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In Need of a Mentor ---- Any Suggestions?

Discussion in 'Beginners Bootcamp' started by moconcepts, Apr 23, 2009.

  1. moconcepts

    moconcepts Recruit

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    Hiya,

    I am new to this forum and I thought this would be a great place to search out a mentor to assist me with Forex. I traded Forex 7-9 months ago, but I couldn't focus all of my time on it then. Now I am more dedicated to learn how to make consistent trades and make this a professional career. I just need assistance with some of the basic fundamentals, understanding of indicators, what platform to use, proper money management and leverage, & how to become a consistent winner (I know the latter one is long stretch, lol). I have read several books and watched several videos, but I am a "hand's on", type of person and I actually learn better by physically going through a real trade or watching someone. I've tried a live and demo account on MetaTrader 4, so I am semi-familiar with trading and that platform

    If you think you can assist me then please free to send me a message via this forum and we can discuss what type of arrangements we can set up, compensation, and any other topic that is important to discuss.

    I am open to suggestions on how to find a Professional Trust-Worthy Mentor as well
     
    #1 moconcepts, Apr 23, 2009
    Last edited: Apr 23, 2009
  2. moconcepts

    moconcepts Recruit

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    Did I post this in the wrong area or is this a dumb question that no one want to answer? lol
     
  3. alkhatarey

    alkhatarey Private

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    hey

    so you are asking about mentors , before i tell you about them you have to know that if you dont have the enough time to focous on forex trading for atleast one year every day you will not learn easy it takes time to learn forex and to master it atleast 3 years

    and sure the best way to learn forex is to find good mentor but you have to read first in my opinion BabyPips school Forex Trading: Online Currency Trading in the Foreign Exchange Market

    and when you finish it there is 2 options and i tried one of them :

    There is some one he tought me his system and actualy its good system and he is teaching just price action live every day from 8 to 4 GMT time his name is James you can join his live lounge for 39$ a month
    40-100 pips per day LIVE TRADING - BabyPips.com Forex Forum


    and i just heared about some one his name is jimmy young he is famous too 25 years of trading and he is teaching course coasts 2500$ for one year
    Jimmy Young Forex | Trader Education | Trade The News | Foreign Exchange Trading Strategy | EURUSDTRADER | Currency |

    so you can choose ;)

    alkhatarey
     
  4. rnfuller102

    rnfuller102 Recruit

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    Hey, Mo, where are you located?

    I support your desire for a forex mentor. If you want to become a doctor, you have to go to medical school. If you want to become an accountant, you have to go to business school. If you want to trade forex to a good make a living at it, you need a good forex education, and generally, it ain't cheap! Money losses are part of the tuition, but with a trustworthy mentor, losses can become less and less. Most mentors will also want some remuneration for their time and knowledge.

    I've been at this two years and I still have a mentor. I don't think I'm ready to teach and I don't know if he's looking for new students. I'll get back to you. He's in southern Utah.

    Raymond
    Northern California
     
    #4 rnfuller102, Apr 25, 2009
    Last edited: Apr 25, 2009
  5. Go easy on Margin

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    Some advice...

    Hi,

    Well I wasn't sure where to post this but this seems like a good place. First of all I would like to say that I think FPA is a great idea for beginners as there are a lot of scams both on the broker side and selling useless trading systems, in fact if you want a trading system spend some time and make your own, it's not that hard and there is loads of free data and backtesting systems available online through websites and demo accounts. Secondly, never give your money to a small start up that doesn't offer segregated accounts guaranteed by your local central bank preferably up to your account value. And finally I would never give my money to anyone that hasn't been around for a few years. But that's not my real concern.

    I read so many bitter reviews here from people who feel they have been screwed by their broker and I'm sure some have been burned by bucketshops. However, for larger brokers who have thousands of accounts I can assure you they are not moving their prices just to stop you out, it's because you are a stupid trader and have no idea what you are doing. Can't you imagine there's someone smarter than you who has a bid at your level they have to fill? I read so many accounts from people bragging they had 25 or 35 or even 70% of their margin on risk on a given trade (some even over the weekend!!!) but got stopped out. To you I would say you are all insane and will always lose money. The real culprit here is the margin you are offered, they give you rope and you hang yourself with it. You really should not be risking more than 5% of you account max and day to day 1-2%, otherwise you are mathematically going to lose. Beware of companies that offer 500-1 leverage with a minimum $500 account but also minimum trade size > 10% of that, you'll lose. So if you want to make a living from this you need a lot of capital to start with and manage your money in a very disciplined way, for example never leave a position without a stop and always leave a stop at least a standard deviation away from the market.

    There's a lot more to learn, and it take years. I've been doing this for nearly 20 years trading options and spot interbank and also trading from the buy side. I don't want to be your mentor but be warned there is no easy road to riches, however, it does exist, mainly through discipline. The good news is that technology offers more access to markets than ever before, just use it wisely. All the very best of Luck.

    GEOM
     
  6. Go easy on Margin

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    I forgot to say this

    You need a quad processor computer for multitasking, at least 2GB ram and preferably two monitors for sufficient screen real-estate + a decent broadband connection, stability is more important than speed. Cheers.
     
  7. billyfx

    billyfx Recruit

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    You should learn more about basic knowledge about forex yorself

    Before you are seeking for a mentor, you should learn more knowledge about forex yourself. I can share my experiences on forex, but I am not a mentor. I just have more experience in forex trading than you.
     
  8. Boko Maru

    Boko Maru Sergeant

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    Hello...just wanted to chime in and give another thumbs up for James mentioned above. I am currently part of his trade room, and have found his education to be excellent. This guy knows his stuff, believe me.

    He teaches you to see the market and mark your charts the way bank traders do, so you're essentially riding their coattails, and buying when they buy, selling when they sell, etc.

    Of course, none of that is going to help you with things like discipline, which a previous reviewer mentioned as being the main thing. I bring that up, as that is THE issue for me; discipline. You can know exactly the right things to do, and still screw up royally if you're not disciplined; and I'm speaking from experience.

    So, I can definitely recommend James, but also suggest you read Rob Booker's free book on discipline; I think his site is his name then dot com. I don't know that these guys will mentor you one-on-one, but you can probably still get what you're looking for by using them.

    Hope that helps, and best wishes...
     
  9. Cyclon

    Cyclon Company Representative

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    Your rank doesn't allow that yet

    I don't think that is gonna work. I am no expert at the moderation settings but I think your rank doesn't allow that yet.

    I tried it but could not get a message to you.

    Good Luck.

    Cheers,
    Cyclon
     
  10. Cesil

    Cesil Private, 1st Class

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    Agreed... Learn the basics first

    I'm not a huge advocate of over studying the subject but if you want a mentor it may be stating the obvious, but you'll get the best out of it if you have a full understanding of what they're trying to teach you. I'm sure some mentors offer this very introductory level as part of their service, but it'd be cheaper to buy a book ('Dummies Guide' are a good start) & cover that stuff yourself.
     

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