Greetings!
I have been trading on demo accounts for some months, and now I feel confortable with my risk management and win/loss statistics. I have saved an initial capital for real trading. I have been reading this webpage articles too, and I usually find them very instructive. I would like to know if there is someone out there with some trading experience to share trading ideas, and give some advice, on my starting career.
Have a nice day!
mate, You’re gonna get scammed
Whenever a newbie puts up a message like “I’m looking for a mentor” they get scammed.
now, there are those of us that know what we are doing.
i am one of them , for the record
so… usually when i say this, the next thing that happens is , YOU SAY "so martin can you mentor me " hehe 
it’s like a book mate, that you keep re reading, you just know what’s going to happen.
the answer is … Sorry, No
BUT, I’LL TELL YOU WHY
and this should give you insight into why anyone who accepts you will probably be a scammer
first of all,
if i was to mentor you (hypothetically) it would take a few years, and even IF YOU HAD THE PERSISTANCE to do it , which i doubt (As most do not) i also need to consider DO I HAVE THE TIME TO INVEST
the answer is NO i don’t
and that’s the biggest issue
beyond that.
how will i or the mentor be compensated for said years lost.
now this subject goes like this
on one hand a person would need to be compensated well for this time, and say a few grand a month is probably reasonable
but, you won’t think it’s reasonable , you will probably agree to pay like $100 hehe
and … i get it, but IT’S NOT WORTH IT MATE… Seriously
so this is why if someone accepts you , the bottom line is , IT MUST BE WORTH IT FOR THEM.
and if you are giving them , say $100 a month or less, they are going to take more from you in another way
or
they are stupid, in which case you should not use them as a mentor to begin with
then you have those guys that know how to trade and ask for a few grand like $6,000 for example,
they CAN TEACH YOU, but they don’t
They just scam you
so mate… Seriously
The chances of you actually getting
someone who knows what they are really doing
someone who is willing to put the time in for a few years on the gamble that you’ll stick to it to begin with.
someone who will not scam you
Mate, HIGHLY HIGHLY UNLIKELY… ok
you may as well jump in the ocean and slit your wrists and hope that sharks don’t come hehe
My advice is this…
Try to pay an accountant who has experience in trading
or an Investment manager
speak to these people , they will give you trading and financial advice BECAUSE YOU ARE PAYING THEM
they won’t spoon feed you though
or maybe get a managed account (which will cost you around $5000 in Australia as a min) and get an account manager who is willing to give you information
sort of like getting a tax agent
you have those that just do your return
and then you have those that you can ask questions from them and they will explain tax law to you
i reckon you should explore this road
but your way . so far
you are going to get someone who is going to spin you a speech
you will trust them
and you’ll get scammed
simple as that
FRIENDLY ADVICE… ok
Dear Tralaaritralara, don’t look for a mentor. This is my suggestion. You are on the right track. In my beginning I just take help from Babypips. And the online area has vast knowledge for forex. You can just Google for it. And practice on the demo platform. It will helps you to understand are you on the right track or not. And you ask for suggestions you will get different opinion. Because many men many mind.
In my opinion, it’s important to first find out what kind of trader you truly are, how big of a risk appetite you have, etcetera. When you understand yourself, you can look for ways to trade based on what fits you best and you can then intensively acquire knowledge and mastery over yourself and your strategies to make yourself a better trader. Some may mentor you, be it for free or not, but ultimately it is up to yourself to better yourself.
I completely agree with Martin & Logan. The trade off on a mentorship is time and how it will be compensated; your mentor would also have to understand how you trade before he can mentor you well. Only you know yourself best, so keep acquiring knowledge, then apply that knowledge on yourself. 
Even though so many experts don’t support Fx Mentor for the beginners level but I do always, your trading life can be easier and comfortable if you find the right Mentor, but the problem is most of the Mentors in online Forex trading are found to be scams. So, be careful. Good luck
As a new Forex trader newcomers don’t need to move on a Forex Mentor. The forums community in particularly the preschool of this forum can be a great mentor if they pass in here with greatly. Just keep calm and keep focus on there.
Alright, I will follow your advice and keep on reading info on this web, very thanks!
