In the six years that iâve been trading live I have yet to meet a successfull trader with the time to trade for themselves and mentor a newbie. If one can be found worth listening to then consider yourself lucky. The whole point is to create a system for yourself that fits your personality not to retro fit a mentors thinking into yours.
While studing on thier own it is important that they grasp the laws of trading forex and learn correctly. Nothing will delay your progress more than unlearning trading methods that are all wrong. Once a newbie feels that they have the basics down then live trading with micro lots is a great way to jump into the fire. Demo trading too long will only distort the realities of what you will feel trading live.
Read everything you can get your hands on. view as many videos on the web you can but do not copy just observe and read some more. Chart time X 100. Find a live chart and watch price action. visualize trendlines S&R. Study as many charts as you can. Scroll forward on pasts charts to see price action playout. Taking a course is a good idea if you can find a good one.
Finding a mentor can be quiet âdangerousâ for every newbie⌠Iâm trading now for several years, and now for the past year pretty succesfully⌠That of course got the attention of one of my friends, which started trading now. Iâm something like his mentor, BUT he thinks that I can kind of âtell him how to get richâ, so that he doesnât even try to study the basics. Iâm telling him again and again that he should try to read throw some schools, like the one of babypips, without any success till now. I mean ok, he isnât doing that bad, but weâll see how he is doing in the long term, and if Iâm not looking over his shoulder all the time.
Be suspicious of any âMentorâ that comes your way. If the mentor is a genuine, rare person- great. However, probably more than 95% of âmentorsâ are scams of some sort. Most everything a mentor can teach you, the internet can as well.
You have to have the right entry points at the right time.
Get over your fear of losing and let your profits run so you do not exit prematurely. Have confidence in your trade else do not take it. When in doubt stay out!
Trust your own decisions and sometimes be unwilling to listen to anyone else. You trade according to your own personality.
Learn to take a loss â Donât be greedy ~ Better to be right and lose less than be wrong and lose more â Know when NOT to trade.
I agree, and I would also add âHave faith in yourself.â It baffles me how many traders will get excited about their system and the potential future profits and as soon as the first loser comes, they turn their back on a system they were very excited for 30 hours ago. A Trader who believes in their own ability will have the strength to push through the losers.
Once having made the decision to perform in the forex trading investor industry, you need to be conscious of the primary attributes you need to obtain to create it a effective project. With many guides and content to information you, the specialized and essential research can be clearly determined. But, over and above these statistical computations, as a forex trading investor, one must be in ownership of the following characteristics:
Our learning ability varies. In order to succeed, you must;
Study on your own and learn the basics
Open a demo account with a good broker and trade for one month
Develop your own strategy and if possible get a mentor
Open a live account and deposit a very small amount of money to test your ability after demo trading for one month.
Continue to ask questions, read articles, join forum discussion.
If everyone keeps talking about finding a mentor and not getting burned. Well where are these mentors? Thereâs supposedly lots of people who know how to trade successfully but wonât help others out beyond telling a person to read a book or go through the babypips school (which Iâm sure like most of us has already been done numerous times). Whereâs the mentor that will actually help a person be successful side-by-side, or that will wait until money has been made in the market before asking for their $10k? Itâs obvious that a person trading with a $500 account is probably not rich and doesnât have $10k laying around to blindly give someone who has yet to prove themselves.
Letâs make it a team effort why donât we? If the mentor successfully teaches a person to trade and the first month the trader is up $2000, then letâs talk percentage. Would 25-30% of the profits earned for the month be appropriate? This allows for the account to continue building so that even more money can be made for both trader and mentor; and if the trader doesnât pay the mentor then there wonât be a next month of mentoring. So it seems to me that a partnership such as this would work out for everybody, but I have yet to come across a âmentorâ who doesnât sound like they are in need of money.
So where are all the honest mentors? I would be very happy to pay someone a percentage of profits that were made as a result of their mentoring. Or some kind of arrangement could be worked out.
If you looked hard enough, there are mentors all around baby pips & âtheyâ mentored me in the progress without them knowing. The mentors that i am referring to are the traders who have a lot of experience trading. I picked up bits of critical information from their forum posting.
With respect to these âmentorsâ of mine, they are Mr Gone (replied to this thread too, i suggest learners to click on his profile & read what he has posted). The other person i learned it from is âMeihuaâ. Meihua always share her findings generously with forumers. Of course there are many more but these 2 users are the people that i remember clearly that i absorbed the information on. So dont get lazy guys & do your own research than always hoping to get a mentor. Even if u have one, u need to have the proprietary knowledge beforehand so u may understand your mentorâs teaching. BUT always remember that mentors are humans too like us, so they can make errors and you have to ACKNOWLEDGE for yourself whether he/she is genuine to teach u & not someone who is just teaching for the sake of money but no LOVE & DEDICATION for forex.
Peace & May Good âTradingâ not luck happens to all of us
Effective studying and learning will bring our success in forex. Some of the forex websites have forex school, you can attend one to acquire more knowledge about forex.
Good study , know market updates daily and do trading within margins is a safe way of trading. it will bring success and profits. Without experience traders can not become good traders , I suggest much demo trading to do effective trading in live accounts.
Becoming successful in the business is very easy but I think with effective learning and studying hard, putting your mind to it and developing the habit of absorbing something meaningful in forex can make us see our way through. By so doing, I think we will be successful no matter what.
If any trader wants to be successful in forex market then he needs to get practical experience of real account trading, first they need to start with demo account and then come to live account with less deposit. Gain experience with emotional trading and make them a good trader before investing big.