Need a mentor

Raghavacc

Well-Known Member
#1
Hi ,

I am seriously getting in to Day trading and looking for a mentor ( Of course not free of cost) to guide me through first 3-4 months . I am from Bangalore. Any seniors from Bangalore pls?
 
#2
That's a very good idea. I too would not mind paying someone to teach me & mentor me for compensation. Would not even mind paying a percentage of gains, if some can teach me hands off strategies, that an operator can run on chart based signal generation.
 

Raghavacc

Well-Known Member
#3
That's a very good idea. I too would not mind paying someone to teach me & mentor me for compensation. Would not even mind paying a percentage of gains, if some can teach me hands off strategies, that an operator can run on chart based signal generation.
Yup.There is no free meal in this world and whatever we pay to our mentors is for their years of hardwork, toiling and unrelented efforts.No need to mention its one of the toughest business .looking for kind response.
 

ag_fx

Well-Known Member
#4
Guys...I would just suggest one thing...Spend more time around the forum....I started as a novice around 8-9 months back and have learnt a lot for free here on the forum....Dont look for someone to walk you by your finger...You can learn to walk, run and fly by yourself....posts ur doubts in relevant areas and u can learn a lot.

Happy Trading
 
#6
Hello everyone,
Its nice to see some fellow traders from the state I come from.

Perhaps you all might start studying Saint's thread. Contains all the nuts and bolts. Lot of trading knowledge there. Not sure whether he's covered money management , trading psychology and self discipline aspects in that thread. I'm going through that thread little by little because there's so much to learn.......and I tend to study a book or someones thread at least once a day.

Here's something I can tell from experience.....trading can be broken down into
1. Psychology of Awareness
2. Self discipline
3.Technical and/or fundamental analysis
4. Business admin including routines and rituals, record keeping, yada yada yada.

Most newbies immediately jump to picking stocks either through someone's tips or get into charting like I did..........I fell so many times but had the guts to get back on the horse again......If were to do it all over again(and never ever forget this).....
I would start the above four in the following order
1. Psychology of Awareness - Being aware of who you are as person and how do you relate to the markets; are you a breakout trader or a swing trader?; are you long term position trader or an intraday trader; whats your risk tolerance level? I can recommend a few books here which are golden. I would plan daily meditation, visualization sessions because just like you brush your teeth every aspect of trading should become second nature for us. We have an intellectual center, an emotional center, an instinctive center and a mechanical center in our personality. When you are placing orders, emotional, instinctive and intellectual centers must be shut and mechanical center take over.
To give you an analogy - If Tendulkar is batting, the moment he sees a ball to be hit for a straight drive, he wont be thinking where the ball is going to pitch, whether his feet is facing midon or midoff, etc. He just ACTS, He goes through the motion.......in a mechanical way....just one ball at a time....so staying with price action is the key..living in the present...and not having any preconceived notions or judgement as to price are heading....of course you have to have a roadmap in your head...for every day.

2. Self Discipline - You have to have a business plan, a trading plan or plans for each of your strategies, with clear cut entry and exit rules, rules for when to stay in the market, when to quit trading for the day if you are a day trader, rules for when to stay out of market.....for example if Im day trading and I suffer two consecutive losses I shut my pc off for the day.....

3. Technical Analysis: All you need is one pattern, one simple pattern which gives you a statistical edge to make a living. Of course you have to become familiar with the pattern and make it your own.

4. Develop sound routines and rituals that will put you in the right frame of mind every single day.

The first two items, btw, accounts to more than 90% of your trading success.

I'm intending to start a thread that will cover the everything but # 3; partly to improve myself and partly to share what I know soon.

Hope this helps
Shreenath

I am also from bangalore, learning and doing trading. If you would like to learn together, pls contact
 

prasadam

Well-Known Member
#7
Hello everyone,
Its nice to see some fellow traders from the state I come from.

