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Post Info TOPIC: The most important 6 months of my trading career

Class of Jan 08 Live Trader

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The most important 6 months of my trading career

First of all something about myself-


I am 25 years old and I had completed my college (engg.) in 2006. Actually it was in the final year of my college that I discovered that there is a species of homo sapiens called as traders. Before that Bulls and Bears were just that. Wild animals.Right after I passed my college I had decided to become a trader. Someone who makes his living by trading. I tried stock trading in the local stock market, then jumped on to Index futures market. You know, that time the Indian market was in full swing. But I wasnt someone whom you could call as a successful trader. Then I ultimately made my change to Forex trading. Just like 90 % of the wannabes I started surfing the net, took printouts of web pages after pages and buying all sorts of technical analysis based books. Needless to say that there was a serious amount of stress and uncertainty in my life. (add to that, all my classmates who passed with me had either jobs or had admissions for post-graduate courses.) And here I was, the typical backyard technical analyst. I think it was sometime in October 2007 or so when I got hold of BWILC. I actually cant remember from where I got the link. But it did the trick. I bought the book and after reading it (more than once) I realized that this is the way I am going to trade. (one-and-half years is more than enough to understand the fact that TA alone is not sufficient) But there was one more problem. Before joining the mentorship program it did strike me seriously that maybe I can read the book BWILC and make it on my own. I tried for a couple of months when one day, I think in Mid-January or so that the market made a 200+ pips dive(which was an astronomical amount of volatility for me back then) and I was losing money on my one mini-lot entry and I had no idea what to do. That was the final jolt for me and I finally realized I have to do this mentorship. I had underestimated the complex understanding of things required when you have to use your discretion. You get this understanding only when you spend a certain amount of time with your mentor. But by that time the MP class has already started and I was about 15-20 days late(causing additional stress). After a correspondence or two with the Doc. thankfully I finally made it in the MP program and now I am here writing my review on the Mentorship program. By the way, excuse me for this lengthy review; I just tried to get creative here and there.


Why I am writing this review-

I am someone who has personally benefited from this mentorship program and so I would be most happy to express my views and feedback for this mentor program. You see, I am a regular user of Google search engine and I dont know how I missed this book BWILC every time I typed Forex trading. I guess one reason could be that the search results were mostly saturated with those mechanical keep-the-thinking-out kind of trading systems. Maybe it was just sheer luck (or a random distribution of events??) that I got a link to the book BWILC and that I have ended up here for good. Anyway, I also intend to make any additions in this thread regarding my future progress.

Why I think mentoring matters-


Personally I feel that just like any other skill based profession, trading is a skill you learn and develop by working with someone who already knows. Take any skill based profession for that matter, cutting diamonds, playing soccer, whatever it is, you have to learn either being an apprentice or by getting a mentor/coach. Why should trading be different?


Secondly, it can save you a lot of time, and a lot of money too. For me, within these two years prior to Dr. Forex's mentoring course I didnt lose that much money as such (since I was too timid to bet big time) but surely I had wasted two years trying to figured out that technical analysis based perfect system that can do the working and the thinking for me.


What I feel about Dr. Forexs mentoring-


-First thing here is that just like the Doc himself says it isn't a crash course or a speed course. You have to stay in and give in your serious effort for a certain minimum period of time. Being a part of the MP class of Jan. 08. I have spent about 6 months doing this mentorship. A six months well spent. During these six months I have really made a paradigm shift and this change for me is now irreversible. I will never go back to the delusory ways of trading anymore. What brought those changes? Well, there are certain things that you only believe when you experience it first hand. I got this first hand experience when I did the randomness exercises in the mentoring program, Later on when we were given the green signal by the Doc to start demo/live trading and the Bread & Butter profits started rolling in you do start believing in the virtue of cut your profits and run your losses. Yes, you heard that right, thats in the correct order.


-Secondly, just like other senior traders/members in the forum have mentioned, there is not going to be any spoon feeding and you really got to make an effort to do all assignments and exercises. You will also have to submit progress reports on a regular basis. I can say with great confidence that these are effective and will make a paradigm shift. Also the forum itself is a great medium to put your questions and doubts regarding your trading or the market or any other relevant topic for that matter.

-Thirdly, I have started liking this concept of the forum based trading community where all like-minded traders come and share their knowledge, ideas, trades profitable and even losses. Its a community of our own.

-Lastly, something about the Docs Daily Briefings. Well, these are real gems. It is part of what he calls as relational analysis. Here he shares his take on the market regarding the short, medium and long-term scenarios. I think I have had about 3 months of access to his DBs and what I liked particularly was his ability to cut through all the technical and fundamental noise surrounding during market turns and to see the market ahead in the medium term in context of the median grid.By the way, we the MP Class of Jan. 08 members are also asked to write our own DBs as part of our assignments. I like doing that, although I still have to work more on that. But now I have an idea of how the short term flavours in the market is interacting with the longer-term story line. It is a big edge as you can be better prepared for the real time events happening. This is the field where I will be constantly learning something new even after my mentor program is completed.


Note: I plan to update this thread regarding my future developments and progress.







-- Edited by jwangyal at 15:02, 2008-06-29

-- Edited by jwangyal at 18:02, 2008-06-29

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