Mentor tip: scam ? | Forex Factory

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Mentor tip: scam ?

  • #1
  • First Post: Jan 22, 2010 10:28pm Jan 22, 2010 10:28pm
I got a mentor who is doing a really good job, one of the best purchased made , but he teaches me the price action...
I'm looking for a scalping mentor and I founded one... an italian one.
At the beginning he ask for 100$ per session (60 minutes), a few days ago the 100$ become 100 euros.
The cheap price is really the last thing I look for, if a mentor is good, and he deserve the money I will pay him, is a fair deal.
The next thing I have to mention is... we're going to use only chat or voice... and not any screen sharing software... so I'm going to learn without graphs, images etc. ? I don't think so...
But I'm a beginner and maybe I'm wrong...
Tips are welcome...
ty guys
  • #2
  • Jan 23, 2010 12:12am Jan 23, 2010 12:12am
save your money......
  • #3
  • Jan 23, 2010 12:27am Jan 23, 2010 12:27am
Save your money! If the mentor is teaching you to trade price action, then all you need to do is search for and study price actions strategies for free (i.e. self study).

There are many ways to trade price, but one of the most popular way is to trade Bars. Search for: Inside Bar, Pin Bar, & Engulfed Bars. Search Investopedia.com and study all you can on Candlestick continuation bars and Candlestick Reversal Bar.

You can do all this for Free. Most mentors teach students what is already "Industry Practice". If you feel there is "value" in seeking mentor ship, then by all means, do so ... but know you can do it for free if you are willing put forth the time or effort for study.
  • #4
  • Jan 23, 2010 3:22am Jan 23, 2010 3:22am
Quoting Jhig
but know you can do it for free if you are willing put forth the time or effort for study.
Yep, I decide to take him as a shortcut. I got many silly question and he reply to all of them very clearly, he have the passion for FX and he's not teaching for the money, and that's is really good.
I didn't understand if you are telling me to avoid scalping...
  • #5
  • Jan 23, 2010 10:59am Jan 23, 2010 10:59am
Yeah, definitely stay away from fierce salesmen and all of that business.

Practice is all that you need.
  • #6
  • Jan 23, 2010 11:20am Jan 23, 2010 11:20am
Quoting Moody
Yeah, definitely stay away from fierce salesmen and all of that business.

Practice is all that you need.
Don't you think that an help, at least, at very beginning, should be useful?
And of course, if a guy offer his time I have to give something back...
I don't think good traders help students for free...
  • #7
  • Jan 24, 2010 12:01am Jan 24, 2010 12:01am
Quoting AQs
I got a mentor who is doing a really good job, one of the best purchased made , but he teaches me the price action...
I'm looking for a scalping mentor and I founded one... an italian one.
At the beginning he ask for 100$ per session (60 minutes), a few days ago the 100$ become 100 euros.
The cheap price is really the last thing I look for, if a mentor is good, and he deserve the money I will pay him, is a fair deal.
The next thing I have to mention is... we're going to use only chat or voice... and not any screen sharing software... so I'm going...
This is dangerous....at several different angles.
  • #8
  • Jan 24, 2010 5:20am Jan 24, 2010 5:20am
Quoting bigandrich
This is dangerous....at several different angles.
Can you explain that plz?
  • #9
  • Jan 24, 2010 3:35pm Jan 24, 2010 3:35pm
I am of the belief that that a great scalper has an opportunity cost higher then 100 an hour. The hour he spends with you would be costing him much more in trades. Just playing devils advocate.
  • #10
  • Jan 24, 2010 4:36pm Jan 24, 2010 4:36pm
Quoting McNarland
I am of the belief that that a great scalper has an opportunity cost higher then 100 an hour. The hour he spends with you would be costing him much more in trades. Just playing devils advocate.
It isn't a matter of money, believe me. But I don't wanna throw away my money, if it helps it's ok, if not, I will avoid it
  • #11
  • Jan 24, 2010 5:36pm Jan 24, 2010 5:36pm
Okay, I am a trader and here's how I did it.

1. Read a book.

2. Traded the system in the book.

3. Long story short after two years of trying to find the perfect indicators and settings I returned back to the system and profitability.


So, here's my advice to you as a real trader:

1. Purchase a book on technical analysis. I'd suggest this one. It is, in my opinion, the best book ever written on the subject.

http://www.amazon.com/Technical-Anal...4376073&sr=8-1

2. Pick one of the strategies in the book which they teach.

3. Write this strategy out on a piece of paper and create a trading plan.

4. Demo trade this plan until you can move live.

.....

Don't pay for anyone to tell you exactly what I just told you. The only difference between what I just said and a professional salesman is that he'll take a nice tone and maybe sell you a mediocre system which he himself doesn't trade.
  • #12
  • Feb 2, 2010 6:12pm Feb 2, 2010 6:12pm
Moody your suggestion is very wrong. Buy a book and trade the system in the book (be it demo or live) until you become successful? Come on now...It's like you are preparing him for 2-3 years of trial and error to get things right or completely wrong. The best free resource is James16 thread, end of story. Even that takes a couple of months at least to read, that's if you are reading only the most important posts. Most traders fail because they try to do it on their own, with their own ideas. There's no such thing as every trader is (or must be) unique. That's why 95% FAIL over and over again. Take the top 5% and I bet you an arm and a leg they have more things in common then you have ever imagined.
Quote
The next thing I have to mention is... we're going to use only chat or voice... and not any screen sharing software... so I'm going to learn without graphs, images etc. ? I don't think so... But I'm a beginner and maybe I'm wrong...
So what is he going to tell you then? A bedtime story? You need charts to learn. You need specific examples, and you need a lot of them! A picture is worth 1000 words. You don't need the words all the time. They are optional. But you definitely need the picture and you need to learn to decipher the picture yourself
  • #13
  • Feb 2, 2010 6:18pm Feb 2, 2010 6:18pm
Infact, I decide to give up with him and focus on J16 thread
  • #14
  • Feb 2, 2010 7:16pm Feb 2, 2010 7:16pm
Quoting Moody
Okay, I am a trader and here's how I did it.

1. Read a book.

2. Traded the system in the book.

3. Long story short after two years of trying to find the perfect indicators and settings I returned back to the system and profitability.


So, here's my advice to you as a real trader:

1. Purchase a book on technical analysis. I'd suggest this one. It is, in my opinion, the best book ever written on the subject.
.
this is funny. The "Holy Grail" of being a successful trader is to read a book. Pick a strategy from the book, any strategy will do, and you are on your way to fabulous riches. http://cdn.forexfactory.com/images/s..._the_floor.gif
  • #15
  • Last Post: Feb 2, 2010 9:58pm Feb 2, 2010 9:58pm
Quoting AQs
Infact, I decide to give up with him and focus on J16 thread
That would be my advice.

I have looked at loads of systems but if I apply PA to them I get earlier entries, better entries.

PA is the King!!
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