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PureBytes Links
Trading Reference Links
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might add as well while i am sending some e-mails.
you are right about mentor. a good mentor can cut
your learning curve by a lot but...
1. make sure the mentor trades
2. make sure the mentor makes money trading
:-)
bilo.
----- Original Message -----
From: Errol Tarnow <31160934@xxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Thursday, February 01, 2001 10:02 PM
Subject: Reality Check (for newbies) & Mentors
> With the recent postings on the above subject, I thought I'd put in my
> feedback. There have been many good books recommended, and a variety of
> trading methods/styles mentioned i.e. system trading, technical methods,
> fundamentals, etc. We each are a product of all that has gone before us,
> but there is no one method that is best for all. You have to find & use
> what works best for you and suits your psychological makeup. Whatever
> method you choose, be prepared to put the time in & you'll probably pay
> your dues at "traders university" (drawdowns) before you're done the
> learning curve. This is a probabilities business and you are looking
> for the best edge that works for you. Money management is also one of
> the key components.
>
> With reference to mentors, I have been fortunate to have had several
> good ones over the years. For position trades, I had a very good one who
> passed away in 1992. He was located in my home city which made things
> very convenient. At that point in time I was reading an article in Club
> 3000 & Ed Moore's name was mentioned favourably. I got on the phone &
> spoke to him several times prior to his course being available. I
> mentioned to put me on the list when it became available & his methods
> now form the foundation of what I do. If you want a good idea of the
> learning time involved, go into his website & look at the FutureSource
> section. Do not expect to buy the manual & know all there is to know
> about the method; initially I was on the phone daily with him until I
> got into his head for all the info I wanted, real time, during market
> hours. I was always given quality phone time, never cut short etc. (but
> I kept conversations brief & to the point). If you work the system
> right, you are drawing on his approx 40 years of trading experience. He
> also posts 5 minute charts, 3 times during the day & a 30 minute chart
> at the end of the day, on his internet site. These charts contain
> general market commentary in addition to the relative info on trading
> his method, for both S&P's & OEX. What he teaches in not canned or black
> box, you have to think for yourself; but the method is designed to find
> the high probability trades.
>
> Bottom line, yes find a good mentor if you can. A good mentor should
> prove to be a superb learning resource. The books are good. A lot of
> good advice has appeared on this list. Watch the money management. Get
> on the phone & talk to anyone you're considering for a mentor & read
> between the lines to the questions you're putting to them. Are you
> comfortable with their answers and their style. Does their style fit
> your personality? Are they available during market hours? Do your phone
> homework properly & you should know who you want to go with. There are
> many methods & vendors; your job - find what works for you & go with it.
>
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