Looking for a mentor

[Swaytide]

Hi,

I'm currently seeking the help of a mentor or trading partner. I trade FX and Crypto and have been trading for over 3 years but never consistantly profitable. I'm mainly a TA trader but may focus on pairs with high fundamental values. I've tried loads of different types of trading from swing, scalping, trend riding, order flow and your normal classical chart patterns.

I have tried online training courses from Nic Trades, Blockroots, Skillincubator but am now looking for something more personal. The reason why im looking for help is to push me and get advice on how to get to the next level to be a consistantly profitable trader.

I would love if the person lived in perth so we could meet up in person but am open to anything as im willing to learn.

I hope to find a relationship that will last many years,

Thank you,
Calum

 

[matty77]

I am also a Crypto trader since 2018, only down around 60% at this stage... lol

true story, and lots of lessons learnt...

 

[peter2]

@Swaytide I'm no mentor nor am I in Perth. Your initial experience with trading is the same as many of us here at ASF. You can continue doing the same things and continue getting the same results or you can change. If you want different results then you have to change what you've been doing.

I assume that you've learned enough about trading to be a profitable trader but are having difficulty applying it. If it was easy, everyone would do it.

You can ask someone to "push" you, but shouldn't you have enough motivation to push yourself?

You can ask someone for help to make you more accountable but shouldn't you be able to do that yourself? Your trading results have all the answers you need. Have you looked at them?

You can ask someone for advice but will you take it?

Changing something that is not working is the next level of self improvement.

In brief, I'm suggesting that you need to change some aspects of your trading activity. If you're unable to see what needs improvement then you'll need to ask for specific trading advice rather than general.

If you were corresponding with me I'd ask to see your results from each of the trading activities you've mentioned. If you don't have good detailed records, that needs to change.

I'd ask if you have a favourite trading activity. Which activity do you like? Which one suits your personality and current lifestyle conditions? I'd check to see if the results back up your opinion. If they do then I'd focus on the results of that activity. I'd ask to see your written trading plan, If you don't have one, that needs to change. I'd check that the entries complied with your plan. If they didn't, that needs to change.

I'd go one step at a time and check everything looking for opportunities for change.

Are you willing to do the same? Are you able to change?

 

[Swaytide]

@peter2 You are correct in saying that I've learnt enough it just seems what I have learnt doesnt provide profit long term hence why i stopped short term trading and changed time frames to higher swing trade as trend trading is known as a time tested strategy and the conditions right now are great for it. I also started learning order flow to read shorter time frame trades which helped a lot as it canceled out the noise and would help identify which side is offside and how to exploit this like the whales do.

Let me rephrase me saying to "push me". I dont need any motivation to improve, i am very passionate about it and proven by my extents to learn. I've traveled to America for a week just to have lessons with a mentor and considered moving to melbourne to work for a firm.

I just feel like the strategies i have learnt which provide good R/R do not play out as my stop would be in a high liquidity area (as well as everyone elses) and that would be the target of the institutions.

What do you mean by trading activity? As in the style i trade? Right now it would be trend following on the daily using the 4hr or 1 hr entry. This was inspired by mentors who have worked for firms saying that is how the majority of them make their money or by orderflow. This also suits my lifestyle with work and cancels out all the noise from the market

I do need to journal better however, I just try different strategies all the time and it turns into a mess. I tried having an api to do all this but the conversions from btc to usd is a big mess around and doesnt work.
I'm currently narrowing down my notes that is 64 pages long into my trading plan with specific strategies and rules. This should be done in the next couple of days.

 

[peter2]

Thanks for your response. A truly motivated person would have responded positively like you did. If I frightened you away then we would have known that your desire to improve was just a "wish" not a "need".

Yes it's very possible that the strategies you've learned may not work in the current highly volatile markets. I've moved to shorter time frames as the initial risk sizes on setups in my preferred time frame are now too much for me. I can use the same strategies in the smaller time frames because the patterns occur in all time frames. Yes, the big instos can and do knock me out of my positions more easily in these smaller time frames. That's something I have to adapt to. If I keep getting knocked out repeatedly then I will have to decide to stop trading for awhile to allow the volatility to subside. Stop trading is a normal adaptation when conditions are unsuitable.

Retail traders like us can co-exist with the "whales" but we have to get out of their way or get knocked about.

I agree with your opinions re the 4hr charts. There's been plenty of great opportunities in this time frame in the FX markets (also gold, oil, indices, heck just about everything).

Detailed record keeping is an absolute must. Non negotiable. I know it's a pain, especially for scalpers and discretionary traders but these records have all the answers you need when things aren't working out as you'd like. These records are your hidden mentor.

Journaling (recording thoughts, ideas, mistakes, aspects for improvements, etc) is also a must if you want to improve.

