Forex Mentors - The Best Investment You Can Make? | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Mentors/Gurus publish your accounts records 10 replies

Success Stories--Those without Harvard Education, Aweso Mentors, or Genius Intellect. 46 replies

Are commercial trading mentors sucessful? 17 replies

Mentors & Tutors for new traders 39 replies

Attachments: Forex Mentors - The Best Investment You Can Make?
Exit Attachments

Forex Mentors - The Best Investment You Can Make?

  • #121
  • Aug 9, 2009 6:04pm Aug 9, 2009 6:04pm
Quoting 8fingers
I dont need a mentor because I just read James Dicks book on Forex! Now I have all the knowledge I need! For me-making EVERY mistake known to trading was my most valuable education-do Mentors teach that?
This is not a personal slight at you 8fingers but,like I said in my previous post:
Quote
Originally Posted by Fxtrader29
They have all tried to reinvent the wheel and are making some really stupid mistakes and wasting lots of money. The more arrogant they were in telling everyone that they didn't need any help, the more money they have wasted.

I have watched people making mistakes all the way into bankruptcy
  • #122
  • Aug 9, 2009 6:32pm Aug 9, 2009 6:32pm
Quoting fxtrader29
This is not a personal slight at you 8fingers but,like I said in my previous post:

I have watched people making mistakes all the way into bankruptcy
I know fxtrader29-I can take it! Some , like me, have no use for Mentoring as we already "know it all". I am just to educated to admit I could be helped. (kidding of course) but I really did need that margin call to " wake me up". I lost money my 1st 2 1/2 years at Forex trading-only my Ultra stubborness kept me from quitting-and crying. Personnally I hope all traders find their "Mentors" whether that be a Margin-Call or Jacko's House of Pain-or whatever gives them their edge-Peace Bro! P.S.- I do miss my 2 fingers.
FF = Forex Faggots
  • #123
  • Edited 7:26pm Aug 9, 2009 7:08pm | Edited 7:26pm
Quoting 8fingers
I know fxtrader29-I can take it! Some , like me, have no use for Mentoring as we already "know it all". I am just to educated to admit I could be helped. (kidding of course) but I really did need that margin call to " wake me up". I lost money my 1st 2 1/2 years at Forex trading-only my Ultra stubborness kept me from quitting-and crying. Personnally I hope all traders find their "Mentors" whether that be a Margin-Call or Jacko's House of Pain-or whatever gives them their edge-Peace Bro! P.S.- I do miss my 2 fingers.
How much did that 2 1/2 YEARS of lost time and money cost you?
After reading that, jacko's mentoring looks a bargain to me

This is what Jacko has done for me
http://www.forexfactory.com/showpost...postcount=7682
  • #124
  • Aug 9, 2009 7:14pm Aug 9, 2009 7:14pm
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......

Quote
Originally Posted by fxtrader29
[size=2][font=Verdana]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...

Hey 8fingers,

do a comparisson
  • #125
  • Aug 9, 2009 8:05pm Aug 9, 2009 8:05pm
Quoting jamiewhite
Hey 8fingers,

do a comparisson
Ok Ok I'll admit I could have used a Forex Mentor- u win! lol Can either of you lend me money to re-fund my trading account? Jamie, some people are just too stubborn(or dumb) to seek or take advice(myself included). I lost about 6 grand total in those 2-1/2 yrs(but extracted 55k in 2008) only to remove everything in sept2008(great meltdown) and only now have refunded( $1000.00) a very small amount. Its like going back in the ocean after a close call with shark. I still learn always and dont mean to offend anyone- I lost most of my Forex stubborness after those 1st couple of years. All I need is a $100,000.00 dollar trading account and a Broker I trust with it and I would be set. I am up about 6 grand this year (total Equity minus deposits) but I know I could do much better. Even though some people only attack others on this site-I appreciate and look forward to all posts and replies. I hope to loose the rest of my dumbness thru constant education and not trial and error-even though that be mostly self-taught. Peace thru Prosperity !
FF = Forex Faggots
  • #126
  • Aug 10, 2009 2:01am Aug 10, 2009 2:01am
Quoting 8fingers
Ok .
Even though some people only attack others on this site-I appreciate and look forward to all posts and replies. I hope to loose the rest of my dumbness thru constant education and not trial and error-even though that be mostly self-taught. Peace thru Prosperity !
I am with you on that, brother. I don't have the time or the energy to waste on that fighting and sht. I want to concentrate and focus on how to make more money.
  • #127
  • Aug 10, 2009 2:17am Aug 10, 2009 2:17am
Quoting fxtrader29
I am with you on that, brother. I don't have the time or the energy to waste on that fighting and sht. I want to concentrate and focus on how to make more money.
Amen!
FF = Forex Faggots
  • #128
  • Aug 10, 2009 9:22pm Aug 10, 2009 9:22pm
This is a tremendous thread,especially this last page. One of the best I have read. Thanks Fxtrader29 and all the other posters.
  • #129
  • Aug 11, 2009 8:19pm Aug 11, 2009 8:19pm
Quoting pipmutt
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
You got that right, Mate.
  • #130
  • Aug 11, 2009 8:21pm Aug 11, 2009 8:21pm
Quoting hanover
If I understand correctly, what you're saying is that it's impossible to forecast which way price will move ("no one knows what will happen next"), so we might as well use random entries ("the reason you entered has no bearing on the outcome of your trade"), but as long as you take high R:R trades ("keep losses small and let winners run") and apply the formula "POSITION SIZE = RISK / STOP LOSS", you're guaranteed to be long-term profitable.......

