Who is your mentor in the market?

Hello, I’m new here, and I’m starting in Forex a few months.
What are the best books you’ve read on the market?
Who is your mentor in the market?
What do you recommend for a beginner?

I do not have any mentor. I have read many books, pdfs and articles about Forex trading. A book on Japanese Candle Stick was a good read. I recommend that a beginner must devote himself to learn trading first. He must invest his time before investing money in this market.

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Hi,
Welcome.
For books, use the magnifying glass (search icon) at the top right hand side just next to your avatar. Type in Forex Books and see the top 50 posts on books recommendations.
I do not have a mentor
for a beginner, I recommend going to the Education tab at the top of the page and reading the entire of the School of Pipsology for a good grounding in Forex before trying to trade. Get familiar with the terms used and the types of trading plans that people favour (there are loads of them)

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Thank you so much, for all the informations. :slight_smile:

I don’t have a mentor, I trade on my own, more or less. I did learn from a family member though.

Books? None. Waste of time in my opinion. Too much hype around fake coaches. Opinions can differ though. Need help in psychology? Go to a psychiatrist. They are specialized in mental health for a reason.

Mentors? I was lucky to have met the right people who had the material I needed to study. In that sense I have had a variety of mentors.

Recommendation for a beginner? Having a mentor can help you to lose less as a mentor will prevent you from making the same mistakes as that mentor had done. Furthermore it will speed up your learning process. A good mentor will guide you from the beginning to the end and will get to know your trading personality.

Trading without a mentor can be done as well. It will just take you more time and perhaps cost you more money in the end. Unless you get scammed. Then it is a complete waste of your money. When you want to join a mentorship ask the mentor for a preview of the mentorship, the logbooks ( a profitable trader has many ), etc.

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I have learnt all by myself. You don’t need a mentor to learn. You can do that on your own.

Mentors are good but instead of them learn and research your own. There are lots of forex trading books, pdfs and videos. So before investing your real money learn,explore and give time more. These things will help you more in attaining

My mindset; actually I tightly follow the rules of money management & risk management! Besides, I don’t have any mentor!

My previous trading experiences! Actually, I started my trading with a zero background, and I didn’t have any mentor in my learning process!

For me, a mentor, if you can call it that, is a demo account of AMarkets broker. I started working and studying on this platform, and I think that I made the right choice.

Re: books, babypips published their list here:

Wow, I have read 6 out of 10 of these since 2010. I should have learned something. My favourites are Mark Douglas and Van Tharp. I have a very short bucket list but on it is to meet Van Tharp in person, preferably by having a large enough portfolio to attend one of his masterclass sessions, but that is probably not going to happen.

Anything else in that bucket that can be done now?

How ? Does that works

Yes, recognize my OCD and follow my 10 year old mantra of “how much is enough?” For a long time I concentrated on that. I now recognize that I tend to overanalyze and over-diversify, to the detriment of my mental condition of never being satisfied with my own output. We have three “targets” that define virtual retirement. Minimum (achieved), Target 80% achieved, Stretch. Not comfortable that this can ever be achieved but it is defined as ensuring a continuous stream of income equivalent to about 10 times a UK standard national pension whilst maintaining the capital value that results in intergenerational wealth transfer. Problem here is we never asked our boys until recently about their thoughts on the wealth target and how to achieve it (to become stakeholders themselves at 30 and 25). Surprisingly they said they cared so much more about their mother’s heart and their father’s kidneys that they wished we drop the idea of the stretch target. They would rather we worked less and worried less about their own futures. They have no aspirations to be “rich” and they told me I have had OCD for years and they want me to relax.

How is that for a realisation? I may eventually accept a full time consultancy job next year. That was something I never thought I would contemplate having spent 30 years as an independant. But if I did, and worked for about another five years, then the Target would be 100% in sight. That requires an enormous mindset change because our targets have not changed in 35 years. :100:

That is so precious.

I wonder if that mindset can quickly be turned off just like that? I feel like high-achievers / goal-oriented people are just built a certain way.

Ah okay. Prob the way easier route then, no?

Just for you - because I love your curiosity. I have a new friend (holistic healer is the best way I can describe him) who is 12,000 miles away. Thank goodness for WhatsApp and he doesn’t mind getting up really early. Anyway, like all other things in my life, I looked at the options open to me, and chose to ask Chris - since we are on a barter trade for the past few weeks. I mentor him in UK property investment (unconventional methods for which I have a reasonably successful background and track record) and he provides holistic healing for my family. So I decided last weekend to take his advice absolutely to the letter and on Sunday morning woke up with a singleminded purpose to “just do the most important thing that has been bugging me for the longest” - spend up to 3 hours on the task and see if you can complete it, then reward yourself by having a luxury or three. So I decided to tackle the greenhouse lean-to that has just ended up as a rubbish store. It took me four hours, and I needed to stop between 20 or 30 times to ask myself those OCD type questions. You know what they are all you 3% of the population who knows they have it - and maybe the other 47% who haven’t got a clue they have it. I won the battle. It took 4 hours but a car full of rubbish made it to the local recycling centre. 10 more trips to go (joking, more like 5). If I ever thought “do I REALLY need to throw this out - maybe I will need it one day”, I had the stock answer written down that was “in the unlikely event you need this in the future, there will be 99 other items you will never need. Your solution is to go out and buy a new one” Totally against my character but something I am willing to support. Today, I went to a new site office locally in which I may be spending 1/3 of my life for the next two years. It is my new consulting job. In the office there was an aerial photo of the site being reconstructed, and I thought “oh, I have just thrown out eight new picture frames that would have been ideal to frame one of these aerial pictures in”. The answer was “you will never get the time to frame on yourself - who are you kidding”, and I mentally noted another gain. Just because you have an idea that an item would be nice to have doesn’t mean you have to add it to the list of the other 600 things you “need to do” but never get around to doing. So today - manic! Tomorrow - avoid the depressive. :crazy_face:

Haha yes this exactly.

I have seen first hand many aunts and uncles who have a hoarding problem and I always think about them whenever I don’t feel like getting rid of anything. If I have not used something in 2 years, into the trash it will go!

But other than that, I meant like being able to just sit around and do nothing. Is that something difficult for you to do? To just relax?

Not really. I have recently taken to just going for very short walks - from 5 minutes to 15 minutes. Weather is great this time of year, and it clears my head. But I do have a problem that is not simple to correct. I have a thirst for knowledge across a very broad range of topics. I don’t know anyone else who has the same intensity about learning.

After my sons said they did not wish to do anything special this long holiday weekend, and with my wife attending to her mother in Damascus, I decided to read “Devops for Dummies” and found far greater satisfaction from that 4 hour read and 4 pages of summary notes than I would have watching two movies or going out for a meal with nobody. LOL. It has a purpose. I have a new team of 8 to manage from next week, and wanted to know what they actually do in practicality. Now I know, and I hope to be a qualified dummy, not an unread dummy. :crazy_face: