Is it necessary to have a mentor?

[AlphaTrader]

Persiankiwi check out this site www.babypips.com it was posted in another thread. Had a look at it its quite good. Its aimed at beginners has lots of helpful info.

Anyways all the best people.

[Persiankiwi]

Originally Posted by AlphaTrader

Persiankiwi check out this site www.babypips.com it was posted in another thread. Had a look at it its quite good. Its aimed at beginners has lots of helpful info.

Anyways all the best people.

Hi Alph sorry I did not respond earlier but I was away for Christmas.

HAd a look atthe site signed up for their newsletter. Although a tad basic really aimed at the total newbie I still found the site very interesting I expect I will be returning there just to keep brushing up on the nitty gritty. Despite this I do strongly recommend the site to anyone interested is good decent advice to get started.

Many thanks look forward to any other suggestions you may have.

With all best wishes for 2006

pk

[AlphaTrader]

Good to see you back PK.

Yeah same here ive been gone for xmas as well starting to get back into things now. Hope you had a good festive season.

Anyways see you arround

[Persiankiwi]

Originally Posted by AlphaTrader

Good to see you back PK.

Yeah same here ive been gone for xmas as well starting to get back into things now. Hope you had a good festive season.

Anyways see you arround

Hi Alpha

I hope to be going live soon. Just finished filling out the application forms sent them a copy of my ID dox so I should be live by some time next week. I dont know whether to go for a mini a/c or just go the whole hog.... for a full trading a/c

Did you travel internally or abroad?

Happy Trading

pk

[AlphaTrader]

Just visiting family didt go anywhere special. Manly went to my fiances grparnts place for xmas new year all of her family was doing the big thing this year there so we went. other than that just went camping with a few mates after new year yeah that about it.

What about you what u get up 2?

Also go with a minni to start of it its easy deposit funds into it have a full acc.

Anyways all the best hope to hear you.

[Persiankiwi]

Originally Posted by AlphaTrader

Just visiting family didt go anywhere special. Manly went to my fiances grparnts place for xmas new year all of her family was doing the big thing this year there so we went. other than that just went camping with a few mates after new year yeah that about it.

What about you what u get up 2?

Also go with a minni to start of it its easy deposit funds into it have a full acc.

Anyways all the best hope to hear you.

I went to visit my persian side. It was a good trip. Brother-in-law got married great bash lots of food drink as a result of which i am now on a diet.

not much of a christmas though because it is not celebrated very often over there but we had a good time set up our own christmas tree hed out presents. it made a nice change the usual run of the mill things we do. I so much want to try get back to NZ one day but it is just so far the north hemisphere also there is the cost to consider. Any trip to NZ would have to include Aus that means a good couple of months to really soak up the atmosphere. I cant see it happening in th near fututre!

I am in a big qurum about mini or full a/c. I really dont know what to do. THis week was a great week on the demo's made a bucket am full of energy. Most weeks are not that impressive you know when you are on a winner you are full of energy to go on. When teh losing streak sets in then you start to worry fear for the future. You trade for a living right? Do you trade just home or do you work for someone? I think you previously said you work just home for yourself. I assume you are happy with it!

pk

[ArnieConan]

To answer the original question maybe it's not necesary but consider that virtually all successful traders had either training a professional company such as a fund or they had a mentor. In many cases they had both.

The main problem with retail traders is they can't outlast the learning curve.

People hired to trade for firms are given about 2 years of training with small amounts then they have to prove themselves before their accounts are given more money to trade. They have access to things that most of us can only dream about. Most importantly they have access to years years of experience residing within the people they work with.

The average retail trader blows out within 6 months. His education is just starting at that point but he doesn't see it that way. He's been studying working his butt off he feels he's come a long way since he began which may be true but he doesn't know how long the journey truly is so he misjudges his abilities where he is on the learning curve.

A mentor will decrease the learning curve immensely. A good mentor will not promise to make you a successful trader. Instead he will promise to show you how you can make yourself into a successful trader. Even with a great mentor there is no guarantee of success.

[Persiankiwi]

Originally Posted by ArnieConan

To answer the original question maybe it's not necesary but consider that virtually all successful traders had either training a professional company such as a fund or they had a mentor. In many cases they had both.

The average retail trader blows out within 6 months. His education is just starting at that point but he doesn't see it that way. He's been studying working his butt off he feels he's come a long way since he began which may be true but he doesn't know how long the journey truly is so he misjudges his abilities where he is on the learning curve.

A mentor will decrease the learning curve immensely. A good mentor will not promise to make you a successful trader. Instead he will promise to show you how you can make yourself into a successful trader. Even with a great mentor there is no guarantee of success.

Are you saying that without these facilities an ordinary trader is facing almost certain failure?

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?

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?

By the way I agree with your assessment. It's a sad fact.

pk