What’s up guys, I’m new to the forum and slightly new to trading Forex. I started out trading stocks and slowly moved to Forex. Now I want to accelerate my learning curve, and learn for experienced traders because trading from home and doing all my own research and studying helps, but not enough…
My question is where can I find a good six mouth to year long mentorship, I’m looking for experienced trader(s). Location is not a problem.
Thanks fellas!
Hello! Welcome to Forex. Learn from my mistakes and trade a practice account before diving head first into a live account! I jumped into a live account too early and my account has suffered because I was betting rather than trading, and trust me there is a huge difference. Forex is all about timing, and very precise careful planning. Develop a winning strategy or learn how to implement one of the many strategies listed on this site (many of them are winning strategies you will just need to find one that you have the most odds of being able to stick too).
First let me ask you this, are you looking to live trade or are you looking for an Automated Trading System also known as a bot, EA, robot etc.?
If your looking to live trade these forums are great for useful information. If your interested in EA’s and you have a practice account on Metatrader 5 I would gladly like to share an EA with you that I created that needs more members for forward testing. I can teach you how to turn it on and add it to your practice account if you have no knowledge of how to do so.
I’m not a good mentor by any means but I can’t help but share some of the information I deem useful. I will start with some basics first.
If you let your emotions get the best of you, you will decimate your account because you will be subject to the practice called over trading (I myself fell victim to this). Over trading can occur to anyone, even the pro’s. That is why it’s important to find a system that you can fully comply too on consistent day to day basis for the long term and the short term future. Note that proper money management is the key factor in allowing yourself to lose many trades in a row and still have preserved enough capital to continue trading, therefore increasing your odds to recovering from any draw down that is likely to occur. Most would recommend risking a maximum of 2% of your account balance per trade, I would have to agree. With proper money management, a successful trading strategy, diligence, patience, and consistency, you will be well on your road to success in the Forex market. The real challenge is maintaining consistency because without consistency it doesn’t matter if you make 10000 pips today if you lose 20000 pips tomorrow.
You stated that you have some knowledge of Forex, so what I have already stated is most likely not new to you. But in the likelihood any of what i previously stated is new to you, I decided to post this basic information. If you are looking to design your own trading system also known as a strategy, method, rules etc., than my word of advice would be that you keep it simple in the begging, if it continues to work do not change it! Only make very small changes that will only change the overall effectiveness of the strategy slightly and only make one change at a time. Test the change you made for a long enough period of time for the results to give you a clear definitive yes or no this works or yes or no this doesn’t work. Make sure to only make an adjustment after you have had numerous trades to confirm that a small change is necessary to improve the overall success of the strategy.
As far as Automated trading goes, if you are interested in testing an EA that is free (modified by me) please send me a pm and I would gladly send you an email the the EA attached. I’m about to post a thread on it for other members who are interested as well (I currently have one thread about it, but am opening a new one that will solely pertain to forward testing). If your interested in the back testing results it produces look up my thread named “more or less profit for the bot competition.”
Another side note, check out the chatrooms. I am regularly online when I am not at work as well as many other traders who are far superior in skill than I. Experience as well as drive is what is truly going to shape you as a Forex trader. It is ok to make mistakes and run an account dry, many of us have done this multiple times before we are able to start a new account that regularly returns profit on a long term consistent basis. Start off with a small account and trade micro lots when you decide to go live. This way if you do run out of funds, it wasn’t a substantial capital loss for you. Remember to only fund the account with money you already considered to have lost and are not relying on it as a primary or secondary source of income. It may take months or even years for you to learn how the market works and how you are able to predict its movement and capture more profit than losses. Don’t lose sight of your goals, and if you keep at it and constantly try to improve, you will get better over time. I know I did, and I have only been live trading for 6 months now (practice trading for about a year). I jumped in head first and lost almost every dime I have funded my account with. If i could go back and change the fact that I am in a draw down period I would not simply because the lessons I have learned and am sharing with you are priceless and I personally could not have learned them without making these mistakes myself. It’s easy to preach but hard to follow. I’m still learning and am constantly trying to hone my skills every day. I haven’t lost sight of my goals and I hope you don’t either. Despite wanting to quit and just walk away never to look back, I continue to suck it up and keep trying! That I have to admit is a strength I have kept with me since my very first trade. It will take time. But have faith that you can do it and never give up!
Good luck finding a mentor, and remember to check out the forums and chatroom. There is always someone online that would be glad to help point you in the right direction and give a few pointers as well. I hope you found my post useful. You are welcome to PM me if you have any other further questions. I will get back to you within 24 hours or less because I regularly check my email. Good luck!
Now i have also started taking interest in the EA based trading as the markets are open 24hrs a day and it is not possible for me to be able to track them on that much time 
At the most i can monitor for 12hrs 
I think that using a EA on a Demo account will make me know the results and then if i am satisfied then i am ready to implement them on my Live trading accounts 
Thanks! But I was looking for a Forex mentorship program… Something like a school that takes students in for a price.
Try look at Forex9pipssl Renko Price Action Forex Trading
Let us know what its all about after you got in ya. I posted a thread about it on newbie islands. I am intrigued by it but i haven’t joined.
so, you definitely want to pay for something that is not only the best, but is available for free… hm, dont know what to tell you fella…
I am willing to pay for a school or mentorship program that is not online. I am willing to travel also.
I’m curious who would choose to pay vs. not pay, travel vs. stay at home, and look for knowledge vs take advantage of knowledge that is right in front of you? There are no short cuts. Your success is going to be determined by your own efforts vs. where you get the information from anyways.
EJ
I have tried to educate myself from home; I have had SOME success. Taking advantage of years of experience is worth the price. I would rather have 10 to 15 experienced traders who I can talk to and ask questions everyday for a year and than dig though thousands of pages of information and trying them all.