My Grson learned to walk with my help! Not saying he would still be crawling without it but I like to believe I was some help (sometimes the only thing keeping him a fall was hanging on to my finger for his dear life).
Same kind of thing happened with my son his bicycle!
I'm an advocate of mentoring!
[i]O Anyhow these 2% is much less than percenate of successful traders on forex which is widely considered to be 10%. [/b]
I doubt 10% of forex traders make it.
If you mean that 10% are still trading after a year then true. BUT 10% turning it into their main income? More like 1 in 500.
I started almost 18months ago have been semi-fulltime as a daytrader since. Never worked so hard in my life am down about $26000 so far. Only the last 2 months has some of the confusion cleared. It is like poker but with limitless probabilities.
Now finally on the horizon is the possibilty of making some major money. Still there is many a slip 'tween cup lip. You just don't know whether you will be succesful until you are- that is different other types of livelihood.
Originally posted by BoraPhoenix To Gendalf anyone else interested
The reason for my vote against mentor is simple > The mentor can have too much influence on how a trader forms his opinion .....
I will draw an analogy here:
read a book - see a movie
after you saw a movie do you still can picture all the characters the plot in a same way after the director made a movie based on his beliefs his view on characters the plot what would you miss if you haven't read the book at all
javascript:smilie('') a little rhyme here just for fun
Good point. There are always trade offs. I can argue for or against any method. That is why I don't think there is a BEST method other than the one that works for an individual at the time. If you are an independent thinker -- nobody has an undue influence over you. If you are too easily persuaded by others or if you choose mentors who don't know how to stimulate independent thought then I agree with you. We could go on forever talking about the up downside of each method -- which is why I say "don't rule out any method or develop such prejudices because someday what you need may be on the other side of that wall you built". Leave a door in the wall even if you have to lock it for a while.
Getting experience then developing your own method has been by far the best for me. I started out playing guessing then as I read studied listened asked questions in forums chat I got better at determining things for myself.
I have purchased systems signals used free services signals till they are coming out of my ears. But far away the best education I have found came this forum. It is a long read but it will lead you to ask the right questions.
As a collection of traders this forum has experienced just about everything someone can answer your question about almost anything I have ever seen.
Demo or micro trade is the only way to get experience nothing beats experience when the real money hits the fan.
[ You just don't know whether you will be succesful until you are- that is different other types of livelihood. [/b]
Thats true of most people who end up making any good size of money. Entrepreneurs feel that same pain.
I've got friends who tell me that "real"success depends on how much you'll sacrifice. If you're willing to put it all in on the line you'll hit it eventually. maybe the hard road there will keep you humble when the world bows to your feet.
260 votes today forex fellows who voted for "Get Experience" reached 50%
"Develop your system" have 31%
"Learn a mentor" have 11%
3 votes were given for "There is no way to become continually profitable on Forex"
Interesting "systems" are loosing to "experience"
I guess this is because the market is ranging now.
Originally posted by mishak 260 votes today forex fellows who voted for "Get Experience" reached 50%
"Develop your system" have 31%
"Learn a mentor" have 11%
3 votes were given for "There is no way to become continually profitable on Forex"
Interesting "systems" are loosing to "experience"
I guess this is because the market is ranging now.
Please share your opinions keep voting ...
Mishak
So really what can be learned this survey? If you take the commonly posted figures that suggest that the majority of people are wrong then perhaps the majority who voted are also wrong? I mean if by far the majority make the wrong decisions about the markets doesn't it follow that they are probably using the wrong approach to learning? Perhaps it is not so simple as it appears. Maybe those who are losing consistently are choosing the wrong way to learn given their learning needs. Mabye the majority of those who think "learning on their own is best" should actually be using a mentor maybe the majority of those who think using a mentor is the best should be learning on their own. Maybe those who are confident they can become profitable trading the forex should start with the premise that there is no way to be consistently profitable then try to find proof they are wrong?
Study by yourself get experience/ develop your own system.
IMHO the two are synonymous study read watch the charts but sooner or later one has to put on a real trade. I would hope there is an actual set of defined entry exit rules for the trade. MA crosses define a trend enter after a Fib% retrace or flip a coin take profit after 10 pips.
What ever the means experience would define the system.
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"Get Experience" reach 50%
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