Just a question concerning mentoring in forex trading. Does all mentoring have to be paid for or are some successful forex traders keen to pass on experience/knowledge gained for free? Basically are their any willing teachers out there who would like to mentor someone (me), who is very keen, but just does not have the finances to pay some of the rather expensive fees. I am basically self taught but do not seem to be recognizing patterns/entry points/placing trades/taking profits etc. as consistently as I am told I should be. I would really appreciate some advise/mentoring so as to climb on board this extremely fascinating and exciting journey that forex trading is. I reside in Durban, South Africa and would dearly like to get in touch with someone nearby if possible. Thank-you.
If you don’t want to fork out cash up front for a mentor and ease up the learning curve, collaboration with other beginner traders is the next best thing for you IMO.
There is a thread floating around here which let’s you connect with other beginner traders, you’d be surprised, having another person to bounce ideas with is very beneficial.
I have asked in many Forum communities Forex mentor is needed or not. Maximum professional trader advised me as a newcomer it is not appropriate. Minimum pass 3-4 years , then you will understand which mentor you need right now.
Don’t understand the message you have. After passing 3-4 years is a long time to be an experienced trader. So why that time need to a Forex Mentior ? I think Newcomers need Mentor first of all , because they have emotions greatly and don’t know nothing about this volatile trading market.
In order to my experience I think there is no limited time to be an experience trader. All depend on your trading efforts. If you continue learning with great practicing ,of course it is possible to earn profit within very short time.
There are traders that mentor others for free. I have mentored several traders in the past. I just don’t have the time at the moment. I am tied up with some realestate deals. In an effort to be helpful I am posting what I can on my blog and here in the forums.
I ever support to have a mentor when you are beginner. You can learn trading basics easily in less time. Things that seems difficult will not much pinch you when anyone will guide you all about trading. After it you can do your own efforts in practicing and getting experience.
@Hadden, while theoretically newbies should have mentors, IF you are able to find a mentor, a newby does not have the skills necessary to determine if the strategy presented by the mentor is complementary to their investment tolerance. Therefore, by waiting 3-4 years, that newby has the experience necessary to determine what kind of a mentor they want and if the trades suggested it within their investment style.
Just the fact that you are asking this question suggests to me that you should not be trading real money. Think about it… What is an experienced trader (a successful one anyway)? Knowledgeable. So, you are basically asking other people to pay for your education.
I’m sure you have read many times that you are going to blow up an account. Then blow up another one. THIS IS NO JOKE! You will. Especially if you come in and blindly follow people.
It’s no different than asking a plastic surgeon to go to medical school, pay all the student debt and then give you all of your procedures free of charge. And… If you could find a plastic surgeon to perform surgery for free, would you trust it? Why not?
I’m not being a troll, just trying to put some things into perspective for you. In my opinion, there is nothing wrong with asking for help. But, I would recommend that you become a student of the game. If you are going to start with real money, then consider it tuition and expect it to be gone! But, don’t blindly follow someone because they seem to be good online.
First, nobody talks about the accounts they blew up, or the trades that tanked and lost them a ton of money. They only talk about the amazing trades they do. Which means, right there you have no idea what advice you are getting.
Second, even if you finds someone that does tell the WHOLE truth… How do you know who that person is online?
My mentoring advise and take it with a grain of salt:
Don’t use real money.
Open a paper account and trade that until you are 100% confident that you know what your doing.
Forget everything you just learned, because you are probably wrong.
Re-teach yourself and keep paper trading until you are 100% confident that you know what NOT to do because you blew up your last account.
Forget everything you just leared, because you are probably wrong again.
Re-teach yourself everything all over again and re-read, re-watch and re-learn it all again because that was the second account you just blew up.
Once you have it down pat a third time. Re-fund the real account a third time (because you probably started with real money when everyone told you not to and now you have nothing in that account).
But hey, 4th times a charm! Do it all over again. Rinse and repeat as many times as necessary until you give up.
I hope the humour in that came across. But, it’s probably not too far from the truth in my opinion.
When I first started, I listened to a few guys hear and there. They sounded very knowledgeable. They seemed to get the calls right more times than they didn’t. But… When I followed them, I was successful for a bit and then I wasn’t. And usually the"wasn’t" was a lot more painful than the “was” was joyful if you know what I mean.
RULES TO FOLLOW:
Trust only yourself when it comes to your money.
It’s okay to get opinions from other people, but don’t make them your opinion. Use it to test your own opinions.
STAY SMALL!!! Every time something has gone wrong for me has been because I was too big in position size relative to the size of my account.
Leverage is POWERFUL! And it can hurt you MORE than it can help you.
Trading is risky, everything you have read about the risk is TRUE and REAL.
I don’t care what anyone says… Nobody knows where the market is going. Even if they have been right every day for the last 30 days. The next trade can just as much be wrong.
People are there to give advice on how to trade, but no body gives the money back when they are wrong. So again, refer to rule # 1.
Hopefully you didn’t take this sarcastic. It was meant to be a little fun but at the same time a lot of truth.
