FAQ Can You Recommend a Mentor, Coach or Trading Course?

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Brumby

Established member
593 135
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.
 

bootsyjam

Active member
219 19
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.
 

FXX

Experienced member
1,140 192
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.
 
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Brumby

Established member
593 135
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.
 

FXX

Experienced member
1,140 192
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.
 

Brumby

Established member
593 135
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.

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.
 

NVendetti

Junior member
24 1
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.
 

Kaeso

Established member
836 91
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?
 

NVendetti

Junior member
24 1
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.
 

Brumby

Established member
593 135
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?
 

NVendetti

Junior member
24 1
Trader Psyche..

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.
 
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NVendetti

Junior member
24 1
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.
 

Brumby

Established member
593 135
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.
 

Brumby

Established member
593 135
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.
Regarding 1 - 4, are you personally in 100 % compliance under all conditions?