Well may here mentioned benefits of mentor and one can’t denie it, however its also difficult to find good mentor in budget, I hope I will be able to learn by time at my own pace, and time will be my mentor and experience.
Definitely not! Trading courses are equally good.
Having a mentor is an option and not a necessity. Plus, brokers provide with the demo accounts that make us so familiar with the trading conditions and executions. Trading can work well even without a mentor.
It is beneficial to have a mentor in the beginning. Since you have had a good experience with the demo account, you must be willing to work on your own and formulate a strategy. However, it is important to have a mentor to guide you specially in the real world. Be careful while choosing a mentor.
Amazing, everyone has its own opnion and for some even giving impression that I cannot be successful without mentor, more confused now.
Do not be confused. After all it is your own decision at the end of the day. I will give you my own personal view based on what I have discovered about the trading game. I never had a mentor (probably because I couldn’t afford one) and honestly, I would say the experience of having to learn the market by myself is priceless.
I tried all the indicators I could get my little curious hands on, every strategy you can think off, until I came to realize that it all concludes down to two possible outcomes i.e. the market moving up or down.Whether you have a stochastic, SAR, bluh bluh on your chart, the market will never move in any other direction other than simply up or down.
With that in mind, you would realize that, whether you have a mentor or not, the market will never do anything else other than just moving up or down. However, if you have the money to pay someone to show you what you already are aware of, then go for it. But the market will still be ticking in only two directions even after paying that money.
Lol, probably I could have paid for a mentorship if I had the money back then, so I can not totally refrain you from having one.
Thank you for your detailed response.
Indeed I was looking for respected traders to tell me their own experience about learning rather than just a statement yes ‘‘it’s important’’ or ‘‘no it’s not’’ decision is ultimately mine as you said.
The problem is not only about finance to pay for a mentor but finding the right one, I am happy to learn my own way blow maybe a couple of hundred £, and take even a year, rather than paying to a mentor who teaches me nothing or what already know from books.
I have started listening to Market Wizard audiobook along with Pipsology School course, then I have the plan to read a couple of books on Swing trading before I move to Demo for a couple of months then I will start live with small amounts to have a real taste ( I have in mind I will blow few £ ). due to part time I believe I want to go towards Swing Trading and have plan to live trading atleast by Jan 22 with £10k start.
Sound realistic?
It can’t get any more realistic than that. Judging from what you just said above, I do not think you will blow any single account if you really are going to implement your action plan. Here is why believe you are going to be a much better trader than most of us. ( based on what you wrote above)
- You are willing to put in the effort to learn about the market
- You have the patience and respect to accept that this is a profession which you ca not master overnight
- You already know the risk associated with the craft
- MOST IMPORTANTLY, YOU ACCEPT THE RISK.
Number 4, is the most important aspect of the so called “Trading Psychology” which I have come to realize it’s simply a fancy word for “Discipline”
So, since you have accepted the overall risk, it is safe to say you have already accepted the risk associated with each single trade you will take, hence you will be disciplined enough to follow your trading plan and strategy.
That is what make professional traders. Discipline.
All the best.
Thank you,
These are very kind and motivating words. Thank you!
The biggest mentor for anyone is his/her life experience and I am also just trying to learn from my experiences, my plan & aim is based on lessons I learned from the previous mistakes (in general ) which I am trying to apply here to gain and compensate for losses I made earlier.
Wont say that it is a must.
Many traders have become successful just by self learning only, it all depends on ones passion and skills.
You should be your own mentor. Plan out your own learning schedule and start wokrking on it.
No, I don’t think it is. It is your knowledge that plays the most important role.
I think tight spreads is must for a beginner. One will not be able to stand a position if the spreads are wider. You can do a little research on brokers that offer good services with tight spreads.
@Forextt. True talk. U don’t need a mentor to be a profitable trader. But u must be ready to put the hard work.
What is harm in having a mentor? I guess, if one can make you successful in trading, then why not?
I have a few mentors, but they don’t know they’re my mentors: forum members here on BabyPips. As I mentioned recently in another post, you can figure out who’s worth listening to pretty easily if you listen to the spirit behind their words. There are some who will fire off a short bit of advice, but it’s clear they didn’t make the effort to really understand your question. They’re just trying to get noticed. Don’t let them suck you in. Mentors who are are actively looking for students to pay them for the privilege are likewise suspect IMO. Run, don’t walk, in the other direction.
Then there’s the ones who will quietly and humbly share their experiences and the insights they have gained. They’re not looking for money from you. They’re doing just fine making money on their own and don’t need yours. They quite simply and sincerely want to help. Some of them have a blog, but it’s something to do as a hobby to give themselves a break from the charts and give back to the community.
I recently picked up a simple short term strategy and a whole heap of sense from one of these guys. All he asks in return is, if you want to, you can buy him a coffee. But he does it because after learning the hard way and suffering a lot of pain and loss, he wants to help save dumb newbies like me the aggravation. And he doesn’t say “This is what you should do.” He says “Here’s what works for me. See if it helps.” That’s the kind of guy I want to listen to.
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It is not at all a necessity to have a mentor at all. You can decide your own strategy , for that you will have to practice different strategies on your demo account and go on with the strategy that works well for you.
Having a mentor to learn trading is not mandatory, if you have found the best broker for youself already you can learn and practise trading from the demo account. However a little knowledge is definately needed to begin with.
True, mentors are not necessary in this time period when you have all the resources at hand. Demo trading, micro trading then the standard trading would be the best method of climbing the stairs of success. I think with a mentor we cannot figure out the best for ourselves. We can’t develop the mindset of a trader which we need in order to move forward.
I don’t think so. A mentor is an important figure for a trader because it will be like an emotional support for him when he suffers a loss. Mentor does not mean that a trader should copy him/her but rather get inspired from the journey. They have become your mentor because of the hard work. Don’t set the unrealistic expectations by seeing the success of your mentor. Step by step move forward and you shall succeed definitely.