New in forex, looking for a mentor

@DRFXTRADING
hi mate, i’m not aiming to discredit you here, but i feel this needs to be said.
Giving someone trading guidance AT A DISCOUNTED RATE does not mean they are going to be profitable, nor does it add additional credibility or weight to the guidance

if the person teaching knows how to trade and can actually produce long term results and charges a fee, but then said person… reduces the fee… YES, THAT WOULD BE BENEFICIAL

but to just say you are giving discounts… ok, is respectful, but … will it mean that they’ll profit…NO, NOT NECESSARILY

Well so far so good with their first live account trade…a risky one on the EURO USD…

So hopefully cost makes no difference…

Duane
DRFXTRADING

I agree, as a newcomer it is quite difficult to survive in Forex trading, but beginners level no need a mentor at all, preschool level with practicing on demo is a complete package for survive in a proper way. hope, you understand

1 Like

Its okay peter. Got the message . Thank you

Based on the realities of this market and my patient strategy…this will be the more realistic but still Large Monthly Return to be achieved from now on from my Live Account.

Assumes a Risk Per Trade of 3% on Average, Trading Just 4 Times Per Month.

So with the 7.3% Return for February from just 2 trades (100 Pips GBP JPY …AUD NZD 49 Pips) only a few trades left to hit the first 14% Target.

I believe that by patiently trading only a few times per month using a moderate level of risk, Patient Strong and Sustainable Results can be achieved.

I also believe that most of the moves in this market are losing, risky setups that carry traders astray. By focusing on finding strategies/Mentors that patiently target High Probability Trades, new traders can achieve success a lot faster.

Duane

DRFXTRADING

I shorted gold almost 2 weeks ago. Holding on for the long haul.
EURUSD is an easy short, sell and hold for long time.

What evidence do you have for that statement ?

  • I think You’re wrong !

  • I counsel any newbies looking for inspiration to avoid follwing this “Advi ce”

3 Likes

i STRONGLY concur with @Falstaff
Firstly, i think , yesterday i gave a newbie analysis to go long and for good reason

Secondly, you can’t just come out and say Go Short on EUR USD no matter what and hold it… tha’ts just stupid, No offense

I think we’re getting off topic here, but really, Falstaff you don’t see Euro heading down long term?

Here are some of the difficulties in finding a mentor.

  1. They need to be competent. Since you are inexperienced you’re not qualified to determine if someone is competent, even though you might think you can spot the scammer, you probably can’t.
  2. They need to be trading a system that’s similar to the one you’re comfortable with. Unless your mentor is teaching you from scratch, and that’s a special situation; how’d you get so lucky?
    3.If you’re trading someone else’s system you’re not trading your system. I still think the best way to learn how to trade is to develop your own system. Find out some fundamental property of the market that no one (or hardly anyone) knows about, and exploit it. Carve your special niche. Not easy, but neither is trading.

Here’s what a mentor could help with.

  • how to backtest properly
  • how to calculate position sizes, risk:reward
  • how to measure performance

Heck, I’d accept offers for assistance in those areas, but you can also learn these things from books. You’d be surprised what you can learn by reading, and I don’t mean forums. Books by experts, a much neglected and scorned source of learning these days, but extremely valuable.

Off topic marginally or not, we have a newbie with no discernible track record making sweeping statements, which in my assessment could cause huge losses for any Novices, who we all know rely on recommendations far too much ! - Please guys and Gals - ignore these unsubstantiated guesses and keep your money intact.

Perhaps you would like to answer on behalf of @rmrf - What evidence would YOU cite to show the Euro is likely to decline in value with respect to the US dallar, long term ?

Euro is making or has made a 40 week cycle peak, and the 54 month peak is expected before May . Short term (first week of March), I expect a gentle rise back to the 10 day cycle peak (not pictured) around 1.238 and then a return to the 40 week trendline around 1.20. Price could go as high as 1.27 to meet the 54 month cycle trendline (not pictured). In October I expect price to revisit the December lows, with a return to the bottom of the long-term envelope (dark orange). Trend is down until 2020, unless there’s a strong break up through the 9 year trendline which is around that 1.27 level I mentioned.

Even if you don’t believe in cycle theory, just look at the weekly (or monthly) Euro chart and you’ll see the story that has been playing out since 2007. Fundamental causes like Deutsche bank debt will be blamed but I believe it’s all cyclical sentiment.

Your point about being skeptical of forecasters is well taken, and no one should blindly follow anyone’s analysis no matter how convincing they are.

1 Like

Thank you for that @clemmo It’s interesting - What cycle theory are you using there ?

I am a believer in cycles - and had not considered that aspect, so I’d be interestd in looking at it.

However when you speak of “Fundamentals” - perhaps also to consider is the “Policy of weakness” - of Draghi over many years and the Persistent demand for a “Strong dollar” under O’Bama et al.

Both of which now seem to be unravelling just atm - taking a look at the montly back to the “Bankers shameful actions” in 2008 - we see this ;

I see the “Trendline” you speak of, but my own feeling is that we shall see 1.45 before settling to an equilibrium 1.35 - 1,4 range in the long term.

Not many could hold through that kind of movement, with any leverage at all !

