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"Beginner" really need advice 49 replies

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Attachments: No One Should Ever Pay For A Beginner Course
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No One Should Ever Pay For A Beginner Course

Quoting rhodesy
I'm reading two books at the minute, Naked Forex and Trading on 5 hours a day. Both good reads, different ideas though.
Hi Rhodesy, I have looked up the Naked Forex and Trading on 5 hours a day books. Yet, I could not find the author of Trading on 5 hours a day. Can you please provide me the author if this book? The Naked Forex trading is quite an interesting concept; trading techniques without indicators. I wonder how many traders out there use MT4 without any indicators at all.
  • Post #82
  • Quote
  • Edited 12:19pm Sep 6, 2016 12:07pm | Edited 12:19pm
i do listen to podcasts in the car usually ..
i'm still doing it ..

its true like powertrade say .. a course does cut the learning short by alot ..
BUT the course is not what makes a trader and thats the parts where the 95% loosing traders meet the 99% sucessful so called "guru's"

i myself did write alot of them .. they all very supportive and inviting .. some even tell you great stuff ...
but most of it you know by that time already anyway. and if you ask for proof .. they get quiet really quickly.

there is a huge difference between a mentor and a socalled Guru .. and for a Rookie its basically impossible to filter the scams from the honest ones.

its the same with EA's and Indicators.they are great tools but having alot of tools does not make you a contractor.

the filtering of the scams from the real ones is too exorsting .. thats why i would anyone advice to stay away from courses.

its far better to go in person to seminars where the peoples speak with 6-7 figures on the bank made by trading.
suprisingly, this seminars are usually free
and you get to socialize with some real traders.

as a general indicator .. check the website of the so-called Guru ..
if there is anything "bling" to see .. like a Car, cash boats buildings whatever -> Stay AWAY !
if they talk about "i make 10000pips in whatever" -> Stay away
if they show you how they made 3000$ on one trade -> Stay away.

trading is not about boats, cars, pips and money!
its a business and just like in all other businesses only equity and gain matters at the end of the day.
anything else is just a by-product.

P.S. everyone can make 3000$ in one trade .. just put about 150000$ on your account . sell 200 Lot and wait 1 pip down to move
and POOF .. there are your 3000$ you dont need to be a guru to do that .. thats why money is a useless indicator for success.
Quoting nullx8
its far better to go in person to seminars where the peoples speak with 6-7 figures on the bank made by trading. suprisingly, this seminars are usually free and you get to socialize with some real traders.
You have got my attention there Nullx8, which seminars have you attended or recommend? It's indeed a much better experience to speak to the persons with knowledge face to face and meet other traders to socialise.
Google Trading on 5 hours a week pdf and thank me later

To be honest I am a complete noobie in dire need of help. I'm staying focused on it and it is all I think about. Hopefully one day haha
Quoting ForexGump7
{quote} Hi Rhodesy, I have looked up the Naked Forex and Trading on 5 hours a day books. Yet, I could not find the author of Trading on 5 hours a day. Can you please provide me the author if this book? The Naked Forex trading is quite an interesting concept; trading techniques without indicators. I wonder how many traders out there use MT4 without any indicators at all.
If you can read price action properly there is no need for indicators if you don't want them.
Quoting ForexGump7
{quote} You have got my attention there Nullx8, which seminars have you attended or recommend? It's indeed a much better experience to speak to the persons with knowledge face to face and meet other traders to socialise.
i have demo (or even live accounts) i never use at various local Brokers ..

they regulary hold seminars to attract customers ... (iam a "almost" customer so i get the spam delivered to my email regulary)
this are mainly sales pitches ... (its like going on this 5$ bus Tours where everything is free .. and on the end they sell you stuff you not need)

but they have to get you into the trap and usually they do this by having a famous host ...
and with a serious host .. a great part of the crowd are actual traders.

search youtube for "Mario Singh" as example ..
he is usually whoring for its own mentorships .. but he deliveres a great deal of education along the way.
and meeting peoples like him and or the crowd he drags with him, are worth the trip for sure.
  • Post #87
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  • Edited 6:36pm Sep 6, 2016 6:01pm | Edited 6:36pm
Quoting nullx8
i do listen to podcasts in the car usually .. i'm still doing it .. its true like powertrade say .. a course does cut the learning short by alot .. BUT the course is not what makes a trader and thats the parts where the 95% loosing traders meet the 99% sucessful so called "guru's" i myself did write alot of them .. they all very supportive and inviting .. some even tell you great stuff ... but most of it you know by that time already anyway. and if you ask for proof .. they get quiet really quickly. there is a huge difference between a mentor and...
This post reminds me of a site I once visited it is something to think about... www.jurikres.com/snake/main_oil.htm It won't give you a strategy but it might keep you from wasting your money on a bad one. I love the statement that EVERY STRATEGY CAN MAKE YOU A LOT OF MONEY IF YOU SELL ENOUGH OF THEM. The last statement of asking for a broker's statement of the last 200 trades is a great idea. I did ask one mentor years ago for proff that he was a successfully trader and he gave me all these reasons he couldn't do that and 2 years later and 3,000 dollars later I sure wish I would have insisted on proff.

