You dont need a mentor but it means you’ll be learning the long way. Luckily for you, you have lots of experienced traders on here who can help with any questions you have. Therefore you have hundreds of mentors. Just ask the question you need help with and you’ll get answers from people who have already asked your questions and answered questions that you have not even thought of. And it’s free!
Once you know what kind of way you want to trade then you can look at paying for a mentor if you still need.
Excellent post and recommendations, however I’m proof that I’ve learnt pain and pleasure demo trading two $1k accounts, because it’s been a huge challenge, which needs the right psychological mindset to treat it as though it was a live account. Which also means that learning includes trades being enacted in percentage terms, never in dollar terms. Once the unconscious mind accepts that, you’re ready to go.
And this mindset is essential before trading live, IMO. Otherwise It’s almost a gimme that your live capital will be diminished learning this, money management, and risk/reward ratios.
As for mentoring, there is no ‘one cap fits all’ approach towards trading, or a holy grail learning technique. I would suggest learn what you like doing with Forex and how it fits into your lifestyle and what works and what doesn’t. Demos are great for this, and I seriously believe you could become at least a break-even trader at no monetary cost in 6 months of practicing what works for you, recording, testing, and reading as many books as you can manage.
well said unfortunately i have already paid for three months but still struggling. i will take your advise and put in more effort and discipline to learn by myself. Thank you
Thank you all for your help and suggestions, I will definitely consider and will come back if any question, on other hand I have no aim to be an overnight millionaire, all I want is that in 10 years time I should be able to pay off my mortgage with the help of forex trading ( have fulltime job & will accumulate my profit ) I hope that’s not an unrealistic goal to achieve 12% return a year.
If you’re a beginner & only started learning, then you can start with any broker ,as, very soon you’l be losing all your deposit. But if you are confident that you’ve a gr8 strategy & can grow your account, then choose a broker registered in your country, if there is none, then choose one which is regulated in a major country & not in some strange islands.
Hi everyone, this is my first post and reply. I started 5 months ago in the trading world and as everyone can tell this was and it isn´t easy. Like other members told you, having a mentor cand save you a lot of time/money and release from you some unnecessary stress. I´ve been through a lot of hope, fear, hopelessness, greed and so on. Doing the babypips school helps, reading books helps, backtesting and doing simulations (I recommend you Soft4x) helps but I honestly believe that having someone who can teach you with his/her experience with real trades with real accounts and everything is definitely a plus. I also recommend you to check some accounts (youtube, IG) wicksdontlie,trade_with_monty, stefanosfx, uncle_ted. I am not saying go and follow them blindly, I’m just saying that you should make your own thoughts about them and think if paying a mentorship is necessary or not. I found them on Reddit and I have learned a ton, with their streamings and trades. I genuinely wish you good luck in this marathon!
Actually yes. I´m about to enter their mentorship by the end of the month because I watch every day since 3 months ago their streamings on Youtube from 7 am-10:30 am with trade_with_Monty (Chris) and from 11:30 am-14:30 pm with wicksdontlie (Raja) UK time and honestly I decided to enter the mentorship because I saw real knowledge on their streamings. But they do the streamings live online so there is no necessity to enter their mentorship but I decided to do it because I need to know everything because the more I know, the more confident I will feel when trade. So my advice is to watch them for a few weeks or even months every day without entering their mentorship and if you feel is worth it, go for it.
They show results on social media and we all know that´s really easy to modify or edit with any software the things here is I have been watching every day (mostly during the lockdown) their streamings and checking their prices with my broker and just trying to find some flaw in them just to be sure that they are not a scam and I couldn’t find anything like that (talking about the streamings and the live trades). Don´t get me wrong, I’m not trying to sell anything, you can follow me on IG (peppersito) to see that I’m a regular guy trying to be good at trading and someday (in a few years probably) be able to live doing trading. I invite everyone to make their own opinions about those guys, as I did.
I think a mentor is a must, I am now profitable because of the strategies I learned from my mentor, obviously I will not make names or it would seem I am promoting, but just to let you know, yes I personally believe it is a must
I was not convinced by any of them, for multiple reasons. So I do not recommend them.
But you have done your due diligence and so i wish you the best of luck. I will save this post and it would be interesting to follow up with you in 6 months to see how you’re doing.
I would recommend Exness. I used them for quite a long time without any problems. Withdrawals and deposits are much faster, with some options that are instant. However, I will be honest that their spreads are not super tight, but reasonable. Check them.
IG would be a safe broker… however the spreads are horrific at times. Question you need to ask is… would you prefer better spreads at the cost of safety. Remember… every broker has a degree of risk…
If you have a look and do a little research, you will find brokers who will charge you a flat fee per position at the cost of reducing the spread to as low as 0.1 pip. Personally I prefer this as apposed to the fee being built into the spread. You’ll never be able to avoid fees… it’s how brokers make their money… especially in contraction / consolidation zones.
I will add that you’ll probably find it harder using a broker with fees built into the spread… reason for this is you’ll need to sometimes move 5 pips in your favour, just to break even… which can have a psychological disadvantage to your trading.
There are Good Mentor & “GOOD” Mentos. Nevertheless, they are mentols. They can very well guide you in the Right direction, as well as “THEY” can also point you in the “RIGHT” direction.
End of the day, you have to walk the path alone. How you choose to walk depends on your own temperament. You can walk fast or you may stroll… yet walking in the Right direction, the journey is can be long and arduous. Thus, having a Right mentor to walk along may not be a bad idea after all. Even the “RIGHT” mentols provide morale support abeit a placebo.
unfortunately i have already paid for three months but still struggling. i will take your advise and put in more effort and discipline to learn by myself. Thank you
But if you are confident that you’ve a gr8 strategy & can grow your account, then choose a broker registered in your country, if there is none, then choose one which is regulated in a major country & not in some strange islands.
