Hi everyone, I recently started learning about Forex even though I’ve heard about it 8 years ago and thought it’s a scam. I work in the Trust & Safety field for the last 6 years so that helps spotting the fraudsters. I work from home and I basically want to diversify my income stream.
Anyone here who became a profitable trader without using services of a mentor and learned everything purely on YouTube?
FX trading is a high risk profit and LOSS venture. There’s mo guarantee you’ll make any income.
I learnt from reading trading books and practising daily alone on a demo account for eight months. As for social media, it’s marketing hype, best avoided.
I suggest completing Pipsology. Good luck!
Hey @steve369 , are you now a profitable trader? The thing with Forex is folks mustn’t be greedy, don’t do it to become a millionaire, take the small gains and set limits as you go along.
@dushimes definitely still need to hop over to that side of the site. Will do so after my shift is over.
I can see why people think it is a scam but the reality is that it’s the business of exchanging foreign currency, just as you do when you go on holiday abroad. Just on a massive scale.
Yes, I am a small-time profitable trader. That suits my style…
Mentors can tell you, what are the important thing s to know and save You abit of time.I spent ages trying to learn things which are of no use.
You have to find your own way really and a trading style to fit your own psychology/personality.It might be another reason why so many fail, they try and transfer the methods what they taught into their own practice.Instead of constantly practicing on Demo.
Abit like a skillful footballer/soccer player he finds his own
Creative level
@cashisking86 folks think it’s a scam mostly because of the fraudsters on social media promising ridiculous returns and showing off a flashy lifestyle. It’s always new accounts using cloned images from the internet.
It’s only after I came across interviews from real people, real traders on YouTube that I saw that this is real. I have now probably watched over 20 interviews, learned so much from those, mostly psychology and controlling emotions.
Now I am on the next stage of the journey - which is to take classes and do some practicals on the demo.
@steve369 that’s great to hear man. I’m happy for you and one day I wanna get to that point but first, I need to do a bit more learning.
@greenscorpio did you use the service of a mentor when you started? If yes, do you think it was absolutely necessary to use a mentor vs learning on your own via platforms like YouTube or babypips?
No I have not been mentored.This is a topic which is always mentioned on here and people generally agree.Maybe having a mentor will speed up the process.Though the obvious question s are asked.why is the person mentoring if he so successful himself ?not wanting to sound cynical.
I mentioned what I might think could be the possible pitfalls of having a mentor in my previous post
Hey, I must tell you that youtube is a great source of learning. But along with that, you can also go through the school of pipsology. As far as it is about doing without a mentor, not many traders get a mentor’s guidance and pave their own way.
Hello and welcome to the community! Take your education seriously and go through every lesson you come across. Trading is difficult and you need a strong mind along with a strong trading plan.
Social media has a lot to answer for related to trading for sure. Painting it as an easy way to make extra money is so far from the truth it should be illegal. In fact it probably is.
Learn to accept emotional responses, mainly fear of missing out or fear of losing, that’s normal. Aim to detach your mindset from taking any action. Profits and losses are normal.
If you can resolve the problem you don’t have to worry, and if you can’t resolve the problem, you don’t have to worry.
Be a ZEN trader, like me.
Hi and welcome… 
Hi Welcome. The Forex market is a highly volatile market. Unless you don’t have a steady foundation, making money in it is not easy. Explore the education section on this forum. It will guide you with how to get started. Good luck!
Hi my friend
Yes Youtube and even Twitter will help you to become a profitable trader with the right work and foundation you will get there
I am new here hope you guys will guide me along the line cos am still yet to finish pip lessons
Hey, don’t overlook the fact that forex trading is a risky business and there is no guarantee of how you are going to perform here. So, plan your moves always.