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At 04:00 AM 1/27/01 -0800, you wrote:
>Ed Moore "Rythm of the Markets" offers mentor style training. Your
>comments relating to Mr Moore's approach, other mentors, and "come up to
>speed resources" is encouraged.
I'm not familiar with Mr. Moore, but I do have an opinion about mentoring ;-)
As you'll see from my signature, I offer a mentoring service related to
the psychological aspects of trading, and my partner, Charles Holt, CTA,
offers mentoring in daytrading skills.
It makes good sense to find an expert in any new technique or skill
you'd like to acquire, and do what they do. That is why reading the books
written by experts is also valuable.
My stock recommendation to someone just getting started is to read
as much as possible and learn the basics on your own. The earlier
book recommendations you received are all good. Our favorites are
listed in categories across the top of the bookstore page at Daytrader's
Bulletin
http://www.daytradersbulletin.com/html/bookstore.html
Here is an exercise to install a daytrader's lifestyle mentality, gain a mental
edge and create a jump start for your experience as a trader or daytrader.
We all compile our "experience" based on what we have done, seen, felt,
or heard before and what we recall from our past. It is easy to change your
memory and experience of that past, into whatever you want. I'm not talking
about deluding yourself, but installing attitudes and beliefs that can help
you with your trading.
Have you ever recalled an event from childhood, but your family recalls it
differently? Or, have you ever had a sibling tell you about something you
did as a child, but you had no recollection, in fact, you claim it didn't
happen?
That is because we all code our memories in whatever manner best suits us at
the time. As we grow older, it becomes more and more difficult to separate
the fact from the fiction. A child that tells tall tales, can actually
forget which
are true, and become what most refer to as a pathological liar when he is
really just a good story teller, with a poor memory.
Exercise:
You are about 6-years old. Your father, a daytrader, is a great, wise man
that you highly admire and love deeply. The two of you spend countless
hours together, and he has taught you to be quiet and watch. You notice
he is quiet and watching too.
You watch him at his screens (in this memory, our current technology is
available) and you notice that he appears to be concentrating, but at times
there is a flash in his eyes, and at that point, he brings up his trade screen
and places his trade. He takes a deep breath, and sits back in his chair.
Sometimes he stands up and leaves the room for a few minutes.
When he returns, he smiles and asks you about your day. As you excitedly
start talking, he looks back at the screen and with a swift finger to his lips,
motions for you to be quiet now. He is working. You've been taught that he
needs to be able to concentrate, and so you comply with no fuss.
You don't notice when the trade ends, or when he makes a change to his
order, because it is fluid and seemingly effortless. He remains smiling, and
takes notes after every trade. Sometimes he seems agitated, but he then
takes a few deep breaths, and even closes his eyes, and seems to calm
himself again.
Now, you are at the dinner table and your father is talking about that day's
trading. "It was rough, he says, but I traded well." You know when you grow
up you will be just like dad.
That sounds ridiculously simple, but it is very effective. The reason so many
people follow in their parent's footsteps, is because through the years of
watching
the parent, they were absorbing the lifestyle and mannerisms, and are now
very comfortable assuming that role for themselves. Beginning any new
endeavor with a built-in comfort level, and belief in your own competency,
is very
powerful. You are now comfortable as a highly skilled daytrader.
Change this memory exercise to suit yourself. It could be a brother, cousin,
next door neighbor. It doesn't matter. If your own past is too strong to be
incorporated, use something else. Just play with the idea, and relax.
Kathryn
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D A Y T R A D E R ' S M E N T O R
Private Mentor & Tutor for Profitable Daytrading
Tackle Your Fears - Eliminate Your Conflicts
http://www.daytradersmentor.com
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