Mentor Wanted!

[ProperJob06]

Hi,

I am a newbie to the page so thanks for having me! Looking forward to being a part of this insightful community!

A brief over view of myself and what I wish to achieve; I am 32, currently living in Perth working full time. I have very little trading experience other than using ‘basic fundamental’ research and recommendations only. As of June this year, I should have the luxury of extra spare time on my hands which I plan on putting to good use.

Over the last month or so I have been glued to my phone/comp trying to learn/ understand the concepts of short term trading, I’m super intrigued and feel a slight addiction to learn this trade. I hope I can use the next 3 months as a learning platform and obtain a good grip on the fundamentals before hopefully trading live in June (confidence pending). Although online information is useful and convenient, I would really appreciate the benefits of a local ‘face to face’ Mentor to guide me throughout this adventure!

If anyone can assist or steer me in a direction of slight success that would be great!

Thanks, Luke

 

[frugal.rock]

G'day Luke,
Welcome to the forum.

You might like to check this thread for some direction.

Looking for a mentor

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...

www.aussiestockforums.com

You might be able to team up with Callum (mari) lol.

and feel a slight addiction

Good luck with that...

I hope I can use the next 3 months as a learning platform and obtain a good grip on the fundamentals before hopefully trading live in June (confidence pending).

A good start, however, check your emotions at the door.
Confidence is the emotion you feel before you fully comprehend the situation...
Emotions and trading don't mix.

I like Perth, nice place generally.
Hope to live there one day.

Good luck young fella, and there's plenty of info on this forum.
Use the search and ask questions.

Trawl through posts/ threads by Skate, Peter2 and tech/a and you won't go wrong.
Cheers.

 

[ProperJob06]

G'day Luke,
Welcome to the forum.

You might like to check this thread for some direction.

Looking for a mentor

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...

www.aussiestockforums.com

You might be able to team up with Callum (mari) lol.


Good luck with that...


A good start, however, check your emotions at the door.
Confidence is the emotion you feel before you fully comprehend the situation...
Emotions and trading don't mix.

I like Perth, nice place generally.
Hope to live there one day.

Good luck young fella, and there's plenty of info on this forum.
Use the search and ask questions.

Trawl through posts/ threads by Skate, Peter2 and tech/a and you won't go wrong.
Cheers.

Thanks @frugal.rock

I have read through the thread you suggested, some sound advice throughout. I will reach out to Callum for some local support (if he is still trading?). The advice is appreciated, I will be sieving through threads as per your profile recommendations.

The sheer amount of information out there is overwhelming, I think i should funnel my research into a smaller "bubble" during these initial months to deter myself from getting carried away /overloaded with information which I probably do not require right now. Just not entirely sure where to narrow the focus down too, ideally looking at 3 bullet point areas of focus to start with, recommendations welcomed.

I want exposure to the actual process of a short term trade, its corresponding strategy and its risk management. Just one strategy and its disciplines to focus and research to start with, is this a good idea? Whats the best way to log trade details, create a personal spreadsheet? Or are there templates out there already available? I have recently opened an IG account but not yet scouted the platform entirely to see what trading tools they have.

I like the idea of swing trading for longer periods (1-5days). This method will probably be most suited to my lifestyle routine. I don't expect to be the next millionaire! (If that happens then brilliant haha) I just want to enjoy this new process, execute good trades and make a little money at the same time. Easier said then done I'm sure

Luke

 

[Modest]

Welcome and be careful in this jungle! The internet is full of “trading gurus” who prey on people in your position. Do yourself a favour and forget about finding a mentor and take charge of your own journey. If you stick at it for long enough you’ll realise you’re better off on your own in this endeavour, so may as well start alone.

I’m a purely technical trader, I get a hint you’re leaning towards technical analysis so this may be a a good starting point:

https://www.amazon.com.au/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

 

[frugal.rock]

ideally looking at 3 bullet point areas of focus to start with, recommendations welcomed.

