Question re training

[mike120]

For someone looking to get into trading i see myself with 2 options. A) Find a mentor who will teach me everything i need to know for a price obviously. Or B) Get training / mentoring from a prop firm, again for a price, but perhaps get offered a job after.

I know people on here think paying for mentoring is unnecessary as you can find what you need online, but i find i learn quicker by hearing it and being taught.

What would be the pros and cons of doing it each way do you think?

EDIT: Does anyone have any experience in either way?

Thanks

 

[HowardCohodas]

Everyone has a different learning style. You need to identify yours to properly select the proper approach.

There are many resources. Free information on the web, books, education, training and coaching in group form or personal form.

Think of taking a trip. Some are happy with a map and explore without much focus on a goal. Others will add a tourist guide. Some prefer a GPS. Some prefer a tour bus. Some prefer a personal guide. What fits your best learning style.

 

[Pazienza]

but i find i learn quicker by hearing it and being taught.

LOL This applies to everyone doesn't it?

Nobody is saying that a good teacher wouldn't be beneficial. However, it is extremely hard to find one. Most people (not all, but most) offering education are charlatans.

There is another point though. In order to trade successfully, you must demonstrate to yourself that your chosen method works. And finally, it is very hard to follow someone else's methods. It is far better in the long run to gather the tools you need and then assemble your own method. Remember, when all is said and done markets are just orders.

 

[mike120]

When i say i learn better through hearing and being taught, i mean that i find it harder to learn by revising and reading but very easy by listening. Its just a different style.

I don't mind paying for it, but as you said there are a lot of bogus people and firms willing to take your cash for little in return.

Do you have any mentors on here or elsewhere you could recomend? I've been paper trading for a little while and am starting to get the hang of it i think.

 

[HowardCohodas]

For someone looking to get into trading i see myself with 2 options. A) Find a mentor who will teach me everything i need to know for a price obviously. Or B) Get training / mentoring from a prop firm, again for a price, but perhaps get offered a job after.

I know people on here think paying for mentoring is unnecessary as you can find what you need online, but i find i learn quicker by hearing it and being taught.

What would be the pros and cons of doing it each way do you think?

EDIT: Does anyone have any experience in either way?

Thanks

For myself, I have used the internet, books, seminars, webinars, group education, training and coaching many times. I have also purchased some personal coaching on several occasions.

 

[HowardCohodas]

When i say i learn better through hearing and being taught, i mean that i find it harder to learn by revising and reading but very easy by listening. Its just a different style.

I don't mind paying for it, but as you said there are a lot of bogus people and firms willing to take your cash for little in return.

Do you have any mentors on here or elsewhere you could recomend? I've been paper trading for a little while and am starting to get the hang of it i think.

In order to get an effective recommendation you should tell us what area of trading interests you. Do you have a particular strategy in mind?

 

[Pazienza]

When i say i learn better through hearing and being taught, i mean that i find it harder to learn by revising and reading but very easy by listening. Its just a different style.

I don't mind paying for it, but as you said there are a lot of bogus people and firms willing to take your cash for little in return.

Do you have any mentors on here or elsewhere you could recomend? I've been paper trading for a little while and am starting to get the hang of it i think.

Hi Mike,

It's not that all of them are bad or useless (although so many are you'd be lucky to find one that isn't).

Stay clear of the £3,000-a-day seminar bunch - they are no better than thieves. Also, never buy one of those £150 e-books, and never pay for tips (no matter what fancy name they try to give themselves to fool you they are not tipsters, that is all they are).

I don't want to recommend anybody. However, if you really must pay for something, go over to Forex Factory and start reading the James16 thread. If you like what you see, you can join a private group for a little over 100 bucks a months, something like that. That way it won't cost you too much to find out whether it's any good. I've heard reasonable reports about that one.

You'll almost certainly find though that you will prosper, if at all, through your own discovery and work. Above all, you need hours in front of the screen. Oh, and grab a copy of Reminiscences of a Stock Operator. It's superb (if you read it with your eyes open).

