The Right Coach/Mentor?

[stpips89 10]

I was sent on 1 x 1 day Technical Analysis course, probably about 5 years after I started trading for the Bank !

 

No courses in Trading, Money Management, Psychology, Fundamentals etc - It was very much training "on the job" for me.

 

Cheers

 

Whatever works for you! I found great value learning from a mentor like Nial Fuller, but that's just me personally. Everyone is different, although I don't think you can go wrong getting a solid education in price action trading..

[Chippy 10]

I was sent on 1 x 1 day Technical Analysis course, probably about 5 years after I started trading for the Bank !

 

No courses in Trading, Money Management, Psychology, Fundamentals etc - It was very much training "on the job" for me.

 

Cheers

 

Which bank do you work for, and how did you get the opportunity to trade for them?

[Wyckoff Trader 10]

Which bank do you work for, and how did you get the opportunity to trade for them?

 

I "retired" from banking about 5.5yrs ago - made a lifestyle choice, moved overseas and currently just trade for myself.

 

I got the trading opportunity (I was back office/dealers position keeper) when asked to temporarily cover a minor currencies Money Market desk...During this period I guess I showed "something" to the room and was moved in permanently.

 

I was sitting next to a FX trader and I would assist him when I could, taking Reuters/Broker calls, looking after orders, admin etc....gradually I would quote and run some small FX positions...eventually I was moved permanently from MM to FX , responsible for trading specific ccy(s).

 

Cheers

[stpips89 10]

I "retired" from banking about 5.5yrs ago - made a lifestyle choice, moved overseas and currently just trade for myself.

 

I got the trading opportunity (I was back office/dealers position keeper) when asked to temporarily cover a minor currencies Money Market desk...During this period I guess I showed "something" to the room and was moved in permanently.

 

I was sitting next to a FX trader and I would assist him when I could, taking Reuters/Broker calls, looking after orders, admin etc....gradually I would quote and run some small FX positions...eventually I was moved permanently from MM to FX , responsible for trading specific ccy(s).

 

Cheers

 

What is your primary trading method? Were you trading for a living before working at the trading firm?

[v101 10]

I was at a recent trading event, and a group was there called Beacon Learning Group. NO I dont work for them...

 

BUT they did have an interesting approach to the mentor/Training. They offered a service that would identify your specific problems, issues, etc. then develop a plan, you are allowed unlimited calling into their support line, where they have real traders, who trade the markets, and can offer support/advice on trades you are about to take, or if you have a specific issue you want to discuss.

 

You could probably google them for more info, etc.

[stpips89 10]

I was at a recent trading event, and a group was there called Beacon Learning Group. NO I dont work for them...

 

BUT they did have an interesting approach to the mentor/Training. They offered a service that would identify your specific problems, issues, etc. then develop a plan, you are allowed unlimited calling into their support line, where they have real traders, who trade the markets, and can offer support/advice on trades you are about to take, or if you have a specific issue you want to discuss.

 

You could probably google them for more info, etc.

 

What do they charge for that sort of personally-intensive service?

[ericmoles 10]

They charge ten thousand bucks.

 

They won't show you statements to prove the guys on the phone actually trade.

 

They use high pressure sales tactics to get you to make a quick, emotional decision and let you know that there are only a few slots so you need to make a decision now, or lose this opportunity forever.

 

They pre-screen you with a nice guy and set up a phone interview with the 'closer'.

 

I'd be curious to hear from anyone using there service how they like it. I know they associate with other industry participants. John Carter's Trade the Markets, Robert Prechter's Elliottwave International, and Bill Polous and whatever he sells.

 

Curious.....

[xkr1962 10]

They charge ten thousand bucks.

 

They won't show you statements to prove the guys on the phone actually trade.

 

They use high pressure sales tactics to get you to make a quick, emotional decision and let you know that there are only a few slots so you need to make a decision now, or lose this opportunity forever.

 

They pre-screen you with a nice guy and set up a phone interview with the 'closer'.

 

I'd be curious to hear from anyone using there service how they like it. I know they associate with other industry participants. John Carter's Trade the Markets, Robert Prechter's Elliottwave International, and Bill Polous and whatever he sells.

 

Curious.....

 

Most decent honest mentors I have used will share their charts and explain their trades in a live trading room environment. Just do your own due dilligence.

