I need a Mentor!

[Gadgetman]

I've been trading for the last 5 months on the US markets, some options but mostly equities.

Read the books and completed a few courses to get up to speed but feel I really need to spend some time on a 1-2-1 basis with somebody who (preferably) does this for a living, which is my aim.

Can anybody recommend somebody they know/respect in the UK who might be prepared to do this (for a reasonable fee of course...)?

Thanks and happy trading.......

Having re-read the above, think I should be a bit more specific - I generally focus on technical analysis and preference is day trading. T the moment I'm trading Google based on RSI position, half-a-dozen trades a day and making a bit. I'm using TradeStation software and also use IB for options trades.
Tx

 

[Tuffty]

There are some very good posters on this board who will help but mentoring is something different. I've no idea if mentoring is any good or not as I've never encountered it.

It may be best to mentor yourself. If you don't want to hear something you're not going to listen to a mentor. I'd also take a guess that a lot of full time traders may be poor mentors. This is because they only see what is right for them rather than for anyone else.

Also take a look at Ed Seykota's web site which may be usefull regarding his TTP process. Won't suit all but may help some.

Good luck.
Tuffty

 

[timsk]

T the moment I'm trading Google based on RSI position, half-a-dozen trades a day and making a bit.
Tx

Hi David - welcome to T2W,
My guess is that if your trading intra day one of the most volatile stocks on the planet - and an expensive one at that - and you're not getting your ass kicked regularly, then you're doing pretty well. There are quite a few experienced traders on these boards who wouldn't go near GOOG, regardless of how confident they are in their abilities. You'll find quite a few references to the stock on the 'U.S. Day Traders' thread:
http://www.trade2win.com/boards/showthread.php?t=14526
Also, this thread might be of interest as it's devoted specifically to GOOG, although it's dormant now:
http://www.trade2win.com/boards/showthread.php?t=11302
Tim.

 

[Mr. Charts]

Hello David Davis,
If I train and mentor you and you become Tory leader and win the next election, will you make me Chancellor of the Exchequer in return? That would seem a reasonable deal to me.
I would still need the afternoons off to trade the US, but I could do the Chancellor job in the mornings.
Or perhaps you wish to seek an alternative career in trading as politics doesn't look too hopeful?
Richard

 

[Gadgetman]

Thanks for the feedback so far.......

Both educational and fun types.

What is funny is that nobody ever seems to say (seriously) "Yes, I would be interested / I know someone who would be interested, let's negotiate".

Is this because traders as a rule are paranoid, so they're concerned that having someone see how they apply their thought processes and daily management might somehow impact their profit potential in the future?

Or could it be a case of "I've done all the hard work and taken the hits, why should I help somebody else?"

Or maybe people aren't really making a profit from it? (Doubt it, otherwise I wouldn't be in, but you never know!)

Very strange, I've been trawling these boards for a while and, aside from the usual cynics, people are pretty helpful. However, I always find my learning style is much more suited to a one-to-one approach and I can't be the only one.

Interested to hear any comments and still waiting to see if anyone out there would be prepared to spend a day showing me their approach and discussing methods.

DD

 

[Anonymous]

You can see two types on forums, just as you can see many types in the academic life (or rather in school life).

One type tries to sell you things, another type tries to tell you but there is really nothing much to tell in trading.

The latter type (assuming it's the right type) will boil all the methods down to only to types of methods, the others being extensions of these two methods or hybrids of them.

So what is there to tell? If you go to a class of one (only one person in the class) you will get a first class honours, among other reasons, there is no-one else to give it to.

 

[des44]

Hey David,

You have made good points regarding getting straight answers. Your assumptions may be accurate. Personally, if I were looking for a mentor from the UK region I might lookup Mr. Charts (Richard.) He seems both educated and willing (must-haves in a mentor.) There might be others but I don't know enough about them to give them a thumbs-up.

You search out a good thing searching out a mentor. I know many full-time traders and there is a common thread in almost everyone of them---each had a mentor.

In my humble opinion, it's one of the most important tools in becoming a full-time trader, which I believe you already know. From my experiences it usually takes a full-time trader to develop another full-time trader. I paid for a mentor--and paid dearly--$6,000 for four consecutive days--and I went twice. As I had hoped, from that time I was on my way to becoming a full-time trader, which I am today.

I am a full-time trader (making a living at my trading.) Ironically enough I am one of the few full-time traders who also mentors. However this does not help you out as I am from the states. Say hi to Mr. Charts and see if he would be game. Just a thought.

Des

 

[wwatson1]

I've been trading for the last 5 months on the US markets, some options but mostly equities.

Read the books and completed a few courses to get up to speed but feel I really need to spend some time on a 1-2-1 basis with somebody who (preferably) does this for a living, which is my aim.

Can anybody recommend somebody they know/respect in the UK who might be prepared to do this (for a reasonable fee of course...)?

Thanks and happy trading.......

