MENTOR Required! | Forex Factory

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MENTOR Required!

  • #1
  • First Post: Sep 1, 2009 6:32am Sep 1, 2009 6:32am
Hello Folks, This is my first post so please be easy with me. I shouldn't be here. I have no formal qualifications and come from a typical Glasgow working class background. However, for some crazy crazy reason I have always been drawn to the financial markets. In 2001 I opened my first trading account with £1000. This lasted for 18 months before wipeout. I learned many lessons ( I always keep a trading diary and note my errors).
2003 I was back in. I traded Indices,shares and commodities. Sometimes, I would have a look at currencies but never traded them live.My basic and I mean basic strategy is trend following, were price is the only information required.Last year (2008) I was doing very well until I started "thinking".
Because of my limited success, I "thought" I knew what was going on in the money markets. I bought RBS at 90p. What a bargin. OH NO. Sold them at 40p. Just about wiped me out again,but not quite.I have been paper trading Euro/Dollar for 2 months(893 pips profit) and Dollar/Yen 1 month (186 pips).I know paper trading is sometimes not worth the paper it's traded on and I am aware of emotions involved in trading but I think my system is on the ball.My only problem is this. Social alienation. Every time I try to talk trading to my family and friends they turn grey and a mist falls over there eyes . Why can't they get exited about M/A's , Indicators or such like. I feel like an outcast. I know I have a lot to learn about forex but my mind is completely open to information. Therefor I invite an experienced forex trader to act as a mentor. You never know, you might learn something from me.
  • #2
  • Sep 1, 2009 8:16am Sep 1, 2009 8:16am
Mentors: ProactTraders in Austin, Texas
Mostly free webinars. Professionals.
(I have no connection with them).
  • #3
  • Sep 1, 2009 8:21am Sep 1, 2009 8:21am
Quoting Privateer
Every time I try to talk trading to my family and friends they turn grey and a mist falls over there eyes . Why can't they get exited about M/A's , Indicators or such like. I feel like an outcast. I know I have a lot to learn about forex but my mind is completely open to information. Therefor I invite an experienced forex trader to act as a mentor. You never know, you might learn something from me.
HA! I know exactly your feelings. Here in Germany it's almost the same. If I tell friends about it they always say, "uh oh... too risky ... I like my 2% p.a. in my savings account...". I sometimes really feel bad if I make money by just clicking here and there where others work really hard for 1k per month...
  • #4
  • Sep 1, 2009 3:03pm Sep 1, 2009 3:03pm
hello there..
like u, i am an aspiring forex trader going through all the emotions and ups and downs of trading. I have collected my thoughts and experiences in a blog.
input from other traders is always helpful. please do check it out

http://gulzaarfx.blogspot.com

-Gulzaar
  • #5
  • Sep 1, 2009 3:18pm Sep 1, 2009 3:18pm
Here you go: http://www.forexfactory.com/showthread.php?t=27286

Jacko would be a good choice.
  • #6
  • Sep 1, 2009 5:03pm Sep 1, 2009 5:03pm
Problem with mentors is that one should know to trade. Guys who trade good have no time and no reason to mentor others. That will be hard job for you to find real mentor.
  • #7
  • Edited 11:38pm Sep 4, 2009 11:32pm | Edited 11:38pm
Quote from Eban:


Problem with mentors is that one should know to trade. Guys who trade good have no time and no reason to mentor others. That will be hard job for you to find real mentor.

________________________________________________________________


So a flight instructor for example has no reason to teach a student who is interested in flying a plane, nor does the flight instructor have any reason to instruct because he should be busy flying a plane instead, correct? that is an incredibly weak argument, it sounds like an argument that a young child would believe to me. Oh, let me guess, trading instructors have to be held to a much higher standard & not flight intructors because...................................
  • #8
  • Sep 5, 2009 3:33am Sep 5, 2009 3:33am
Hi Privateer and welcome to Forex Factory.

You don't have to feel out of place. Everybody has been a beginner at some point.

Jacko and James16 are great places to start. I recommend that you read each thread and then re-read them.

Do not fear social alienation. It's good that you're excited about M/A's and indicators. And it's not wrong for others to yawn at the concept. Everybody has different passions in life. That's why Gordon Ramsay is a chef and Lewis Hamilton is an F1 racing driver. So be excited about it, it's allowed. Sounds like you found your bliss...follow it.
Not all sins are created equal
  • #9
  • Sep 5, 2009 3:37am Sep 5, 2009 3:37am
Quoting Eban
Problem with mentors is that one should know to trade. Guys who trade good have no time and no reason to mentor others. That will be hard job for you to find real mentor.
I respectfully disagree with this theory. If it held water, then this site would be nothing more than an economic events calendar, a financial news page wrapped around a bunch of banners linking to different brokers.

