I am certainly new to forex (I’ve been watching the market and demo’ing now for about three months) and have read/watched Steve Nison’s candle stick videos and books with much gusto.
I have gone through BabyPips schooling and evaluated a few systems that seem to have their days.
I’ve attempted to start my own system and started back testing it, again with limited results.
I believe I understand the basics and hopefully most of the technical indicators, but like all newbies, I tend to flood myself with too much information which continually cause problems commiting to a trade (yep, I’m also attempting to disassociate emotions from my trading - it’s getting better but still working on it).
So what I’d LOVE to ask is, would someone take me under their wing and show me the ropes, give me the wisdom of your experience and share with me the realities of trading in Forex.
Just having someone there to ask those embarrasingly stupid questions knowing that I’m going to get an understanding answer (no offence meant to anyone who posts here either).
I’m a committed student and willing to put in the hours to make it happen.
Hi Bradley
Please feel free to ask any question here, most experienced traders here are happy to help if they can. As for mentoring I wish you luck, specifically what works for one trader may not suit another, you will need to find something that fits with you
best regards
Dave
In my humble opinion… I would suggest you take some time to go through the threads on this forum and see if theres a system being used thats to your liking. There are a handful of very experienced traders here and reading the threads will point you in the right direction for a possible mentor should they be willing. I would shy away from anybody who volunteers… they might be trying to sell you something. Best of luck.
Having gone through BabyPips schooling is a good start! Reading all you can get your hands is something I still do, trading is one of those professions that you can never learn too much nor stop learning! I have been trading for a long time (stocks, options… you name it) and I still learn something new all the time! One thing I would like to comment on… you said “I’m also attempting to disassociate emotions from my trading” this is a tough task!!! I’m not sure I have ever met a trader that fully can disassociate their emotions totally! And one thing that I have told a few people that I have helped along the way… until you are trading in real accounts… you never will. I can remember my first trade! My hands were sweating like crazy… it was hard to breath… you name it!
If you want to ask those embarrassingly stupid questions… just ask them… people around this forum are really nice and will go out of their way to lend a hand! Having a mentor is difficult! I think that their needs to be a similarity in personality and trading styles to get the full effect of mentoring! Anyways… your off to a good start!! Just keep the learning going… read what you can and practice, practice, and a little more practice!!
First let me say, thanks for the advice and info. I definitely see your point about the mentor’s style versus my own.
I believe though that I have found my mentor…this forum So thanks to everyone who’s replied so far
100% agree. I’ve now been through it a total of two times, and will revisit in a week or so, just to drill it in
Anything that you can suggest would be awesome. I’ll track the books down and get stuck into them.
:lol: I’m kinda at that point and I’m only trading demo accounts In all honesty though, I feel that perhaps mini/micro’s might be a great start for me. I know I want to see the money, but I think I want to see the systems working first! Money would then become a by product!
I’ll put EMBARRASING STUPID QUESTION AHEAD: [Insert Embarrasing Stupid Question Here] on the post
Thanks R Carter…I’m probably gonna stick in Newbie Island for a bit, then move on to the Holy Grails.
I fully understand that you want to test your strategy with a demo account before going live. However, there is a big difference between the two, mostly down to emotion. If I may suggest, try to replicate in your demo account the same conditions that you will go live with, ie. use the same demo $'s that you plan on starting your live account
This is so true. A demo account is good for learning the platform and testing new stratagies but its no substitute to the real thing.
Even if you use tiny lots that are so small it doesn’t matter if you win or lose, you treat the trade with more respect than a demo as its still real money.
Online forums are not the best place to find a mentor. There may be a group of traders where you live. Seek them out. You may find someone who is profitable and willing to advise you.
Thanks for that, I’ll start a search for locals that are interested in working with me on things. Though I would like to say that so far, being a mentor is about giving guidance and support whilst understanding that sometimes you’re gonna do something stupid or have a dumb question.
I feel so far that all these qualities are in abundance in these forums. So whilst I agree that looking for a single mentor on the forums may not be the best way to go about it, I feel that the forum itself can act like the mentor that I am seeking.
So as far as I’m concerned, I think I’ve found one
Just happens to have a few thousand constituent “parts”
and evaluated a few systems that seem to have their days.
So thanks to everyone who’s replied so far