Always learn through a successful mentor and go for paid education

[B]My story[/B]
Hi everyone ) I started to learn trading two years ago and now after two years i am still unsuccessful.
I first started trading using indicators all over my charts on smaller time frame charts like 5 min or 15 minutes but drop it soon when it started giving me headaches :slight_smile: Then i started to learn price action strategy which uses no indicators and trade is based on naked charts on high time frame charts but there was too much info which was not available for free hence i again ended up in frustration.
After getting failed i thought i cannot trade by myself and it,s cool to handover my money to some experienced trader so i opened an account and started following traders on zulutrade .At first it worked for 2 months but soon i realized there were very few traders there worth to be followed and most of them were just abusing the system to get a higher ranking first,get some commissions and later wipe out accounts of all the poor followers.
[B]Conclusion[/B]
Even after wasting time and some money(I am lucky i have not lost much) i am not sad because at least that gave me experience and also gave me at least the strong foundations and basics of this business .That was part of the learning curve.I did not give up and i won,t stop learning.
I have opened this thread to give some advice’s to new bies on this forum who have just started .
All the free info regarding the trading available online is highly confusing and will get you no where though that,s good for getting the basics.But if you are thinking making a fortune using this free info, you are simply mistaken .Such mindset will only cause you more frustration and sadness. Ask yourself some questions ,why only few are successful ? Why is not everybody a millionaire ?
That,s because in this industry high quality info and education is limited to few people .Always have a mentor for learning ,by doing so it will shorten your learning curve and you will at least know you are on the right track.Never pay for the online courses or EA,s claiming to make you rich over night ,only pay for some business or a person who really achieved success in this trading business.
So finally experienced traders here making money for a long time please tell me about some firm or person who is offering good trading course ?
Thanks
Tahir

Hi there, sorry you’ve had such a hard time with forex.
I have to disagree with some of what you say:

You dont need high quality info and education to make it. Having strong money management, sticking to a trading plan, journalling all your trades, are more important imho.

Dont go for a mentor. Most are scammers, or failed traders at best. If they were any good they would be too busy making big money to mentor for a few 100 pounds/dollars.

If you want to do well you need to stick at it, not pack it in because its difficult.

Work your way through babypips school and run a demo account to practice what you learn, dont waste money on mentors or courses.

Good luck for the future

Let me tell you about 3 things one need to be trading profitably. The funny thing is that these 3 are probably one of the first you learned about forex, but somehow you still dont follow them.

  1. The trend is your friend - Even experienced traders are trying to pick tops and bottoms, but DON’T. Trading against trend will leave you broke.

  2. Cut the losers short and let the winners run. Our mind is wired the other way around, we let the losers run and cut the winners short. But once you know - you can change. Read some book about behavioral economy to understand the effects of risk and loss aversion.

  3. well - money management. This should have been the first one actually. But just try - use no more than 1% on your trades. If after a year you still havent made some money or at least broken even - well I am sorry I don’t think any trading course or mentor can help you

I would never pay for a Forex startup. Being active in this forum is a good start and you don’t have to shell out anything.

Jason Stapleton
Sam Seiden
John Kurisko

All offer TONS of completely free educational material on the web.

Bottom line- your analysis of the markets and the way you trade needs to come from within you. You can never rely on an outside source to make your trading decisions. It doesn’t hurt to read articles here and there, but, understand that the only true way I feel can you become a real professional is by never relying on anyone else for anything.

The educational process is going to be very subjective though. Some people like indicators to trade, others like fundamentals. There is no “right way” to do it. You just need to define how you interact w/ the markets, and keep it consistent even during periods of drawdown.

I have been through all such what you just said .Your advice only count if you are really making money .Care to show your success ? or to prove how true what you said ?

i have been through what you said and the things you mentioned are not new to me . I agree we have to change ourselves for trading but how to do it depends on teaching of someone who did this .Saying is easy than done.

ok but the question is how and why we should do what should be done ??
I know what you said is coming from many free sources but the question is are you really successful following the above provided info? Care to show us your success ?

You can actually make money from forex trading. You need to have a good trading plan, money management strategy and patience. If you don’t know how to develop a trading plan, you can join etoro.com to copy trades from professionals.

Investorfinance23, you have a very aggressive attitude for someone who is asking for help.
Why does advice on potential scammers only count if you are making money? Surely you can see that it is the scammers and paid mentors who you should be asking proof from.
Forexunlimited has suggested 3 names to you, Jason Stapleton is very good, I dont know the others but as their advice is FREE I suggest you consider them.

There is a quote about trading: ‘‘Plan the trade and trade the plan.’’ You always need to plan ahead.

One must be persistent if you want to be successful in trading. If something doesn’t work try something else.

