V. 22:7 (85-86): Websites For Traders: DayTradingCoach.com by David Penn

V. 22:7 (85-86): Websites For Traders: DayTradingCoach.com by David Penn
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Websites For Traders: DayTradingCoach.com by David Penn


Which recommendation haunts fledgling traders the most? Is it the notion of having to raise tens of thousands of dollars in starting capital? Is it the thought of having to spend hundreds of dollars on complicated computer hardware and software in order to be competitive with other dedicated, high-tech traders? Maybe it’s the invocation to find a singular method and stick with it. … Maybe it’s learning to take small losses early — even if it means not making a dime for months. …

I suspect the answer is different for every beginning trader. But the one recommendation that has always stymied people like me is the one that veteran traders have insisted on for years: “Find yourself a mentor.” I can’t tell you how many interviews and articles about “Market Wizards” describe how a trader’s father/cousin/uncle/brother/neighbor just happened to be a 20-year veteran of the pits, and how key that relationship was to turning yesterday’s “wet-behind-theears” trader into today’s Market Wizard.

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