Mentored Trading/Investing

[zac]

I understand what youre saying, but I dont necessarily agree.
Even people like Tony Robbins, Tiger Woods, Warren Buffett.
They all have mentors.
People see it as a weakness when its actually a strength.

 

[herzy]

Most beginners and unprofitable traders don't work hard enough to become profitable. Their work is not disciplined nor is it applied persistently. Their trading plans are incomplete and they give up too easily. A mentor can provide the structure but they can't make a person do the work every day or every week. A mentor can't make someone more patient, more persistent. A mentor can educate and help a prospective trader to survive. Hopefully, to survive long enough to develop the mindset and skills to be profitable. A mentor is not the easy way to profits only a faster way if you have the right stuff (borrowed phrase).

IMO it starts with detailed records of all your trades.

If you want to know what you are good at and what you need to improve you don't need a mentor. Just look at your trading records. It's all in there if you want it bad enough.

The problem I have is knowing where to start. I recognise the value of record keeping, but before that, there's only so much general information gathering I can do, before I'm at a loss as to where to go from here. (e.g., putting theory to practice in a specific trading plan, narrowing down real companies, etc). For these things I think a mentor would be invaluable.

I understand what youre saying, but I dont necessarily agree.
Even people like Tony Robbins, Tiger Woods, Warren Buffett.
They all have mentors.
People see it as a weakness when its actually a strength.

I don't think he was saying mentors are useless, just that often people see them as a way of avoiding hard work. However, I am not averse to hard work, and certainly intend to do thorough record keeping, but feel a mentor would be useful as a reference person for guidance and bouncing off ideas etc...

 

[tech/a]

The problem I have is knowing where to start. I recognize the value of record keeping, but before that, there's only so much general information gathering I can do, before I'm at a loss as to where to go from here. (e.g., putting theory to practice in a specific trading plan, narrowing down real companies, etc). For these things I think a mentor would be invaluable.

I chose technical Analysis 18 yrs ago because I could cut out a lot of ambiguity.
The nail is in Black.
Where to start for me was choosing a vehicle with which to trade.
Then Understanding it.
Then learning how to TRADE WITH IT.
Practical application of any trading methodology is pretty well impossible to find.
The biggest secret is learning how to trade---regardless of vehicle used.
Once you know that 70% of the battle is won.

I don't think he was saying mentors are useless, just that often people see them as a way of avoiding hard work. However, I am not averse to hard work, and certainly intend to do thorough record keeping, but feel a mentor would be useful as a reference person for guidance and bouncing off ideas etc...

Everyone should search out someone who actually practices whatever it is they wish to be proficient at.
Ive found the information they can impart will often gel your learning into something coherent.

 

[herzy]

Ive found the information they can impart will often gel your learning into something coherent.

Exactly.

 

[burglar]

My mentor was self taught.
Decades of Experience, Magazines, Newspapers and the like.

I got to borrow those resources.
We'd discuss all manner of things arising therefrom.

When he thought I was right, he would encourage me.
When he thought I was wrong, he'd explain his view.

So what was his most valuable gift.

Confidence!!

 

[zac]

My mentor was self taught.
Decades of Experience, Magazines, Newspapers and the like.

I got to borrow those resources.
We'd discuss all manner of things arising therefrom.

When he thought I was right, he would encourage me.
When he thought I was wrong, he'd explain his view.

So what was his most valuable gift.

Confidence!!

Cheers Burglar, I see you're from Adelaide too.

What type of instruments and markets would your mentor trade in?

 

[burglar]

Cheers Burglar, I see you're from Adelaide too.

What type of instruments and markets would your mentor trade in?

Western Suburbs boy!

ASX, FPO's, Medium Term, Buy and hold strategy.
And yes, he has passed away.