Paying for education is, in my opinion, one of the worst mistakes you can make. As was mentioned before in most cases you are being scammed. There is so much free information online (start at the school right here at babypips) and all those scammers do is give you the free stuff you were to lazy to find.

In the end if you decide to go ahead and pay, feel free to do so. I would not be surprised if in a few months and a few thousand dollars later you will write a post how it is impossible to earn money and that forex is a scam altogether.

Personally, I think paid education is just over rated. You get tons of tutorials alone by signing up to your preferred broker. Just my two cents.

my trading turned around after upgrading monitors and switching to a standing workstation. go figure

Yes eddieb i agree that’s it in babypips we have everything to start, and sticking to plan is the solution :slight_smile: In my opinion the basics are needed like an ingriedent’s for macking an cake is up to you hou you mix them to get high tetsing cake or something just to fulfill your stomach :smiley:

I’m a Forex trader quite a long time already (and I can not complain about my results :slight_smile: ).
All that time each 2-3 months appears the same debate with question: [B]is it worth to pay for Forex education (and/or mentor) or not? And if yes - who is the best educator? :)[/B]

My opinion stays the same at all times. It is worth to pay for it ONLY with one condition:
if you find a Mentor or Forex education course or training where you will be given not only a “package of theory” - BUT an opportunity for some “practical period” along with trader who actually works (i.e. trades himself) based on this theory.
The longer is the “practice period” the better. But If I would be in your place - I would go for the ones who provide 4-6 and more months of “practice period”

If somebody of You people know or can suggest this type of mentors or forex trainings - I would gladly become a student my self again. (it is never to much to take over some more experience :slight_smile: )

Every trade you try to recite this one if it does make sense.

I will trade <long|short> for <currency pair> because <your fundamental analysis here> and <your technical analysis here>.
The stop loss is @ <pips|price> because <your stop loss reason here> and it is x% of my account.

PS.
This will also serves as your trading journal.

hey mr investorfinance23…not going to argue this or that…go to pro act traders…website…there is a free demo for 10 days…they have a charting system and date feed for there charts…they have time compression charts and some tool that you have never seen and never will again…read some new letters…do not go looking for people who bash the site…the training they provide is not free…the charts and live rooms are not free…the education they have there is different than anything you will find and it works…but it only works if you stick with it for about 12 to 18 months and the pip captures we get are incredible compared to the rest of the retail traders out there…we r not indicator junkies and when i say we i mean the guys who learn this system and this way of trading on a daily basis…the amount of learning that you can do on this site will last you for years and years and everyday is a new video or new information

this is meant to help you not sale a site…and this site will not work for you if your not willing to put in a lot of work and truly learn how to use there charts and their methodology

i have been trading for less than 6 months but i have studied forex for the past 6 years…and i am making 300 pips a week consistently with little stress…i am trading full time and this is all i do now…and that includes lots and lots of video and studying and paper trading and chart work

planning my trades…anticipating the market…understanding what the big boys are doing…the banks and getting on their backs and riding their momentum…the 5 minute and the 15 minute charts are for retail traders who lose money…you got to learn to trade the 60 minute and do your analyzing on the 240…this is where the money is made and where the real moves are planned out

sounds like you got a good basis of forex now you just need a good methodology to go with whatever your trading personality

take the free demo for 10 days…investigate the site…there is so much there…the charts are 200 a month…priceless in my opinion…the meta charts are crap and for losers…all the platform charts are by the brokers and they are there to make money…so why would you use there charts except for entry and trade management

the live room they have everyday…is another 100 a month…4 hours a day training live…and lots of extra classes

then they have a mentoring program for a year for 3000…again to me its been priceless

this process is not an easy one and you will struggle…i have but now in one month i have paid for all my chart expenses and the 3000 is paid for and now i am building my account consistently and safely

hope this helps…the right education in this field is priceless…you get what you pay for and all this information out there is mostly a bunch of crap…set-up to take your money

there is a reason why most retail traders lose money…they do not understand what is really going on in the market and that in one sentence is

THE BIG BOYS RULE THE MARKET…THEY COMMUNICATE ON THE CHARTS AND IF YOU CAN DECODE THEIR COMMUNICATION SYSTEM AND TRADE WITH THEM YOU WILL MAKE ALL THE MONEY U EVER DREAMED OF

is this how…you talk…in real…life…with improper…punctuation…and long pauses…in between words…which at best…formulate run on…sentences…

If you want people to take what you have to say seriously, consider using appropriate punctuation and grammar. I see a post like this, and instantly just discount whatever is being said.

Who are “THE BIG BOYS” ?
Are there any BIG GIRLS? Or, to rule the market you need to be a male?