Home > Lessons from the trading floor > day trading and mentoring

day trading and mentoring

As a trading mentor or “coach” my days can sometimes be very frustrating or fantastically rewarding. Do you think you could learn how to drive by reading a map? Let’s think about it for a second. You buy a Hagstroms map and before you get in the car that you have never driven before you write down all the turns and distances you have to go.

You write out exactly turn right here, then go this distance and turn left here and this will get you exactly to where you want to go. All that is required is that you follow the map. OK now get in the car.

Well what about learning how to manage different driving scenarios? Lot’s of traffic, no traffic, an accident, the rain or snow; you get the idea. In order to learn how to navigate through these circumstances safely you need to get out there and drive, you need experience.

The map will only give you a sense of the direction, you will need to learn how to make adjustments. This is the same as going home every night and reading hundreds of stock charts. Every night you go home and say “oh why didn’t I see that? If I only read more charts I will then know how to trade!!”

I think you get the picture, this is where the whole frustrating/rewarding side of my day comes into play. you can’t teach experience. I absolutely can mentor/coach traders through circumstances so that the many different scenarios will eventually become their own experience.

This week the light bulb went off for many new trainees on our NYC trading desk. They are starting to understand:

  • you have to trade to learn how to trade, it is imperative you learn from your trades it is the only way to improve
  • charts only give you ideas, you to learn adjust after you place the trade
  • there is no perfect set up that will always work, there is no perfect exit and entry

Assess probability, place the trade, know what you will do know matter what happens, let the trade unfold, do what you said you would. That’s all there is to trading.

I love when they finally start to understand YOU DON’T NEED TO KNOW WHAT IS GOING TO HAPPEN NEXT TO MAKE MONEY, YOU NEED TO KNOW WHAT YOU ARE GOING TO DO NEXT NO MATTER WHAT. 🙂

Trade our capital, no risk deposit. During the next 6 weeks we are looking to fund 12 REMOTE individuals across the country. In order to be considered we must train and mentor you in our proven method. If you would like to be considered email us and tell us why you should one of the 12. Put “I want to be one of the 12” in the subject line. info@keystonetradinggroup.com

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  1. Shelly Lennon
    June 24, 2008 at 5:52 am

    Was wondering if you’re familiar with the stocknewsgame.com day trading “game”? think this is of any value for getting a better feel about the market?
    thanks,
    –shelly

  2. Article43
    June 25, 2008 at 12:01 pm

    “Assess probability, place the trade, know what you will do know matter what happens, let the trade unfold, do what you said you would. That’s all there is to trading”

    How true Pete – what you have described is a plan of action to keep you in the game – look after your losses and your profits will automatically follow.

    New traders think they have to be right in calling market direction – and those of us who have traded live know this to be fools gold – one needs to get out if the trade does not develop as one thought it might, and move on to the next trade – easier said than done of course – but what is required none the less.

    Article43

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