I’ve been trading off and on since 2012. I averaged 30+% for 3 years, then made a big mistake and lost all my profits in 1 year. Since then, I’ve been way to conservative
I really want to get back into trading like I used too. This time I want to do it differently. I want to be part of a support group or mentor group. I follow the saying. "If you want to be successful. Surround yourself with successful people.
Are any of your profitable traders mentors, or do you suggest any groups to join?
Ha! I was about to say this actually. Haha. There are lots of experienced traders here that you can consult and maybe even I can help you out? But I’ll definitely be cheering for you! Good luuuck!
Hi and welcome back.
we may have something in common. This is my fourth time around in Forex. I find the forum very encouraging, and have found other excellent sources of learning starting off from BabyPips. I decided to devote a significant amount of time (about 160 hours of which I have done almost 3/4) on making sure this time that I have a strategy and plan that is as detailed as is most of my project and programme management documentation. One of the information sources I have found invaluable in assisting with this task is referred to as the NNFX method (no nonsense forex). I have watched to date around 100 Youtube videos or podcasts from the “mentor” VP, and there has been very little I have not been able to understand and nothing I have been able to disagree with in all that time at the screen. At the highest level, the main takeaways for me have been:
1 I absolutely believe I will end up with a winning system, and I don’t care whether it returns 5% per year or 500% per year.
2 I have been able to set 90% of variables to constants as I am about 90% through all his material.
3 The main objective is not to assure a separate income stream from Forex trading, but rather to derisk other investments like gold, silver and crypto that are becoming an increasing proportion of our portfolio by their performance relative to other investments
4 Fourth time around - I could not hand on heart say I felt this way in any of the other three epochs in which I have participated in Forex.
5 If I am wrong the fourth time, it will be no big deal to join the other 99% of would-be Forex traders. There are other pursuits in life that are queuing up for my attention after Forex.
He also has a Telegram group and does daily live YouTube.
Make sure that you are on the genuine Tom Hougaard because he has drawn attention to the fact that there are rip off merchants using his name.
All his stuff is FREE
While this can be pretty helpful, I think it will still depend on your style and comfortability. What I’m pointing out here is it’s really a case-to-case basis. I used to think that way as well, that I need to be with like-minded and successful people, so I can be successful as well. But it really made me uncomfortable, especially since arguing stresses me out and I function better and more effectively when I’m alone. That eventually made me more stressed out and incurred more losses on my trading. Trading all alone by myself, like a lone wolf, was the greatest decision I ever made. I’m not stressed out with my trading and have been consistently profitable ever since. So I think it’s all up to you. Just be careful when joining these groups, as they might profit off of unsuspecting members like you. I usually say if a mentor is truly profitable, then there’s really no reason for him/her to charge the members, right?
I agree, but only if that person derives satisfaction in teaching others without expectation of any kind of compensation. Those people are very rare. The only ones I can truly remember are my father and his closest brother, both of whom I received more than my fair share of knowledge and experience. Oh - and a friend of ten years my senior at church when I was a young teenager - an industrial chemist who convinced me to “try electronics - because it was the future”. He got that one right, didn’t he?
Thank you. I hope it is. As mentioned by others, the hardest part is we all have different ways of trading. More than anything, I think being around positive and encouraging people is best. I was in a Facebook group that was always hating on each others strategies. Pretty discouraging.
Yes, nice to meet you. I am a HUGE fan of NNFX. I’ve done the material 2 times through. I’ve built a B/E system, but got discouraged because there were so many haters of VP’s style. As I type this, I think @chamcham may be right in doing it alone. That way the negativity doesn’t get in the way.
BUT, There are things I can learn from others. I am a linear thinker and feel that I miss things. For example, I ultimately failed after 3 years of success because I wouldn’t use a stop loss. It workd for 3 years, but then it killed me in one trade. I also didn’t know I could backtest. If I was part of some type of group or education, I would have learned that before it was too late.
Thank you. I’m realizing my problem might be info overload. It seems like he calls this out too. There are many ways to be a successful trader. I just need to figure out which is best for me. That journey seems impossible though. It could take a lifetime to sift through everything. So, I should probably just pick something and go for it. Thoughts?
I see your point hear. I kind of feel the same way. But at the same time. I look at business coaches. They are very successful, yet they charge for their coaching. For sure there are some frauds. But I almost feel like if someone puts in the time to be successful, it’s ok for them to charge for some of their services. The hardest part is identifying the frauds. That’s why I haven’t paid for FOREX education because I think most of them aren’t successful.
The learning curve takes time, patience and practice.
Don’t go looking for short cuts and giving your money to snake oil salesmen !
All the ground work you will ever need is here on Babypips education.
You WILL find what suits you in the fulness of time.
Funnily enough, although I am in Tom Hougaards group I do not follow his trades - just a ‘watching brief’ - my style is somewhat different. But he is wise and good company
Do any of you use indicators for trading ? Based on my personality, I think it’s best for me to go that route. I like for sure signals. Anytime I try price action patterns, I force trades or don’t trust what I’m seeing.
Based on our discussion, that’s probably the route I will stick with. Not to say I’m not open to the other methods if I can put a good plan in place.
You don’t need to clutter your screen with too many indicators as they will often contradict each other and lead to confusion, same with multiple timeframes. Sometimes less is more, hence the naked chart route, though some would disagree and this is why you need to find what suits you - nothing is set in stone, no holy grail. It’s up to you.
One single preferred indicator is MACD - I don’t use it myself but many find it useful. I tend to favour MAs and use them in a MACD way (ie MACD without MACD).
Don’t be in too much of a hurry or you will finish up like a headless chicken !
No Holy Grail.
Good luck.
Haha. 
There are lots of experienced traders here that you can consult and maybe even I can help you out? 
But I’ll definitely be cheering for you! Good luuuck! 