Mentors

[TinGull 10]

I've been trying to figure out exactly what a mentor does, lately. Are they there mostly to answer your questions about trading? Or do they do a lot of the asking? Do they show you how they do it and have you replicate? Or you show them what you do and they tell you how you can make it better?

 

I'm more curious than anything as to what a trading mentor would do for someone to up their game.

 

Thanks to anyone who can shed some light.

 

Chris

[Soultrader 12]

From my own experience with two different mentors, they showed me the ropes to trading. Also each mentor had their own trading style and both taught me to trade through their trading styles. One was based on S&R levels using fibs and moving averages (cluster points) while the other was more scalp based using tape and market internals. I picked up market profile and pivot clusters on my own.

 

Mentors should answer questions, teach you to trade, and help one develop as a trader. Although it takes time to fully absorb the mentors methodology, a real mentor should be willing to commit his/her time to help one become a profitable trader.

 

I think a mentor is very helpful for new traders who have yet to develop their own style. However, once a trader knows what he needs to do to succeed.... a mentor can not help a trader with this problem. It is all up to the trader now. Psychological aspects of the game can also be improved by the trader himself only. (just my opninion)

 

If you know how to trade and know what it takes to become a profitable and cosistent trader, just stick with gaining experience. Experience is the true teacher in this game.

[TinGull 10]

Insightful. I'd been trading for over a year now and have a good idea of what my intra-day style is turning out to be....good to hear your words, James.

 

Thanks

[torero 10]

My mentor taught me price action, money management, strategy and tactics. I was clueless for years until he came around. He taught me everything he knew but there are stuff he taught but I'm still learning from him on my own.

 

But the biggest part was the psycholical preparation, changing all the biases and beliefs I had to seeing things in a different light. This was what opened my eyes. We all trade our beliefs, and not from the perspective of the markets; this is where losing comes from, not seeing from the eyes of the market. He helped me reinforced good habits I have and guided me to get rid of the bad ones. He helped me see bad things I wasn't aware I was doing. This was very important-- self-observation if you don't have another person to help you. This is where a diary or journal is an absolute must.

 

Having a mentor shaves years off your losing periods to move to the next stage. Anyone can pick a strategy and trade but it's the biases that keep a trader from being consistent.

 

I consider myself very lucky to have had a mentor. Without him, I'd probably be a street bum by now.

[TinGull 10]

Thanks Torero.

 

What kind of things were you doing that he "turned around" for you?

 

Chris

[torero 10]

I started keeping a journal with my entries, exits, reasons and emotions that accompanied the trade. Reviewed them and questioned why it wasn't successful or was successful.

 

Beliefs was the main factor, all the lies we were fed from the industries (gurus, shamans etc). I'll give you one. "Mondays are worst days to trade." It could be true it could not be true but from who's point of view? That is the question? For a swinger, he's already not in so good for him. For a scalper might be dead because of the low volume. Plus, most of us don't trade the entire Monday so it's too generalized.

 

Perspective is everything but it had me question everything everyone says. This is what he did to wake me up. He even said to question him and his strategies and find the answers for myself. Best advice ever given. From there I only seek the truth from charts, not from people and their advice. Basically keep a healthy dose of skepticism to get to the truth and realism of the markets.

[TinGull 10]

I hear that...very nice. If only my high school teachers said that it was OK to question them. I might have had a better time

 

Ever since I started trading the YM I've notice a HUGE improvement in my life. It's funny how in some books you read about trading what fits your personality. ER2 was and is not my personality type, and caused huge conflicts, but I was more concerned with how much money it would bring in for me...but it ended up losing me more than it brought in. Now I trade something more in line with me as a person, and I'm almost 90% successful on my trades thus far! Amazing stuff.