I noticed how some newbies aspired to learn and be successful in forex trading. They planned to pay it forward by teaching others and sharing their knowledge.
If you’re a profitable trader, would you prefer to teach and share your knowledge for free or offer paid mentorship?
I prefer to share what knowledge I have gained through babypips and a couple of other trader forums. I don’t personally want to set up a teaching or mentorship business.
I don’t say traders who make more money from these other enterprises are in the wrong - it makes sense to monetise an asset which they possess. But I would not enjoy spending my hours doing this anyway.
i think we should help each other but for a profitable trader that has his own life and needs and need to spend a lot of time on trading it might be unreal to ask him for free education
No one would share his/her profitable strategy with a stranger for free.
Hi @AkiyamaShinichi - Do you believe somebody on babypips has a profitable strategy which is their 100% original invention?
It depends on your definition.
Trading principles and technical application have been around for the longest of time and I don’t think there is much to re-invent.
However, how a trader utilize all those is up to his/her discretion.
It’s like fencing. The basic moves are all there for everyone to learn, but whether you are able to craft your own “fighting style” is entirely up to you.
After this style is created, is it 100% original? Well, depends on your definition I guess.
What about you, what are your thoughts?
Yes, there is a lot of discretion, even when you have a strategy that’s “straight out of a text-book”.
I have shared here all the strategies I have ever used. I’m not using all of them all the time and some were just experiments anyway. None of them are my original inventions.
The pressure to return something esp in form of money gained must be intense and I can just imagine so many people being unhappy even though it’s really their own responsibility to learn/put trades up etc. I think it’s a huge headache and props to those who can ignore this or put up with it.
Then you have not yet been fortunate enough in life to have met such people yet. You may meet some on this forum, as I have. I have many friends who give freely of their knowledge with no expectation of immediate reward in return. I can tell you only of my own experience. What I have given freely of my own knowledge and experience, whether in trading or in other life experiences, has returned to me many fold from others. Few people understand this. Those who keep all their knowledge as closely guarded secrets have little opportunity to have their own work validated. By openly discussing stuff on forums you get ample opportunity for your ideas, practices, strategies and plans to be constructively criticised. In the end, this is good risk management practice.
Sounds like 100% original implies there’s no aspect in the trading strategy like another one. You’re correct if that’s what you’re saying; however, my strategy is mine. I developed it to fit my psychological trading profile and to be profitable. I’ve never seen anyone trade like I do but I have seen them use some of the tools I use.
To answer your original question I would charge to mentor due to the countless hours I’ve spent learning forex, the emotional rollercoaster (experience), and development of mine personalized strategy.
I’ve shared my strategy with others however a lot of times it’s met with scrutiny because it’s different. I have the time to share my knowledge but not to debate the “correct” way to trade. Also there’s plenty of profitable strategies shared online but without the psychology and knowledge of how forex works, you’ll fail.