Hey guys
I am busy learning and demo trading.
Want some advice from the more senior traders.
According to you guys, who is the best user/s on babypips to follow in order to learn the most.
I believe having a good mentor to be key, in becoming a successful trader.
One: Remember this for it will help you as you learn, “there’s no such thing as a free lunch” and this is more true for forex trading than anything else…
Two: You may get a few honest offers of offering to mentor you but the question that I would put across should any mentor request be directed at me would be "Why? What’s in it for me?"
Three: You can check up on youtube for some of those forex trading channels where a few traders discuss their daily trades. but these are really few. Most charge a fee for being allowed to view the whole clip…
The point being that everyone’s time is valuable and no one is going to come across and hold your hand and let you in the secrets of trading. Good luck with your request and will check this thread later, but you need to take the initiative on your own…
Wouldnt you rather learn to do it yourself?
No matter how well someone comes recommended, you will have a different thought process to them and interpret charts differently, you will have different ‘Panic!’ triggers, different life pressures.
Im learning for myself, bit by bit, making a few quid here and there, but the best thing is, succeed or not, i am doing it on my own terms, no-one else to take the credit/share the blame, just little old me.
Go on, go for it, half the fun is in the journey
Yes its better to trade according to your capability, but if there is a mentor with you the learning process become more fast and easy, its better to learn from other people experience.
That depends how deep your pockets are. There are plenty as scam artists out there posing as mentors
Hey there whesley, who ever it is you decide to follow make sure of a few things first.
[B]1. Can they Verify their profitably to you in some way? That should be a no brainier especially if they are going to ask you for you money. The free mentors might not be comfortable showing you that.
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[B]2. Can they teach? That is important because their are a ton of people that are good at things but have no idea how to communicate.
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[B]3. Try to find someone that can explain why something happens. When you get someone that says “When the macd crosses this line you buy” and can not show to you why that shows you they only have a surface understanding of the subject.[/B]
Best.
Totally agree with FXmail. I don’t disagree with eddieb or vic84 , I think that you need to know your strengths, weaknesses, personal home situation, money you intend to budget for and what you want from trading in the forex before you can follow their advice.
There is lots of free valuable information on the net, utube etc. As well there’s a lot of junk. You don’t need a mentor to know the difference, what you need is a basic understanding of life in the forex that you can get by going through the baby pips school on this site. By doing the school you will have all you need to make good basic decisions with regards to learning yourself, having a mentor, or a combination of the two.
A lot of traders miss how important it is to have a basic understanding of retail trading in the forex and as a result, lose money, lose all their money, make money but miss making out on big money.
What type of person are you. Aggressive? Visual? Analytical ? Amiable? Almost everyone is a combination, but usually there is a dominant one. What’s yours? It is important to know what type of person you are because for example if you were like me Aggressive/Aggressive you would be wasting your money having a mentor that is Analytical/Amiable or Amiable/Analytical and intends to teach you. For example Can you sit and watch an hour long video without getting up. I can’t. When you talk to me about fundamentals, I look at the headlines a few sentences, but mostly avoid trading a pair that has high, medium or a number of economic events until after they happen so I can see the effect they had or hadn’t on the pair. There are other traders that can’t wait to get into the announcements and before they trade will do a complete analysis of current events.
Financial situation. One mentor started with $500 and built up to a successful trading business. (for all you guys who think that can’t be done, for this thread we’re assuming it’s been verified) Another mentor trades 50K plus. I guarantee you that those 2 mentors will have different approaches to retail trading .
In short there’s nothing wrong with a mentor, but to get the best value first learn enough of the basics so that you can gather relevant facts, list relevant options then pick the least of the evils, which in this case is not only a mentor but the right one. Again only my opinion. Good Luck
Gp
Well said…