Forex Mentors - The Best Investment You Can Make? | Forex Factory

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Forex Mentors - The Best Investment You Can Make?

  • #1
  • First Post: Aug 1, 2009 7:25am Aug 1, 2009 7:25am
I saw this topic and thought it would be a worthwhile discussion topic.
http://www.forexfactory.com/news.php?do=news&id=187395

I am a CPA accountant, and I had a mentor in this business. In Australia, CPA’s are required by law to have a mentor so that junior members of the profession don't continually make the same mistakes as previous professionals. My mentor has saved me 100's of thousands of dollars from not making mistakes.
A good mentor is like a good Franchisor, they have been through all the problems and have streamlined an effective system that reduces loss and has maximised profitability

I am now being mentored by Jacko in this Forex business. I am trading from his signals and am being mentored by him. I agreed to being mentored by him because I wanted to be trained by an experienced and successful trader who can show that he has been consistently profitable over a long term period. Jacko has been a top line mentor to me and I can only say that I would not have been anywhere near as successful in trading without his mentoring
From my experience, my philosophy about mentors in forex is this.
If you are a novice trader, an experienced mentor will save you more in time and money than you can possibly believe.
If you are already a trader, a mentor will improve your techniques
If you an experienced trader and you can’t afford a mentor to review your trading, then you are a trader that needs serious help.
  • #2
  • Aug 1, 2009 7:43pm Aug 1, 2009 7:43pm
Quoting fxtrader29
I

If you are a novice trader, an experienced mentor will save you more in time and money than you can possibly believe.
If you are already a trader, a mentor will improve your techniques
If you an experienced trader and you can’t afford a mentor to review your trading, then you are a trader that needs serious help....
I wholeheartedly agree with this. My trading has taken a big turn around since being mentored by Wayne Jacko Jackson. When I look back on my trading before becoming a mentoree, my trading was rubbish. It was no more than punting on misguided whims. Wayne has saved me from destoying my account by trying to scalp and has helped me see this for what it is. It is a long term business that I can do for the rest of my life.
  • #3
  • Aug 1, 2009 8:26pm Aug 1, 2009 8:26pm
That makes a lot of sense and I'd love to have a mentor. Can you guys give me some suggestions about finding a mentor? I feel as though I have some understanding of what I'm doing but I know that an experienced trader could send me down the right path.

I don't know how to go about finding a mentor. I'd be tremendously grateful for the opportunity to be trained but I don't know who to approach and how to approach them.
  • #4
  • Aug 1, 2009 9:38pm Aug 1, 2009 9:38pm
Quoting mjotic
That makes a lot of sense and I'd love to have a mentor. Can you guys give me some suggestions about finding a mentor? I feel as though I have some understanding of what I'm doing but I know that an experienced trader could send me down the right path.

I don't know how to go about finding a mentor. I'd be tremendously grateful for the opportunity to be trained but I don't know who to approach and how to approach them.
The two best on all the forums are right here on FF

http://www.forexfactory.com/t/27286/...re-pain-1.html


http://www.forexfactory.com/t/2331/j...-thread-1.html


Jacko is a BIG sucessful hardcore trader who sends us his buy or sell price, his Stop Loss and his expected target. He is a real trader who posts and SMSes ALL his trades before he takes them. He SMSes his trades as his entries are hit.

James16 is more explanations of the Art of the Charts with multiple possible entry points.
  • #5
  • Aug 1, 2009 10:25pm Aug 1, 2009 10:25pm
What can a mentor teach you that you do not already know?

 

  1. Price either goes up or down.
  2. No one knows what will happen next.
  3. Keep losses small and let winners run.
  4. POSITION SIZE = RISK / STOP LOSS
  5. The reason you entered has no bearing on the outcome of your trade.
  6. You can control the size of your loss (skill) but you can't control the size of your win (luck).
  7. You need to know when to pick up your chips and cash them in.

  • #6
  • Aug 2, 2009 1:36am Aug 2, 2009 1:36am
mongreldog66

Thanks for the links, most appreciated. I wish you the best with your trading.
  • #7
  • Aug 2, 2009 4:43am Aug 2, 2009 4:43am
Quoting gbppip
What can a mentor teach you that you do not already know?

