Disclaimer: Not telling people are wrong rather they have been trading for days or years. This is my thoughts based on information given in and outside of babypips. Enjoy!
PSYCHOLOGY: What are newbies taught from the start? Gain knowledge, practice, back test, become consistent.
I agree with this but not the 6 month demo advice. I can say that going on demo and learning and understanding how everything functions is a must. Learn the basics and develop a strategy. This process took me 3 months in general to learn and understand how to work the system and develop a strategy that suits my needs.
In all honestly I say get into REAL trading once you do this to build your mindset. Psychology is 80% of forex and the other 20% is everything else. Follow through your plan and don’t deviate from it. Get into a mindset early because people tend to rationalize different when it’s a facade. Yea your profiting on demo but why do so many fail once they go real? They have already spent so long with a different mentality of demo trading and developed bad habits due to this. Revenge trading is a real thing and never have the “makeup for a bad trade” thought. It’s over…build a bridge and get over it. Approach every trade with your mindset and plan in place. Don’t think about that last one. Your emotions will destroy you. You are your own worse enemy. Stupidity is a mother …
OH NO! Everything you been taught is a lie, you blew your life savings and the plan you found online is garbage?! Like many said before…how can you expect to understand trading and how a plan works if you are always using those developed by other people? Yes it may work here and there but unable to remain consistent because you are relying on them to update them based on the market changes. Sorry but not sorry…you again set yourself up for failure because you are relying on others to do 90% of the work as you point and click mindlessly not knowing why. You lose, you get salty and start trading recklessly and blame everyone else but yourself.
Oh you want a mentor? You want someone to show you how they were profitable? Why? Why the hell do they want to waste their time on you? What makes you more important? They already know you are going to quit because most people don’t thrive on failing, they thrive on succeeding. Unfortunately you will fail and fail often initially. You don’t want to learn how to benefit from those failures. You want the “secret sauce” Understand the basics? Nah not you! You’re awesome! I can safely assume to those who are very successful here who do make 6 digits a year trading forex wouldn’t actually mind to maybe mentor a person or two. Know what the problem is? Most people are incapable of building a relationship and trust with them overtime. They want NOW NOW NOW! INSTANT GRATIFICATION! You think throwing money in their face is an instant ticket to TRUE MENTORSHIP? Haha! Sorry that isn’t going to work. If it does 99% of those guys will just scam you. Now let’s say I go to dinner with…lexys… I learn about them, understand them, and over a course of a year help them and brainstorm as well ideas in and outside of forex. Overtime my time and value that I provided forged a relationship and mentorship that became mutually beneficial. I strongly feel that a mentorship is both ways. You both have to develop trust and loyalty to be truly successful. As a mentor in the IT biz before I was sadistic. I would watch people fail initially. Not that I was an asshole. I would want them to see what they are doing wrong and have them think of other ways they could have approached the problem to overcome it. That way I wasn’t just telling them what to do, I was teaching them to actually learn and become better at critical thinking, which mind you most of society has gone away from…in that aspect I created better people in that biz because they would learn to think and learn, not just be mindless and follow a set guideline without understanding. You will never learn that way and will be doomed for failure once something stops working. It will be a domino effect and topple down until the systems just shutdown. Same thing with people blowing up their accounts.
Do what you want but just understand the foundation you build now will show itself once you have everything setup. It’s like a house. If you don’t plan and have the right system in place within a short amount of time things will break, not work and eventually fall apart. Maybe you agree with me, maybe you don’t but I’ll leave you with one of my favorite quotes…
“Truth is like poetry…And most people f****** hate poetry”