FIRSTLY… Please do not post any educators or training courses or give any recommendations… I do not want this to be full of spam pushing everyones hidden agenda/affiliate links… Thanks.
I am thinking of joining a trading mentor/education group (please withhold your criticism) so wanted to reach out to those that have or are currently taking part in some sort of trading education outside of babypips…
While I am looking at a couple, what are some things that you found you liked/were beneficial and what were some things you found were no good as part of the education?
Again please… do not plug or slander any group. Am more interested in your own experience if you have been there before.
There are two in particular that look interesting to choose from, but I will not mention them in respect of your post.
I will maybe start another thread about specific mentorships.
But my learning seems to be going well and the education part would be more for my own validation and feedback.
This is an excellent question. In September last year I took a decision to return to Forex trading participation after an absence of around five years. I had just read a book called Super-forecasting - the art and science of prediction by Philip Tetlock and Dan Gardner. I read a lot of non-fiction books, and this one stuck in my mind - like those of the renowned Trader’s psychologist Van Tharp. Super-forecasters basically explores the concept (funded by US NSA predecessor) that there are individuals in the world that are better at forecasting complex future events than the average person by as much as 10% (say, up to 60% of the time). Grouping such like-talented individuals together could result in measured results improving their combined rate of success to as much as 69%. Imagine being able to improve your win ratio in Forex algorithm by 9%? Well, that is the difference between a loser and “the 1%”.
With this in mind, despite me having quite a broad range of friends and colleagues, only one of them knew anything at all about Forex and he had in fact mentored me in Forex whilst I was employing him for nine months to standardise the management and operating principles of our UK property portfolio.
I then went about random Google searches. I typed in “MeetUp Forex trading groups in Manchester” for local context and was amazed to find many groups, the largest of which seemed to have over 900 members. I contacted the organiser and just turned up to a meeting with about 35 attendees with two of the cohort giving professional presentations about their strategies, plans and experiences. I attended three of these before Covid-19 came to us. I have not been proactive, but maintain participation in a What’s App group with these folks. They did set up a Zoom meeting on a few occasions but I have not attended because I felt I did not know them well enough as individuals and did not know if I could offer them anything useful from my own experiences.
Anyway, what I liked about joining was what I expected - to know there are thousands of local people in any city interested in Forex, that most of them are far younger than me, and I had an alternate agenda to take my son to these meetings so he could learn about how people approach Forex and introduce him to some potentially like minded people. There is nothing I dislike about my 2019 group-find. But my experience tells me that you may be disappointed initiating a similar group unless there is a mandate, a terms of reference or an agenda that could be agreed amongst the group founders of what the group will do (and as importantly what the group will NOT do) as a purpose for its existence. That then has to be attractive enough for a number of users wishing to participate for their own benefit, besides a feeling of collective benefit. So as others have suggested, the idea may have legs. But first, it would be useful to ask broadly if such groups already exist. I am “multi-national” by nature having spent the last 30 years of my life working remotely in global telecoms and IT industry, so teleconferencing is a good medium for me. Something like Microsoft Teams or Skype or What’s App as the core of a comms app that attendees would not feel overwhelmed to be able to participate in. Sorry for long reply, but this is one of my longer term goals to find a small group (maybe as few as eight to ten) of individuals diverse with their education to share some of their successes and failures a la Super-Forecasters.
I had set up a teleconference group myself with nine of the attendees of a paid course in London in 2011 for FTSE100 stock trading. We agreed to do this on the course. As you may predict from day 1, my weekly agenda was attended by most six out of nine of the original cohort, and after some eight weeks, I was talking to myself, wrote to all participants stating that unless I had any member wishing to continue that I would not continue. One replied politely declining.
Hi, so I am mainly a fundamental trader but over the last year I’ve come to realise that I cant do it long term because it’s just too much work. So I turned to researching technical analysis and ‘educators’. I’ve looked into loads of courses and watched many many youtube videos researching people. It’s an ongoing process but I havent found a course yet that suits me: maybe I don’t believe it or you can learn it for free or doesnt fit my personality. Also I don’t want a strategy where I have to be part of the community or rely on the main person. Which courses are you thinking of? I may have already come across it. No real need to be secretive, you’ll save yourself time and money from being scammed. By scammed I mean there are some course which actually dont teach you or there are some where the material is all free anyway.
I had thought about it but then I realised that I could just lean forex on my own. Forex may seem like a difficult subject but it is actually not. It is just like math Soe people find it easy and some people find it hard. You just need to read and practice on a demo account.
I signed up for a mentor program. I do not know what you guys think but forex trading is very hard in the beginning when you barely know anything. I realised this in the early stages and decided that I could not do this on my own. It has got me to where I am today.
The educators im looking at seem to trade in the same way that I am practicing so it would be good for comparison, and to learn extra ideas I can add or remove.
One of the educators im looking at that I know of has helped students get to achieving funded status which interests me.
I did back then but I am good and all on my own now. I relaised after sometime that there was not acutually much to learn because everything in forex seemed straightforward to me. It dod help me though in the beginning and I am glad I made that choice. I do not have any mentor but I am alright.
Thanks for the detailed reply @Mondeoman! I never really thought about the size of the group before and I like your idea of having a smaller ‘group within the group’ to potentially hold each other accountable - shame everyone ended up dropping out of yours.
To me I never even thought to look local to be honest as most platforms I’ve stumbled on have all catered for remote learning.
Cool insights, thank you!
Hey Rickster,
Sounds like we may be in similar positions. I have looked around alot but am not entirely sold on any one educator, probably a little skeptical of each to be honest. And like you I am not too interested in being part of a community or relying on the mentor.
I sort of feel that no matter who I go with I am going to find the information taught is most likely free out on the web anyway - it is probably more the ability to see it pieced together and actually working.
Like I said I am not sold on any in particular so don’t want to go driving traffic to ones that don’t deserve it. Still researching
Thanks for the reply @Maverdana, and I agree it can be learnt on it’s own, like most things. I guess I am just hoping to fast track the process from someone who has achieved what I want to achieve.
When you were looking, what in particular were you looking for?
Haha the reason I don’t want names mentioned is because it takes away any value in the response, for all we know Molaskafen could work for or be an affiliate for whatever group he is part of (hopefully not).
So you did have a mentor back in the day that helped you out? Was this a 1-0n-1 thing or group education? What did you like best/find most beneficial to you learning?
You are welcome. I did come across No Nonsense Forex (all one word) a few weeks ago and now realize they have some relationship with BabyPips. It has been the realization of the existence of that content that has made me decide to delay (get right) my Forex strategy definition, back testing, demo testing and live testing for what may be up to six months or more. Given that my stated objective is “learn how NOT to lose money” it was very timely I found it as a resource. They also have a server group on Discord, a service I had never heard of but for which both my adult boys asked “where have you been for the past century?”