Perhaps you all might start studying Saint's thread. Contains all the nuts and bolts. Lot of trading knowledge there. Not sure whether he's covered money management , trading psychology and self discipline aspects in that thread. I'm going through that thread little by little because there's so much to learn.......and I tend to study a book or someones thread at least once a day.

Here's something I can tell from experience.....trading can be broken down into
1. Psychology of Awareness
2. Self discipline
3.Technical and/or fundamental analysis
4. Business admin including routines and rituals, record keeping, yada yada yada.

Most newbies immediately jump to picking stocks either through someone's tips or get into charting like I did..........I fell so many times but had the guts to get back on the horse again......If were to do it all over again(and never ever forget this).....
I would start the above four in the following order
1. Psychology of Awareness - Being aware of who you are as person and how do you relate to the markets; are you a breakout trader or a swing trader?; are you long term position trader or an intraday trader; whats your risk tolerance level? I can recommend a few books here which are golden. I would plan daily meditation, visualization sessions because just like you brush your teeth every aspect of trading should become second nature for us. We have an intellectual center, an emotional center, an instinctive center and a mechanical center in our personality. When you are placing orders, emotional, instinctive and intellectual centers must be shut and mechanical center take over.
To give you an analogy - If Tendulkar is batting, the moment he sees a ball to be hit for a straight drive, he wont be thinking where the ball is going to pitch, whether his feet is facing midon or midoff, etc. He just ACTS, He goes through the motion.......in a mechanical way....just one ball at a time....so staying with price action is the key..living in the present...and not having any preconceived notions or judgement as to price are heading....of course you have to have a roadmap in your head...for every day.

2. Self Discipline - You have to have a business plan, a trading plan or plans for each of your strategies, with clear cut entry and exit rules, rules for when to stay in the market, when to quit trading for the day if you are a day trader, rules for when to stay out of market.....for example if Im day trading and I suffer two consecutive losses I shut my pc off for the day.....

3. Technical Analysis: All you need is one pattern, one simple pattern which gives you a statistical edge to make a living. Of course you have to become familiar with the pattern and make it your own.

4. Develop sound routines and rituals that will put you in the right frame of mind every single day.

The first two items, btw, accounts to more than 90% of your trading success.

I'm intending to start a thread that will cover the everything but # 3; partly to improve myself and partly to share what I know soon.

Hope this helps
Shreenath
:clapping::clapping::clapping:

well said shreenath.

belated welcome to the forum.

looking forward to regular interaction.


prasad.
 

prasadam

Well-Known Member
#8
Raghav, Sanjay and Das,


as Ankit has suggested surf the forum, and within a short span, you yourselves can mentor others.

here is a link to most important threads of the forum compiled by another member of the forum.
http://www.traderji.com/beginners-guide/9373-new-members-please-read.html

start with this two threads first.

http://www.traderji.com/technical-analysis/6072-teach-man-fish.html

http://www.traderji.com/technical-analysis/7438-technical-trading-practicing-theory.html


happy learning.

prasad.
 
#9
Guys...I would just suggest one thing...Spend more time around the forum....I started as a novice around 8-9 months back and have learnt a lot for free here on the forum....Dont look for someone to walk you by your finger...You can learn to walk, run and fly by yourself....posts ur doubts in relevant areas and u can learn a lot.
Ankit,

I am already doing that. Am spending lot of time reading about various issues, here & elsewhere, while I papertrade. I am sure in time I will learn a lot, more than I will through mentoring or classroom learning, in the long run.

In the short run, however, I personally am a great believer in classroom training....am always attending one edp or other to update myself on some subjects, I'm interested in.....though haven't tried online mentoring in any field till date.

So, I believe if I am able to get someone good to mentor me, I can earn while I learn.

Presently, I swing trade delivery equities in monthly/higher swings, if I can, otherwise I think myself invested for long term (that's a good thing to think when you are in Red).

Want to get away from buy & hold to regular swing trading or systems based day-trading....as I dont want to become more of a screen slave than I already am :D
 

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