Yes, I, too, am a self-taught trader. In my opinion, if you are patient and devote your time to learning, you will be successful.
It’s not an available option to all! How can I judge the quality of a Forex mentor? It’s not possible actually!
Unfortunately, I don’t agree with you! Manual learning is a long term process but it’s the only one sustainable way!
Really easy to know. They will share their trades over a prolonged period then you’ll soon know if they are making money.
100% I know a trader been doing that for 4 years
Where?
So @Richard_Able-Trading - how much are you or your organisation charging to mentor people? You can respond on this thread (not by DM)
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Is there a thread for this?
you can make it on your own as i did. but it is still the longest path. my students made it in a fraction of the time that it took me because i mentored them. i was too arrogant a student to explore mentorship so i paid the price in time units. it cost me.
thats why im so aggressive with my team so they dont go down the path i took. also the risk of never making it is higher alone.
I agree what you said but from where we can get Right Mentor ? Some of them Charges excessively high as compared to their mentorship
Is that your helpful contribution. Well done.
You follow their performance on the method they offer to teach over a prolonged period of time.
When I say mentor I mean a proven trader/educator not a necessarily a direct mentor. The post is aimed at avoided the pitfalls and what to look out for with most education being offered is unproven to work and be of value to someone who would like to learn
The obvious fallacy here is that if you can learn from a mentor what you could teach yourself, then that is clearly two sustainable ways to be a profitable trader.
Are they on this forum?
Mentors can be helpful, however, people also need to know how many scammers are out there masquerading as good mentors that really just want to take their money when they are just failed traders themselves.
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I’m really confused on his activity; he is pushing Forex mentor’s! But in reality, Good Forex mentors are so expensive!
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the only way to qualify a trader is by backtesting their process. analyzing broker statements is not going to make you trust the system or the trader that shared it with you. you may think it will convince you, but it will not move the conviction needle one bit. it takes way more than that, way more… you will end up backtesting the system anyway to develop trust. more samples than forward testing, in a fraction of the time.
the problem is that it takes less time to look at a broker statement than it does to learn a system. it also takes less time and effort to forward test than it does to backtest. fear and laziness trick people into focusing on ineffective qualifiers.
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the alternative is banging your head against the wall for longer than required. yea there are scammers out there, but if you’re smart, eventually you will make the right choice because there are many real educators that are easily accessible these days.
fear, laziness and premature pride, is whats making you fear scams. you end up scamming yourself out of time, the most precious commodity. go ahead, be the hero
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Backtesting Backshmesting.
There is a huge amount of naivety involved in believing that there is some magic formula that can be applied to the markets with 6/10 win rate at 3:1 rr. or whatever, if only the right genius trading educator could teach it to you…
The only way to qualify a trading educator, is by watching them trade live (or live recordings) or witness them posting their trades live, visibly using the same methods that the teach, over a period of time and then assess the outcomes. The Strategy™ is bunk. It is the traders ability to correctly frame the market, and then act without fear, hesitation, or second guessing himself all the time.
Judge a trader by what they do. Not by what they tell you to do. To trade competitive markets effectively, a trader must seek out the scent of the market and chase it down like a bloodhound, only then can a trader reach for his specific set of arbitrary strategies from his trading toolkit and apply them to the market. If some educator makes his dough by sitting yapping away with generalisations about markets and technical analysis then he aint worth sh1t.
If an educator can only get success trading penny stocks or cypto alts after 90% price reductions and months scraping along the floor, with no leverage, stop losses, and with 18 months sitting in the trade before he gets any pay back, then you can listen to what he has to say about that one form of trading, and totally disregard what he says about everything else.
There are a lot of really sh1t educators out there that can add several years to a traders development curve with their misguided red herring clap trap…and half them don’t even realise it themselves.
Problem is, it takes a competent trader to recognise the wheat from the chaff.
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if you say so
I know so.
You just keep on believing what you need to believe.
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