Hello babypippers! I’m victoria, from Honduras, currently in Miami, FL.
Do you truly need a mentor in order to become a professional trader? If yes, where would you guys recommend to get one? I am really new to the Forex World and I am going through the babypips course, but I would love to meet with people and hear their stories. I feel the more people that are in the same niche will help out and motivate each other to keep going and never let go of your dream.
To be honest, it can be difficult to find a mentor that is honest and that truly wants to help you. Right now, I’m a part of a telegram group (about 27 people, only about 6,7 active), and we chat alllll day and make zoom calls about possible trades for the day and our insights. It’s awesome. You can learn anything on your own. The info is out there, but its much easier when you’re working with a team or a mentor. It’s a great way to learn and develop strategies, and also helps to shorten the learning curve.
Good day, unless you really lack understanding of the information you are reading, you don’t need to pay for a mentor. You can learn forex by yourself as long as you have the thinking capacity to understand and apply what you are reading. Personally, the School of Pipsology and the BabyPips Forums among Google is my mentor. I’m not saying mentors are bad, but a lot don’t want to share their experience for free to someone else on a personal level. Unless you find a friend good at forex that will help you free of charge of course. There are so many free courses, videos on Forex that in my opinion a mentor is not really needed, all you need are friends who trade and share analysis. Any question you ask your mentor about forex can be found online for free, just that you put more trust in a mentor who you have paid and trust their experience to give you the Same info.
Best wishes
Edit: just thought I’d add, the best knowledge and understanding comes when you eventually understand what you’re reading, even if it takes you a few hours to figure out
And there’s no shame when it comes to free information, the same free information a mentor understood and used to charge as a mentor
I believe there will always be something that we can learn from one another. Especially the ones who never give up and have many years of trading experience. We are all each other’s mentor. Sometimes, even newbies can offer new perspectives to look at Forex trading. A mentor can only point you in a more accurate direction. They won’t be able to walk the whole journey with you. Just my 2 cents of opinion, a free of charge mentor may not be worse than a renumerated mentor.
Y que Catracha, first, get rid of these words from you vocabulary when talking about trading, then learn about how the spot currency world works, after this work on you psychology. You can look at my self serving threads VIPER couch and VIPER general store, I have tweaked my trading this year so I have to put an update example, but its good enough to understand some basic concepts, Dennis The Fla Gator Trading the Trend with Strong Weak Analysis, and the three ducks. Read it over and over till you understand it, then Dr Alexander Elders Updated “Trading For A LIving”.
A lot of “mentors” just want your money. They most likely don’t even teach you everything you need to know. Learning on your own and from your own mistakes is best
No problem, and MOST definitely! If you hang out with non-ambitious people then you’ll have no ambition to achieve any goals for yourself.Find people that have similar interests as you, and people that already have success.
It’s a complicated issue actually mentor is important or not. But according to me, sometimes I really feel missing something when my strategies not work in spite of having real analysis.
Mentors are very important in every aspect of life. But it is very hard to find them. You always need guidance in your life. In today’s era, you have to look very hard to find a decent mentor. If you can’t find them, then don’t worry, you can be your own independent man.
Mentor vs Learning on your own…never ending dolor de cabeza debate…ay c…ño…
Yup…many frauds por todas partes
If you have found it/created a strategy that works…no need for mentor… BUT!
If you have been trying…learning…and more learning and nothing works…better to find a mentor con una estrategia que funcione ! Why spend years trying to create one and having nothing to show for it?
There is only so much you can learn on your own…or from others who are also learning…
How did you find your Telegram group? Are they your friends IRL? I have Telegram groups but they’re mostly crypto-related. And really, I only discovered them because of ICOs.
I don’t think to be successful, you will some mentor. Rather you will require good trading expertise. And you just need to develop yourself so that you can easily adapt your trading styles according to the market situations and that is the basic fundamental of success story of any pro trader. You need to fight for yourself.
Not singling your post out Nathaniel this could be a reply to any of the other posts/ posters, yours just happened to be the last one.
I was thinking about the “learning the skill” part of this question and remembered back to playing “Solo whist” as a student. - a few of us formed a “school” of regular players where we played an hour every lunchtime. 1/2 penny for a Solo, 1 p Misere, 1 1/2p Abundance, 2 p Misere Avare (sp?) etc and after a year any one of us could sit in any solo game anywhere and beat the table ! After a few hands any one of us could say exactly who held teh Jack of clubs / Queen of spades, or in the case of a “Mis” - where the 8 of diamonds sat !
There is no doubt to my mind that skill in gambling games improves with competitive co-operation between a small group of players - Take poker for example many years ago there was a group of exceptional players from North London who played as something of a syndicate if I remember right, pooling their winnings. They were called “The Hendon Mob” and played against each other as kids in the way I showed above. Just out of curiosity I went lookig for the name and found this site ;
Good to see the “Devilfish” (Dave Ulliott) is still playing btw [Not one of “the mob” - just somebody I admired]
I think even Doyle Brunson started life in a smallish group fo players all regularly playing against each other.
Now if you look at the reported winnings of those listed in my link, you have to bear in ming=d that for each million Dollars won by those players, the equivalent of “Retail” had to Lose a million Dollars plus the “Casinos cut” - so the “95% lose” probably holds equally well in poker !
How would any of us, as Novices feel about sitting down at a table with those people and playing against them ? - That is effectively what we are trying to do in “Trading” !
Can a novice learn to play poker - yes indeed - it takes “5 minutes to learn and a lifetime to master”
Can a “mentor” teach you how to play poker Profitably ? - Probably not - a “mentor” can teach you the “rules” as he sees them - he can show you the “Way I trade” - but his level of risk aversion and psychological involvement will not be the same as yours. He may like to trade “the long haul” as in “turtle tactics” - you may want to trade the 5 minute charts. Your psychology will never be able to do something “someone else’s way” properly, simply because You are you !
There are a small number of “expert traders” here, most of whom started life with some sort of formal group training within institutions (I think) and some more who seem to have a good deal of sense and (like me) have done most of the work themselves. That is a Hard path to tread, but for most of us, we have no choice except to do it this way, gleaning snippets where we can, or to pay someone to “teach us” - but as I said - "Your psychology will never be able to do something “someone else’s way” properly, simply because You are you ! "
I would love to form or be part of a group of like minded traders working together, but I can forsee problems because as far as I can tell, we all trade so differently that communication and biases would get in the way. Similarly, such a group would because of the way the Internet is structured have to have a “boss”, “admin”, “mentor”, or some such.
Dunno, just a thought -
So just out of interest - what is a “Telegram group” ?
[Not one of “the mob” - just somebody I admired]