Pay a mentor, study the right material, & practise

Beginner Questions Trading Psychology
1

I think that it’s important to know the truth about trading whether the information is good or bad. It prepares us for uncertainties. Yet, I think also that it’s not helpful to focus on, ". . . how tough trading is, and how very few people make it". This may affect your psychology to perform well. It’s hard, but how did others manage? It’s doable***. So, you must make a habit of learning from the very best. I think that you need to invest some money to pay a skilled mentor or school to learn. Besides, you must spend a lot of time practising trading until you know better. Furthermore, you must read, research, and watch videos. I have been reading material here at Babypips.com and also at Investopedia, etc. They have a lot of valuable information.

NB: This information may not apply to everyone, especially advanced traders. Just ignore it if doesn’t please you in any way.

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2

I think that a very important factor that will help you become a profitable trader or investor is the acknowledgment that forex trading and investments work in the same way as investments in stocks, CFDs, or other financial instruments. The fact that it is possible to use leverage allows investors with less capital to start trading where they would not be able to do so without leverage.

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3

Maybe it is best to take a course on finance and world economics, A serious course would help anyone understand currencies and what moves them.

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4

Thanks for sharing!

I think that your reply ties very well with my topic. I emphasized that a trader must invest in education, mentorship, and time. These are some crucial factors in any trade.

Your focus differs a little bit from mine. You argue that any forex trader, who wants to be successful, must learn to apply investment methods used in trading stocks, CDFs, and other assets.

Well, I think that a trader must have some kind of knowledge to spot investment similarities, which you’re talking about. S/he may acquire this knowledge from other people, the internet, books, etc.

You may also agree with me that investing money in anything without prior knowledge is dangerous. It’s like putting your money into a dark hole, without knowing how deep it is, and hoping that it would safely remain there.

Some people may not want to learn about Forex trading. Yet, it isn’t gambling or sex, where one tries his/her luck on the first attempt without prior knowledge. You must develop the right instinct, skills, and mostly emotional stamina to be successful.

Of course, one can start trading without the right education, but still, make lots of money. Yet, several statistics have shown that such people often lose money. I’m not saying that those, who learn about forex trading become gurus, who never lose any trade. We all lose trades at times. The difference is that we learn about trading psychology and skills, which help us make consistent profits. The trading success may surpass our losses. For example, we may win only two trades out of five. Yet, the total amount of money from the two wins may be much more than that from the three losses.

Warm regards,

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5

A mentor can be a good option if you get a good one. Even legendary Warren Buffett had mentor. But his mentor was Benjamin Graham, often known as the father of value investing. A Mentor is good if you get a skilled mentor. Otherwise self learning is the best.

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6

I think there was a misunderstood. I argue that the forex market does not differ from other financial markets in terms of operation and not that you should gain knowledge and experience in many markets.

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7

Leverage may be a factor in low investment. Broker leverage allows traders to trade in the Forex market. Every trader gets a chance to benefit from this facility. And in the case of profit, the cooperation of a good mentor is needed. A mentor who can show a trader the right way.

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8

Well noted

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People learn differently. If self taught methods work for you. That’s okay.

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Knowledge is very important in forex trading. Forex offers many benefits. Leverage allows a trader to trade with little capital. I can take many more benefits from trading.

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Right , One should choose a good mentor for training. Mentor helped you a lot in learning he things you must need a lot of time. they can teach you in a planned and proved way . Rest is on y our trading practice . Mentor will save your time and many mistakes you will do as a beginner.

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12

So very true!

13

You are very right to bring out the issue of leverage, which most beginners ignore, and it affects them.

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@Mupo yes I agree that if self learning works for anyone that’s the best thing to do. Moreover finding a good mentor is not easy. Most of the mentors are fake.

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15

Ha! Ha! Ha! So true.

A lot of people online pretend to be highly knowledgeable in trading. They will show you great trades, but never those trades, which they lost. I would call this fakism for lack of a better term.

However, if one finds a great mentor, it’s good. I think that one might have found a treasure because a mentor helps cut off a lot of time, energy, and pain that is incurred when studying solo. Besides, one can make good money right from the early stages of learning. This happens only with a great and committed mentor.

So, one must be aware of those crazy mentors, who prioritize money at the expense of a learner. They may have 50-200 learners. This kind of mentor has no time for any learner. Perhaps, s/he has to work, trade, and teach others. How possible is it for him/her to divide time among personal needs and numerous learners.

One must carefully select a mentor. What good is a mentor, who is constantly sending learners recorded videos all the time without explanations? They can do this by accessing Youtube on their own. Yet, this is often common with some mentors or academies.

Thus, one must have an electic and sharp eye to see the qualities of a great mentor. Pay only if the mentor provides you with the best lessons. It means that you select a mentor, who suits your needs. A committed mentor must have a 100% payback guarantee. This shows seriousness. So, I would not join that mentor or academy without a guarantee.

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16

where I wrote about that self-taught methods work for me?

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17

Good for you.

If you don’t mind, let me ask you this question: how long have you been trading?

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hi, from 2006

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19

. . . HATS OFF FOR YOU!

Well great. You must have lots of experience to share with us. 2006 to date is over 20yrs of experience. I only began last year (2020). I’m still excited and full of steam. I am hoping that my steam engine continues functioning.

How did you manage to stay in trading this long because it is said that only about 10% traders succeed?

20

15 years not 20 :wink:

passion

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