[EDIT _ However tat is MY FEELING ! it is NOT an invitation for anyone to trade my opinion! (Except me !) lol ]

ok , let’s look at this
BACKTESTING… yeah ok, you could use a mentor or you could just figure it out

the second one… you can learn this on babypips school

PERFORMANCE, why don’t you just get an analyst , pay him around $200 - $300 to give you a comprehensive report on your performance
you don’t need a mentor for this, you are looking for an analyst

i know this because a friend of mine is an analyst
and No :stuck_out_tongue: i’m not trying to drum up buisiness for my mate hehe i’m just saying you don’t need a mentor for this

Currency strength indicated that this was continuing on from last week…

I normally trade JPY crosses…I’ll take the 120+pips even if the others don’t want them…

Thanks @rmrf

Well, analyst / mentor, aren’t they the same thing? They’re helping in exchange for something - money, respect, a feeling of philanthropy, etc. And yes please drop me your mate’s info in a pm. :slight_smile:

Yes, certainly possible and one reason forecasts need to be revised regularly.

You wouldn’t need much leverage to trade long-term like this though, and you don’t even need cycles to follow it, just draw a trendline at what appears to be the trend start and move the other end of the line on to any new swing high or low. When a daily bar opens and closes on the wrong side of that line (before a 3 bar swing high or low can form), exit.

hehe
No… Not even close

we… by this reckoning and train of thought you could argue that a garbage collector or a prostitute is a trading analyst
They both help in some way
they both receive some sort of compensation

this is the wrong approach to take

an Analyst is a specialist in analyzing data and interpreting it

a Mentor is like a Guide, you can have different styles of mentoring, they can be discipline orientated, physically orientated (like a fitness instructor) they can be emotionally orientated

let’s take Footy for example
Australian Footy players (and i know this because one of them is a friend of mine), they wear this Vest which has sensors in it to monitor their performance and breathing and physical fitness and so on

There is a Technical/ Medical Analyst time person that interprets the data from each player wearing the vest during the game and how they perform

the players also have a coach

You could say … THE COACH IS THE MENTOR

you could also say - THE TECHNICAL/MEDICAL ANALYST interprets the performance of the players (and in a way is a mentor), but instead of directly mentoring, he passed the information to the Coach and says what needs to happen, as in , What diet change, what training routine change etc… needs to happen
he might consult with a physical fitness instructor to establish the best course of action, but once they know it
he passes it to the coach

Coach relays it to the player

Player makes the change

the analyst then looks at the data during the next game and CONFIRMS IF THE CHANGE MADE A DIFFERENCE

so you see now the difference between A COACH/MENTOR and AN ANALYST … Big Difference mate

as for this

Honestly, i’m not really one to do this.
i know if i do , i’ll receive crap from the other members about scamming and soliciting , as you can imagine.

and then if i do, every other newbie is going to latch on and ask me and after like 10 people, it becomes a thing where it looks like i’m full of crap and trying to palm my friends off to you guys

Mate, Look, i’ll tell you what
I’ll ask my mate… ok
if he say’s ok, (and understand that IT’S HIS CHOICE IF HE WANTS TO ACCEPT )
Truth is , he is very good at what he does, but right now he has family commitments and his wife recently had a child
so…
I’LL ASK HIM
no promises

Personally i think he won’t let me give his mobile number on this site.
he is the kind of guy that likes to deal with Serious people and not newbies (just a heads up)
hence why he doesn’t spend time on this site and has never had a babypips account

like i said i’ll ask him
and i’ll have a think about Whether i’ll give you the details (don’t take it personally if i don’t)
i need to have a think about the way the other members and the mods will react to it…ok

let me get back to you… is that cool
also a heads up

IF HE AGREES…
No whinging , No Whining or any of that ok
Cards on the Table… ok

it will be SEVERAL HUNDRED DOLLARS for an analysis, Depending on the depth of analysis (and you should probably start from the most basic (in my opinion)
you will probably start from around $300 ish dollars maybe $200 i’m not sure what his prices are.

and i think the deepest level of analysis is around $3,000 - $4,000 it might even be more… i don’t know to be sure.

all i’m saying is , don’t go into this thinking you are going to pay $50 and “She’ll be right” ok
like i said, he doesn’t like wasting time with people who are not serious
if he tells you the price and you have a stink about it, he’ll come back to me and ask why did i refer you

so… You see why i’m hesitant… right ?

so… can we agree on that
NO MATTER WHAT HE QUOTES YOU. You don’t whinge about it, You don’t be rude… You just say… I AGREE or I DON’T AGREE simple as that ok

none of this “Aww what, what a rip off” BS ok
because for the work he puts in… it’s not a rip off
and for the value that it brings to your trading and how you can fix things, it’s not a rip off, you can take that from me.

i can see how some people would not be able to , or want to afford it
but there is no need for insults and whinging and whining about the price

it all comes down to
GET A QUOTE
ACCEPT IT OR DECLINE IT
simple

so can we agree on that. ?

:joy: Yes, that’s fine.

All the really effective knowledge I have learned came from this forum. A friend of mine has a quote I really like:

“My advise is free and worth every penny!”

1 Like

I have another favourite quote