 

[mike120]

I'm not 100% on what exactly i want to do, like i said im still new to this. But after researching i like the idea of day/swing trades in equities. Maybe some FX aswell, still don't know enough about that to be honest.

Pazienza thanks for all that info. I'll definitely look that up!

 

[Pazienza]

I'm not 100% on what exactly i want to do, like i said im still new to this. But after researching i like the idea of day/swing trades in equities. Maybe some FX aswell, still don't know enough about that to be honest.

Pazienza thanks for all that info. I'll definitely look that up!

This is just my opinion, but equities are more suitable for swing / longer term trading than intraday.

Have a look at the major emini index futures (YM, ES, NQ, TF etc.) if you want to trade intraday. You might find them easier to get a handle on than equities and forex.

 

[mike120]

Yeah I do like the idea of swing trading. I'm good when it comes to reasearching companies and keeping very up to date with the news etc. Is it more profitable to day or swing trade? Could you do both?

Im not sure what that is so i'll have to look it up, but thanks none the less.

 

[Pazienza]

Yeah I do like the idea of swing trading. I'm good when it comes to reasearching companies and keeping very up to date with the news etc. Is it more profitable to day or swing trade? Could you do both?

Im not sure what that is so i'll have to look it up, but thanks none the less.

Neither is more profitable, they're just different. Intraday throws up more opportunities, but gives an increased risk of over-trading.

In my opinion you need more experience and greater self-control to trade intraday successfully. The pace can lead to rushed decisions.

 

[HowardCohodas]

I'm not 100% on what exactly i want to do, like i said im still new to this. But after researching i like the idea of day/swing trades in equities. Maybe some FX aswell, still don't know enough about that to be honest.

I think you have some thinking to do. I believe it is easier to focus your efforts on learning one trading strategy well and then learn others. There is a lot of cross-over knowledge but starting with no focus, makes it harder to learn.

 

[mike120]

Yeah i think i'll probably learn more about day trading first then. How many trades would an average day trader make a day?

Sorry for all the questions guys

 

[Pazienza]

Yeah i think i'll probably learn more about day trading first then. How many trades would an average day trader make a day?

Sorry for all the questions guys

This is impossible to answer. Some will take 50 or more, scalping all day long. I trade intraday and take maybe 1 trade every other day on average.

It all depends on your style. Don't worry about it, work on your method and take the trades as they present themselves .

 

[mike120]

Wow thats a lot of trades!

Thanks for all your help mate!

 

[brettus]

Research and reading material about trading is good and all, but giving it a go and losing a bit of money to see what it's all about got me interested in learning.

Reading about trading, thinking you've found the perfect setup only to find that when you implement it you lose straight away will more likely put me off more.

Sitting there and losing a bit, knowing that it's a hard game and reading a few ideas and implementing them and gradually getting better and better, i think works best.

Getting used to losing and managing yourself pschologically helps alot more than falling on a profitable method that only works for 3 months then destroys your balance and makes you quit.

 

[Pazienza]

Research and reading material about trading is good and all, but giving it a go and losing a bit of money to see what it's all about got me interested in learning.

Reading about trading, thinking you've found the perfect setup only to find that when you implement it you lose straight away will more likely put me off more.

Sitting there and losing a bit, knowing that it's a hard game and reading a few ideas and implementing them and gradually getting better and better, i think works best.

Getting used to losing and managing yourself pschologically helps alot more than falling on a profitable method that only works for 3 months then destroys your balance and makes you quit.

Great post. Very true.

 

[mike120]

Yeah thats great advice, thank you.

Losing money has got to feel ****, but i guess its an inevitability you need to deal with.

 

[brettus]

Yeah thats great advice, thank you.

Losing money has got to feel ****, but i guess its an inevitability you need to deal with.

Yea, while you're at it, do a few revenge trades.

 

[Pazienza]

Yeah thats great advice, thank you.

Losing money has got to feel ****, but i guess its an inevitability you need to deal with.

Of course. Just approach it in the right way. Demo, then small stakes so the losses don't cripple your funds.

Keep detailed records and notes, and review them. Your losers will teach you a great deal, and are simply an essential part of your trading education.