I have a feeling everyone knows the bs IM3 organization, but is a paid mentorship with YouTube traders any different? As I read an embrace the knowledge that’s babypips has would a mentorship be worth it?
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I don’t accept the idea of mentoring. If the chosen style of trading is so difficult and complicated that it demands one-to-one continuous mentoring for an extended period of time, then it must automatically be too complex for the trader at that level.
It should just take 1-2 days of study, work and practice to be able to safely use a new strategy.
The higher the level of experience you start from, the more complicated can the new strategy be, but the 1-2 days rule of thumb should still apply.
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Think about it, would someone who is in a profitable mentorship be here on babypips? Wouldnt they just be quietly trading away making money. Anyone who is in a mentorship or has started their own has no need to come to babypips as it should all be covered or they just want to scam beginners.
Things to watch out for:
Is the mentorship profitable?
Are the students profitable and can they prove it to you?
Are the students helpful?
Does it fit your trading personality?
Do they teach something new that you cant learn for free elsewhere?
It all depends on how you want to trade but I’m sure some mentorships are worth it compared to others. Most you can find for free nowadays or you can work it out from a few videos.
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babypips,books/ebooks,you tube and practice on demo or better still minimum account without it effecting your livelihood, EXPERIENCE is needed .There is no secrets ,its not black and white. I think some newbies go on you tube, see the example s and expect charts to run nice crisp trends bouncing off trend lines and we all become full time traders living lavish lifestyle s
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Haha. Who wouldn’t want that? The problem is…if it were easy, everybody would do it.
Did we think we could watch a few videos, skim through Pipsology, and become instant millionaires?
Did we really think we could ride the next bullish trend to the moon?
Did we think profiting from the market would really be that easy?
I did. For sure.
In a venture with no structure, did we think we would have instant success?
Free to risk 1%, 20%, or even 80% on one trade. The only rules in trading come from our own discipline. Trade once a day, or 50 times a day. A venture with no structure will show us how little discipline we truly have.
“I have plenty discipline”.
Two weeks later…blown account.
I really believe the market is like an ATM. We, ourselves, are the only ones stopping us from taking those profits out.
Losses are part of the business, but knowing which trades NOT to take is just as important as knowing which trades to take.
I’m still a rookie. But it seems to me the only difference between the long-term winners and everyone else is that winners didn’t quit.
Figure out why we’re losing and do less of it.
Successful traders aren’t born—they’re made.
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yes the randomness of the markets gives it authenticity,the prices may consolidate or go in either direction.
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I definitely think there’s value in it just be careful which one
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I don’t understand. Could you explain that idea a little more please?
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If you get the right one. Finding the right one is the hard bit unfortunately.
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stating the obvious if it was 100% predictable it would nt work.
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Kindly permit me to add my two cents to this debate.
NOBODY needs a mentor to learn the business of forex. Let me repeat that. NOBODY needs a mentor to learn the business of forex. EVERYTHING you need to know about forex is on the internet for free.
However…if you would like to get to where you would want to be faster, with less pain, and losing less money, then a mentor would be of great benefit to you. Such a mentor could point out things like where to start, where to place extra focus, things to avoid etc. To my simple mind though, the greatest thing a mentor could do for me is after I have mastered all the rudiments he/she teaches me a successful strategy.
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I’m not a believer of paid mentorships in any form or shape whatsoever. True mentors will not charge! Think about it, if that mentor is supposedly profitable in what he/she’s doing, then why would he/she charge his/her apprentice? I’ve had a mentor in business (who’s had very profitable companies) and obviously taught me without charging me. Why would that billionaire charge me lol. In fact, he even funded my first start-up business. That’s true as well in Forex trading! If he/she’s profitable in trading, then there’s no reason he/she should charge you. Most “mentors” just charge their clients and profit off of them, unfortunately.
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If I ever get to the level to offer mentorships. Damn right im charging for it!
And the more profitable I am… then the more its going to cost.
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Totally agree and could not have said it better
Totally agree also!!! And well said!!!
I always think that if a mentor is really good at trading, he wouldn’t be wasting his time mentoring other people. Most of everything we need to know is already found at the BabyPips school. Anyway, if some things aren’t clear to you there would be people to help you out.
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Mentorships are not worth when you have so many resources to learn from. You can learn the very basics of forex trading from babypips, you can read books about strategies and then practice on demo account and develop your own trading strategy. It is really cost saving and useful. There are scammers hiding behind mentors from whom you should escape.
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Haha. Yeah. I thought the same thing. If I was doing well, would I take the time to train someone for $300? Or even $3,000?
If I’m doing well, $3k is not worth my time. At that point, what I value most is my time.
I can’t afford to sell my time so cheap. Giving time to something that doesn’t produce profits continuously is a waste of my time.
Hypothetically, mentoring would be worth it if my trading wasn’t doing so well.
Unless…it’s not about money and it’s about passing on my knowledge. And the money is a test to see if that person is serious or not.
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I wonder if those commenting on whether a mentorship is worth it or not have ever been mentored, or have mentored anyone?
It is simply a matter of observation in the real world. Mentors would rarely respond to somebody they don’t know, on a forum the asker has just joined, because the aura is one of give me, give me, give me. I care about ME, ME, ME and nothing else.
In real life, mentors approach those who do not ask to be mentored based on their actions along the way.
I have been very lucky in my life. I was mentored by an Industrial Chemist when I was 14 - a guy at church. And I consider in my working life, I had been mentored by three of my direct line managers. I believe they mentored me, and did not manage me, because I had a lot to offer and was very keen to “do other stuff” that was not necessarily in the direct job description.
I do mentoring and put it squarely in the box of “charitable work”. For the time I spend mentoring, I ask that the mentee think about his own balance of work, life, rest, charity and taxes, and do something charitable.
For anyone who doesn’t spend time and / or money on charity, there will be an internal unrest or dis-ease (disease). For anyone who does spend time and money on charity, they have internal peace. You know who you are, and you know how you feel when you have done it.
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