• Risk Management
• Risk Management
• Risk Management

 

[ProperJob06]

• Risk Management
• Risk Management
• Risk Management

I have been playing around with the 1% of account balance rule on IG (demo) but they have a min stop loss amount which often is larger than my desired limit in $, I am just getting familiar with the platform at mo. What trading platforms are you veteran traders using?

 

[ProperJob06]

Welcome and be careful in this jungle! The internet is full of “trading gurus” who prey on people in your position. Do yourself a favour and forget about finding a mentor and take charge of your own journey. If you stick at it for long enough you’ll realise you’re better off on your own in this endeavour, so may as well start alone.

I’m a purely technical trader, I get a hint you’re leaning towards technical analysis so this may be a a good starting point:

https://www.amazon.com.au/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

Thanks @Modest

Appreciate the advice. Yes, I am definitely leaning towards that style, I have spent the week trying to absorb the lingo, just learning basic candlestick patterns and associated indicators, what they represent etc. Just basic foundation stuff at the moment. I'll add this book to the shopping cart!

Question; For swing trades lets say for example- day-weekly, would you tend to trade CFDs of buy the underlying asset as stock? I'm a little grey in this area. I assume if you decide to enter a trade by buying the shares then it might become harder to enter/exit the trade due to illiquidity and volume restrictions? I know there is many more factors to 'a trade' but whats the general consensus here?

Cheers

 

[peter2]

The two main reasons for using a CFD provider is their range of markets and the leverage that's provided. A note of warning. ASIC has recently mandated maximum leverage limits. These limits reduce the amount of leverage significantly and will apply to every leverage provider holding an AFSL.

If you stick to the major markets you'll not have liquidity issues with cfds or the underlying markets.

If you frame a trade and notice that you're risking more than you'd like (eg 1%) then you must pass on the setup. CFD providers generally have another market that allows smaller accounts to trade along with the larger one.

You first task is to create a trading plan that defines your entry, trade management, exit and how much to risk on each trade.

 

[Wilham]

Hi,

I am a newbie to the page so thanks for having me! Looking forward to being a part of this insightful community!

A brief over view of myself and what I wish to achieve; I am 32, currently living in Perth working full time. I have very little trading experience other than using ‘basic fundamental’ research and recommendations only. As of June this year, I should have the luxury of extra spare time on my hands which I plan on putting to good use.

Over the last month or so I have been glued to my phone/comp trying to learn/ understand the concepts of short term trading, I’m super intrigued and feel a slight addiction to learn this trade. I hope I can use the next 3 months as a learning platform and obtain a good grip on the fundamentals before hopefully trading live in June (confidence pending). Although online information is useful and convenient, I would really appreciate the benefits of a local ‘face to face’ Mentor to guide me throughout this adventure!

If anyone can assist or steer me in a direction of slight success that would be great!

Thanks, Luke

Hey Luke, I'm in a similar position to yourself. Beginner, working full-time and based in Perth. Can't say I'm a mentor but would be fun to trade thoughts/ideas if you are interested. Shoot me a pm if so.

 

[Joe Blow]

The great thing about online communities such as ASF is that mentoring doesn't have to be done one on one, it can be done in public where others can participate or just follow along. As a result many more people can learn and benefit from such an exercise, both immediately and in the future.

Threads don't disappear after they run their course, they become part of the body of knowledge that ASF contains and can be accessed at any time by anyone and found not just by using ASF's site search, but from searches conducted on all major search engines as well.

Some of ASF's contributors have been generous enough to start mentoring threads on their own initiative because they want to pass on their own knowledge and experience to others. These threads helped people when they were first created and continue to help people today. They're all just a search away from being re-discovered by someone new.

My advice to those seeking a mentor is to choose a topic that you would like to learn about, then put in the effort to learn the basics yourself. Everything has to start with self education. You have to put in some hard yards yourself first. Then start a thread here at ASF that sets out what you know, and what you seek to learn. Put yourself out there, and put in some real effort with your first post, and I guarantee that others will come on board and give some life to your thread. You might not have just one mentor, you may even wind up with a few; and your thread may attract some others in a similar place as yourself who have their own ideas and questions.

