I had a search on the forum in relation to my question, but was unable to find a recent thread.
This forum is a wealth of knowledge, as I’m aware for newbies like my self wanting to get in to Forex , with pipsology etc.
However I find myself going into info overload at times and think I would find it more beneficial to have a mentor, or undertake a course which I would be happy to pay for.
I have a couple of friends of friends who have tried to persuade me to join the Imarkets Live Platform. One seemed genuine, took the time out to video call me, showed me the platform/training videos and explained that IML has a bad rep as many noobs sign up with the wrong mentors, who are more interested in building their team to gain commissions opposed to actually wanted to teach people to trade?
The other IML person I spoke to, seemed to fit the above criteria and I quickly gathered, that they were simply trying to build a team and didn’t really have a clue about trading when i asked questions.
FalconFx was another platform which I came across, which appeared to be legit. But then having a search within this forum, made them appear to be another scam/trainer?
Could anyone point me in the right direction of a reputable training course or Mentor?
Or do I simply need to invest in some books, free YT content and work my way through pipsology?
Unfortunately, this has been my anecdotal experience. The majority of “mentors” out there just want your cash and don’t know what they’re doing. I’m self-taught, and, still learning new things every week. Not just about trading, but about myself- which has been the real “fun” part!
Hi Kidcruz. I see that you’ve been at this for about 2 years now. What exactly are you struggling with? Perhaps we can help to eliminate some gaps so you can continue to grow.
I joined the forum a couple of years back, worked my way through a few modules in pipsology but got a bit overwhelmed with all the info I was reading, so stuck to affiliate marketing instead, which I was doing at the time.
Fast forward to now, I’m wanting to give Forex another go and was just thinking if there was anything I could do differently this time around, to assist with my learning.
Hi mate, so theres nothing wrong with paying for a course but these educators sell their courses by over exaggerated claims that they have a holy grail. When most of the material in these courses you can get for free.
The second problem is they teach you the strategy that they like. This may not resonate with your personality or lifestyle so its pointless and a waste of time eg scalping but you have a fulltime job so cant sit in front of the screens.
What you need to do is go through the babypips course at your own pace. Then go through it again with a demo account open. Find out what interests you or fits your lifestyle then focus on books and people who trade like that.
Falconfx is not a scam. But what he teaches is very subjective. It’s difficult to learn exactly what hes teaching. That’s why people join his community and watch his weekly recaps and forecasts. He cites his experience in the market is why he sees certain patterns or structure that others miss. He teaches price action patterns which are found for free. However it’s very subjective so what you see will be different from what I see.
Ah ok.
I was watching videos of one of his students on youtube, who was highly recommending his course/strategy . TBH, the student appeared to be giving an honest account if his experience so far, opposed to claiming he become rich overnight with Forex
I’m an advocate for mentorship and paying for fx education. It’s quite difficult to find a good mentor but there are several courses out there that you might consider. In order to get the most out of a course you will need to understand the basics of forex trading. So, for now, I will recommend the following:
I’ll point you back to the BabyPips school. Go through the lessons once and then revisit the subjects that you were not clear on during your first iteration. Ask questions in the forums to gain clarity on things.
Download a free trading software, such as MT4, and learn how to use it well.
As you go through the lessons make sure to practice what you learn in a demo account. Open a demo account with Oanda. Oanda allows you to trade in units rather than to requiring you to use a minimum lot size of 1000.
When you’re reasonably confident that you have a fairly good grasp of forex trading and you understand the mechanics of placing orders and stop losses and such, let us know. At that point I shall point you to advanced resources in the form of YouTube videos. The folks producing the free videos also offer courses. You can research their background and choose to take their courses or search for other courses.
Forex seems complex but once you get into the weeds a little bit you’ll realize that you only need to grasp a few key concepts in order to trade effectively. It’s overwhelming at first but it becomes much easier as you go along. I promise!
Yeah I’d take it with a pinch if salt. I dont know how many of his students are consistently profitable. He has a few students on YouTube who talk mainly about mindset and journey stuff so I cant 100% vouch whether they’re profitable.
Thanks a lot for this. Much appreciated.
Funnily enough I opened a Oanda demo account yesterday. I bought a cheap course off Udemy by Mohsen Hassan and he suggested Oanda to practice with also.
I’ll start working my way through BP school again and some of the other free content I have, then come back and let you know.
With all the Forex Traders popping on YT daily, its hard to grasp who is actually talking sense and who is full of BS.
But as you said, hopefully once I have a better understanding, you’ll be able to point me in the right direction.[quote=“QuadPip, post:9, topic:329676, full:true”]
Ah! Got it.
I’m an advocate for mentorship and paying for fx education. It’s quite difficult to find a good mentor but there are several courses out there that you might consider. In order to get the most out of a course you will need to understand the basics of forex trading. So, for now, I will recommend the following:
I’ll point you back to the BabyPips school. Go through the lessons once and then revisit the subjects that you were not clear on during your first iteration. Ask questions in the forums to gain clarity on things.
Download a free trading software, such as MT4, and learn how to use it well.
As you go through the lessons make sure to practice what you learn in a demo account. Open a demo account with Oanda. Oanda allows you to trade in units rather than to requiring you to use a minimum lot size of 1000.
When you’re reasonably confident that you have a fairly good grasp of forex trading and you understand the mechanics of placing orders and stop losses and such, let us know. At that point I shall point you to advanced resources in the form of YouTube videos. The folks producing the free videos also offer courses. You can research their background and choose to take their courses or search for other courses.
Forex seems complex but once you get into the weeds a little bit you’ll realize that you only need to grasp a few key concepts in order to trade effectively. It’s overwhelming at first but it becomes much easier as you go along. I promise!
Was it Micheal Bamber’s channel? He says he has given up his job to trade full time, but admits he is still not consistent and has loads to iron out.
Im curious about the mentor route aswell and FalconFx and TechnicalFx look interesting. Although after watching TechnicalFx “Market Structure” videos it looks like his strategy is pretty simple and maybe no need to buy the full coarse/membership.
I was listening to Trading Nut podcast today and there was a guy called Paul Weidner who started with mentorship, and he seems to be doing well, he was doing uber, before giving it up to trade full time, and also is an ftmo prop trader.
Still really skeptical about it all though, for me it would be good to have someone to guide me in the right direction or just to discuss if what im doings right or wrong.
Would be wierd paying money to be taught online rather than in person aswell.
Thats the one mate…Michael Bamber.
He doesn’t seem to mention Falcon as much in his videos these days, as he did previously. But as you said, he claims to have quit his job and now trading FT.
I haven’t heard of TechnicalFx before. What are your thoughts on them so far?
The process needs to be organic. Search out every and every resource- tons of free stuff on the web. The harder you dig, the better the quality of material you’ll find.
A quick way to get familiar with the markets as a whole, and how professionals approach them-- google CNBC Live Audio- and listen to that as much as humanly possible. I’m plugged in at least 6 hours a day. And, it’s always on at least 1 TV in the house at least 10 hours / day.
Look up technical fx on youtube, and have a quick look through his market structure and analysis videos, he rips through it quite quick and to the point.
Yeah Trading Nut is on youtube, he does a podcast first interviewing the traders, asking them how they started off, their strategies, how they manage money etc, then a quick video showing them on the charts. I listen to the podcast interviews on my way to work.
Scruffy Trader is really good aswell, right down to earth, i was following his daytrading strategy for the past month, but im back to work now so looking to get into higher timeframe stuff now like what TechnicalFx teaches.
I honestly can’t thank you enough. I am also a similar situation that my brother here is going through and your advice has just enlightened me on which way to take. Long live!
