Is it necessary to have a mentor?

[ArnieConan]

Originally Posted by Persiankiwi

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

Probably, if not in 6 months, within 2 years. People do get lucky, but luck always ends. I think if someone can make it past two years, then their success can be attributed to true trading skills (all that it entails).

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?

No. While there is much of value here to the beginning trader, there is too much crap. Take for example the never ending, absolutely ludicrous arguments about hedging. Most of the people doing the arguing for it don't even understand what hedging truly is. There are too many people on these boards who are stroking their egos and have nothing worthwhile to contribute.

The most important aspects of trading get nothing but cursory attention here. Some of them never get mentioned.

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?

Honestly, I don't know. The only advice I can give is to do everything possible to get a mentor.
Bear in mind that just because someone becomes interested in trading, it doesn't mean they are suited for it. I wanted to be a pilot but I got violently airsick whenever I put the hood on. I tried it over and over again, over thirty times, but it never got better. I had to give up the idea of being a pilot. Trading is no different. Many are not tempermentally suited for trading. A mentor can help you learn quickly if you're suited for this or not. A good mentor, of course, not someone looking to make money.

[shpforex]

I think it is better without mentor.

If you have a mentor, sometimes you limit yourself to your mentor.

[ArnieConan]

Originally Posted by shpforex

I think it is better without mentor.

If you have a mentor, sometimes you limit yourself to your mentor.

That's a valid point.

What I've yet to see on this thread is a discussion about mentors. What constitutes a mentor? What does one expect from a mentor/mentee relationship? What does one expect to give in the relationship? Why should a person be willing to mentor? What could a mentor expect to gain from the relationship?

Once again, here is something that everyone has preconceived notions about, but very few have ever articulated and defined said notions. It seems to me that doing so would be of immense value in the search for a mentor.

[TRYFX]

All trading requires thorough dedication and proper due-diligence. All of us want to trade before we develop a solid foundation of knowledge. Try to avoid learning by ones own mistakes. Always better to learn from professional traders who has made the mistakes first.

One source for free training is located here and always remember to
triangulate your developing knowledge to ensure its successful path.

[Persiankiwi]

Originally Posted by ArnieConan

That's a valid point.

What I've yet to see on this thread is a discussion about mentors. What constitutes a mentor? What does one expect from a mentor/mentee relationship? What does one expect to give in the relationship? Why should a person be willing to mentor? What could a mentor expect to gain from the relationship?

Once again, here is something that everyone has preconceived notions about, but very few have ever articulated and defined said notions. It seems to me that doing so would be of immense value in the search for a mentor.

Preconceptions (mine):

A mentor means different things to each of us. I would expect my mentor to have a proven track record of experience, to be working as a full time trader and have a good sense and feel for the market. Experience brings you that sixth sense. The time my mentor would have spent as a trader would be more important to me. Ideally this person would be with a respectable institution, not one of these gimmick sites we get offered.

As far as expectation is concerned, I would suggest that tutoring through monitoring and having the time to give a genuine professional view of various issues that will arise from time to time.

When it comes to giving, it would be restricted according to the 'student'. I would expect the mentor to be extremely busy, there is considerable assistance the student can provide in supporting the mentor in analysis and set-ups. research through experts and paper research. Reading, reviewing and collating are only part of the job.

Why become a mentor: Many reasons, It may be for monetary gain or it may be an academic interest. At the end of the day the student seeks development in the psyche and method of the mentor. Martial arts just would'nt be the same without the 'psyche'! Trading is not a hobby, it's a way of thinking. It's mathmatical substance makes logic very important and a sound knowledge of monetary policy and politics are woven in. To think like a trader I must first learn to view events like a trader.

The gain to the mentor would be clear. A colleague - junior partner, friend and enthusiast. In my own profession I regularly train people for specific jobs. Financial issues aside, I gain considerable confidence and self-worth, just through the act of training and teaching.

The greatest mentors I have ever had, do not know that they were my mentor.

pk

[ssblack]

Originally Posted by Persiankiwi

Preconceptions (mine):

The gain to the mentor would be clear. A colleague - junior partner, friend and enthusiast. In my own profession I regularly train people for specific jobs. Financial issues aside, I gain considerable confidence and self-worth, just through the act of training and teaching.

The greatest mentors I have ever had, do not know that they were my mentor.

pk

Your last line is an excellent observation. I too have had that experience with other fields, although not yet in trading.

scott

[Persiankiwi]

Originally Posted by ssblack

Your last line is an excellent observation. I too have had that experience with other fields, although not yet in trading.

scott

The greatest mentors I have ever had, do not know that they were my mentor.

pk

I was not just referring to traders, I was referring to life!

pk

[vandals]

Originally Posted by MadisonFX

If you like I can provide you with mentors for free.

info@radiantcap.com

hi can you mentor me too?