Good luck to all ....it is a journey to be a consistant trader. Everyone must find their own system that works.

Keith
Quoting Keith0609
{quote} This post reminds me of a site I once visited it is something to think about... www.jurikres.com/snake/main_oil.htm It won't give you a strategy but it might keep you from wasting your money on a bad one. I love the statement that EVERY STRATEGY CAN MAKE YOU A LOT OF MONEY IF YOU SELL ENOUGH OF THEM. The last statement of asking for a broker's statement of the last 200 trades is a great idea. I did ask one mentor years ago for proff that he was a successfully trader and he gave me all...

I can say this is why people are prefer to sell the theory itself rather than use it for their trading activities ._.
Quoting hanover
{quote} I see it differently. I'm not going to put a percentage value on each component, but an apprentice trader must get past the four base items, to give himself a chance of overcoming his nerves, and maintaining any kind of consistent discipline. And if he doesn't master all of the base items, he'll lose anyway. {image}
I agree and I think anyone serious about trading should check out this interview. https://chatwithtraders.com/ep-082-futures-trader-71/
Chat with traders podcast is defently a great source of knowledge !!
i listen to the interviews in the car.
I believe with a good mentor and by using his experience, he will be able to join those pieces for you and provide you with decent training and foundation.
After that its up to you to find the information you know and improve from there
I don't think that having a mentor is always necessary. One can be entirely self-taught and still be successful.
Quoting mlawson71
I don't think that having a mentor is always necessary. One can be entirely self-taught and still be successful.
having some sort of social engagement about a common topic does certainly help !!
especially about confidence things and one can exchange ideas ..

however, the problem is the mentors needed to be selected well.
and a forum/chat like this one here does not certainly not qualify as ground for useful knowledge as its a full time job to filter the peoples that know hat they talk about from the trolls!

so yes its correct, its better without a mentor,
also paid mentors may not give the return they promise ..

so the road alone is sure longer but knowledge is first hand.
Quoting gabanda
I believe with a good mentor and by using his experience, he will be able to join those pieces for you and provide you with decent training and foundation. After that its up to you to find the information you know and improve from there
You're quite right. I'm sure that courses or mentor are no good for newbies. When someone learns by himself, he has to read plenty of information and it all takees time... When a trader learns from teacher, he gets everything at once, he gets only necessary info. So, I'd voted for courses
Quoting nullx8
{quote} having some sort of social engagement about a common topic does certainly help !! especially about confidence things and one can exchange ideas .. however, the problem is the mentors needed to be selected well. and a forum/chat like this one here does not certainly not qualify as ground for useful knowledge as its a full time job to filter the peoples that know hat they talk about from the trolls! so yes its correct, its better without a mentor, also paid mentors may not give the return they promise .. so the road alone is sure longer but...
Being on a forum does provide a social engagement, even if it doesn't always provide knowledge, but it's still better than nothing.
When it comes to mentorships, I think that the best possible scenario is for the mentor to be someone who genuinely cares about their mentee and their primary motivation is not to get paid. Obviously such a scenario happens rarely though.
Totally agree... it's human psychology to think that paid stuff is better than free.
There're plenty of resources about trading available for free but it's up to individuals to decide.
Sometimes paid stuff is indeed better than the free stuff, but unfortunately one doesn't find out whether that's the case for them until after they've paid for it.
Exactly, this is the sad truth but not only for traders but for everyone. We care more about our belongings that is why you take a good care for them and try not to lose it !
Lot's of Beginner Courses, ebooks and videos can be found on internet! You don't need to go anywhere to learn Forex! Dont spend your moeny for learning, you can learn it by yourself with the help of internet! Trust me! I learned that. Save the course fee of your money, deposit big with a good broker. Much more chance to get profit there.
I came here to ask a question about percent of margin. I'm a rookie trader with a 60,000 dollar account. However I only invest at max 25 perfect of that in total for positions. Also I only put at max 3,000 dollars at max into one currency. I consider my trading very conservative. I would like to ask how many agree with me. Last month I made 8000 dollars. This month has been very slow but no losses as of yet.
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