I have just discovered that fotex trading business is all about helping each other to succeed. Please can one be successful in forex trading business without a Mentor? Thank you and God bless.
4 Likes
Even; your manual learning approach will help you to be a successful trader! Almost all of the successful traders made their pro trading skill by manual learning!
2 Likes
Why should you need a mentor? What do mentor actually do for traders?
2 Likes
Sure, the school of hard knocks.
Try to learn your lessons with demo money or money you can truly afford to lose though!
2 Likes
first of all, trading business is more like helping each other to lose most of the time. if you stick around for a decade you’ll find that all jewelry, cars and cash these guys show are all made from fees and teaching you. very rarely are people successful in trading. also it’s extra rare to find a successful mentor. You’re better off losing on your own, learning the whys and doing elimination + filtering out the bs in the media which is always displayed in your face so be careful and seek info wisely. Also, you can be successful for a certain amount of time, maybe 4 years to even a decade if you’re lucky, but in a long enough time span all strategies break-even, so keep in mind of when to stop before break-even hits you.
6 Likes
@anon60771644 if your postulation holds, what then do they mean with the saying Forex is generational wealth when you knows it.
Yes you dont need a mentor. You can use this forum to get free advice from people who are trading full time.
3 Likes
I’m going to, once again, take a controversial stance. I learnt how to trade without a mentor to guide me, however, I truly believe that a mentor would have shaved off at least half the time from when I started on this journey to when I became a consistently profitable trader.
Trading is like any other trade or vocation. If you can apprentice under the guidance of a master craftsman then the odds are in your favor of achieving mastery over that trade. Can you learn a trade on your own? Of course you can and many do but you will take much longer to reach the desired level of competence. You either pay with your time or with your money. Choice is yours. I don’t know why there is such a strong resistance on BP to working with a mentor.
The problem you face is that finding the right mentor is very difficult. And, even if you manage to find one there is no guarantee that you will turn out to be a profitable trader. My feeling is that most profitable traders will likely not engage in mentoring someone they don’t know because it represents a huge commitment in time, effort and responsibility. If you personally know a profitable FX trader then you might ask him or her if they will agree to mentor you.
My suggestion to you, if you don’t personally know a profitable trader to approach, would be to learn price action analysis because no matter what other analysis method that appeals to you, you can always use price action in conjunction with another method to improve your trading. Learn to read the market using naked charts. A methodology that is closely aligned with price action is supply demand analysis. Check out YouTube videos on supply demand. Start with that once you’ve gone through the BP school and opened up a demo account.
Above all else you will need a strong desire to succeed. Without that you will likely give up like many have before you. I wish you well on your journey.
7 Likes
No. You can never succeed in any endeavor without a great mentor.
The good news are that you already met your best mentor: Yourself!
Now all you need to do is:
- Tend to a trading journal
- Learn from your mistakes.
- Read the right books and/or courses.
- Experiment, experiment, experiment
- Only trade with real money when you have a proven system up and you demo tested it exhaustively.
Best of luck and great trades!
For full disclosure, I am just another noob, So what do I really know about trading? Take my opinion with a grain of salt.
2 Likes
You can be successful without mentor if you are the type of person who can control himself.
Controlling yourself means that you can trade by trading rules you have set or someone have set them for you.You will not brake those rules in order to stay in the game.
Mentor is helpful a the start where he can teach you stuff you would learn by yourself for longer period of time. He can show you tricks you would learn later on in the future.
He would shorten the learning time.
Mentor in the later stage of trading is helpful if you are not disciplined and then he can help you to follow your trading rules by watching what you do and is that inline with the trading strategy.
He can tell you that you should not open or should open desired trade because it is based on trading rules. All of this is not necessary to have if you are disciplined. But many traders are not disciplined and they jump into trade without trading rules even they have them.
6 Likes
Exprience is the best teacher man i don’t think any mentor would be able to help much, just start and see how you will learn things yourself with the passage of time and expereince.
all the best!
3 Likes
Forex Mentor of course needed to make sure a knowledgeable and healthy trading life with certainly, but some Mentor demands high and some are found to be scams. so right now its a complicated issue.
I don’t think that mentors are really that important. Learned everything by myself!
4 Likes
Teaching yourself how to trade is the key to be profitable because you will be so ego to read an learn everything that need to be learned about trading. A lazy trader will always look for short cuts and they eventually look for mentor’s. You don’t need to go too school to know about trading the internet is there you just need to do your research an keep on reading
3 Likes
I learned how to trade from my mentor, and is also extremely motivating and helps me to keep going. So, it depends on the mentor
In fact, newbie trader needs moslty not a mentor, but a community to be able to speak to someone in general. It happens that most of the professional traders are less likely to become mentors because they dedicate all their time exclusively to earining money in trading. If the mentor is an average trader or a losing trader who decided to earn money through mentorship since he is unable to trade profitably, it would be better to trade without mentor at all rather than with such mentor. Sometimes it would be better to join or even to create a community of traders to share the experience and discuss trading ideas. According to the research published a few years ago, a group of non-professionals could act more effectively than single professional just because they have various positions relating to the same situation. For example, college investment clubs sometimes beat in efficiency experienced fund managers from Wall Street just because they analyse the same thing form different points instead of having one bias.
So, if you have no an experienced mentor who is a successful trader, you can join various trading communities and work together with other traders.
no way to deny the importance of trading experience. but to gain more knowledge and experience we the traders need pass a long time with great patience.
It is true mentors are very helpful for learning purpose , once you learn about trading rest of the success depends on your own efforts, You can not depend on mentors all the life . Be practical to do things yourself. Good mentor sharps your trading skills. then trader can go ahead easily on right path.
The desire part is in everyone. But at different levels. If it’s the case that you have immense desire to really make it happen, as in, you’re one of those go-getters, then your efforts in working the mechanisms to make it work need to match that level of desire
I relax and try to imagine what a new mentor would tell me after looking at my trades and charts.
“What are you doing buying when risk plunges?”
“Oh good, you decreased the size of your positions.”
“If in doubt, especially right now is so volatile, just sit back and wait for clearer setups”
“Dude, you need more capital, come on.”