The best way to be successful in the forex market
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  1. #1
    Join Date
    May 2006
    Posts
    126

    Default The best way to be successful in the forex market

    I have learned from one of the fx forums that the three best ways to be successful in forex trading are as follows:

    1. Study by yourself and get experience.
    2. Develop your own system.
    3. Find a mentor to help you.

    This is according to ranking (they had a poll).

    For me, I think it should be this way:
    1. Study by yourself and get experience.
    2. Find a mentor to help you.
    3. Develop your own system.

    or perhaps find a mentor then study and develop should be last.

    What do you think?

  2. #2
    Join Date
    Apr 2006
    Posts
    48
    I think study first, then try to find a mentor. Before you tackle challenges, you have to know your challenges.

  3. #3
    Join Date
    May 2006
    Posts
    126
    Thanks for that reply, Michael. I think we all have different styles of learning and we all know which style fits to our personality...

  4. #4
    Join Date
    Apr 2006
    Posts
    48
    True. It's different for everyone.

  5. #5
    Join Date
    May 2006
    Posts
    7
    Quote Originally Posted by Michael311
    I think study first, then try to find a mentor. Before you tackle challenges, you have to know your challenges.
    Studying I understand...finding a mentor, not so much. How would you recommend finding a mentor?

  6. #6
    Join Date
    Apr 2006
    Posts
    48
    To get a mentor, you have to get very, very, very lucky. It has to be someone related to you or your closest friend.

  7. #7
    Join Date
    Feb 2011
    Posts
    1
    In the six years that i've 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.

  8. #8
    Join Date
    May 2010
    Posts
    3
    Finding a mentor can be quiet "dangerous" for every newbie... I'm 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. I'm something like his mentor, BUT he thinks that I can kind of "tell him how to get rich", so that he doesn't even try to study the basics. I'm 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 isn't doing that bad, but we'll see how he is doing in the long term, and if I'm not looking over his shoulder all the time.

  9. #9
    Join Date
    Jan 2011
    Posts
    100
    Be suspicious of any "Mentor" that comes your way. If the mentor is a genuine, rare person- great. However, probably more than 95% of "mentors" are scams of some sort. Most everything a mentor can teach you, the internet can as well.

  10. #10
    Join Date
    May 2012
    Posts
    143
    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 – Don’t be greedy ~ Better to be right and lose less than be wrong and lose more – Know when NOT to trade.

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