Currently, I am going through Babypips school, listing audio of ‘‘Market Wizards series by Jack Schwagger’’ , also next books on my list are ‘’**How to Make a Living Trading Foreign Exchange, by Courtney Smith & ‘‘Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East’’.
My question is do I definitely need a mentor who can guide me to trading? currently, I am playing on the Demo account using some signal service to have a feel ( not paying for signal ) but at some point I want to be able to develop a strategy, plan and execute it, I don’t even know at this point how to create a strategy.
Agreed! Most of the mentors that you’ll find, especially paid ones, be careful of those.
It is not that to be a successful trader, you have to learn through a mentor only. Learning is important, self learned traders are also successful though.
That’s a problem, most mentors are scam and the ones who are good and if they are willing to donate their precious time to teach someone will definitely charge a fortune. so that leaves me with no mentor option, on other hand, everyone says a mentor is important, I don’t know what to do.
It is a option, but not a must. If you really need one, make sure it is someone you can be with in the same physical location when they teach you. That way, you will be able to see how they do what they do. Online scammers will only sell you pipe dreams. I know a guy who claims to be a profitable trader on You Tube, but have never traded a single pip on a real account. He posts millions of dollars profits on You tube videos and people follow him because they do not know the profits are simply paper. In case you are wondering how I know him, well, he is my friend. Imagine being mentored by him.
You can learn trading on your own, as long as you have that hunger to succeed. There is nothing complicated about it. Only you can make things difficult for yourself by lacking discipline to stick to whatever rules you use to define setups, targets, stop losses and risk/money management. So I personally think a mentor is just there to enforce discipline, just like your boss at your workplace. That is something you can enforce on yourself. Why pay someone to discipline you? I mean, you already know the problem. Solve it yourself.
Don’t tell me you need a mentor for a trading strategy. You can as well learn a simple strategy for free on Babypips and stick to it. Don’t waste your money on mentors. Just invest your energy on discipline and invest that money on trading.
Learn to trade yourself. It will take time but it will be worth all the effort at the end. I learned this craft on my own and trust me, I don’t regret being stingy with my hard earned cash. Babypips school of pipsology is the best free platform to start at. the rest is your own discipline.
Thank you and your comments are really encouraging, you mentioned ‘‘You can as well learn a simple strategy for free on Babypips’’. you mean it’s from pipsology course here?
Learn from the free stuff here.
Than buy some books.
Than do demo for one year.
Than you shoud be able to find the 0.1% of real traders, maybe one of them is available to do mentorship.
The percentage could be lower , I know only Kevin Davey and Andrea Unger, they won the World Trading Championship, so they have a verified trackrecord.
I never bought course or mentorship but if I will it will be from real traders with proven results.
You can’t put a price on education imo, so the question you should ask yourself is how badly do you want to be a full time trader ? Most people quit a 40 hour full time job to try trade as a career, as they’re sold a dream of working a couple of hours a day/week only to realise that you will sometimes end up working 80 hours a week! You really need to be seriously passionate about trading and want to do it because you simply enjoy it… not be doing it because you want to become an overnight millionaire.
Find yourself being the latter and you’ll struggle in this game, which is why the statistics of being a losing trader is actually closer to the 99% mark.
Whilst you can make a seriously large amount of money trading… the statistics of being successful and consistently profitable are overwhelmingly poor.
One small bit of advice I would give you is to move onto live trading as soon as reasonably possible… and I don’t mean go all in. Start with a very small account which you can afford to comfortably lose and that way you have some skin in the game. Doing this… you’ll learn all about the pain and pleasure cycle which you’ll never experience trading demo.
A mentor I would highly recommend ?
Tom Dante (Trader Dante)
Purchase one if not all of his courses and you’ll learn at the very least… the foundations to trading successfully.
His material is a small price to pay considering most 1 to 1 trading mentors would cost upwards of £10,000.
You don’t NEED a mentor, but a good one will save you a lot of money over time by helping you avoid mistakes they are aware of. But if you’re like me and didn’t know anyone in the industry and know enough to avoid the youtube black holes, then you just need time.
If you’ve been on demo eventually you’ll have to go live to understand the difference. Put $100 in an account and trade 0.01 until you get comfortable with your strategy etc. Keep another $100 in an interest carrying account like certain coins on coin base or blockfi. That way if you lose your first $100 you’ll have the other 100 + interest.
You will blow an account eventually so don’t beat yourself up. Notate EVERYTHING so you can learn from your trades.
Def not social media and likely not here also where newbies hang out?
, I know only Kevin Davey and Andrea Unger, they won the World Trading Championship, so they have a verified trackrecord.