Genuine Trading Coach
Discussion
Anyone ever used a trading coach/mentor that was good and not a fraudster?
My gut feeling is that any good trader isn’t going to a) need to coach others for financial reasons b) can’t be bothered and c) won’t want to share their own secrets
But just curious if anyone has had any genuine and helpful experiences as I would like to work on a few things with someone with more experience and knowledge than myself
My gut feeling is that any good trader isn’t going to a) need to coach others for financial reasons b) can’t be bothered and c) won’t want to share their own secrets
But just curious if anyone has had any genuine and helpful experiences as I would like to work on a few things with someone with more experience and knowledge than myself
Look up their records on Companies House if they're UK registered. You'll probably find you already have more money than they do.
I looked up one of the LinkedIn property gurus and their company had about £3k in the bank and £250k of debt (mortgages?). They were hawking property masterclasses for £997.
I looked up one of the LinkedIn property gurus and their company had about £3k in the bank and £250k of debt (mortgages?). They were hawking property masterclasses for £997.
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hstewie said:
hstewie said: If you could do this reliably you'd have your feet up on a beach wouldn't you?
No, because if you're trading for a living, you can't do it from a beach. Those Instagram posts and all the ones that are mainstream, the social media stuff, with the helicopter and the Lamborghini and whatever (see: Greg Secker, who's been peddling the same old tired crap for years and still gets away with it).My background is financial marketing. Over the past 20 years I have lived this stuff. I've seen hundreds of courses sent to me to ask me to promote them - brokers, trading systems, books, seminars, training, candlestick techniques - whatever. I was choosy about what I promoted because of my ethics and often didn't promote courses that were obviously complete garbage, which is what 99% of the content out there is. I simply would not do stuff that was crap - and no, I am no longer in the business.
NowWatchThisDrive said:
Your gut feeling is pretty spot on.
This, I work in the sector and there is a lot of decent macro resource (podcasts etc) accessible for free, obviously the major IB's send other stuff which is more specialised/focused on what I do.When in the desk/commuting I'll be listening to things like the market huddle, macro voices etc then you've got subscriptions like the Macro Tourist which you can get via email - all give a high level view of the markets albeit very macro focused
SuffolkDefender said:
bhstewie said:
hstewie said: If you could do this reliably you'd have your feet up on a beach wouldn't you?
No, because if you're trading for a living, you can't do it from a beach. Those Instagram posts and all the ones that are mainstream, the social media stuff, with the helicopter and the Lamborghini and whatever (see: Greg Secker, who's been peddling the same old tired crap for years and still gets away with it).My background is financial marketing. Over the past 20 years I have lived this stuff. I've seen hundreds of courses sent to me to ask me to promote them - brokers, trading systems, books, seminars, training, candlestick techniques - whatever. I was choosy about what I promoted because of my ethics and often didn't promote courses that were obviously complete garbage, which is what 99% of the content out there is. I simply would not do stuff that was crap - and no, I am no longer in the business.
Babber101 said:
Anyone ever used a trading coach/mentor that was good and not a fraudster?
My gut feeling is that any good trader isn’t going to a) need to coach others for financial reasons b) can’t be bothered and c) won’t want to share their own secrets
But just curious if anyone has had any genuine and helpful experiences as I would like to work on a few things with someone with more experience and knowledge than myself
Buy this book. My gut feeling is that any good trader isn’t going to a) need to coach others for financial reasons b) can’t be bothered and c) won’t want to share their own secrets
But just curious if anyone has had any genuine and helpful experiences as I would like to work on a few things with someone with more experience and knowledge than myself
https://www.amazon.co.uk/Man-Who-Solved-Market-Rev...
https://blogs.cfainstitute.org/investor/2020/05/01...
"Equally important to Renaissance’s success were those from whom they earned those eye-popping returns: their competitors, typified by (in Simons’s words) “the manager of a global hedge fund who is guessing on a frequent basis the direction of the French bond market.” (Or, as stated more piquantly by one of Simons’s colleagues, “It’s a lot of dentists.”) The message for the average money manager could not be more clear: When you transact, it is likely against Jim Simons or someone like him (D.E. Shaw being the most obvious alternative example), so trade as little as possible."
Don't be a dentist!
Derek Chevalier said:
Buy this book.
https://www.amazon.co.uk/Man-Who-Solved-Market-Rev...
https://blogs.cfainstitute.org/investor/2020/05/01...
"Equally important to Renaissance’s success were those from whom they earned those eye-popping returns: their competitors, typified by (in Simons’s words) “the manager of a global hedge fund who is guessing on a frequent basis the direction of the French bond market.” (Or, as stated more piquantly by one of Simons’s colleagues, “It’s a lot of dentists.”) The message for the average money manager could not be more clear: When you transact, it is likely against Jim Simons or someone like him (D.E. Shaw being the most obvious alternative example), so trade as little as possible."
Don't be a dentist!
