basic technical analysis for entry\stops\targets.
I completely agree with your view provided you are trading FX and not stocks. I had to re-tool my whole trading approach to FX once I understood how institutional traders were approaching it. The problem I think is because most trading books are written by retail traders. Basically retail traders approach from the premise of "how" and not "why" in positioning trades.
Brumby is offline   Reply With Quote
Old Oct 25, 2017, 9:36pm   #81
FXX
Joined Oct 2017
Quote:
Originally Posted by Brumby View Post
I completely agree with your view provided you are trading FX and not stocks. I had to re-tool my whole trading approach to FX once I understood how institutional traders were approaching it. The problem I think is because most trading books are written by retail traders. Basically retail traders approach from the premise of "how" and not "why" in positioning trades.
Do you still trade stocks?

Technical analysis is an easy sell and with more options than there are numbers in the lottery it is like a rabbit hole without an end. Once you enter you are doomed. I don't know other markets well enough to comment outside of understanding correlation and its importance to understanding why fx might be moving in the absence of data releases or an obvious sentiment.
FXX is offline   Reply With Quote
Old Oct 25, 2017, 11:03pm   #82
Joined May 2012
Quote:
Originally Posted by FXX View Post
Do you still trade stocks?
I don't trade stocks anymore. I have a stock portfolio as part of my retirement account but those are investments not speculation.

Quote:
Originally Posted by FXX View Post
Technical analysis is an easy sell and with more options than there are numbers in the lottery it is like a rabbit hole without an end. Once you enter you are doomed. I don't know other markets well enough to comment outside of understanding correlation and its importance to understanding why fx might be moving in the absence of data releases or an obvious sentiment.
There is a place for technical analysis if it is used correctly. I spent 15 years of my life learning it.

In my view, combining fundamentals and technical work better with FX rather than stocks. With FX, there is only a small universe of Central banks with scheduled news and economic releases. Once you are grounded on the nature of the game, the sentiment and fundamental drivers are more readable. With stocks the universe is too big. Also in FX, the correlation with news is more direct and immediate.
Brumby is offline   Reply With Quote
Old Apr 5, 2018, 3:08am   #83
Joined Apr 2018
I think what was missed here is that someone fluent with coaching or helping others will identify a traders weakness in no time flat. As long as the priorities are in place, which of primary importance has nothing to do with trading itself (patience, patience and patience) Then the approach or strategy used should be fit like a fine pair of shoes not the other way around. Those are the critical steps to finding a coach/mentor. Those principles take trader confidence which is typically 35% per trade and boost it to 75% in no time. But remove the historical lag of time and you've got real results.
NVendetti is offline Coach/Trainer   Reply With Quote
Old Apr 6, 2018, 11:50pm   #84
Joined Oct 2015
Quote:
Originally Posted by NVendetti View Post
I think what was missed here is that someone fluent with coaching or helping others will identify a traders weakness in no time flat. As long as the priorities are in place, which of primary importance has nothing to do with trading itself (patience, patience and patience) Then the approach or strategy used should be fit like a fine pair of shoes not the other way around. Those are the critical steps to finding a coach/mentor. Those principles take trader confidence which is typically 35% per trade and boost it to 75% in no time. But remove the historical lag of time and you've got real results.
hello nick, are you suggesting your own coaching service?
Kaeso is online now   Reply With Quote
Old Apr 6, 2018, 11:58pm   #85
Joined Apr 2018
Quote:
Originally Posted by Kaeso View Post
hello nick, are you suggesting your own coaching service?
No, giving insight to those that look for one, from the host of the garbage that's out there for coaching traders need to find someone that they connect with, not that a buddy recommended. Two different people with different traits and different visual conditions for watching the markets no matter what the trade is on.
NVendetti is offline Coach/Trainer   Reply With Quote
Old Apr 7, 2018, 12:18am   #86
Joined May 2012
Quote:
Originally Posted by NVendetti View Post
I think what was missed here is that someone fluent with coaching or helping others will identify a traders weakness in no time flat. As long as the priorities are in place, which of primary importance has nothing to do with trading itself (patience, patience and patience) Then the approach or strategy used should be fit like a fine pair of shoes not the other way around. Those are the critical steps to finding a coach/mentor. Those principles take trader confidence which is typically 35% per trade and boost it to 75% in no time. But remove the historical lag of time and you've got real results.
You speak of priorities and critical steps but specifically what are you referring to? Are you seriously saying that you can decouple psychology from trading?
__________________
_______________


Those who know do not speak
Those who speak do not know
Since I have spoken, I do not know
Brumby is offline   Reply With Quote
Old Apr 7, 2018, 12:20am   #87
Joined Apr 2018
Trader Psyche..

Quote:
Originally Posted by brumby View Post
you speak of priorities and critical steps but specifically what are you referring to? Are you seriously saying that you can decouple psychology from trading?

absolutely. Let me rephrase it fore you to be clear. Trader psychology is present in all movements, so we can determine what the masses are thinking and their psyche by noise, lack of, clarity, quality in movements etc.

Toxic trader psychology cannot be completely decoupled, but with the right approach - trader confidence can grow from a statistical 40-45% to 85% on a per trade basis. It then becomes a question as to how much you're going to make and not a question 'if' you're going to make it. That doesn't completely decouple the mental conditions of trading but it does build upon it with significant results in very little time.

Last edited by NVendetti; Apr 7, 2018 at 12:29am.
NVendetti is offline Coach/Trainer   Reply With Quote
Old Apr 7, 2018, 12:27am   #88
Joined May 2012
Quote:
Originally Posted by NVendetti View Post
absolutely.
How so? Do you intend to expand on your priorities and critical steps statements?
__________________
_______________


Those who know do not speak
Those who speak do not know
Since I have spoken, I do not know
Brumby is offline   Reply With Quote
Old Apr 7, 2018, 12:34am   #89
Joined Apr 2018
1. Patience - non market related
2. Patience - trade related
3. Strategy - Stick to it and the rules, don't try to pull trades where they don't exist.
4. Rules - Stick to them with that patience
5. Use NO lagging studies
6. Document to the world every trade and the conditions under which you took it.
7. NEVER trade more than 2 (or monitor) more than 2/3 pair if FX, or instruments if anything else.
IT keeps your focus on the objective.
NVendetti is offline Coach/Trainer   Reply With Quote
Old Apr 7, 2018, 12:40am   #90
Joined May 2012
Quote:
Originally Posted by NVendetti View Post
absolutely. Let me rephrase it fore you to be clear. Trader psychology is present in all movements, so we can determine what the masses are thinking and their psyche by noise, lack of, clarity, quality in movements etc.

Toxic trader psychology cannot be completely decoupled, but with the right approach - trader confidence can grow from a statistical 40-45% to 85% on a per trade basis. It then becomes a question as to how much you're going to make and not a question 'if' you're going to make it. That doesn't completely decouple the mental conditions of trading but it does build upon it with significant results in very little time.
It is clearer. You are referring to both mass and individual psychology.

Re the statistical data, do you have a source for it or is it just your personal opinion? I have done significant reading in this area and have never seen any research data on it.
__________________
_______________


Those who know do not speak
Those who speak do not know
Since I have spoken, I do not know
Brumby is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
EOD coach/mentor Cigar Educational Resources 3 Apr 23, 2017 11:38am
trading coach nevets24 Forex 6 Jun 25, 2010 2:37pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)