Looking for a mentor/friend

Hello to all. I’m looking for a mentor/friend whom I can speak with regularly regarding trading.

I’ve been trying to come up with a system of my own (one in which I will eventually write to an EA). I’ve tried numerous combinations of indicators and entry/exits at multiple angles, but cannot settle on any system. I’ve tried the live a few times (hovered around even), but most of my work is demo/backtesting, as I’m very risk averse.

All I’m looking to gain for now is 10 pips/day, or 50/week, or 250/month. I believe such goals are reasonable. While no one can tell me a system to use, I hope this mentor can help find mine. Thanks.

P.S. Please do not advertise to me a system, robot, or service that costs an outrageous amount. I’m looking for people.

Hi Renner,

Good for you for reaching out. One of the challenges of Forex is that it can be such an isolated thing to do. Having an online community does help out a lot.

You said you were looking for a certain amount of pips per ‘x’ amount of time, not an unreasonable thing to achieve or aim for. However, in my own experience, the main thing about forex is not just about how much you can earn per day or week, rather, it is how able are you to manage your sense of gain or loss (i.e., your risk aversion, aka psychology).

Consistency comes not just in the form of pips made, but in the mindset in which you develop to make those pips. Pips will always fluctuate, you cannot control how much you make, but what you can control is how you manage your emotions and psychology. Think about it, even if you had a good EA, would you be able to handle the times of drawdown? Lets say your EA has a drawdown of 15% and it all happens within a time period of 2 months. Will you start to have doubts and scrap your system even if it is doing what it was meant to do?

So the bottom line is, before you write an EA, do some manual demo trading and become familiar not only with your strategy, but also with your own mind and its reactions. After that, open a small real money account and trade micro lots so you can get the feel for live trading. In time, success comes from learning to manage your mind and the rest will follow.

All the best my friend.