Mentor wanted

[jsoft]

Very few (and I mean maybe one out of a ten thousand or even less) are capable to become successful traders by themselves. Reading books and attending courses may look as an economical way to achieve the goal, however it doesn't work. I realize 99% at this forum won't agree with me and that's fine. What it does at the best is it makes the trader ready to accept the mentor (after all other means have failed). We don't have any interest behind what we just said also we're not trying to discourage self education as such. However let's face it: nobody wants to become a doctor or a lawyer without going to a college. In the same time there are very few money making traders versus thousands of doctors or lawyers... think about it. If a book would make one a winning trader, where are all these winners? Not to mention the fact, that the market wouldn't exist as such (without enough traders loosing money).

GabeMT has very right approach and seems being ready for a mentor. What difference does it make what others think or say. "The teacher will appear when the student is ready".

[MickMason]

Originally posted by jsoft
"The teacher will appear when the student is ready".

Man who keep feet on ground have trouble putting on pants

[For_Ex]

Originally posted by MickMason
Man who keep feet on ground have trouble putting on pants

Man who put on pants have trouble keeping feet on ground. Hey Mick how is it going?

[MickMason]

Originally posted by For_Ex
Man who put on pants have trouble keeping feet on ground. Hey Mick how is it going?

Man with pants on ground have trouble putting on feet

Going good For_Ex, how about you?

[Megatrends]

Originally posted by MickMason


In a nutshell you have described the average private speculator's expectations of training courses, signal providers, and mentors, and their view that losses are anyone's fault but their own.

Some popular reasons for loss according to new traders:

Everyone is against me
My broker is moving the price on my platform
I've been snared in a trading trap
My charts are wrong
There's no money to be made in forex

Mick

Mick

I am slowly discovering that your last point "there's no money to be made in forex" is the key reason why many traders give up. I have yet to meet a profitable forex trader (per definition a single trader who only trade for his/her own account making use of a retail platform) .... - one that is able to live off his/her account and at the same time grow his/her capital. When you find such a trader, please introduce him/her to me! They say only 5% make it - in forex, I think that figure is closer to 1%. Until you find this person (or could it be a computer sitting somewhere in a corner) ...... happy trading!

[MickMason]

Originally posted by Megatrends

I am slowly discovering that your last point "there's no money to be made in forex" is the key reason why many traders give up.

That's the excuse they use to save their sanity, in reality there is money to be made, it's just they can't make any.

The problem with retail forex is it's opened the floodgates to droves of people hoping to get rich, suckered in by glitzy adverts and convincing sales talk. They ignore the disclaimers and plough right in with fistfulls of cash and very little idea of what they're doing, after all how difficult can it be to guess the direction a pair will take. The brokers love it, another mug about to lose their savings or redundancy money. The majority of trades never leave the brokers, it's like a licence to print money and it's legal!

Strangely enough ask the same people to play roulette and they'll call you stupid and claim only fools gamble, it doesn't make any sense to me.

Mick

[RealFX]

"in reality there is money to be made, it's just they can't make any"

What about the idea that you only make money by taking that money from someone else. Then the question becomes who am I/can I take the money from? Battling trading wits with traders with decades of experience isnt something I want to do.

So for me I've got to understand this at a deeper level. Some people have said this is how capatalism works. But I dont agree, and Bill Gates is good example. He truely MADE money. That is he has generated billions that didnt ever end up in his pockets. Maybe this can done in FX?

[MickMason]

Originally posted by RealFX
"in reality there is money to be made, it's just they can't make any"

What about the idea that you only make money by taking that money from someone else. Then the question becomes who am I/can I take the money from? Battling trading wits with traders with decades of experience isnt something I want to do.

So for me I've got to understand this at a deeper level. Some people have said this is how capatalism works. But I dont agree, and Bill Gates is good example. He truely MADE money. That is he has generated billions that didnt ever end up in his pockets. Maybe this can done in FX?

You're not battling trading wits with anyone else, you're task is simply to bet on the direction you believe a pair will take and control the risk of that bet. Like any form of gambling there will always be more losers than winners, that's what makes it viable for the house to operate. The house, in this instance the marketmaker, can never lose as potentially winning or larger bets are placed on the interbank, smaller bets are kept in-house. From the losers they pay the winners and keep the difference, or for trades placed interbank they keep the spread plus the price difference between what you pay and what they pay.

I don't understand your point about Bill Gates. He developed software that he retailed to the consumer the same way any manufacturer of any product does. He pays his investors a share of the profit, and after overhead keeps the rest.

Mick