[kuokam 10]

I don't absolutely want a coach/mentor. I just need a trading friend.

[joshdance 10]

I don't absolutely want a coach/mentor. I just need a trading friend.

 

This will probably only handicap you. Trading is very personal; even reading and sharing on forums is getting to be counterproductive for me in most cases. You keep seeing the market go up, for example, and these crazies keep shorting and averaging down, losing money, everyone is talking about fall, fall, fall, and I look at myself and think, "am I crazy because I'm longing, or are they crazy"? You must learn to trust yourself and your own analysis and methods.

[xkr1962 10]

This will probably only handicap you. Trading is very personal; even reading and sharing on forums is getting to be counterproductive for me in most cases. You keep seeing the market go up, for example, and these crazies keep shorting and averaging down, losing money, everyone is talking about fall, fall, fall, and I look at myself and think, "am I crazy because I'm longing, or are they crazy"? You must learn to trust yourself and your own analysis and methods.

 

Agreed, the sooner you dump, trading rooms, other peoples trades calls, signal services etc the sooner you will be able to concentrate on finding what works for you.

[kuokam 10]

This will probably only handicap you. Trading is very personal; even reading and sharing on forums is getting to be counterproductive for me in most cases. You keep seeing the market go up, for example, and these crazies keep shorting and averaging down, losing money, everyone is talking about fall, fall, fall, and I look at myself and think, "am I crazy because I'm longing, or are they crazy"? You must learn to trust yourself and your own analysis and methods.

 

Totally agree the real teacher is inside, but at times it helps to have another person, be it your daughter, give their advice at what you are busy doing. At some point, 2 traders with a couple of years experiences can successfully support/coach each other. This differs from what happens anonymously on forums..

[joshdance 10]

Totally agree the real teacher is inside, but at times it helps to have another person, be it your daughter, give their advice at what you are busy doing. At some point, 2 traders with a couple of years experiences can successfully support/coach each other. This differs from what happens anonymously on forums..

 

I think two (or more) traders can help each other be accountable, for example. And post-trade discussion can also be helpful. And I've had people who have helped me quite a bit by talking and chatting with. But sitting there chatting whether it be typing or voice during the trading day will in the long run be a hindrance IMO. You still have to trade what you see, and you will have your decisions influenced by someone else, and win or lose, you lose, because it wasn't totally your decision, and you won't gain the confidence you need.

 

I will reiterate though that I do think post-trading day chat can be helpful.

[kuokam 10]

I think two (or more) traders can help each other be accountable, for example. And post-trade discussion can also be helpful. And I've had people who have helped me quite a bit by talking and chatting with. But sitting there chatting whether it be typing or voice during the trading day will in the long run be a hindrance IMO. You still have to trade what you see, and you will have your decisions influenced by someone else, and win or lose, you lose, because it wasn't totally your decision, and you won't gain the confidence you need.

 

I will reiterate though that I do think post-trading day chat can be helpful.

 

I would say it also depends on where you are in your learning/experience curve. Here is a real life example. Lately I sold a currency pair. The trade went rapidly in my favor but I mismanaged it by trailing my stop to near too soon and got stopped out with a mere 200+ pips, in trade that went 800+ pips further. Had I consulted with a friend, he probably could have warned me, for example by drawing fib lines. In effect, the trade just touched the 38.2 fib level and resumed its descent. This obviously was a breach of the "let the winners run" law, and to me is the kind of situation I would need consultation with a peer.

[bobcollett 10]

I would say it also depends on where you are in your learning/experience curve. Here is a real life example. Lately I sold a currency pair. The trade went rapidly in my favor but I mismanaged it by trailing my stop to near too soon and got stopped out with a mere 200+ pips, in trade that went 800+ pips further. Had I consulted with a friend, he probably could have warned me, for example by drawing fib lines. In effect, the trade just touched the 38.2 fib level and resumed its descent. This obviously was a breach of the "let the winners run" law, and to me is the kind of situation I would need consultation with a peer.

 

Hi kuokom,

You are right, and if every trader started with a friend , it would shorten the learning curve.

A mentor is the real secret to the Holy Grail. An UNPAID mentor

So find a friend in your neighbourhood with some experience.

Thats very difficult......

Have a look at all the people who post "one liners" on TL.

Are they trying to make friends .. NO

They are trying to display superiority. Thats no friend.

