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Originally Posted by Persiankiwi
Are you saying that without these facilities an ordinary trader is facing almost certain failure?
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Probably, if not in 6 months, within 2 years. People do get lucky, but luck always ends. I think if someone can make it past two years, then their success can be attributed to true trading skills (all that it entails).
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For those who do not have access to these facilities, would you agree that forums such as Moneytec are an acceptable alternative source of such mentoring?
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No. While there is much of value here to the beginning trader, there is too much crap. Take for example the never ending, absolutely ludicrous arguments about hedging. Most of the people doing the arguing for it don't even understand what hedging truly is. There are too many people on these boards who are stroking their egos and have nothing worthwhile to contribute.
The most important aspects of trading get nothing but cursory attention here. Some of them never get mentioned.
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What advice do you have for ordinary traders, who have committment to learn, but who will not have access to the opportunities you refer to? e.g. what can they try to do or where to find some substitution?
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Honestly, I don't know. The only advice I can give is to do everything possible to get a mentor.
Bear in mind that just because someone becomes interested in trading, it doesn't mean they are suited for it. I wanted to be a pilot but I got violently airsick whenever I put the hood on. I tried it over and over again, over thirty times, but it never got better. I had to give up the idea of being a pilot. Trading is no different. Many are not tempermentally suited for trading. A mentor can help you learn quickly if you're suited for this or not. A good mentor, of course, not someone looking to make money.