@PeterBorren
ummm, hang on a second
let’s be fair about this ok
i actually, at one point did have quite a few students . i also offered IN HOME TRADING TUITION
here is what the problem was…
People generally don’t feel comfortable with strangers in their home for long periods of time and every day.
then we had the group session thing
you know what the problem with THAT was…
People don’t want to travel to learn
CONCLUSION, People are bloody lazy and scared
so it’s not all the mentors fault
Mentors get online because people prefer to be online
it’s not generally a rule that you can’t find personal mentorship
mate, if it makes you feel better
i’m happy to jump on skype with you from time to time if you want to ask a question
but go through babypips first ok
You can subscribe to my blog. Its new and there is not much posted yet but it will cover the techniques that I use. Nothing for sale on it so no scam factor.
Couple questions on your results and what you are looking for…
For example, my goal is to achieve 30% monthly.
I achieved a 28% Return on Demo trading in December in Dukascopy contest to confirm the ability of my strategy to achieve my Live Trading Goals…and so far for February already up 7.34% with the last trade giving 100 Pips from GBPJPY during Mondays market selloff…
So think I am on the right track.
I find that by spacing out our trades, we have more time to recover from the highs of winning trades and the disappointment of losing ones. On average I trade 1 to 2 times per week which helps to minimize influence of emotions on my decisions and results
Indicators? Candlesticks? News? A combination?
Personally I find Candlestick Signals to be more effective and less complicated than Indicators. Economic news can be useful but as someone with a Masters in Economics and a former Central Bank Economist I can tell you that most of it is short term data that changes every week and are often unreliable in predicting the strongest moves in the market. Candlestick Signals especially on the Larger Charts will eventually reflect the net reaction to the news and tell us where to trade instead of having to trade the news itself…( I used to do this…was fun…but too stressful).
Smaller Time Frames are nice and can be exciting given the fast gains that can be had. But given the large number of False Signals theses Charts give us, using the Larger Charts Signals and Patterns that are more stable will give you less stress and greater profitability.
My trades generallty take 24 Hrs to hit their targets. Even though this is a short time, I still have to restrain myself from looking at the charts.
This is because even if the market is headed to our targets, there might be temporary reversals that can lead us to panic and prematurely exit the trade, thus foregoing a profit. So even if we have been watching our charts in demo trades where we can be more objective, the minute we start doing it on Live Charts where you are literally seeing your money move up and down in front of your eyes, this objectivity can be thrown out the window because of fear.
So these are just some of the issues that need to be considered when trading and looking for a Mentor who might want you to change some of your habits to improve your long term success.
From my experience, sometimes the Mentor who uses his Strategies and Live Account will provide you with what you need at a reasonable cost - no scamming- and actually give you real results.
Sometimes even though he/she provides what you need, some traders are not willing to do what he is telling you to do in order to be successful - leading to the trader and mentor parting ways.
Good luck.
Duane
DRFXTRADING
Hi DRFTRADING,
Very useful answer, some of your questions are of matter about beginning a Forex plan.
I think that a 10-20% monthly return is something achievable as long as you stick to a good plan, and I think I will begin like that. My leverage will be 1:50 to start, (as any new trader, I tried the 1:400 hardcore mode, with not so good results, and eventually I feel comfortable with this leverage wins and losses)
I trade Price Action, and I don’t put much attention to news, as you said, it usually has a short term effect and I prefer to focus on charts and probabilities. News can have a very stressful effect, as you said.
About timeframe, I think that shorter ones lead to losses more than to fast gains, as false signals usually overcompensate winning trades, I am actually moving between D1 and H4.
I keep an eye on my trades, but I think that it affects your psicology and I think it’s better to keep yourself from constantly watching charts.
Have a nice day,
Pablo
It’s okay, I am interested . can you ensure more about the blog you have ?
Never look for trading suggestion. Taking trade by following others trading suggestion is not good for trading career. Find mentor to whom you can learn how to trade. But finding a good mentor is very difficult. Try to read a lot and observe chart to as much time as possible. By observing charts you will find some certain characteristics of a pair. Initially start with a single pair.
Good suggestion and thank you. For ensuring good trading knowledge and experience it is not appropriate to depend on others approach , we should learn trading by more practice and give up the mentality a mentor can make me successful trader , there is no one I have found who has achieved success by A mentor , its all about scam . nothing without it.
Yes majority are found to be scams but not all about at all. And we can depend on others if he experienced more , otherwise not. Without depending on others this is not possible to survive accurately as a newcomer.
