The problem is not having a mentor as such, it’s finding a good one. As we all know, there are plenty of scammers out there who are more skilled at convincing their ‘students’ to part with their hard-earned cash than they are at actual trading.
When you first start learning about trading, how can you possibly distinguish between a good mentor and a bad one? Someone smart enough to scam an aspiring trader out of their money is probably also smart enough to fake some convincing reviews. Do all the due diligence you want, you’re still going to need a bit of luck finding a good mentor if you are completely new to trading.
This is why I suggest starting with free education like the Babypips course and lots of good books. This then gives aspiring traders a frame of reference that will hopefully help them judge whether a given mentor really knows their stuff or whether they are just clever marketers.
Your assertion that it would help those new to trading spend less time and money learning the craft is not always true. If someone is unfortunate enough to get webbed up with a scammer at the beginning of their journey, they could end up spending more money than they ever dreamed of and still not learn the craft. Unfortunately, it happens far too often.
With all due respect, this is a subjective opinion, not an objective fact.
I am living proof of it.
I taught myself to speak fluent Spanish with no mentors, tutors or guidance for several years in the beginning.
I started out with a simple phrase book. I watched Spanish movies, listened to Spanish radio stations, read Spanish newspapers. I couldn’t understand much of course but I at least started getting a feel for the rhythm of the language.
I never had any tutors or mentors around me. I never even had any other Spanish speakers around me. After a few months, I invested in a Spanish For Beginners CD course by Michel Thomas (Yes, it was that long ago, CDs still existed!)
I slowly learned to speak Spanish and eventually became fluent which I only fully realised when I met a native Spanish speaker who was in the UK on business.
Years later, having fallen in love with the language, I finally ended up taking three Spanish modules with the Open University but that was the first formal training I had.
I might argue that finding good students could be just as hard as finding a good mentor (“good” meaning reputable).
Most traders starting out are not looking for advice on what it takes to become a good trader, they’re looking for advice on how to make the RSI settings work properly on the 1 min TF. They don’t really care about the bigger picture.
For the most part, I believe teaching in this game is just a waste of time unless your students already have some experience and have proven that they are willing to put in the work.
I agree with you fully. I have been training people for the last 3 years and one needs good students as well who are willing to walk the path with dedication
To share my personal experience, I began by checking a few websites and YouTube channels. After that, I used my prior knowledge to enrol in mentored programmes.
I have a website dahcin-fx.com. and the You Tube channel is Dahcin Fx. Both of the 2 are new since I just started training online. I had always done it one on one
Having guidance at the beginning would have been very useful to filter out the YouTube garbage trading content. Having a mentor that can identify which method of trading would best suit my personality and the way I think would also have saved me time in experimenting with different methods. There is value in being self-taught as it allows independent discovery but it makes the process much longer through trial and error.
Time is money. What you lose in time attempting to save money by not getting mentored is not a good return on investment. You delay your ability to earn which affects your ability to compound your earnings. You can always make more money, but your years on earth are limited.
You will pay for this education in money spent on mentorship, money lost to the market in trial and error, time lost to self-teaching, or all of the above.
Whether to be self-taught or seek guidance from a website or mentor depends on personal preference and learning style. Some people thrive when they have structured guidance, while others prefer to learn independently at their own pace. There are benefits to both methods - a website can provide a wealth of resources and information, while a mentor can offer personalized feedback and support. Ultimately, the key is to find a learning method that works best for you and helps you achieve your goals.
