Yes, you are absolutely correct! I started my trading journey because my friend told me about this. He has been trading for a long time and I learnt many things from him. Specially do’s and don’ts in the forex market. This saves a lot of time that we individually give to our learning stage. But at some point in the trading journey, you have to learn yourself and grow.
Initially I also felt that I should have a mentor, but I am performing well on demo and still learning. Can you guys tell me where I will get more learning material apart from babypips.
Agreed and that’s why there are learning platforms where newbies can learn, understand, and get solutions to their problems from expert traders. This being one of those platforms. Helped me till now.
But that’s what this platform and many others are doing isn’t it? A noob can learn all about trading here, get answers to the queries, participate in the discussion, and seek guidance when needed.
There are lots of books and journals available online. But I’m sorted with Babypips. All my doubts and questions are answered. Won’t deny, I do watch YouTube Videos and read a lot of blogs for added information and know the current trends.
If you’re demo trading, I don’t think you’ll need any more material or source to gain knowledge of how the market works. The most important part of trading is money management and hopefully you’ve been following the strategy for the same in the demo on real exchange rate movements.
These points are valid but no demo account can replicate what live trading is.
Thank you so much. But still I have a doubt as I am performing well on the demo account should I start trading on a live account with this much knowledge. I am afraid that I might lose my capital.
That’s really not the purpose of demo accounts and I guess every trader knows it. What makes the difference is the broker you select. I demo traded with at least 4 brokers, turnkey forex, eToro, pepperstone, and forexcom and with each of these, my strategy just became better having had a sheer idea of what needs to be done when a certain movement takes place that’s not in your favor.
I never had a mentor i don`t believe in them.
I have no idea what that means.
They are not a religion.
Its not about guidance, its about developing a working system.
That means i don`t trust mentors.
This is mostly false, the biggest hurdle I had was navigating through thousands of courses and get rich quick schemes, robots, signals and so on. After being scammed a few times I simply said screw that and started using the most simple indicators, I only trusted my own experiments and through months of doing exercises on the demo account I was able to succeed. If I had a particular problem I googled it and cross verified each bit of information like “best settings for macd”, “which indicator to use to show the strength of a trend”, “what is hidden divergence”. Slowly I built up my knowledge and now I would never trust any random course or mentor trying to sell me something. So yeah a true real life friend mentor would have helped but you can do it without one. I simply had no such friends.
Good luck becoming consistent
Could you explain me what mentors have in common with consistency?
I would of thought common sense would prevail.
All of the information is out there for free on how to be a successful trader.
But you got to know how to put it all together.
That’s where a mentor comes in.
You say you don’t believe in mentors is like saying you don’t believe in flying instructors but every pilot will need one to fly successfully, they don’t learn alone…
Lawyers pay for education
Golfers who want to go pro have coaches
You get the idea…
Every trader doesn’t need a mentor. Some of them can do great without them also.
Yes i get it BUT…
t risk lives like pilots do. Lawyers and golfers are professions. You dont need a law education to know your rights.
You can play golf without coach. Yes, you won
t be a Tiger Woods may be, but can be good enough. I also can give you a lot of examples but thats not the point.
t get me wrong. The problem is not the mentors itself but the fake mentors mainly. I dont like mentors and that`s only my opinion.