Play in new window Download. In our last blog we pointed out the top 3 checkpoints you should use when looking for a true forex mentor and we warned you how to spot the "miner" who is just out to make money off of teaching forex strategies.
Here's the link to last week's blog if you missed it: Forex Mentor or Miner? Which Is Your Forex Teacher? If what they were teaching was so great, why have they abandoned it and are now teaching something else? It must not have been as great as they promised it was. And in a month you can bet that you are going to be inundated with their emails where they are "pimping" the next best strategy and once again offering very limited openings for that "never to be given again" class.
If accurate journaling and careful record keeping is not encouraged or included, what does that say about the course being offered? What bona fide forex teacher wouldn't want you to keep accurate records of every trade you take along with screenshots so that you can go over the trades at the end of the day, week, month or year and find out what worked well and what needs some tweaking in order to get more profit. If your teacher doesn't push you to keep records, aren't they in fact saying that they don't really care whether you've understood their teachings or not?
Or are they afraid that by logging all of your trades you'd start to see how many of the trades that perfectly met their trade methodology actually failed? And if you're keeping careful records you could easily discuss with your teacher whether or not you're fully understanding their methodology. You'd have the examples, notes, and complete records of each trade easily accessed and sorted right in front of you. You could keep your "notes" and "lessons learned" with each trade and even rank them according to how well they adhered to your trade plan.
We're picking out just a few of the key points that a good trade log should include, and of course we've designed all of this and much more in our Forex Smart Tools Log.
Here's a screenshot from the trade input tab of the Trade Log - click it to enlarge the image. All of the screenshots added to each trade can expand to full size within the Trade Log too, although they won't within the blog here. Will your teacher spend time talking about the mental headset you need to become a steady, unemotional, courageous trader — all essential components of trading forex successfully. If you resolve from this point forward to do it all yourself, the market can no longer be your opponent.
If you stop fighting the market, which in effect means you stop fighting yourself, you'll be amazed at how quickly you will recognize exactly what you need to learn, and how quickly you will learn it. Taking responsibility is the cornerstone of a winning attitude. We've been scammed so many times that we have a lot of experience when it comes to knowing what to look for in an honest teacher. Learn from our mistakes before you become a victim of another Forex scam masquerading as "teaching".
In the next blog we'll present more questions you absolutely need to have answered before you sign up for your next class. Please feel free to share our blogs. The blue plus button lets you email this link too: IMO the best way is if you are studying with someone, Journal your trades, and ask him when things get bad! I, like many others have been through the rip off system enough already, and all what you have listed is probably.
Are there ANY real teachers out there? In short I do not believe that there are successful trader teachers out there, even the ones that you might think can tick your whole list, are clearly not as good as they claim to be …. I agree with Bob.
But I keep hoping that maybe a real teacher will come along. When are you girls going to start to share some of your trading knowledge as teachers of how to trade.
How to be successful at forex trading. I do not dispute that at all and commend the ladies for writing impeccable articles to not only warn us, but practically instruct us how to avoid them. That said, there are also good coaches. That is a fact.
I know some, personally and professionally. Coaches who help for free, and those who charge. And for them, they are real traders. Not institutional, obviously, as institutional traders are working full time at institutions — the clue is in the title. But definitely real traders, successful, balanced and wealthy from trading live — not from coaching. They might not play the saxophone at Grand Central, but conductors definitely mould, shape and train musicians in the orchestra.
The result is a very lonesome, second-natured autopilot looking to expand horizons. By the time they have become successful they, as a matter of necessity, have also learned that there is a karma to trading and life where what you give, you shall receive. Good coaches coach for the obvious selfish and innate human need to be acknowledged for success, but more so for wanting to create and be part of a successful community of like-minded individuals.
They trade live, share trades, review setups for their fellow musicians and provide objective advice. Bob, I note the above not to be argumentative, but to state that these people do exist for a fact. Beginners would be better off starting with tools to separate the wheat for the chaff rather than to subside into a state of helpless cynicism. And with that, kudos again for articles that strive to provide the tools to do just that, discern the good, without giving up.
Thank you Jacques for the response, much appreciated. Should we skip down the yellow brick road till we reach the end of the rainbow? Jokes aside, there is one extra point of note in that logistically it is almost impossible to find such a person. In practice, having done the green mile in this, it would take an ordinary person, just like any other skill, at least years of training and another years of practical practice to reach a level of profit in trading, its the old 10, hours thing.
The teacher would thus need to commit to at least 1. So for a real trader to take on an obligation like that is unheard of. I am an advocate of if you are gonna do something do it properly otherwise you are probably gonna cause more damage than good. Thank you for your response Bob. In response to your thoughts. If I did — even in an innocent attempt to aid, you and everybody who reads this should have simply taken my comments and marked them for file We own matching t-shirts — several I presume.
I am glad you allowed room for the possibility. Lots of things are logistically — almost — impossible, swimming the English channel, say. Your initial post stated quite clearly that pro traders who teach do not exist. Thanks to wonderful parents, I was extremely fortunate to have been sent to university. Most of my lecturers were pros, at lecturing.
But there were the few that worked in the field practically, and taught because they enjoyed it. For some of us to be right, most of us have to be wrong. This is a logistical necessity. Call it what you will, but meshed full of snake-oiled-buckshot many times over, I still prefer to live on the side of optimism where good does exist. And I assure you, it does — even in the dark corners we tread. Yes there may be an exception to the rule, but how many swimmers have swam the Channel as a percentage of the total number of swimmers?
They are all exceptions, repeating my argument, it is near impossible to find such a teacher. Never did I refer to such teaching. What I am saying is that there is so much technical information which needs to be taught before you can learn a system before you can trade. It is these technical points that are never taught by the tutors, and I am not sure they themselves fully understand them.
As it is taking me 2 years to get it all together myself. Hence the tutors fail and the students fail. They are simply not taught enough!!! You have to pass a driving test before you drive or you will kill people. Its true for all other vocations, do we let traffic controllers walk into an airport with 2 weeks training? No it takes 2 years I think what makes you think teaching the technicals of trading takes anything less?
Why are traders so naive to think that they can learn this game so quickly? Where all these teachers fail is that what they teach is in of itself a waste of time.
Now no matter how many conditions from this blog a tutor can be seen to cover, this way of teaching will never work, as it contains no understanding of the charts and the market on a professional level.
What I meant was that it would require a minimum of 1. A lot of that time could involve repeating the same basics as things get more complex but that is teaching.More...