I manage to listen through this 3 hours podcast on Renaissance. Totally in awe of what they are doing. Just a few of the many "Wow" moments for me i.e they make 50.75% correct calls :0, profits for the first decade was primarily just FX trades!, integration of the entire FO into a single team/unit (completely opposite to the hierarchy you find in today's financial firms!). If Carlsberg made a hedge fund,.....https://www.amazon.co.uk/Man-Who-Solved-Market-Rev...
https://blogs.cfainstitute.org/investor/2020/05/01...
"Equally important to Renaissance’s success were those from whom they earned those eye-popping returns: their competitors, typified by (in Simons’s words) “the manager of a global hedge fund who is guessing on a frequent basis the direction of the French bond market.” (Or, as stated more piquantly by one of Simons’s colleagues, “It’s a lot of dentists.”) The message for the average money manager could not be more clear: When you transact, it is likely against Jim Simons or someone like him (D.E. Shaw being the most obvious alternative example), so trade as little as possible."
Don't be a dentist!
https://www.acquired.fm/episodes/renaissance-techn...
Edited by chip* on Sunday 15th December 12:41
chip* said:
Derek Chevalier said:
Buy this book.
https://www.amazon.co.uk/Man-Who-Solved-Market-Rev...
https://blogs.cfainstitute.org/investor/2020/05/01...
"Equally important to Renaissance’s success were those from whom they earned those eye-popping returns: their competitors, typified by (in Simons’s words) “the manager of a global hedge fund who is guessing on a frequent basis the direction of the French bond market.” (Or, as stated more piquantly by one of Simons’s colleagues, “It’s a lot of dentists.”) The message for the average money manager could not be more clear: When you transact, it is likely against Jim Simons or someone like him (D.E. Shaw being the most obvious alternative example), so trade as little as possible."
Don't be a dentist!
I manage to listen through this 3 hours podcast on Renaissance. Totally in awe of what they are doing. Just a few of the many "Wow" moments for me i.e they make 50.75% correct calls :0, profits for the first decade was primarily just FX trades!, integration of the entire FO into a single team/unit (completely opposite to the hierarchy you find in today's financial firms!). If Carlsberg made a hedge fund,.....https://www.amazon.co.uk/Man-Who-Solved-Market-Rev...
https://blogs.cfainstitute.org/investor/2020/05/01...
"Equally important to Renaissance’s success were those from whom they earned those eye-popping returns: their competitors, typified by (in Simons’s words) “the manager of a global hedge fund who is guessing on a frequent basis the direction of the French bond market.” (Or, as stated more piquantly by one of Simons’s colleagues, “It’s a lot of dentists.”) The message for the average money manager could not be more clear: When you transact, it is likely against Jim Simons or someone like him (D.E. Shaw being the most obvious alternative example), so trade as little as possible."
Don't be a dentist!
https://www.acquired.fm/episodes/renaissance-techn...
Edited by chip* on Sunday 15th December 12:41
https://www.youtube.com/watch?v=hWX8V9KSZM8
SuffolkDefender said:
bhstewie said:
hstewie said: If you could do this reliably you'd have your feet up on a beach wouldn't you?
No, because if you're trading for a living, you can't do it from a beach. Those Instagram posts and all the ones that are mainstream, the social media stuff, with the helicopter and the Lamborghini and whatever (see: Greg Secker, who's been peddling the same old tired crap for years and still gets away with it).My background is financial marketing. Over the past 20 years I have lived this stuff. I've seen hundreds of courses sent to me to ask me to promote them - brokers, trading systems, books, seminars, training, candlestick techniques - whatever. I was choosy about what I promoted because of my ethics and often didn't promote courses that were obviously complete garbage, which is what 99% of the content out there is. I simply would not do stuff that was crap - and no, I am no longer in the business.
I'm "retired" and my income comes from property and equities. The bulk of my equities are in funds, but I actively trade individual stocks with about 20% of my cash. At its most active I might be buying or selling a couple of times in a day.
I can easily do that from the beach, as I currently do it from my sofa
Trading is usually more of a specialist short term activity than investing.
In most financial institutions you tend to find specialists in their specific field, they tend not to look to far away from their own asset class.
Macro traders look at a more general approach, but most have had experience of running a trading book in at least a couple of asset classes first before generalising across the macro picture.
Firstly you need to define what you mean by trading, a good fixed income trader would be likely to fair less well in an FX or equity seat, due to the specialist knowledge required, that others would have. Obviously that can be learnt over time. In a new position or asset class, for the first few months you learn something everyday that you wish you knew yesterday.
You never stop learning in trading and investing, as soon as you think you know it all, trouble is not far away.
Obviously resist the temptation to follow stock traders who have made money from the beach, since 2008/09 as long as you were involved it has been difficult not to do fairly well ?
One possible reason to say that is, many equity analysts suggest returns from equity are likely to be lower over the next decade with more volatility?
That sounds like an opportunity for traders? (that could upset the buy and hold crowd?)
In most financial institutions you tend to find specialists in their specific field, they tend not to look to far away from their own asset class.
