FRUSTRATING FOREX JOURNEY - Mentoring

I started my forex journey when I was 16 in 2016, I’ve been learning on and off but finding it hard to learn the ropes! Apologies, if this is a repeated question, does anyone have a tip or willing to give the ambitious boy some mentoring! My mission this year is to grab forex and starting eating some pips (hence my username)!

why??? :neutral_face: :slightly_smiling_face: :laughing: :kissing_smiling_eyes: :wink: :slightly_smiling_face: :upside_down_face:

Because… Behind a great man, is the greatest mentor!

making money from forex ect can be unhealthy why dont you learn something worthwhile what will empower you

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Learning to trade is hard work. It requires a lot of reading, education is very important. Start here. It includes the babypips course and books you can start reading depending on the trading style you are leaning to. I wish you the best of luck.

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Thank you!

Learning forex can both be fun and painful. Fun if you get on it with the right mental attitude and knowledge about what it really involves. Painful if you believe all the rubbish about forex being the shortest path to quick riches. If you are greedy or afraid, forex can give you psychological problems. So, as others have said. Get adequate knowledge about forex. A mentor is good to start with but a mentor does take away the fact that you have to do your own research to understand what your skillset is, practice severally with a demo before you throw in real money, and trade with a trading plan.

I wish you the best.

What were you doing right/wrong back in 2016? Did you study back then, or complete a course? Or did you just jump in with that million dollar winning trade? :smile:

I started forex last year and made my research about it and discovered babypips on quora. I took the babypips course and decided to do what every noob does - Try all sorts of strategies and indicators without success thinking the strategies were the problem without realizing I was the problem. It was when I discovered price action that I realized I was the problem. Why? Because price action trading is intuitive and logical, so I decided that the mistakes of the past were mine. I decided against going for a mentor because I realized that all they were teaching was already on youtube. So, I subscribed to several channels on youtube and have been following their lessons along with my personal research on the internet. Through my research, I realized the importance of having a trading plan and a trading journal. I now have both and it has helped me considerably. You can read about some of my journey in my journal here: Price Action Trading Journal. I hope you find something that works and if going for a mentor, someone that really understands forex. There are so many scammers.

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Perfect. I think you’re on your way really.

the empirical i feel is more valuable why do you need to read lots of books this is a myth

Thank you for your kind words!

Will give it my all, if i fail then will wave my white flag!

Every good forex trader reads all the time. Name them - George Soros, Warren buffet , they are always reading. Although you don’t need to read lots of books to start your forex journey, you need to be well read to become a good forex trader and find what works and doesn’t work.

For example the way I see it, trading is organized in three categories - strategy, risk management and psychology. To develop yourself in each of these, you need to be well read.

Don’t think it’s easy as the signal providers advertise on the internet. This is the hardest business in the world where you are guaranteed to lose money and still accumulate wealth.

Hi, he asked for advice as he was ‘finding it hard to learn the ropes’. I only ever advise what I myself have experienced. So it’s not really a myth. Once you know what kind of trader you want to be you can focus on books teaching that. If you dont know, then read general trading books. Trading discipline can not be learnt by yourself, you are too biased/ have a blind spot/ cant see the wood for the trees. You need to be taught it or read about pitfalls.

However, this is just my experience and I’ve never said my way is the only way. Traders become successful via multiple different methods. If you have never read a trading book and are profitable then that’s great news. But I could never advise that as I didnt do that to become consistently profitable.

good luck you can tell me to buzz off but how old are you ?? we all have our reason why we trade , though they is more fulfilling things to learn and do then trading

So, before I was young and assumed Forex was a ‘get rich scheme’ and essentially was gambling the demo money, relying on bollinger bands and RSI.

However, over the past few months, I’ve been practising my skills in drawing support/Resistance and trend lines (only indicators I use) on the 4hr chart. These are my results so far!

yes true , i think technology is moving that fast including trading, alot of them books are written by guys who was prominent in the 70s upwards ect even before the retail trading boom and before everybody had access to the web.Mark Douglas was an interesting guy ive listened to his aduio books many times and his presentations, he simplifies alot of the false conceptions of trading. i feel as a rookie you have to find what are the fundamental reasons for failure by experience, i feel i know why i failed at the beginning but im not going to disclose that

20 & if you don’t mind me asking - what would you describe as ‘more fulfilling things to learn and do then trading’??

@greenscorpio what do you think?