I just try different strategies all the time and it turns into a mess.

Yep, been there, done that and I know it doesn't work. You've got to simplify. reduce the number of markets, reduce the numbers of strategies, pick one or two time frames. You've got the develop your "goto" trade plan. You've got to master one trading plan that you can always rely on.

It doesn't matter if your "goto" TP doesn't work in all conditions. Once you master it you'll understand this and it won't matter. You'll know when the conditions are right and you'll be able to earn consistent profits and regain your lost "mojo".

Summary: Simplfy, be determined to master one market, one strategy.

 

[tech/a]

Agree with all Pete has said plus ant to add more.
Covid-19 issue all day so time a premium.
Having a lunch read want to comment soon.

 

[tech/a]

After 26 years I've managed to take uncountable hrs of research and trading
and boiled down what Im sure I need to know to trade in a Discretionary manner.

(1) Find potential momentum long or short.
(2) Understand consolidation and Continuation patterns.
(3) Move stop to B/E as soon as you can
(4) Id rather sell early than sell late.
(5) Id rather buy late than not buy at all.
(6) Trade both long and short.
(7) A rising or falling Tide Floats or Beaches ALL boats.
(8) Paradise is in situations like we have now!
(9) Success is in simplicity.

Now go trade!

 

[Swaytide]

Thank you for the reply.
If you dont mind when i finish my trading plan if i can send it to you for some feedback?

How do you journal every trade? I was considering edgewonk because ive seen they have some good analytical features.

I'll take your advice for reducing the amount of strategies and time frames. Thats why i went to daily with 4hr entry as its reduces the amount of noise and is relatively easy to follow the game plan. Thats also why i stopped trading FX and stuck with crypto.

@tech/a thanks for some advice. Im curious about point 3. As the number 1 rule is to protect capital and i know Peter Brandt moves his stop to break even within the first 2 days, I wanted to impliment this myself. I've also had traders tell me this is wrong as the market structure eg support is still valid so moving a stop just above support is stupid if there is no new base made. I'm assuming you wouldnt move your stop to breakeven until a new support or pivot point as been established on the given time frame you are trading on?

I love point 9, that is what i would love to establish when my version 1 of my plan is complete

 

[tech/a]

@tech/a thanks for some advice. Im curious about point 3. As the number 1 rule is to protect capital and i know Peter Brandt moves his stop to break even within the first 2 days, I wanted to impliment this myself. I've also had traders tell me this is wrong as the market structure eg support is still valid so moving a stop just above support is stupid if there is no new base made. I'm assuming you wouldnt move your stop to breakeven until a new support or pivot point as been established on the given time frame you are trading on?

Well you’d be wrong particularly when trading Futures.
Your quoting a “ standard truism “ which like all truisms succeed and fail knowing which have the highest probability of success or failure is much more advantageous than just setting a stop at a swing high low or high or low —- support or resistance however you determine it.

truth is if I get on momentum and a trade moves 10 or so ticks in my favour I have no interest in the entry any more I’m on and it’s in my direction. I’ll set my stop to B/E regardless of where a “hard or soft” logical stop is. If I get whipped back to B/E I lose brokerage
My momentum has proven weak or false.I can now search again. no damage.

Question
How often have you watched price come back and take out a stop.

Answer as often as I’ve watched my B/E taken out. Who do you think
Has the better R/R ?

try it it’s been the best thing I’ve learnt I’ve been taken out 7 times straight and still made great profit in 2 hrs of trading the DAX ( That’s my record )

I love point 9, that is what i would love to establish when my version 1 of my plan is complete

I look forward to seeing it.
Good luck it’s worth it!

listen to Pete
You’ll only stick with that which YOU know works for YOU!

 

[barney]

After 26 years I've managed to take uncountable hrs of research and trading
and boiled down what Im sure I need to know to trade in a Discretionary manner.

(1) Find potential momentum long or short.
(2) Understand consolidation and Continuation patterns.
(3) Move stop to B/E as soon as you can
(4) Id rather sell early than sell late.
(5) Id rather buy late than not buy at all.
(6) Trade both long and short.
(7) A rising or falling Tide Floats or Beaches ALL boats.
(8) Paradise is in situations like we have now!
(9) Success is in simplicity.

Now go trade!

Good post …. no further comment required

 

[Swaytide]

try it it’s been the best thing I’ve learnt I’ve been taken out 7 times straight and still made great profit in 2 hrs of trading the DAX ( That’s my record )

I'm going to run a spreadsheet for a couple months, one with my stop at break even and one taking structural support into consideration. I actually have a few accounts i run at the same time so ill run both strategies with the same trades and monitor the results. Thank you

 

[tech/a]

trick is WHEN do you move your stop to B/E

If only it was so simple
Enjoy the journey