Having re-read the above, think I should be a bit more specific - I generally focus on technical analysis and preference is day trading. T the moment I'm trading Google based on RSI position, half-a-dozen trades a day and making a bit. I'm using TradeStation software and also use IB for options trades.
Tx

Perhaps you should give it a little more time and effort as you state you have only been trading for 5 month's.

Hope you find what you are looking for. :|

 

[timsk]

You Can Lead a Horse to Water, But . . .

What is funny is that nobody ever seems to say (seriously) "Yes, I would be interested / I know someone who would be interested, let's negotiate".
DD

DD
The nature of the game, not least because of the Rules & Reg's governing this BB, are such that the aspiring trader must seek out the mentor and NOT the other way around! This is right and proper, IMO. If you really want it spelled out in black and white, check out the reviews section. As wwatson1 says above - I hope you find what you're looking for.
(Damn it, thanks to you ww1, I've now I've got that U2 tune going round and round in my head!)
Tim.

 

[Gadgetman]

Thanks for the responses

Des: Really appreciate your reply, exactly the sort of response I was looking for and will move forward with your suggestions. I'll update in due course with what approach I took and the result. Despite various viewpoints I know what I need :cheesy: - and that's a bit of time studying how successful people do it already and I'm prepared to pay for that privilege.

wwatson: I've been trading full-time the last 3 months, might not seem long to you but feels like a lifetime to me! Amazing how long it takes to get the emotion out of it. Thanks for your input.

Anon: Different strokes for different folks, my preferred learning style is 1-2-1 - thanks.

timsk: Point taken, perhaps I should have asked for private messages with recommendations. A newbie point learned, I'll remember next time and thanks.

BTW - anyone a little less "English" might not understand the comments from Mr. Charts - A (different) David Davis is a Conservative MP and possible next leader of the Tory Party. I thought it was bad enough having the name as it stands but now, oh what ammunition it gives people. Fun though

 

[Trader333]

David,

Your need really depends upon whether you really want training or mentoring. Mentoring is longer term whereas training is usually a one day event. One of the best mentors I know of is based in South Africa but he is good and I know that he mentors people regardless of where they live. If you would like his details I will try and find them for you as I havent been in communication with him for a while.


Paul

 

[Gadgetman]

Paul - good point, what I am looking for at the moment is probably training, under your definition.

I want to be able to discuss different approaches with someone who has already gone through the loop and determine which will work best for me, plus some insights on methods I probably haven't considered but work for other people. I am also interested to see how they structure their working day, in terms of what processes they go through, in what order.
Thanks
DD

 

[Tuffty]

DD,

It took me about 4.5yrs to find an approach that was right for me. I do think there has to be a quicker way to get there although maybe I needed the 'experience' of finding the right approach (and maybe I needed a mentor!).

From your comments (if I were your mentor) I'd say that you need to investigate what you're after and what your expectations are. If they are 'I'll buy a seminar and buy a mentor and hey presto we'll be making money in no time' then I'm afraid a mentor will only bring bad news i.e. this business is hard work. Maybe that's why there aren't many mentors around, but there are lots of people selling 'the dream' in terms of systems and method training.

 

[Tuffty]

Another thought is that the Market Wizards books by Schwager takes you through conversations with many successful traders who have gone though 'the loop'. Each interviewee has a different approach (some comments being contradictory i.e. what works for one trader another will think does not work).

 

[Gadgetman]

For "Mentoring" read "Coaching"

At least I've got that much clear now!

Thanks Tuffty for the advice, although looking at various strategies used by traders, without the opportunity to question them, would probably only confuse me more

For anyone else interested in 1-2-1 "coaching" , look under the Seminars section on this board, names are provided and rated by people who have attended their various offerings. I found it extremely useful, once I HAD found it!

Rgds
DD

 

[bakula]

Hiya DD
I have just read this post and find your posts very much "to the point"....excellent!
Exactly the level at which i am stuck!----was searching etc etc....went to a few courses....two really good-taught good stuff etc....names will surely give if u pls private mail me.

I looked at a mentor from the USA-too expensive----am learning at own speed now!

Hope u do get exactly what u r looking for....bakula

 

[Rocketman]

Mentor

He only takes on the occasional student, as he's too busy trading to do otherwise, but you might want to write to him at www.TheWelshWizard.com

 

[Gadgetman]

Re Welsh Wizard

Hi Rocketman - appreciate the suggestion, thanks. I've actually organised a day's coaching with somebody now but I will check out the website.
Rgds
DD

 

[fudgestain]

Short answer: don't bother.

But OK if you want to find a free mentor go over to Elitetrader; read the stuff there by Grob109.

Alternatively I can be your mentor in one line; give up and don't join the swarming world of amateur traders, the wannabe winners with unrealisable dreams unfounded in reality.

 

[bulldozer]

He only takes on the occasional student, as he's too busy trading to do otherwise, but you might want to write to him at www.TheWelshWizard.com

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Mr Rocketman = The WelshWizard :cheesy: = Trader 333 :?: