why I DON'T need a forex mentor | Forex Factory

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why I DON'T need a forex mentor

  • #1
  • First Post: Edited Aug 10, 2009 7:40pm Aug 9, 2009 11:54pm | Edited Aug 10, 2009 7:40pm
Hi, folks. I am DragonGate, a forex trader with many years trading experience. I've never had the thought to find a mentor to teach me how to trade since the beginning when I decided to trade forex.

Here is my point of view: if we want to trade forex well, we had better think independently.

People often say "not to choose the golden eggs but to choose the the goose which can lay the Golden Eggs". That might be right in many occasions, but when we talk about trading, things are slightly different.

Let's think about that.

1, It's easy to identify if a "golden egg" is really made of gold but it's relatively difficult to identify if a goose can really lay golden eggs, especially when so many geese are claimed to have the ability to lay golden eggs nowadays.

2, Let's suppose that you do find a precious goose which has really laid golden eggs before (it's quite rare to see such a goose), but how can you make sure that the goose will continually laid golden eggs after you bring it home?

3, Have you ever considered that what kind of people want to sell their golden eggs-making geese? would you like to sell it to me if you have one? and at what price?

I do know some people are really good at trading.

But normally, Michael Jordan won't spend his time to teach you how to play basketball and Tiger Woods also won't spend his time to teach you how to play golf. So do these professional traders.

What's more, you probably can't be next Michael Jordan just because he has taught you how to play basketball and you probably can't be next Tiger Woods just because he has taught you how to play golf.

There is no shotcut here, no holy grail here and also no golden eggs-making goose can be easily found here.

My suggestion is just:

Study more, Practise more and Think independently.
  • #2
  • Aug 10, 2009 8:48am Aug 10, 2009 8:48am
Message received!

Great thead
  • #3
  • Aug 10, 2009 8:58am Aug 10, 2009 8:58am
Michael Jordan and Tiger Woods both have/had coaches.

If you can find a good experienced mentor who is willing to help you, do not pass it up.
taking series 3 and 34
  • #4
  • Edited 5:26pm Aug 10, 2009 5:15pm | Edited 5:26pm
There's no doubt a mentor can be helpful, if suited to your style of learning.

I cannot argue however, that screen time is the most beneficial.

Surgeons go to university for 9-10 years before they are allowed to butcher people on the table. 9 out of 10 surgeons do butcher their first few patients before obtaining the experience necessary to do the job right.

Sad and scary, but oh so very true.....

Trading is not like accounting where the practical side of accounting can be adequately practised at university before being unleashed to the public. Like surgery, trading is very practical and hard to simulate the real thing. No amount of theory/mentoring/demo'ing/whatever is going to completely prepare you for what lies ahead in the "real world" when you're there by yourself, having to make your own decisions with real money (living human beings for the Surgeon) on the line.
  • #5
  • Aug 10, 2009 5:46pm Aug 10, 2009 5:46pm
That is great you don't need a mentor. Thanks for sharing.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #6
  • Aug 10, 2009 5:49pm Aug 10, 2009 5:49pm
Last week he was asking people how to become a full-time trader. This week he's a pro. Must have been an interesting weekend.
  • #7
  • Aug 10, 2009 5:55pm Aug 10, 2009 5:55pm
Quoting philmcgrew
Last week he was asking people how to become a full-time trader. This week he's a pro. Must have been an interesting weekend.
I'm pretty much done with all this ...
  • #8
  • Aug 10, 2009 7:09pm Aug 10, 2009 7:09pm
Quoting philmcgrew
Last week he was asking people how to become a full-time trader. This week he's a pro. Must have been an interesting weekend.
must have stumbled across a flock of geese
Grabbing the bull by the horns!
  • #9
  • Aug 10, 2009 7:18pm Aug 10, 2009 7:18pm
I DON'T need a forex mentor cos I couldn't pay one when I started. And now when I'm on my way, why do I need one?
  • #10
  • Aug 10, 2009 7:37pm Aug 10, 2009 7:37pm
I feel everyone needs some sort of helper if not a mentor at some point, because how would you know if you are always on the right track?

Even if we feel we know it all and dont need help -> Dont be too proud to stop and ask.

Im sure there are very helpful, easy going and friendly people around who would love to share a thought or two about trading and making some money!
  • #11
  • Aug 10, 2009 7:57pm Aug 10, 2009 7:57pm
Quoting skorcht
Michael Jordan and Tiger Woods both have/had coaches.

If you can find a good experienced mentor who is willing to help you, do not pass it up.
Yes, they do have coaches, but having a coach probably is not the key element for their success.(Because their competitors also have coaches.)

