Good morning. I am André from South Africa. My goal is to learn to make more profits than losses. However, I know that the journey will take a long time without a mentor
Welcome Andrecels
Look like your goal is the same as all traders, be profitable!
Before you do anything I would suggest doing loads of basic training and a good place to start is the School of Pipsology here on babypips:
Learn How to Trade the Markets (babypips.com)
Once you’ve learnt the basics you will need to seek out more advanced education. I’m not 100% sure a mentor is the right way to go as every trader has a different style of trading. So you would need to find someone who has a trading style that fits with you, and they’ll be hard to find!
I wish you luck on your trading journey.
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hi there , how long you think will the journey take? for reference ， i took 14 years
ah … the hard part about a mentor ,there is nobody can make you profit ,because a truely profitable person will tell you their secret . so be prepare with scammers
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Thanks for the advice. There are indeed so many so-called gurus who try to unnerve you, so that you no longer have to believe in yourself, but only for them. What pitfalls would you try to avoid if you were in my beginner’s shoes?
actually you cant avoid any of the process ,but you can speed it up.
try all indicators ,theories, systems, books etc you can found on internet or any source.
after ten of thousands of failures ,youll reach a point that call hopeless despair，then youll start finding something out of the trading circle.up until here will toke about 10 years ,try speed it up asap and good luck.the rest of it ?well we can talk later if you still survive then.
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The only process is to get the right education. Trying every indicator and theory is just a one way ticket to disaster. During your education to will soon learn most of the indicators etc are useless.
One thing is for sure, it’s not a quick or easy process, that’s why most people fail. Trading is also the hardest job in finance. Think of it like, trading is to the finance industry as to what brain surgery is to doctors. Only a few people can become doctors, and ever less of those can become brain surgeons.
If you get the right education, work hard and can give your time (years) to learning you will be fine.
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Don’t trade with real money until you have found a consistently profitable strategy and demo-traded it.
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I spent two years learning the ropes on a demo account, only to find the ropes extended three fold when going live with an initial strategy that needed a process discipline and patience as well as a several tweaks to get where I am today four years down the line as a breakeven profitable trader with a ZEN mindset. Yes, in the process, I blew one account, and managed a $60 account for six months as a challenge not to lose it.
Climbing Mount Everest carrying a parachute and flag on my back would have been easier.
Best of luck.
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Thanks for the advice Steve!
The need to be right is one of my biggest issues. Someone said: “Do more of the things that work and less of the things that don’t” Will it take me also a couple of years to find out what work and not working?
I don’t think there is any need to anticipate how long it will take. This varies a lot and depends on a lot of variables. But what is important is to realise (as you clearly have) that there are no short cuts to a lot of hard work and study.
The other aspect that you have clearly accepted is that trading is based on probabilities. And that means there will be both gains and losses - and that the main aim is to ensure that the gains are greater than the losses. This is the core issue that underscores the role of risk/money management at all times. You really need to ensure you develop this alongside developing your strategy.
But there are some very basic features that are worth clarifying before you start your journey. One does not just “trade forex”. There are tons of different methods and approaches and parameters to consider. Here are a few to start with:
Are you a scalper, day trader, swing trader, long-term investor?
How much will you base your trades on fundamental and/or technical analysis?
How much will you base your trades on indicators and/or price analysis techniques?
How much time do you have for analysis?
How much capital do you have?
What pairs are you interested in?
How much do you prefer to automate your entry/exits or manage them personally?
These initial assumptions may well change as you go, but by profiling your trader style you can focus your learning on what you actually need to know to develop your strategy rather than just haphazardly drifting from one idea to another, looking for “something that works”.
By working these points on a demo account you can be more systematic in your learning stages which puts you in a better position when you start to handle the psychological issues when you go live…
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Sovo $ has given sound advice. I am a trend trader, which is simple and is a long term profitable strategy process, once you have learnt how to set up your own strategy process.
The main aim is to follow price action of as many financial markets as you wish to choose. FX currency pairs, stocks, and indices like FTSE, DAX, DOW and NASDAQ.
I look out for at least three consecutive trending candles on a day chart approaching a previous support and resistence zone, which gives a possibility that the price action wave could repeat itself - and which highlights where to place a T/P. I would also check that the 4hr and 1 hr charts are trending the same way.
That is the basic premise from which you could add several trend indices and oscillators.
Hope that helps. Best of luck.
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Welcome Andre! There’s so much to learn as a newbie so remember to be patient and dedicated in this journey. Good luck!
Welcome to the community, Andre. Start with the education section here. It’s the best place to start for beginners.
Welcome Andre! How are things going for you? Hope you’re having a great time here and good luck on your trading journey!