Well, if forex was this easy, 99% of retail traders would (potentially)...
You almost got it, Mate,. The market is random, your entries should not be random. Jolly good reads.
  • #131
  • Aug 11, 2009 8:24pm Aug 11, 2009 8:24pm
Quoting fxtrader29
The answer to that question is : ALMOST EVERYTHING

I could have been tight-fisted with my money and decided NOT to pay for my University degree and the cost of having a mentor.
I could have decided to pay for nothing and learn everything about accountancy from the internet for free.
[b]But do you think I would have two thriving accountancy businesses with 28 staff by the age of...
This thread is about Forex Mentors. Please don't quote me out of context.
  • #132
  • Aug 11, 2009 8:41pm Aug 11, 2009 8:41pm
Quoting gbppip
This thread is about Forex Mentors. Please don't quote me out of context.
You ever work for an intelligence agency?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #133
  • Aug 11, 2009 8:45pm Aug 11, 2009 8:45pm
Quoting LasVahGoose
You ever work for an intelligence agency?
No way, Mate.
  • #134
  • Aug 12, 2009 3:58pm Aug 12, 2009 3:58pm
Quoting gbppip
The market is random, your entries should not be random.
With respect, I disagree. If the market was completely random, then your entries (and exits) would be irrelevant. That's because the expectancy of every system/method/approach/strategy would be zero, and nobody would be able to profit beyond short term luck. Costs would eventually defeat every trader, making both analysis and trading (and forums such as these) a totally futile exercise.

It would be like trying to beat a casino long term at roulette. Assuming a non-biased wheel, every spin is random, and the zeros on the wheel give the casino an unbeatable edge. There is no strategy - regardless of whether it involves (trying to) forecast an outcome, and/or money management - capable of beating a random game.

All this is explained in more detail here.

The ideas that markets are random, and/or trading is nothing more than luck, have already been discussed to death. Here's another thread you might like to read.

Here is an enlightening post (see also Gaston's posts earlier in the thread). Perhaps any difficulty in being profitable is not that markets are random, but is partly because the big players who drive the markets, use small retail traders (amongst others) to provide their liquidity, and consequently take opposing positions? If (and I stress IF) there's any truth to that theory, then the markets are conquerable, provided that one can figure out how the big players operate. In which case (to get back to the thread topic) an expert in this area would make the ideal mentor.
  • #135
  • Aug 12, 2009 4:31pm Aug 12, 2009 4:31pm
Quoting gbppip
The market is random....
Ah you were doing great up until then, you should have quit after "No one knows what will happen next."

  • #136
  • Aug 12, 2009 7:02pm Aug 12, 2009 7:02pm
Quoting pipmutt
Ah you were doing great up until then, you should have quit after "No one knows what will happen next."

I would have quit even before that, LOL.

Sure, nobody knows what's going to happen next with complete certainty, but what about on balance of probability (the 'bias' that Kris talks about here)?

If the probability of a certain type of price behavior (e.g. rise or fall) over the next X candles is always exactly 50/50, then all analysis is futile. Why bother looking at charts if they tell nothing about what is more likely than not to happen next?
  • #137
  • Aug 12, 2009 8:18pm Aug 12, 2009 8:18pm
Is the market random?

If the market is not random then what is the reason traders lose money?

A "market indicator" would tell you how to trade because it would tell exactly what is going to happen next because the market is not random.

The outcome of any trade is a random event whether or not the market is random.
  • #138
  • Aug 12, 2009 8:23pm Aug 12, 2009 8:23pm
Quoting hanover
I would have quit even before that, LOL.

Sure, nobody knows what's going to happen next with complete certainty, but what about on balance of probability (the 'bias' that Kris talks about here)?

If the probability of a certain type of price behavior (e.g. rise or fall) over the next X candles is always exactly 50/50, then all analysis is futile. Why bother looking at charts if they tell nothing about what is more likely than not to happen...
Looking at charts is another market myth. People were trading before charts were invented. You trade the current candle not any previous candle.

One person looks at one chart and determines a long entry will be profitable. Another looks at a different chart and determines a short entry will be profitable. They both may win or lose based on their money management. What charts they look at have nothing to do with the outcome of their trades.
  • #139
  • Aug 12, 2009 8:53pm Aug 12, 2009 8:53pm
Quoting gbppip
Looking at charts is another market myth. People were trading before charts were invented. You trade the current candle not any previous candle.

One person looks at one chart and determines a long entry will be profitable. Another looks at a different chart and determines a short entry will be profitable. They both may win or lose based on their money management. What charts they look at have nothing to do with the outcome of their trades.
I don't want to get involved in an argument over semantics. These topics have already been done to death on many other threads.

If you want to believe that markets are random, charts are worthless, all entry methods are equal, and that MM in itself can provide some kind of edge, well...... good luck with your trading.
  • #140
  • Aug 12, 2009 9:00pm Aug 12, 2009 9:00pm
Quoting hanover
I don't want to get involved in an argument over semantics. These topics have already been done to death on many other threads.

If you want to believe that markets are random, charts are worthless, all entry methods are equal, and that MM in itself can provide some kind of edge, well...... good luck with your trading.
No argument, Mate. But please do not twist my words.

Do not get FOOLED BY RANDOMNESS.

Money management does not provide an edge. What iMM does is allow you to exploit market movements. Learn how to make THE BLACK SWAN work for you rather than against you.
0 traders viewing now