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 and its quite good. Its aimed at beginners and 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 and its quite good. Its aimed at beginners and 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 and signed up for their newsletter. Although a tad basic and really aimed at the total newbie, I still found the site very interesting and 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 and 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 and 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 grandparnts 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 and 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 and have a full acc.

Anyways all the best and hope to hear from you.

[Persiankiwi]

Originally Posted by AlphaTrader

Just visiting family, didt go anywhere special. Manly went to my fiances grandparnts 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 and 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 and have a full acc.

Anyways all the best and hope to hear from you.

I went to visit my persian side. It was a good trip. Brother-in-law got married, great bash, lots of food and 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 and set up our own christmas tree and handed out presents. it made a nice change from the usual run of the mill things we do. I so much want to try and get back to NZ one day, but it is just so far from the north hemisphere and also there is the cost to consider. Any trip to NZ would have to include Aus, and 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 quandrum 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 and am full of energy. Most weeks are not that impressive and 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 and fear for the future. You trade for a living right? Do you trade just from home or do you work for someone? I think you previously said you work just from 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 from 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 and 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 and 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 and working his butt off and 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 and 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 from 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 and working his butt off and 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 and 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