 

  1. Price either goes up or down.
  2. No one knows what will happen next.
  3. Keep losses small and let winners run.
  4. POSITION SIZE = RISK / STOP LOSS
  5. The reason you entered has no bearing on the outcome of your trade.
  6. You can control the size of your loss (skill) but you can't control the size of your win (luck).
  7. You need to know when to pick up your chips and cash them in.


just off the top of my head...patience...but there are many more nuances a good mentor can teach you...imho.

only problem is...it appears to many that if an individual chooses to pay for such mentorship...he is a fool...and the mentor is automatically a scam (and yes there are TONS of scams out there - however there are many that are the real deal) though it probably took him years and tons of monetary losses to get to the point he is profitable and can actually help others' not make his same mistakes....but for some he should do this for free...I leave that up to personal choice....and have no issues whatsoever to pay to learn something the "right" way....with forex it can be subjrctive according the the situation/tf/pair/ etc..but there are basics that hold true all across the board...applying them diligently is another issue though...regarding Wayne - I am part of his second group..and no I do not follow his trades (not signals) blindly..if what he is thinking lines up with what I see then fine..otherwise I won't take the trade...using an analogy I want to improve my fishing skills...not just be sitting there with a net for him to drop a fish into everytime...and yes...he does have losers...what is interesting and worth every penny of the small amount he requests is reading and trying to understand his reasoning behind every trade he takes..as well as his general analysis of the markets...


to me it would be like asking a flight instructor to teach students at no cost...but...hmmmmm...the term crash and burn seems to fit very well in both scenarios....

just my .02
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8
  • Aug 2, 2009 6:21am Aug 2, 2009 6:21am
Hi fxtrader29

You are absolutely right. As much as I wanted to have a good passive income from fx b4 turning into a full time trader, I am in a limbo position.
Can you pls. guide and recommend one?
I can be reached at [email protected]
Thank you for your time.

Best Regards
FxPip8
  • #9
  • Aug 2, 2009 6:35am Aug 2, 2009 6:35am
Quoting fxtrader29

If you an experienced trader and you can’t afford a mentor to review your trading, then you are a trader that needs serious help.

If you are an experienced trader then why would you want a mentor to review your trading?

Sure it might be mutually beneficial to compare notes with another experienced trader but that's not mentoring.

I realize jacko is a pied piper here on FF so in the interest of diplomacy I'll reserve comment

To anyone considering looking for a mentor you'll need to put up a convincing argument about why an experienced trader should spend his valuable time mentoring you, most experienced traders don't bother with mentoring as it's more trouble than it's worth!
  • #10
  • Aug 2, 2009 6:45am Aug 2, 2009 6:45am
Quoting gbppip
What can a mentor teach you that you do not already know?

 

  1. Price either goes up or down.
  2. No one knows what will happen next.
  3. Keep losses small and let winners run.
  4. POSITION SIZE = RISK / STOP LOSS
  5. The reason you entered has no bearing on the outcome of your trade.
  6. You can control the size of your loss (skill) but you can't control the size of your win (luck).
  7. You need to know when to pick up your chips and cash them in.

All very logical, but the fact is 90% of people are unable to put most of that into practice! Most traders know what they should be doing but they're simply unable to do it no matter how hard they try!

Most people need a psychologist more than they need a trading mentor
  • #11
  • Aug 2, 2009 8:09am Aug 2, 2009 8:09am
Quoting forexmick
I wholeheartedly agree with this. My trading has taken a big turn around since being mentored by Wayne Jacko Jackson. When I look back on my trading before becoming a mentoree, my trading was rubbish. It was no more than punting on misguided whims. Wayne has saved me from destoying my account by trying to scalp and has helped me see this for what it is. It is a long term business that I can do for the rest of my life.
I agreed to be mentored by Jacko because I wanted to become a better trader. I joined because he has PROVED to be a consistent winner over a long time. And I admit, I wanted his signals. Why not, I made all my joining fee back in my first week.
I won 10 times my joining fee in two weeks.
http://www.forexfactory.com/showpost.php?p=2697142&postcount=7203

Has it been worth the cost for the mentoring? You tell me. Here are my later trades
http://www.forexfactory.com/showpost.php?p=2733559&postcount=7576
http://www.forexfactory.com/showpost.php?p=2802516&postcount=8146
http://www.forexfactory.com/showpost.php?p=2864083&postcount=8466
http://www.forexfactory.com/showpost.php?p=2867692&postcount=8470

I am fast tracking my learning of this forex caper with a true professional.
And I have 24 hour access to a successful trader who has a PROVEN AND DOCUMENTED winning history since the beginning of 2006 and all his trades and explanations.
  • #12
  • Aug 2, 2009 8:41am Aug 2, 2009 8:41am
Quoting fxtrader29
I agreed to be mentored by Jacko because I wanted to become a better trader. I joined because he has PROVED to be a consistent winner over a long time. And I admit, I wanted his signals. Why not, I made all my joining fee back in my first week.
I won 10 times my joining fee in two weeks.
http://www.forexfactory.com/showpost.php?p=2697142&postcount=7203[font=Verdana][size=2][font=Verdana][size=2]...