I agree with you, a good mentor is helpful. But it's really difficult to find one.
  • #12
  • Aug 10, 2009 8:06pm Aug 10, 2009 8:06pm
Quoting TwoBuckChuck
There's no doubt a mentor can be helpful, if suited to your style of learning.

I cannot argue however, that screen time is the most beneficial.

Surgeons go to university for 9-10 years before they are allowed to butcher people on the table. 9 out of 10 surgeons do butcher their first few patients before obtaining the experience necessary to do the job right.

Sad and scary, but oh so very true.....

Trading is not like accounting where the practical side of accounting can be adequately practised at university before being unleashed to the...
Thank you for your reply.

There are many approaches to study.

I have no intention to persuade somebody to do or not to do something. Just share some thoughts with you here.
  • #13
  • Aug 10, 2009 8:27pm Aug 10, 2009 8:27pm
Quoting philmcgrew
Last week he was asking people how to become a full-time trader. This week he's a pro. Must have been an interesting weekend.
You probably have not read my post carefully. Last week, I started a thread "How to trade for or cooperate with a forex hedge
fund?"(http://www.forexfactory.com/t/188399...ge-fund-1.html)
NOT "how to become a full-time trader?".

To be or not to be a fulltime trader is just a decision need to be made, it's unnecessary to ask for your opinion, dude.
  • #14
  • Aug 10, 2009 9:34pm Aug 10, 2009 9:34pm
Quoting DragonGate
Thank you for your reply.

There are many approaches to study.

I have no intention to persuade somebody to do or not to do something. Just share some thoughts with you here.
If you haven'y read this, here is a good comparison. http://www.forexfactory.com/t/187432...ml#post2945101

If it doesn't float your boat, then that is cool too.
  • #15
  • Aug 11, 2009 1:32am Aug 11, 2009 1:32am
Quoting DragonGate

I agree with you, a good mentor is helpful. But it's really difficult to find one.

I agree a real mentor is hard to find, and even if you do manage to find one they'll probably need convincing you're a good prospect and worth mentoring! There is an important distinction though between a real mentor and a general training course seller.

There seems to be no end of people in this business unjustifiably claiming mentor/guru status, and no end of easily impressed gullible novices eager to pay them money. In most cases they're selling nothing more than a few regurgitated trading mantra and some half-baked trading plan which could easily be found free around the net, they're really not much more advanced than the novices they're promising to teach! The sad thing is some novices don't have enough experience or common sense to recognize snake oil when they see it so they fall for the sales pitch.

Like you say, study more and practice more. There is an abundance of free information and help available for novice traders to point them in the right direction. Once they've reached the stage in their trading where a true mentor could be beneficial to them they should be able to tell the difference.
  • #16
  • Aug 11, 2009 10:28am Aug 11, 2009 10:28am
Quoting pipmutt
I agree a real mentor is hard to find, and even if you do manage to find one they'll probably need convincing you're a good prospect and worth mentoring! There is an important distinction though between a real mentor and a general training course seller.

There seems to be no end of people in this business unjustifiably claiming mentor/guru status, and no end of easily impressed gullible novices eager to pay them money. In most cases they're selling nothing more than a few regurgitated trading mantra and some half-baked trading plan...
True but if it weren't for a Snake Oil salesman I would never have considered this business in the first place!
Time hides Nothing
  • #17
  • Aug 11, 2009 10:34am Aug 11, 2009 10:34am
Quoting CindyXXXX
True but if it weren't for a Snake Oil salesman I would never have considered this business in the first place!
Ah ok, but is that a good thing or a bad thing, being in this business? Most traders I speak to wish they'd never heard of forex
  • #18
  • Aug 11, 2009 10:42am Aug 11, 2009 10:42am
Quoting pipmutt
Ah ok, but is that a good thing or a bad thing, being in this business? Most traders I speak to wish they'd never heard of forex
Most? Exactly

Hey if Tiger ofered to teach me golf I'm not gonna say no - I bet his son gets some good tips!
Time hides Nothing
  • #19
  • Aug 11, 2009 8:27pm Aug 11, 2009 8:27pm
Quoting gregwallace
If you haven'y read this, here is a good comparison. http://www.forexfactory.com/t/187432...ml#post2945101

If it doesn't float your boat, then that is cool too.
That post makes this topic kind of funny.
  • #20
  • Aug 11, 2009 9:12pm Aug 11, 2009 9:12pm
Quoting pipmutt
I agree a real mentor is hard to find, and even if you do manage to find one they'll probably need convincing you're a good prospect and worth mentoring! There is an important distinction though between a real mentor and a general training course seller.

There seems to be no end of people in this business unjustifiably claiming mentor/guru status, and no end of easily impressed gullible novices eager to pay them money. In most cases they're selling nothing more than a few regurgitated trading mantra and some half-baked trading plan...
Well said, pipmutt.

Thank you for your words.
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