 

[ProperJob06]

The two main reasons for using a CFD provider is their range of markets and the leverage that's provided. A note of warning. ASIC has recently mandated maximum leverage limits. These limits reduce the amount of leverage significantly and will apply to every leverage provider holding an AFSL.

If you stick to the major markets you'll not have liquidity issues with cfds or the underlying markets.

If you frame a trade and notice that you're risking more than you'd like (eg 1%) then you must pass on the setup. CFD providers generally have another market that allows smaller accounts to trade along with the larger one.

You first task is to create a trading plan that defines your entry, trade management, exit and how much to risk on each trade.

Thanks @peter2

Working/ studying & paper trading currently to figure out a trading plan which suits my style. Hoping to find some clarity soon!

Appreciate your insights.

 

[ProperJob06]

Hey Luke, I'm in a similar position to yourself. Beginner, working full-time and based in Perth. Can't say I'm a mentor but would be fun to trade thoughts/ideas if you are interested. Shoot me a pm if so.

Hi @Wilham

Would be fun to bounce some ideas!

Cheers, Luke

 

[farmerge]

Hi,

I am a newbie to the page so thanks for having me! Looking forward to being a part of this insightful community!

A brief over view of myself and what I wish to achieve; I am 32, currently living in Perth working full time. I have very little trading experience other than using ‘basic fundamental’ research and recommendations only. As of June this year, I should have the luxury of extra spare time on my hands which I plan on putting to good use.

Over the last month or so I have been glued to my phone/comp trying to learn/ understand the concepts of short term trading, I’m super intrigued and feel a slight addiction to learn this trade. I hope I can use the next 3 months as a learning platform and obtain a good grip on the fundamentals before hopefully trading live in June (confidence pending). Although online information is useful and convenient, I would really appreciate the benefits of a local ‘face to face’ Mentor to guide me throughout this adventure!

If anyone can assist or steer me in a direction of slight success that would be great!

Thanks, Luke

Good morning/arvo ProperJob06 being a newbie to this forum but not trading I've just seen your post wanting a mentor. Back in the old Community days these rquest or similar were prevalent. My response was always never trust someone else with advice on how to spend yur hard earned. If unsure do dummy runs on trading and see how it pans out, dosn't cost anything but time which is then revalued as learning. Plenty of wise people out there but rule of thumb only trust the bloke you see in the shaving mirror. He/she is never wrong, and if an investment does go wrong only one person wears the blame. We have all had that happen. Best advice from a couple of wise sages from the now defunct Community site Always Do Your Own Research and then tread carefuly.
Have fun and good luck.

 

[divs4ever]

Good morning/arvo ProperJob06 being a newbie to this forum but not trading I've just seen your post wanting a mentor. Back in the old Community days these rquest or similar were prevalent. My response was always never trust someone else with advice on how to spend yur hard earned. If unsure do dummy runs on trading and see how it pans out, dosn't cost anything but time which is then revalued as learning. Plenty of wise people out there but rule of thumb only trust the bloke you see in the shaving mirror. He/she is never wrong, and if an investment does go wrong only one person wears the blame. We have all had that happen. Best advice from a couple of wise sages from the now defunct Community site Always Do Your Own Research and then tread carefuly.
Have fun and good luck.

i found tipping competitions ( like the ASF ones , there are officially two , that i have noticed ) very useful

i use them to test various ideas and such competitions highlight very quickly , BAD strategies ( i would rather look silly on a forum than wreck my war-chest )

i suspect those that 'trade' would benefit even more

and overall on the post

+1 ( you have said the very important parts )

 

[farmerge]

qldfrog In the old Community there a fair bit of banter about wise "sages" mine being the bloke in thr shaving mirror. You may see this pop up every now and then when the mirror wishes to advise me !!!!!!

 

[Dona Ferentes]

Paraphrasing Harry S Truman
" You want a friend [ in the market]? Get a dog."