I don't care how greedy you are, if you're here, it's either to learn or because you have learned and want to pay it forward.
Not all sins are created equal
  • #10
  • Sep 5, 2009 4:25am Sep 5, 2009 4:25am
Quoting Jay Walker
if you're here, it's either to learn or because you have learned and want to pay it forward.
Exactly!
  • #11
  • Sep 6, 2009 3:48pm Sep 6, 2009 3:48pm
Quoting Jay Walker
I respectfully disagree with this theory. If it held water, then this site would be nothing more than an economic events calendar, a financial news page wrapped around a bunch of banners linking to different brokers.

I don't care how greedy you are, if you're here, it's either to learn or because you have learned and want to pay it forward.
Or because, like OP, we've discovered that talking Forex with friends and family just doesn't work
  • #12
  • Oct 3, 2010 1:50pm Oct 3, 2010 1:50pm
I tried sending you a PM but the system would not allow me to reply to the one you sent.

Quoting mayo367
Quote from Eban:


Problem with mentors is that one should know to trade. Guys who trade good have...
  • #13
  • Oct 3, 2010 2:30pm Oct 3, 2010 2:30pm
Quoting Jay Walker
Hi Privateer and welcome to Forex Factory.

Jacko and James16 are great places to start. I recommend that you read each thread and then re-read them.
.
How does it sound now ? Reminds me of those fools who were recommending buying real estate and mortgage/subprime related financials from the Peter Schiff was right videos.
The worst thing I can be is the same as everybody else. I hate that.
  • #14
  • Oct 3, 2010 7:58pm Oct 3, 2010 7:58pm
Quoting GubyIQ
How does it sound now ? Reminds me of those fools who were recommending buying real estate and mortgage/subprime related financials from the Peter Schiff was right videos.
How does it sound to dig up a year old thread just to bring it on?

I can't get it right 100% of the time. Can you?
Not all sins are created equal
  • #15
  • Oct 3, 2010 9:21pm Oct 3, 2010 9:21pm
Quoting Jay Walker
How does it sound to dig up a year old thread just to bring it on?

I can't get it right 100% of the time. Can you?
Yeah Jay,

No one can get it right 100% of the time but thats not really important anyway.

Having a good risk to reward ratio will make and keep you profitable.


-Mike
  • #16
  • Oct 4, 2010 8:06pm Oct 4, 2010 8:06pm
I don't believe in mentors or gurus, 99.9% of them are scam artists..


Regards
  • #17
  • Oct 5, 2010 3:30pm Oct 5, 2010 3:30pm
HyperD some of us can't afford the time it takes to self teach. This site and others like it are fantastic learning tools - that's why I am here. However,I also employ a mentor/trader who fulfils two necessities for me:

1) accelerates my learning (ok only his strategy but that's fine)
2) gives me profits above and beyond his fees whilest I learn

Granted there are scamsters but you will find that most charge a hefty upront fee and deliver little. Most good ones will offer free trials and charge a "reasonable" monthly fee which can be cancelled without notice. Apparently, there also exists "no charge" mentors as well (haven't found one yet).

If not for my mentor I would not be trading and certainly not profitably. Like all things in this market - there's no "one size fits all"!
  • #18
  • Oct 5, 2010 4:36pm Oct 5, 2010 4:36pm
IMHO-It'll be tough to find a mentor that has the same "make up" as you. We all are so different...

I've chosen to study for nearly a year without trading. I believe I've finally developed a strategy that will work for me. I just now await my first set up and will finally pull the trigger...good luck with your journey
  • #19
  • Oct 5, 2010 7:18pm Oct 5, 2010 7:18pm
Quoting HyperD
I don't believe in mentors or gurus, 99.9% of them are scam artists..


Regards
HyperD,

You are absolutely right many guys are scamers who dont know how to trade, but if you take the time you will find the one's who know how this stuff works.

-Mike
  • #20
  • Oct 5, 2010 7:32pm Oct 5, 2010 7:32pm
The problem is that there is an increase market of noobs/lazy people that want to pay for "learn to trade", obviously the gurus/mentor appeared charging "reasonably monthly fees" for the service,

thehouse,

Mentors don't need to know how to trade, they just need info to teach noobs, this info is available 99.9% in the free section of forums, the reality is that successful mentors never trade, their real business is the noobs suscription.


Regards
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