Macro traders look at a more general approach, but most have had experience of running a trading book in at least a couple of asset classes first before generalising across the macro picture.
Firstly you need to define what you mean by trading, a good fixed income trader would be likely to fair less well in an FX or equity seat, due to the specialist knowledge required, that others would have. Obviously that can be learnt over time. In a new position or asset class, for the first few months you learn something everyday that you wish you knew yesterday.
You never stop learning in trading and investing, as soon as you think you know it all, trouble is not far away.
Obviously resist the temptation to follow stock traders who have made money from the beach, since 2008/09 as long as you were involved it has been difficult not to do fairly well ?
One possible reason to say that is, many equity analysts suggest returns from equity are likely to be lower over the next decade with more volatility?
That sounds like an opportunity for traders? (that could upset the buy and hold crowd?)
I didn’t miss the point., but as another poster pointed out, trading and investing are two different things, and the OP asked for a trading mentor, which is generally viewed as day trading, not investing. I happily concede that a percentage of income can be made with you feet up on the beach - but not if you’re a full time day trader.
SuffolkDefender said:
I didn’t miss the point., but as another poster pointed out, trading and investing are two different things, and the OP asked for a trading mentor, which is generally viewed as day trading, not investing. I happily concede that a percentage of income can be made with you feet up on the beach - but not if you’re a full time day trader.
My mistake. Took "trading" to mean any short term trading of equities. My fund investments are definitely investments. I buy with a view to holding for at least a year, and ideally many years.With the 20% invested in individual equities it's range trading where looking at weeks to a few months. It's mainly FTSE100 companies so not particularly volatile.
The best traders are the disciplined ones. Human nature is to run losses and realise profits so the traders that are disciplined and mange losses the best are generally the most successful. Very har to learn how to manage losses other than going through the experience…it can cloud your vision and result in some rash decisions.
The best traders are also great lateral thinkers. I used to work for a guy who was an incredibly successful trader….I walked past his desk one day, there was a US Business magazine on his desk, front cover was a headline something like “DHL and Fedex the companies of the future”
(This is around the year 2000).I commented on it and he told me he agreed….his way of expressing that trade was to buy land around airports as he figured that all FedEx, DHL et al were going to need to buy land for their new logistics hubs.
Not sure that really helps you OP but I would look at the recommendations these coaches have put out in the last couple of years or what their performance was. Ask them what their best and worst trades were.
The best traders are also great lateral thinkers. I used to work for a guy who was an incredibly successful trader….I walked past his desk one day, there was a US Business magazine on his desk, front cover was a headline something like “DHL and Fedex the companies of the future”
(This is around the year 2000).I commented on it and he told me he agreed….his way of expressing that trade was to buy land around airports as he figured that all FedEx, DHL et al were going to need to buy land for their new logistics hubs.
Not sure that really helps you OP but I would look at the recommendations these coaches have put out in the last couple of years or what their performance was. Ask them what their best and worst trades were.
98elise said:
... I'm "retired" and my income comes from property and equities. The bulk of my equities are in funds, but I actively trade individual stocks with about 20% of my cash. At its most active I might be buying or selling a couple of times in a day. ...
In retirement, how do you find time for 'buying or selling a couple of times in a day' ? -
I am sure that you would accept, that the results of buying and selling equities a couple of times in a day, is a gamble not an investment. Nothing at all wrong with that, but the short-term nature must produce variable individual results. Some gains, some losses.
Longer-term holdings in theory, have a greater link to business performance.
It would be interesting how, over say the past 10 years, your 20% trading results have compared with your other investments in funds (which perhaps involve longer term holdings).
Cheib said:
The best traders are the disciplined ones.
Yep, hence why computers tend to come out on top. https://rationalreminder.ca/podcast/332
"Yeah, sometime around 2000, somebody turned on the big computer and they just started pushing all the prices to the right places a lot faster than they used to.""
Jon39 said:
98elise said:
... I'm "retired" and my income comes from property and equities. The bulk of my equities are in funds, but I actively trade individual stocks with about 20% of my cash. At its most active I might be buying or selling a couple of times in a day. ...
In retirement, how do you find time for 'buying or selling a couple of times in a day' ? -
I am sure that you would accept, that the results of buying and selling equities a couple of times in a day, is a gamble not an investment. Nothing at all wrong with that, but the short-term nature must produce variable individual results. Some gains, some losses.
Longer-term holdings in theory, have a greater link to business performance.
It would be interesting how, over say the past 10 years, your 20% trading results have compared with your other investments in funds (which perhaps involve longer term holdings).
That doesn't mean buy and sell the same stock, I've only done that a couple of times. It normally means a couple of stocks have hit my buy or sell price.My 20% trading cash has done better than my long term fund investments. I rarely lose money, but it does happen. I'm up about 40% this year, but it's been a great year, and luck has been on my side.
I buy companies like Kingfisher, IAG, Greg's, Lloyds, Vodaphone, JD Sports, Land Securities. JD Sports has done very well for me trading in and out. IAG has been be best for a longer term punt.
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