I am keeping a book with all the" one liners ", just like Taylor.

Tomorrow is a Sell day.

Joshdance has a point. Friends dont necessarily give you the correct answer.

They confuse you.

But better they confuse you and you loose money, than you are not confused and you loose money.You can blame them.

regards

bobc

[kuokam 10]

Hi kuokom,

You are right, and if every trader started with a friend , it would shorten the learning curve.

A mentor is the real secret to the Holy Grail. An UNPAID mentor

So find a friend in your neighbourhood with some experience.

Thats very difficult......

Have a look at all the people who post "one liners" on TL.

Are they trying to make friends .. NO

They are trying to display superiority. Thats no friend.

I am keeping a book with all the" one liners ", just like Taylor.

Tomorrow is a Sell day.

Joshdance has a point. Friends dont necessarily give you the correct answer.

They confuse you.

But better they confuse you and you loose money, than you are not confused and you loose money.You can blame them.

regards

bobc

 

Hi Bob,

Sure I wouldn't take any one's advice above mine. Advice is most welcome when in perplexity at precise situations.

For instance you would say a govenor of the BoJ knows what he is talking about. Yesterday one stated that AUD/USD will be trading around 0.9 by the end of the year. I happened to have that pair on my radar and to me it looked rather bullish, so I bought it this morning and am in profit as at this writing.

 

You are right with what you call one liners, but besides them you have many helpful friends here. It takes all to make the world.

 

In fact if I could hold a detailed journal of all my trades and review them, I would be far ahead now. But lasyness still holds me back.

 

Best

[bobcollett 10]

Hi Bob,

 

In fact if I could hold a detailed journal of all my trades and review them, I would be far ahead now. But lasyness still holds me back.

 

Best

 

Hi kuokam

The story of our lives

regards

bobc

[joshdance 10]

In fact if I could hold a detailed journal of all my trades and review them, I would be far ahead now. But lasyness still holds me back.

 

So, you're self-proclaimed lazy, yet you want someone to be your trading buddy. Why would anyone want to partner up with someone who admits he's lazy? What's in it for the other person?

 

Anyway, I'm through trying to help, as it seems from your responses that you already know everything, and this has degraded into a waste of time for anyone reading or writing here.

[bobcollett 10]

So, you're self-proclaimed lazy, yet you want someone to be your trading buddy. Why would anyone want to partner up with someone who admits he's lazy? What's in it for the other person?

 

Anyway, I'm through trying to help, as it seems from your responses that you already know everything, and this has degraded into a waste of time for anyone reading or writing here.

 

Mr Jones,

I find your comments rude , inappropriate, and rather arrogant.

Are you having a bad day?

I missed the post where you offered to be his trading buddy.

bobc

[TheNegotiator 13]

Guys, let's just keep it friendly please

[kuokam 10]

Mr Jones,

I find your comments rude , inappropriate, and rather arrogant.

Are you having a bad day?

I missed the post where you offered to be his trading buddy.

bobc

 

Don't mind him Bro, let him enjoy freedom of speech...

My account is well up today, and that is the only thing that counts.

 

Best

[xkr1962 10]

Hi kuokom,

You are right, and if every trader started with a friend , it would shorten the learning curve.

A mentor is the real secret to the Holy Grail. An UNPAID mentor

So find a friend in your neighbourhood with some experience.

Thats very difficult......

Have a look at all the people who post "one liners" on TL.

Are they trying to make friends .. NO

They are trying to display superiority. Thats no friend.

I am keeping a book with all the" one liners ", just like Taylor.

Tomorrow is a Sell day.

Joshdance has a point. Friends dont necessarily give you the correct answer.

They confuse you.

But better they confuse you and you loose money, than you are not confused and you loose money.You can blame them.

regards

bobc

 

UNPAID, I beg to differ, the mentor I paid was priceless, the friends I spent years trying to learn with were worthless by comparison. Ever heard the expression the blind leading the blind, it fits well.

[bobcollett 10]

UNPAID, I beg to differ, the mentor I paid was priceless, the friends I spent years trying to learn with were worthless by comparison. Ever heard the expression the blind leading the blind, it fits well.

 

Hi xkr,

Did you ever see the movie Star Wars?

They also had these alphabetical names like yours....cp3o & rtd2

 

Your comment is accepted.

Can you give us the name of your mentor

Kind regards

bobc