I am looking to change my life.
I have watched some videos which has been very motivating and I really want to give trading a more serious consideration.
I have some insight into trading and have done swing trading so far with crypto but I would like to learn more and perhaps try a bit of day trading. I do have a 9-5 job so initially looking to do trading around this - but luckily I have been working from home for the past 2 years so have the flexibility to do so and sometimes work isn’t so busy anyway…
At every turn, you see a trading course being offered - these seem quite expensive and I’m always a bit skeptical whether they add as much value as they promote.
I know I need to finish the babypips course at least, I have a tendancy to start things and not finish them! I don’t have hardly any friends due to one reason or another - so although in general I don’t really have an issue with that, I also lack the positive effects of being around people with the same mindset and encouraging each other. My Mrs is not money orientated at all (she’s a nurse) so I can’t even bounce things off her - A friend introduced me to Crypto and am thankful for that, but he did not want to have discussions about it after a while - too busy with his own life I guess… so have been left to deal with things on my own.
I think I would like a mentor, someone who can put me on track, advise what changes I need to do to my life and how to learn to be a good trader making consistently successful trades… but just wonder how to find one - someone who’s not about getting another guy on their course, just someone who’s been there and done that and can offer advice and guidance… is there someone out there like that?
Yes, I understand where you’re at - where do I go from here? IMO, you’ll do better on your own, because it will save you mentorship costs which you can use to practice and experiment. There is no short cut to success - no short cut to being a good trader making consistently successful trades.
This might come as a surprise, but ALL traders lose money - this is part of the journey. Once you have completed the courses on this great Education site, look up this link. tradertom.com.
Tom is a pro trader and you can follow his actual trades from 8am BST at no cost to yourself. Probably the best alternative to a personal mentor.
Just had a look at the Tradertom.com site and joined the Telegram groups… he does genuinely seem to be providing this info gratis?! That is such a surprise!
I can only speak what worked for me and that was ICT YouTube channel which of course is free. It’s more market education than it is a specific strategy but it can be used to more easily create a trading plan that suits you.
First thing you should know is that it aint easy to help other people in their trading journey.
Most people dont want a mentor, what they want is someone that tells them what they want to hear, they want someone that repeats the narrative around financial markets, when they tell the truth, people dont like the truth so they go and look for someone that tells what they want to hear, and im not saying this as being the naysayer that is saying that its impossible to make money trading its just that the reallity is very hard, the numbers show that most people fail.
You need to be someone that is able to use your head and think for yourself, you need to be objective and you need to be someone that embraces the truth and not run from it.
Dont take any advice from anyone and specially dont give your money to anyone if they are not able to prove that they can actually do it.
Spend some years reading forums like this one, you will be suprised on how your opinion on this forums will change, its new people coming in, old people getting out and the cycle just keeps repeating.
And I guess its similar to body building in a way - everyone does it a bit differently and some people may not agree with others with their methods. So you end up not listening to anyone and doing it your way.
I guess I just want someone to point me in the right direction and advise me on how to make the lifestyle changes in order to get into this more seriously - not necessarily what to buy when to buy etc. have done that before with varing results!
Everybody start doing same thing,copy trading system,leave it,find another ,until they started to know who they really are.until then,we will talk again
In terms of mindset, you could do worse than to buy a book by Jocko Willink called “Discipline Equals Freedom”. Of all the books I have read (and that is a shedload), this one does not particularly require too much concentration, but I did find its layout and content particularly aligned with what I think a successful Forex trader needs to be. I never did military service, but my adult career started in the oil business as a field engineer for the most respected service company in that business - Schlumberger. It was a stroke of luck that I got hired - a wasted student that played more bridge than attended lectures. But that 14 week training in the Sumatran jungle was when I stopped being a boy and started being a man. I have carried that work ethic with me for the rest of my life - and it feels good.
Let me know if you buy the book, and when you have read it, please let the forum members know how it impacted your thoughts about trading Forex.
I just downloaded the “field guide” version and have skim read it - Yes I can see that the “military model” could be a productive way forward in learning about our particular form of gambling.
However I find the “Self flagellation” method of living life to be quite self abusive in many ways - for example there seems yo be no room in “his way” for the primary evolutionary directive - ie to pass on ones genes to the next generation. And we know that the military is only interested in YOUNG men - when they get to around 40 - they are unceremoniously slung out ! So the question remains as to whether that particular mndset is very helpful in middle age or older ?
In particular I was intrigued by the title " Discipline equals freedom" and so I went looking for the “FREEDOM” aspect.
His version of “FREEDOM” seems to be ;
"And when you face a challenge—even something you
don’t believe you can win, or a situation where you know you cannot win— remember this: You have nothing to lose. So. STAND UP. GO FORWARD. Go out in a blaze of glory, fighting with everything you’ve got, every ounce of energy, every bead of sweat, every drop of blood—until your last breath. And then—and only then—can you rest in peace."
That particular form of “FREEDOM” - is well ;
Not to my taste I’m afraid - I prefer Maslows pursuit of "Self-Actualisation"
But hey - I suppose the guy needs to earn a living - and for younger men - yes it does have it’s merits !
Look into SMC concept traders on YouTube that use Wyckoff or hybrids of that and Supply/Demand trading.
Lots of people here whom will point you in the right direction buddy
I think you should set aside some time aside and read some of the Wizards series by Jack Schzwagger. Lots of great interviews with the best of the best traders. That will give you some gems of wisdom.
Then you should read some Brett Steenbarger books - there is no better writer on how to guide your own trading development.
I think the chances of finding a mentor are slim.
Reading some of the books I’ve suggested will give you the lay of the land and map your own structured development.
Enhancing Trader Performance and the Daily Trading coach by Steenbarger are excellent guides for your trading journey.
I’d take every video on YouTube about strategies, with a grain of salt. Strategies are a dime a dozen - and most probably wouldn’t fit you anyway.
Concentrate on figuring out who you are as a trader before trying to find a mentor.
