Mentor wanted

[shasta]

Hi all

I'm a 35 year old single white Kiwi male.
I'm relatively new to trading and as such have been reading alot and searching for information via the internet. I'm managing to get a good handle on things so far but I feel I could use a little one on one coaching.

Rather than pay $10,000 for a course I wondered if there might be someone here who is willing to share their knowledge with me? I don't know if you would be expecting payment, or just happy to enhance another persons life with your ability to guide and teach.

I'm not even sure what role a mentor might play but trading being a lonely business I've always been interested in, I'd like to get my feet wet and feel I would do better learning off a seasoned trader/investor rather than trying by myself and making costly mistakes.

Of course I check in here regularly and search the forum for information, news, opinions and tips.

Any advice can be posted here, or if you might be prepared to help PM me.

Please post any helpful reading you have done that would benefit not only myself but any other newbies.

Thanks in advance

Oh, P.S I'm in Albany, Auckland.

I'd be highly skeptical of anyone on here "offering to help for payment", that would infringe on the terms of membership for a start, this is a forum & plenty of people will answer your questions

Before you even contemplate "trading", are there several important questions you must consider/answer.

1. Trading requires total discipline (which after years in the markets i do not have, though i'm a couple of years younger than yourself!)

2. Are you working & wanting to trade on the side, or wanting to trade fulltime?

3. Can you stomach losing all of your capital? (What are your time frames, goals etc). Over trading &/or getting stopped out alot can cost a bit in brokerage, especially if you have limited capital to start with.

4. Are there any immediate needs for any of your capital to be deplored elsewhere (debt, taxes, family etc).

5. Do you have a basic grasp of TA/FA, stop losses, & the general market mechanics. (An interest in economics is always handy, re global events)

6. What exchanges do you intend trading on, the NZX for example is fairly illiquid, but other exchanges leave you exposed to currency movements.

7. What "competitive edge" do you believe you have, in this bear market you will be up against far more seasoned traders who will look to profit from newcomers mistakes.

8. The country is in a recession, & the markets are still bearish, the main indices could trade sideways for a long period, can you still it out & wait?

9. Do you require to earn income off your trading, ie. would a buy & hold strategy on blue chips paying dividends be more appropriate.

10. Lastly, good on you for posting & asking for help.

[outspoken]

I'd be highly skeptical of anyone on here "offering to help for payment", that would infringe on the terms of membership for a start, this is a forum & plenty of people will answer your questions

10. Lastly, good on you for posting & asking for help.

Thanks Shasta

I've come across most of what you've said in the articles, books, internet i've read so far. Discipline being stressed again and again. Something else that's very common is that every traders style is different depending on a multitude of factors.

I've worked hard my whole life manually and mentally, for myself and for others and I've been taken for a ride by people, companies I trusted. Now I've decided I will just do it myself. Who else can I blame then?

I'm still working, this is enough to support myself and squirrel some more into a trading account each month. I have close to $10,000 to start with. I'm self employed now so my time is my own to manage.
I'll work for awhile longer yet while I learn but eventually I'd like to trade full time. Drawing an income is not required while I'm still working but if I can produce consistent results I'll review that. As far as time frame/goals goes I'll take as long as it takes (probably years) to go full time. Losing my starting Capital is not the desired outcome but I understand it happens, A good (disciplined)money management system should help prevent this.

I'm very aware of macro economic events in the World, I believe that through Fiat based money systems and fractional reserve banking we are all being played. The environment and resources are being depleted to fuel consumerism and this is unsustainable. The Federal reserve is a farce and therefore benefits the few uber wealthy.
Knowing how to play the game is what brought me to trading.

At the moment I'm more interested in Forex, Commodities, Futures, Indicies. Don't know much about fundamental analysis for shares, but I've read alot of material on TA (got some awesome material just today actually from a ST member)

Thanks for your well considered point of view and advice I appreciate it, This forum has and continues to be invaluable.

Do you have any other valuable reading? or suggestions?

[shasta]

Thanks Shasta

I've come across most of what you've said in the articles, books, internet i've read so far. Discipline being stressed again and again. Something else that's very common is that every traders style is different depending on a multitude of factors.

I've worked hard my whole life manually and mentally, for myself and for others and I've been taken for a ride by people, companies I trusted. Now I've decided I will just do it myself. Who else can I blame then?

I'm still working, this is enough to support myself and squirrel some more into a trading account each month. I have close to $10,000 to start with. I'm self employed now so my time is my own to manage.
I'll work for awhile longer yet while I learn but eventually I'd like to trade full time. Drawing an income is not required while I'm still working but if I can produce consistent results I'll review that. As far as time frame/goals goes I'll take as long as it takes (probably years) to go full time. Losing my starting Capital is not the desired outcome but I understand it happens, A good (disciplined)money management system should help prevent this.

I'm very aware of macro economic events in the World, I believe that through Fiat based money systems and fractional reserve banking we are all being played. The environment and resources are being depleted to fuel consumerism and this is unsustainable. The Federal reserve is a farce and therefore benefits the few uber wealthy.
Knowing how to play the game is what brought me to trading.

At the moment I'm more interested in Forex, Commodities, Futures, Indicies. Don't know much about fundamental analysis for shares, but I've read alot of material on TA (got some awesome material just today actually from a ST member)

Thanks for your well considered point of view and advice I appreciate it, This forum has and continues to be invaluable.

Do you have any other valuable reading? or suggestions?

Check out the other threads in the newbie section, plenty of posters have mentioned very worthwhile books.

One thing i would urge you to do (its in the process of learning & refining things) is to actually write down & document what it is you want to achieve etc. (Your own criteria list, or "system")

By having a "working document" to refer too, it will help you to keep your focus, & remove some of the emotion that inhibits all investors/traders.

I've written down the criteria a company must meet before i'll invest in it.

This will be different for each individual but a worthwhile exercise IMO.

Recording what works (& what doesn't) can hopefully avoid making the same mistakes over again.

I've seen it time & time again (& yes ive been guilty of this too), of making a few good trades & getting complacent, when in fact nothing comes easy.

Lastly, buying a few books & "paper trading" whilst learning & earning interest on your capital isn't the worst thing you could do right now!