I might be mistaken but all those trades look like they were posted in retrospect, after the move had happened.

Hmmm......I don't know how your broker works but mine won't let me trade on historical prices!

Hic Rhodus, hic salta!
  • #13
  • Edited 9:46am Aug 2, 2009 8:53am | Edited 9:46am
Quoting pipmutt
I might be mistaken but all those trades look like they were posted in retrospect, after the move had happened.

Hmmm......I don't know how your broker works but mine won't let me trade on historical prices!

Hic Rhodus, hic salta!
lol, wish I had that broker too

Quoting fxtrader29
Fifth trade I won 112 pips. The total tally in 13 days is 415 pips @ $20 each. $8300
On for the next target

Counting pips is the most useless way of counting results, I have had weeks where I was positive pips and lost money, and I have had weeks where I was minus pips and made money. % is the only way to count results.
  • #14
  • Aug 2, 2009 10:30am Aug 2, 2009 10:30am
Quoting pipmutt
I might be mistaken but all those trades look like they were posted in retrospect, after the move had happened.

Hmmm......I don't know how your broker works but mine won't let me trade on historical prices!

Hic Rhodus, hic salta!
I can assure you Wayne posts his intended entries long before they happen usually...and then basically at the moment when he does take the trade...same thing with his exit..be it at profit or loss...only on a couple of occasions has the lead time been relatively short...otherwise we all have ample time to review his thinking look at the charts and see if we feel we should take the trade according to what we see or not...but truth be told...he has been correct many more times than not...he has an uncanny ability to predict where price will reverse and for how long it will go...and the time frame it will do so to boot!
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #15
  • Aug 2, 2009 10:52am Aug 2, 2009 10:52am
Quoting coscorp
I can assure you Wayne posts his intended entries long before they happen usually...
No sorry, I was referring to fxtrader29's trades, unless he and Wayne are the same person?

I'm really not going to get into a debate about any particular vendor on this site, it usually turns into an inconclusive argument
  • #16
  • Aug 2, 2009 10:54am Aug 2, 2009 10:54am
Quoting Jigsaw
Counting pips is the most useless way of counting results.....% is the only way to count results.


....and with a Sharpe ratio to put it into context if possible.
  • #17
  • Aug 2, 2009 11:18am Aug 2, 2009 11:18am
Dear all trader. I'm newbie in forex. I need mentor to begin my trading. anyone could help me? thanks very much.
  • #18
  • Aug 2, 2009 1:51pm Aug 2, 2009 1:51pm
Quoting pipmutt
No sorry, I was referring to fxtrader29's trades, unless he and Wayne are the same person?

I'm really not going to get into a debate about any particular vendor on this site, it usually turns into an inconclusive argument
oops my mistake..and no.... to my knowledge they aren't the same person and I would classify Wayne as being a trader...not at all a vendor...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #19
  • Aug 2, 2009 1:57pm Aug 2, 2009 1:57pm
Quoting ronald_fsm
Dear all trader. I'm newbie in forex. I need mentor to begin my trading. anyone could help me? thanks very much.


http://www.forexfactory.com/showthread.php?t=27286

http://www.forexfactory.com/showthread.php?t=2331

http://www.forexfactory.com/showthread.php?t=155459

http://www.forexfactory.com/showthread.php?t=86429

enjoy...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #20
  • Aug 2, 2009 4:21pm Aug 2, 2009 4:21pm
Quoting pipmutt
I might be mistaken but all those trades look like they were posted in retrospect, after the move had happened.

Hmmm......I don't know how your broker works but mine won't let me trade on historical prices!

Hic Rhodus, hic salta!
They were posted here after the trade. But any member the Jacko group can see by checking Jacko's blog that i was using his targets that he posted BEFORE the trades.
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