New to the forex world, looking for mentor

Hi guys,

I have been looking into forex perhaps close to 6mths, but I guess some of the comments in this forums are right. It would be best to find a mentor who can give advise. Is anyone willing to help maybe in the form of instant messaging form of communication?

I could help if your using a EA.

hello is this a form of an automation?

@currypig

If you haven't already done so, go to babypips.com and click on the "Start learning" button or "School" tab.
It will bring you up to speed on the general knowledge for retail forex trading. Even today I find interesting things to read there.

I wish I had come across it at first instead of stumbling my way through and learning from a mentor. If you are adamant about finding a tutor, make sure the guy shows you his trading statement first. Too many unqualified people feel compelled to tell other people what to do with what little knowledge they have. Heck, look at what I'M doing right now.

And unless he is your personal friend, always bear in mind that the value of his mentoring extends as far as what he can get out from you, otherwise it's a massive time-sink for him.

All said, you will blow your first real money trading account. Start small but not too small such that it does hurt when you do.
Hahaha... hahaha.. Guahahahahahahahaha.... back to work. :(

It's the delirium talking. Been at the desk for too many hours. I can't see the screen for the pixels. The only vitamin D I'm getting is from my monitors. I do not use hotkeys as I fall on my keyboard frequently.

All facetiousness aside, and apologies if I came across flippant in the previous post, take your time to learn about trading. Don't rush things, you are training to become a surgeon and it takes years to become a competent one. Buy malpractice insurance. Get the comprehensive plan.

you guys add me on skype : ral.ozoms

cheers

sure thing thanks a lot for the advice man, btw what is EA?

Well I am done with babypips, though there are still things there for me to learn... I guess its kind of hard to find a good mentor then..

I can help if your interested in learning how to truly trade manual and learn to do it right.

currypig posted:
sure thing thanks a lot for the advice man, btw what is EA?

Well I am done with babypips, though there are still things there for me to learn... I guess its kind of hard to find a good mentor then..

EA stands for Expert Advisor if I'm not mistaken.

forexmaxims posted:
I can help if your interested in learning how to truly trade manual and learn to do it right.

Hi forexmaxims,

I would like to seek help too, if you're willing to help...

EA=Expert Advisor. It does yr thinking n trading fer ya. In other words, it's smarter than u. But WTF? Ain't humans better than AI? Heheheh... Btw , I trade manually ... 160% inc in 5 days. Trade around London opening time till NY open.. If those timeframes are fine then you can follow my account (called Calmly here)

Good job Cal. How did you pick yourself up and do so well? :)

hwlm posted:
Good job Cal. How did you pick yourself up and do so well? :)

By burning real money as "fees" for my tuition while trading a live account. I see no point in trading demo accounts bcoz the feel ain't there.

Besides, if it doesn't hurt, you won't learn. So I funded a live account with real money which if I lose, it ain't gonna be pretty. And it did. I saved snapshots of the charts , separated by Asia/europe/ny sessions, studied the charts..pattern ..behavior of currency pairs that interest me... keeping a trading log..

Result of that, i only trade when London starts till it closes..bcoz I trade Fiber, Cable n Swissy only (lower spreads compared to other pairs)..

No doubt, newbies have to do their own study, no spoon feeding bcoz each trader has a different trading style..It ain't pretty but at the end of the day, it's well worth it folks

Hi currypig

I don´t know any menthor, but I could advise you to study a lot.
You could start with babypips.com they are the best free website to study forex.
Find the best books that you can and start studing a lot.
Anyone that tells you that forex is easy is not telling the truth.
It´s very very hard.
But you will be rewarded a lot if you do it right.
I have some accounts here at Myfxbook and my webpage, tradingboy.com.
Best regards.

Tradingboy

calvinj posted:

By burning real money as "fees" for my tuition while trading a live account. I see no point in trading demo accounts bcoz the feel ain't there.

Besides, if it doesn't hurt, you won't learn. So I funded a live account with real money which if I lose, it ain't gonna be pretty. And it did. I saved snapshots of the charts , separated by Asia/europe/ny sessions, studied the charts..pattern ..behavior of currency pairs that interest me... keeping a trading log..

Result of that, i only trade when London starts till it closes..bcoz I trade Fiber, Cable n Swissy only (lower spreads compared to other pairs)..

No doubt, newbies have to do their own study, no spoon feeding bcoz each trader has a different trading style..It ain't pretty but at the end of the day, it's well worth it folks

Hi Calvinj,

Thanks for sharing your experience.
Hmm, so what is the one or two thing, in your opinion, that makes you successful?

stop dreaming at fancy EA`s... and this is an advices from a 9 year experienced trader :)

if you need help in trading, just pm.

cheers!

We agree with 'henrygothie'... Many traders talk about EAs but tend to leave out some key details. To anyone here who wish to hear us out, this is something we'd like to share with you good people. Here are the key must-know details of EAs:

1) A good VPS (virtual private server) provider is required. Anyone who wants to use EAs to trade have got to use a VPS. VPS basically allows your EA robot to trade your account 24 hours a day. Use a VPS with low latency.

2) Your broker choice. Not every broker supports the usage of EAs. You must be careful with your selection of broker. One of the signs to look out for is, "Does the broker provide 5 digit prices?" An example of a broker that supports the usage of EAs is ThinkForex. They provide you with free VPS service if you fund your account with $2,500 and above *not sure if they changed their rates

An EA's success is dependant on the price action of the broker. Our advice is to check with the creator of the EA, which broker/s works best for their product.

3) Does the EA use martingale? If it does, please be careful. You can get wiped out very quickly...

4) You must understand that EAs have settings. These settings are usually pre-set by the creators. This is the reality! The pre-set settings may work well this week but fail terribly the next. Why? The market is always changing. There are good EAs on the market, but you may not achieve the results as you were told by the fancy sales pages.

This is not because the EA is lousy or is a scam. It could just mean that the settings were not set right for the week/month. The creators are constantly adjusting their EA settings to reap the best possible results from the markets, and that's how they might be able to achieve the desired results. Whereas you might be using the same EA + with the recommended broker but still not achieve the same results. Get it?

*We end off this little post on this note...

There is nothing wrong with using an EA to trade, but please make an informed decision before allowing an EA to trade your hard-earned cash. Is it logical to allow a $100 EA to trade your $10,000 account, hoping to make a huge windfall? Stay realistic in the forex trading world. EA creators may hate us for telling you the truth.

Your friend in trading,

FX Capital City™

~ This is purely the opinion of FX Capital City and is in no way to be construed as financial advice. Please use your own discretion before taking any follow up action. We're just here to share our knowledge with you :)