Seeking a Mentor in Chicago

[82hopper]

Hello all,

I've been into trading since '08 when I first read an article called "The Weak Dollar Workout" in a Maxim magazine. I first started trading with a demo account for FXCM and then switched over to Ninjatrader in early 2010 trading the e-mini. I've spent years looking and reading on how to become a profitable trader and minimize risk as much as possible. I've also spent my time looking to find a great mentor who would take the time to mold me in his image and become a successful businessman. I still think there is something that I'm missing in order to become good if not great.

Happy Trading to All

 

[No Risk Trader]

Hello all,

I've been into trading since '08 when I first read an article called "The Weak Dollar Workout" in a Maxim magazine. I first started trading with a demo account for FXCM and then switched over to Ninjatrader in early 2010 trading the e-mini. I've spent years looking and reading on how to become a profitable trader and minimize risk as much as possible. I've also spent my time looking to find a great mentor who would take the time to mold me in his image and become a successful businessman. I still think there is something that I'm missing in order to become good if not great.

Happy Trading to All

How much are you trading with and are you trading Equity Options?

 

[pboyles]

You just put a big sign up saying 'scam me'.

 

[82hopper]

NO Risk - Im actually trading the e-minis. I'm still trading the demo account. I would like to fund my live account with at least $2000 and start small. I've been looking into trading options but still haven't quite learned all there is to it. I'm really interested in learning Options and Futures trading. It's sad that now you can't learn anything like back in the day when you could become a runner or start at the bottom and work your way up. Lol, I'm just going by what some of the older guys on here say.

PBoyles- These past 4years that I've spent looking into finding a mentor, I've ran into some big scams that promise the world and luckily I managed to avoid them (common sense). I know no matter how good the rewards are, anything will come as easy as some people make it out to be. I've been scammed once and never again did I fall for another. I'm very cautious when I see ads or companies out there looking for recruits to join there firm. Thanks though

 

[lloydbee]

I've been looking into trading options but still haven't quite learned all there is to it.

If you believe you will learn "all there is too it" with Options the first thing I would suggest you change is the way you think.

You'll never learn it all with Options, learning is ongoing. You are better to focus on one strategy at a time and become very knowledgeable about it and how it trades or reacts to market change and then move on from there to another once you are fairly comfortable and successful which should take care of several years.

First place to start as far as strategies has to be getting basic knowledge with 'Singles' on how they react, then look at something fairly safe and successful like 'Verticals'... see you in several years time

Main thing... stick to it and Virtual trade like there's no tomorrow.

 

[82hopper]

Lloydbee - I apologize for not wording my post properly. I understand this type of career is something that individuals spend most if not all there lives working on trying to make the best return on their investments. As for me, Im working on a method for trading the e-mini S&P 500.

This whole trading experience taking me on a roller coaster of emotions. I know we have to detach ourselves from the money but its not the money that affects me, its the satisfaction of a method working one day and completely being a disaster the next. Also, the countless hours reading and watching videos about traders and individuals making big profits and what worked for them. Trading has become a commitment that I dnt see myself giving up. Its now more an idea and obsession and not what my family considers a game and hobby. Alot of people doubt me because they believe it cant be done but I know anything is possible as long as ur dedicated 110%.

Happy Trading

 

[lloydbee]

Trading will take you on a roller coaster of emotions, we are only human and unless money or trading success means nothing to the trader it is natural to be affected.

For you though it sounds like accepting that you wont always get trades right is something you need to work on. No matter how good we get there will always be times when things go wrong. I've lost count of the times when I sat, waited, entered then within seconds or minutes it runs the other way or news swings the markets for no real reason.

Even when you have a method that works it will have to be altered as the markets do, don't take it personally against your system just accept that markets change and as a result you change your Option strategy. That is the beauty of Options they are flexible.

Why do you say 'DISASTER", were the losses that great or sudden or just a word choice.

Keep up your enthusiasm and commitment and prove the doubters wrong. You will find they will be the first ones to ask you to trade their money upon seeing your success.

 

[Brumby]

You need to get a few years under your belt trading a live account. Trade small sizes if you have to but don't count trading demo as real exprience. Eventually most traders will hit a wall where success is there but not consistent. This is the time when a mentor is most helpful because they will help you to refine your edge and get you across the finish line. You must have the basic skills in place before they can work on you because a mentor who is good at trading and is willing to teach can be very expensive.

 

[lloydbee]

You must have the basic skills in place before they can work on you because a mentor who is good at trading and is willing to teach can be very expensive.

Not necessarily!
A mentor can take a complete new person to success IF that person has it in them AND they do the time to overcome the hurdles.

Mentors can be inexpensive as well, not all mentors are in it to make money from it but to rather just have some sort of reward for their years of hard work that the student is trying to shortcut and also when people are mentored for free they generally do not take it as seriously as someone who has put their own money on the line. Finding the right one from all the spruikers that are out there.

Live trading is always going to be a little different than Virtual but I am a big believer of Virtual accounts to build confidence in the new trader, with Options there is just sooo much available it's really too much and overwhelming to the new traders out there. Slow and steady wins the race.

 

[Brumby]

A mentor can take a complete new person to success IF that person has it in them AND they do the time to overcome the hurdles.

Mentors can be inexpensive as well, not all mentors are in it to make money from it but to rather just have some sort of reward for their years of hard work that the student is trying to shortcut and also when people are mentored for free they generally do not take it as seriously as someone who has put their own money on the line.

Is it a theoretical view as I can accept the plausibility of such a situation?

If you are aware of an inexpensive mentor, I suggest you give the name(s) to the OP so that the person can start off as you have outlined.

 

[82hopper]

Yes, the results were disastrous because I kept thinking the trade would turn and ended up losing. This was a live account I had opened in the beginning. I believe there are Mentor's out there that are on both sides. Some looking to get paid and then some who find the reward in knowing that they're teaching someone and helping them reach a goal. I've read stories about how some people got started in trading by a close friend or relative giving them that one chance that most of us wish we could have gotten. But now that trading is available and can be done at home, it is more challenging to find people with the same interest and passion for this industry. Thank God for these forums LOL

 

[Brumby]

Yes, the results were disastrous because I kept thinking the trade would turn and ended up losing. This was a live account I had opened in the beginning. I believe there are Mentor's out there that are on both sides. Some looking to get paid and then some who find the reward in knowing that they're teaching someone and helping them reach a goal. I've read stories about how some people got started in trading by a close friend or relative giving them that one chance that most of us wish we could have gotten. But now that trading is available and can be done at home, it is more challenging to find people with the same interest and passion for this industry. Thank God for these forums LOL

I believe in the principle that you can't take someone to a place unless you have gone there before. Finding a right mentor is not easy. You might be lucky and have a friend who is willing to teach. I am just being pratical and am going on the basis of having to buy such services as they won't be cheap. You are basically looking for a mentor who is a trader and not an educator. They trade for a living and time is money and there are no free lunches. You want to maximise the time with them and minimise the hours needed to refine your edge. I am assuming you are at a cross road where you just need that extra push or quidance to bring out your edge that will help you to become a truly consistent trader. Their time with you is not to teach you basic trading skills. Their time is to highlight issues that you need to work on; strengths you need to develop; and discipline that you need to enforce. They are there to build you a program that will develop strength and minimise weaknesses. They are a coach that is brought in to turn you from an also ran to become a winner.

 

[82hopper]

Couldn't have said it better myself Brumby. I just have to ask if anyone else has ever felt the same way????