I know there’s another thread similar to this, however I don’t mind paying for a teacher/mentor so want to ask if anyone has paid for a service to learn to trade?
I’ve read this site (plus many books) through and through, over and over and over and I’m on the verge of profitability but not quite there yet. So I figure it’s time to invest in my education and pay for a service / mentor… the problem… there’s literally hundreds out there and quite pricey so can anyone recommend one that’s legit? Not so keen to pay for one who’s just going to reiterate information I can find for free… I’m looking for one who’s going to put in the time to help me refine my strategy and work out where I’m going wrong.
Thanks bushidoleaf, however, it’s more complicated than that. I’m really after a teacher / mentor who runs an online course / program to help me become profitable.
I don’t really know what question to ask as I don’t know where I’m going wrong.
I always recommend ICT and it starts controversy that I don’t want. I’m trading full time now and am familiar with various technical styles of trading. Personally I don’t think you need to pay for education and just because something costs money that does not make it better. I do not recommend Vic Noble. Chris Capre seems honest and I’ve bought a course from him, but my understanding of price did not improve that much from my experience - could be more me. Jason Stapleton runs Trade Empowered, but I dislike him, and think that although his free videos are beneficial to watch, I would not spend money at his company.
My trading has progressed the most from what I’ve learned from ICT, and I would not trade the way I see the market for any other course that costs money even if it were offered to me for free. I believe he is the best mentor / trading teacher, and his work is free. There is a Sky… group that shares information based on his teachings, and if you take the time to try to learn his stuff, I’m sure one of his students would spend an hour talking about anything you did not understand.
Think about the type of trader you envision yourself as. If you are totally sold on Fundamentals and understanding them, you might choose a different direction. If you need to have a mechanical system given to you with moving averages crossing, again you might want to choose a different direction. But if you want to understand how price is being moved by those who control it, and you really want to learn how to read price action from charts (and have the time to learn) I think ICT is the best choice one can make. If you search engine: Inner Circle Trader you’ll find a tutorial page with several of his courses. They build on each other and I’d say start at the beginning. They are all free.
Mind Telling me your strategy? I see if i can tweak it a little better for you… your entry and exit criteria. How your manage your trade… do you use cutloss, averaging, add position, hedging or drawdown… and what’s your lot sizing… do you scale your lot size? Whats your bankroll management. Your demo capital amount and leverage is? An online trainer may not be as good as you think… i dont think i am any worst than them… seeking my advice might be the best thing you may have ever encounter online. I cant help you if you dont ask the right questions…
You won’t find a trader who hasn’t felt like you do in the beginning, learning to trade is a journey and it’s one you need to start on your own. If you just go now and jump wallet first in to someone else’s system of trading you’ll find yourself hooked on it and lacking a solid understanding of what FOREX is all about. Try the Babypips school of pipsology. School of Pipsology | Learn Forex Trading
When you have been through all of that you’ll be in a much better place to make decisions on whether you want to pay for a mentor or if you’ll go it alone.
Hogarste: Thanks for your input, I’ll look into ICT and see if it can help me.
MLAlford: I’ve already read through the school of pipsology about 100000000 times now so need something further to assist me.
bushidoleaf: My current system uses EMA 10 and 30 mixed with price action. I look for S/R and enter if there’s a pinbar or some other evidence of support / resistance holding then enter the trade long if the 10EMA is over the 30EMA and short if opposite and place my stop under the previous swing low/high. On my live account I was trading 0.01 lots and my wins were around $6-10 but my losses were about $8+. I was exiting my trades too early I think but there’s been too many times I was up then watched it swing around and hit my SL. I tried shortening my stop loss to gain a better risk/reward but get stopped out 99% of the time. I tried increasing it for more room for swings but ended up getting extremely high loss amounts destroying my account. On my demo account I’m experimenting with 0.10 lots but entering with 0.05 and then adding an additional 0.05.