MENTORING AND THE DAILY AND 4 HOUR
Dont you find that the problem most Cheap and free educational sites/courses is that they use/provide the same exact trading tools and information about the market…but are not able to put everything together in a profitable strategy for newbies to use? Kinda like being given the ingredients of a cake or parts of a car but not the knowlegede to put them together.
Just like other fields of expertise such as medicine that have established courses of study, with the exact curriculum to follow, isnt it easier to find someone who has out everything together in a clear strategy with defined rules instead of spending years to figure it out on your own? And then giving up like most do?
Yes it is true…most are scammers…thats the real world for you…but if you keep searching…chances are you will find someone who can both “Do and Teach”
Hey Pablo,
DAILY AND 4 HOUR CHARTS
Yes Daily and 4 Hour Charts are the real deal. They offer the right combination of reliability and Stop Loss sizes that most can adjust to using.
However what you have to be aware of is how to use them the right way for maximum results. I discovered that there is a dynamic relationship between them that has to be understood and mastered. This type of relationship is the same one that exists between
4HOUR —> 1 HOUR
1HOUR —> 30 MINUTE
30 MINUTE —> 15 MINUTE
15 MINUTE ----> 5 MINUTE
5 MINUTE —> 1 MINUTE
The larger ones control the smaller ones in a dynamic way. If the signals on the larger ones are correct, the lower time frame will respond - with a lag - by moving in the direction indicated by the signal. However, if it is a false signal, the lower time frame will not respond and will reverse sharply.
For example on the USD CAD this week, we saw where the Daily Chart gave a bearish signal indicating the possibility of a downtrend…
Myself and a fellow trader were then gonna trade this with a 4H signal that would confirm this downtrend…
However the 4 H didnt give us this signal…only a very weak candle…and I warned the trader that this would be risky and it was likely to reverse bullish
…which as you can see it eventually did…
So a trading loss avoided.
Daily Charts generally give reliable signals indicating market direction. But by knowing what to expect on the 4 H to validate that Daily Signal is also key.
LOOKING AT TRADES
What I also do when I am trading…which I also give that trader…is a small Trade Sheet with reminders to myself to avoid certain bad habits when trading like watching the trade or the noise from Financial News…this was the trade setup in anticipation of a stronger 4H Candle…
These prevent us from being tempted to interferre with our profitable trades because we see a temporary reversal or hear a different opinion about the pair we are trading from a tv host etc…
Market will always have temporary pullbacks and we will always have investors and traders with differing views, some of which sound legitimate. But at the end of the day, if the market is heading in a particular direction, it will eventually get there in the midst of these short term reversals.
We just need to have the right strategy that allows to trade in this direction to that target as well!!
Duane
DRFXTRADING
Thanks for your reply. By the way, I am also into Dukascopy contest, I am profitable so far, ranking like 100th or so.
Ok great…sounds good! Keep it steady for the next few weeks to get into the top positions. Many traders get too nervous and end up lower down coming up to the end of the month. But as long as you keep focused, have a good blog… should be good to go.
I finished in top 10 couple times in Traders Contest and in the Article Contest over the years. I attempted to do it again this month but it takes away from my Live Trading focus and helping traders. Recently closed a trade for 101 Pips on EURO CAD this week but overall I’ve only traded 3 times lol.
With my Live Trading Strategy, I aim for 4 to 5 trades per month which is around 250 Pips overall - 60 Pips per trade on average. ( exception was the 100 Pips on GBP JPY). This translates to 20% to 30% per month which is great for Live Trading but obviously too small for the competition.
Only way for me to land in top 10 is to capture several 100 to 200 Pip moves…which is what I used to do on my Live Account. But these opportunities are few and far between which is why my new Strategy targets smaller moves.
Also found myslef taking risks with low probability setups in the contest which began to filter over into my Live Trading…a big No No. Difference in thinking between Demo and Live can be very wide indeed.
With Demo you can take these types of risks and shrug them off if they dont work out…but with Live…consequences are more serious especially if you are helping others as well. You not only lose real money but you also lose confidence in yourself for a short while that can affect your next trade.
Right now for February I am up 149 Pips and 7.34% from just 2 Trades on Live…
And with just 2 weeks left to hit at least 20%, not worth the distraction.
So competition great for trying new strategies and even better if you can win prizes. But bear those issues in mind when trading Live.
Good luck
Duane
DRFXTRADING
What’s your average risk per trade? 2% and a 1:2 risk/reward?
