The Best Way on Forex

[fairwind]

Hello Steel,

Welcome to the MoneyTec forums.

If you look at the poll at the top of this thread, you will see that following tipsters is not the favoured approach, only 4%.

There are many tipsters around, we even have a few on this forum. See "Recommendations". You might follow one or two of them to see how they go. One of them is a professional tipster who offers training as well.

I would reccommend you do a lot of reading ( these pages ) and study the idea's you come across. See if you can come up with a system of your own. Try the BunnyGirl strategy for a start. It is a recent posting in "Strategy" I think.

Good Trading to all......................

[Steel]

Thanks fairwind. Any other comments are certainly welcomed =)

[cbelcher76]

study by yourself, that's what i did in stocks and forex

[mishak]

DB just posted this wonderful post on another thread of our Forum.
I believe it is worth reading.

Some people so enjoy passing on what they've learned to a worthy recipient that money means nothing to them. Also charging for mentoring is really paid coaching or tutoring and not mentoring in the purest sense. It is a high ideal and usually this kind of relationship occurs because the mentor sees something of themselves in someone else and wants to be a part of their development.

Whereas paid services are a different type of relationship that occurs for monetary reasons. There is nothing wrong with that arrangement. I personally have no problem paying for value and rewarding those who provide it with money. If they are truly providing value then the laws of business say that that their product should be worth more to me than my money is. Otherwise I'd keep the money right?

In fact I sometimes have a problem with people who will not invest their money to get good information, tools, or good education. Personally my level of achievment in life has always had a direct relationship to my level of education, the quality of tools I have purchased or acquired, and my level of proficiency and creativity at implementing them. I find that I am my most valuable resource and my time is my most valuable asset. Why would andybody be cheap about investing in themselves or their own businesses? Why waste 100 hours looking for something you can buy with 10 hours of earned income?

Therefore it is difficult to see the point of the arguements here because whatever means you get where you want to go -- does not matter so much as whether you get there. If it takes more money to do so -- great it is more valuable in some ways. If someone comes along who is willing to provide quality help without cost that is a true gift. Not costing anything does not diminish it's value. However it is never something that can be manipulated through guilt as I see some people attempting here.

Having said all this I'll further add that I find it amusing to see people making rash statements like "there is no holy grail" etc. as though most people here are naive enough to think that. The real reason most people are obesessed with systems is that most are incomplete and/or don't even have a provable positive expectancy. You have to wade through a ton of baloney to find a good system but there are some. I personally have found only 1 that suits me so far but I know there are others and I'd like to find them too. Not because I'm looking for the holy grail -- I'm just looking for a system that delivers. Most don't deliver much and cost too much for what they deliver. That is a fact and it doesn't take most traders long to realize that.

Traders work to optimize their systems at certain phases of their implementation and many keep searching because they only want a system that makes sense to them. Few people really believe in perfect systems -- they only want an edge they can relate to. And just getting to that point is one of the most difficult parts of trading for new traders. Solving that one problem properly can make a lot of other problems, such as emotional trading, a lot easier to solve.

There is no free lunch unless someone gives you lunch. Then it is free. It is a fact that there ARE people who give away things of great value. The big question is why do those people who are looking for someone who is giving away things of great value seldom find them?

DB

[Ugly_Dog]

Mishak
This makes very little sense here. No one here has said anything about 'Holy Grails' or looking for a free lunch. Paid for services (tutors) and mentors are two separate things entirely!

DB
Not all of the people 'selling' their services are on the up and up there are charlatans out there!! BUT Yes, good investments also include assets like quality tools and information.

[Pestoonak]

My vote is for a mentor. If one is lucky enogh, a true mentor will give his protoge the curical bits of knowledge such that the student is able to stand on it's own two feet with out feeling threatened . This then means that the protoge has to have the ability to integrate his teachings for himself and learn above and beyong what the mentor has taught.

[novice]

Isn't there something about the school of hard knocks?

“The game taught me the game. And it didn’t spare the rod while teaching.”

Jesse Livermore

How's that for a mentor!

[DB]

Originally posted by Ugly_Dog
The only one I have any real experience with is the last one!! Losing money!
Has anyone tried all of those options so they can definitively say which is BEST?
Ugly Dog

Van Tharpe who is one of the most credible names in stuyding successful traders. He is a professional psychologist who was interviewed for both Market Wizards books says that without question every massively successful trader he has researched has found or developed a system that suited their personality. Though he has not tried all those options he has researched thousands of "highly successful" traders that have tried all these options. Believe it or not he maintains that developing your own system is the easiest way to achieve getting a system that suits your personality. He also maintains that proper training in system development can take years off the process by eliminating most of the mistakes that have already been made by others.

Having said all that the Turtle Traders are the most famous group of personally mentored traders (by Richard Dennis) and their success ratio was amazing. They only lost one of the original class of mentored traders along the way and he is now making his living selling trading systems. Just some irony there.

Personally I learn much more thoroughly from an interactive relationship with a mentor because I can ask more questions in an hour than some people can think of in a day. I find it very counter productive doing research that someone else has already done. Also it has been well proven that moing is the most powerful form of learning. That is how children learn and why they learn so fast. They observe with all their senses. They observe everything from facial expressions to tonal subtlties to word phrases to posture, technique, timing, and profanity. They are the ultimate learning machines and if a child learning from a parent is not a perfect example of a mentored relationship then what is?

I've been a professional coach to heads of large corporations and non-profit organizations and I know the value of someone who can shorten the distance to a goal. Not by cheating but by not being so self reliant that you have to invent everything yourself in order to feel you are in control.

Unfortunately most companies offering mentoring really are not offering anything more than in depth or regurgitated explanations of the systems they are selling. Few are actually teaching trading and even fewer are really mentors. I notice this word mentor being used more as a marketing cliche these days and I notice people also using it with a general connotation. Websters dictionary has a much more focussed definition. Webster: "A wise loyal advisor, teacher, or coach". I may learn something from everyone but I don't credit them all as being mentors.

DB

PS Thanks for pointing out this thread Mishak.