Within the last two months or so I’ve been digging heavy into forex learning everything that I can about the market. I’ve learned a lot of the lingo, been trying to teach myself strategies and I’ve been learning to read the market. However, I feel as though I am still a bit lost, especially when using the Meta Trader 4 platform on laptop and it’s somewhat keeping me from gaining the confidence to invest real money. I am still trying hard to learn and I am looking for someone, or a forex club, that can help craft me into the investor I want to be. I just want to start making money already!
for beginners a trading Mentor is really needed but i think right now its difficult to found, because most of them are found to be scams.
Hi themalachi
Having a mentor I believe is a must if you want to become very good at your chosen vocation. However a mentor in the trading game can be very expensive and difficult to afford at a young age.
You may like to start with reading some books that will help you understand price action support and resistance and many of the other ways of trading the FX market. One of the biggest mistake traders make is that they don’t really understand the FX market and who actually drives those markets. It also helps to understand macro economics.
I’m not sure what your level of understanding is in regards to the FX market and so it is a little hard to recommend books for you to read. However here at Babypips the course offered will give you a very good insite into what you can expect from attempting to trade the FX market successfully.
Also read as many posts as you can by Pipcrawler who is one on the top traders on this site. He is without a doubt the best and most informed trader here at Babypips and he can teach you a lot.
Hope this helps
Cheers
Blackduck
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hi what type of mentors are you looking for?
You can check out the trade journals and learn from other people mistakes?
I don’t think a mentor is needed. Just don’t go live until you have confirmed that your strategy works.
thanks for your nice suggestion , its easy to say but in practical much difficult.
i think you have enough time to bring good knowledge by learning , right now no need , its my personal opinion. thanks
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Forex market is so complicated above all when you are a beginner , and there is lots of chances to take wrong decision even when choosing a broker . so the importance of a fx mentor is more. but dont fall a scam , good luck
Your age your main strength! Just take your time to learn Forex; start from here (BabyPips School)!
I spotted a problem from your write-up. Your ulmost goal is to start making money quick. That is a very deadly goal to make for yourself as a trader. Your first mentor is babypips, do well to graduate from the school of Pipsology and your true goal will emerge. Only then can you be a successful trader.
The mistakes you make will be your best mentors. I am 18 years old and I have been trading for about a month. I made multiple mistakes and lost $200. Since I lost those $200, I have become a better and more consistent trader. My advice to you is, trade with money you are only okay with losing. That way, you can afford to make the mistakes you will most likely make without it breaking your bank account.
make more capital before u start trading. and risk 1% of your capital per trade!
If you are a total beginner I think you should arm yourself with patience - you won’t begin profiting from trading for a while with or without a mentor. Learning simply takes time, if you are impatient about it you’ll just end up losing money.
And, as it is, at 17 no broker will give you an account because you are not a legally an adult yet, you need to be at least 18 in the majority of jurisdictions to trade.