My Grandson 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 from a fall was hanging on to my finger for his dear life).
Same kind of thing happened with my son and 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 and have been semi-fulltime as a daytrader since. Never worked so hard in my life and am down about $26,000 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 and lip. You just don't know whether you will be succesful until you are- and that is different from other types of livelihood.
Originally posted by BoraPhoenix To Gendalf and 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 and the plot in a same way, after the director made a movie based on his beliefs, and his view on characters and the plot, and 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 and 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 and then developing your own method has been by far the best for me. I started out playing and guessing then as I read and studied and listened and asked questions in forums and chat I got better at determining things for myself.
I have purchased systems and signals and used free services and signals till they are coming out of my ears. But far and away the best education I have found came from 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 and someone can answer your question about almost anything I have ever seen.
Demo or micro trade is the only way to get experience and nothing beats experience when the real money hits the fan.
[ You just don't know whether you will be succesful until you are- and that is different from 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 and on the line, you'll hit it eventually. And maybe the hard road there will keep you humble when the world bows to your feet.
260 votes today and forex fellows who voted for "Get Experience" reached 50%
"Develop your system" have 31%
"Learn from 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 and forex fellows who voted for "Get Experience" reached 50%
"Develop your system" have 31%
"Learn from 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 from 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 and 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 and then try to find proof they are wrong?
Study by yourself and get experience/ develop your own system.
IMHO the two are synonymous, study, read and 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 and exit rules for the trade. MA crosses, define a trend and enter after a Fib% retrace or flip a coin and take profit after 10 pips.
What ever the means, ones experience would define the system.
Licensed Brokers
[/b]
"Get Experience" reach 50%
Linear Mode
