I was thinking about signing up for a forex mentor like "Rob booker." I know there are some here who have trained with him. should i get a mentor or should i just keep learning on my own from the internet?
A good mentor, and I mean an actual professional and profitable trader, not someone who just sells stuff, will help out alot. It's kind of like getting first hand coaching from a pro. Imagine learning to play basketball from Michael Jordan. The same applies in the forex.
However, the problem is finding a good mentor who can give you personal attention. With alot of the big mentors out there such as Rob Booker, they can tend to get overextended and you might find yourself struggling to get any attention. So do some research and before paying for anything, really make sure you will get some 1 on 1 attention.
Any suggestions on who would be a good mentor? How did you guys learn? Did you have a mentor or are most of the traders here self-taught? I would really prefer not to learn by my mistakes, as that could become costly!
That's a good question! Is it really possible to become self-taught in the Forex world? Right now, I am just reading. I am trying to be a Forex sponge, taking in all that I possible can. I know one thing everyone agrees on, BECOME WELL INFORMED! That seems to be written everywhere, by everyone. I am trying, but there is a lot of knowledge to soak up. I am thinking about a mentor, but I am not sure I want to shell out a $100 + a month to become a loser.
I don't know that you can really be self-taught, you read all the information you can to make informed decisions. Yes, there will be some trial and error. Start out slow, and don't trade more than you can afford to lose at first. Don't go in debt thinking you are gonna be the next self made millionaire, it probably isn't going to happen. Try the Oanda website and play their FX Game, they give you like 100,000 to play with http://fxgame.oanda.com/
Perhaps a good mentor would be somebody you already know, a friend who is an expert and who would have the time and patience to guide you through the process, the tips and all those important things you need to know.
Right on the money, geline. When learning Forex, trust between the mentor and the student is most important. You have to trust your mentor that he is honest with you. So, yes, friend would be the best.