I’ve even reverted to simple trading with no oscillators etc and that was just 9/10 losing trades so either I’m getting the S/R levels wrong or something…
I try using daily charts for trends and 1 hour charts for entry.
Other strategies I’ve tried include:
Weekly engulfing - huge losses.
100 and 200 SMA crossover – large losses and also hard to determine when to exit. If you wait for the next cross over your profit is most likey a loss.
5min chart engulfing – you guessed it: loss after loss and profits very small.
10 and 30 EMA similar to what I’m doing now but wait for a break out, then the pullback to in between the two EMAs before continuation – good profits, highly reliable BUT can be weeks before a set-up occurs.
I know exactly how you feel and it sucks unfortunately it’s part of the journey.
Seems like your trading system is a little over complicated which would make it hard to follow. Which ever system you are following you need to follow it for a few months and not make changes, without doing this you won’t be able to make accurate conclusions on how your system works. The market has been real wild over the past weeks and if your trading on a low time frame then the news releases will be playing havoc with your stop placements.
You mention in your 4. that you have to wait weeks for trade set ups. It is way better to only trade a few times a month and profit 80% of the time than it is to place 10 trades a week and mostly lose. I come to the thought of what are your expectations as a FOREX trader? how much do you expect to make off how much capital and over what length of time?
Have you a trading plan in place. You sound in a similar place to me almost a year ago. Paid $999 for an online course from an Aust prop firm. Now the education side is just not worth it. There is nothing no-one can teach you that isn’t available for free somewhere on the web.
But what paid for itself was the work these guys put in helping me develop my trading plan. Like any business you need a strategic business plan. No different here. So when looking for a mentor find one that wants to develop your trading plan. ICT wont help. Its their way or the highway. But thats no different to many others. Best place to find a mentor - well just participate here at BP’s. You’ll be suprised how far your trading will develop simply by participating.
BBB makes an excellent point about listening to people who have no clue what they’re talking about, and I suggest you research this more by reading his posts. ICT has helped a large group of people who participate on his Twit…r, and seem to be doing pretty well. BBB, can you please tell us how long you’ve been trading full time for?
My expectations as a trader are to supplement my income. I’m by no means looking to get rich this year from trading or anything of the sort, rather I want to trade on a very small account with small lot sizes, then once I’m consistently profitable I’ll add more money to the account and increase lot sizes a fraction at a time. The dream would be for 5-10 years from now being able to do it full-time but at the least I’d like to just trade as a hobby which supplements my income to live a more comfortable life. But as I said before, right now the priority is to be consistent rather than making money. The money will come once I increase my account size and lot sizes.
Bro, you know as well as the rest of the active community here I don’t trade full time. But when I grow up I hope to be just like you - NOT!
To the OP feel free to research my postings. You can trace my whole trading career back 4 to when I first started. There’s nothing more these so called “full time” traders hate than us armchair noobs coming along and calling them out for the ****s they are.
Hoggy have you checked out last weeks results from the new system I’ve been developing thanks to the active community here at babypips. My guess is not cause your too busy blown smoke up ICT butt.
IMO it doesn’t matter whether you’re a full-time or part-time trader… if you’re consistently profitable then I want to know you lol.
Read a book about the turtle traders in the weekend. Has anyone else read it? Maybe someone could train me up in 2 weeks then give me $1m to trade with too?.. or is that being too cheeky?
i mean what kind of trades your looking to do swing, day trade, scalp??
your age, and describe your self in three words.
and how many hours you offer to learn-trade?
I’m 28, study every day including weekends, and am looking to swing trade as I have a full-time job so day trading won’t be ideal. And where I live we are sleeping during the high volatility markets so day trading here would be boring anyway.
i dont offer any service for money in return and i dont know how long i may stay here,
however, if you like me to give you some guidelines i will do, no obligations of any kind.
do you have a strategy you need to develop or you just don’t know where to start and how to start?
did you go through the school here or not.
