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if anyone needs an example simply look in the mirror and then go find a real mentor, they are not that hard to find it is our ego that complicates things because we all want to be the hero.
dont forget absolute failure is also a possibility so try to keep an open mind when someone claims to know more than you.
If you Don’t Have a Mentor you are wasting your time
If you have a Mentor you are wasting your money
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I agree, ego, and I would add, some degree of dishonesty are at play here.
Able bodied persons are able to run from they are children yet after running for years on their own and studying on youtube and all that they end up going to world famous coaches. Why? What is there in that that people are opposed to or find it so difficult to understand? Not everyone is as “bright” as some of the people on here to be able to learn and master forex trading by themselves in two years. I will repeat…I wish I had sought a mentor back when I was starting on my forex journey. It would have saved me a ton of time and money.
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So you got success by your mentor? May I know the name your mentor please?
I think it must be tremendously difficult to successfully mentor anyone as, in my opinion, a successful trading strategy is hewn and adapted from ones own psychological interaction with the charts. How can I explain to someone that it feels”right” to put that stop just a bit higher above that moving average cos everyone elses is going to be just below, or the price won’t go down yet cos it used up all it’s momentum yesterday!
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I have been self-learning for the last 3 years and it is going bad. Of course, mentors can guide you and shorten the learning gap. But if you don’t work on yourself at the end of the day, it takes you nowhere.
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What are the most difficult issues you face? Are there serious problems you just cannot find a way to overcome?
I don’t think it’s a waste of time to trade without a mentor. There are so many newbies who like to explore the market based on their own understanding. They want to make mistakes and learn from them which is good according to their style of learning a new method. Some newbies rely on a mentor completely and do not apply their own logic to trades which becomes problematic in the long run. Traders should rely purely on building knowledge and generating personal decisions to move forward in their journey.
A mentor can teach you the ins and outs of the market, help you develop a trading strategy, and provide guidance and support when you need it.
While there are many resources available online, nothing can replace the one-on-one interaction and support that a mentor can provide. Yes, of course I agree Mentors can help you reach a success level.
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Hope your mentor has a track record. I’ve never had a mentor, because I’ve never found one with a track record. All just Charlatans that can’t Make money trading so they Make It talking.
Imagine you go to med school, and your teacher is not a Doctor with proven real world experience… That’s exactly like a trading mentor without track record.
The best mentor is time reading economy news and watching charts. The more you do It… the better you’ll understand the markets and profit from them.
They say they dont need to prove nothing… excuse me! Yes you do Mr. Mentor! I’m paying you money… so at least prove you’ve made It! Show me your trading credentials. You’ve got huge balls if you charge for something you can’t prove. ALL Charlatans!
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I respect your opinion but I don’t really agree with you. I am a self taught trader myself, and I don’t see I am lacking in any aspect just because I never had a mentor. The only thing you have to do for becoming successful in forex is gaining knowledge and developing trading. And you can do that even without a mentor.
I don’t think you need a direct ‘mentor’ - a lot of the mentors these days are just gurus that like to flex on IG. You can learn most stuff online for free these days. What really matters is psychology and the ability to execute a trade on a live market.
Sometimes people take up paid courses and even hire mentors to teach them trading but still end up failing when they start trading on their own by the end. So, just having a mentor won’t guarantee your success as a trader and not having one won’t really lessen your chances of attaining success. It is possible to be a self taught trader and become profitable in the long run. So, please don’t make such statements that can discourage beginners who are learning well on their own.
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@Hopsack Agreed! There are many successful traders who didn’t have any mentors. It is just a set standard that mentors are very important for a trader. Moreover finding a genuine mentor is very difficult and many traders end up being scammed.
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Books. Anybody reading books these days or are those out the window?
If you already have the technical smarts up to a sufficient level, this is a great book focusing on the psychological and indeed physiological elements of trading.
It can explain a lot about much of the clusterfü(kery that most of us are liable to, despite being very capable of having a good read on the markets.
This, in my opinion, is not a healthy mindset. If you scan the market, you will notice that there are several self-made traders. There is no need for you to have a mentor. However, if you can obtain it, it will be beneficial to your journey.
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This is not right. A mentor can help you in your trading journey but it is not essential. you need to understand it. There are several traders in the market who are self made.
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Systematic implementation is key. The winners out pace the losers due to a statistical edge. That is how one makes returns consistently.
I agree, you can give some one the strategy that works and their mindset must implement it correctly to realise that winning edge.