Are There Any Decent Proven Forex Trading Mentors Out There?
Often, the search for proven forex trading mentors online leads to a lot of information that seems to be a scam or overly charged for services. The question arises: why would a successful trader charge for lessons?
It is crucial to work with a professional mentor. A skilled trader taking money for teaching you how to trade is likely because it is their livelihood. They will be highly motivated to teach well and will not accept students they believe will not be successful. Over the years, I have worked with many traders, some better than others, but they all share one common trait: they are obsessed with the markets. They want to make money and share their knowledge. What you see on websites is often just a taste or teaser. If there's something you don't understand, ask for more information.
Professional Mentors vs. Online Scammers
Genuine and successful traders rarely have the time to mentor people. Most of the crowd seen online lives off teaching and does not trade or have any successful strategies. So, stop looking for such mentors. If you are willing to learn, there are ample materials available to study. However, it is a long process. I, personally, have been a trader for 21 years and realize I've wasted half my life learning trading.
Now, things are much advanced. A well-coded and tested algorithm (ALGO) can do wonders without wasting much time and money. But, never fall for ALGO sellers, as they do not take responsibility for results.
The Role of YouTube in Forex Trading Education
YouTube can be a helpful tool to learn almost anything, including forex trading. However, just like everything else on the internet, you cannot blindly trust forex experts on YouTube. I have encountered a few genuine YouTube creators who aim to educate their viewers, but it's undeniable that most are there for the money. Therefore, it is advisable not to make trading decisions based solely on a YouTube influencer's advice. Self-study remains the best approach to forex trading. Take your time and choose what’s best for you.
The True Cost of Learning
Why would a successful surgeon charge for teaching? Medical schools pay their teachers, you know. This attitude kills any hope of learning how to trade for most aspiring traders. There's no such thing as a free lunch, and no one worth their salt will teach you for free. Not even for a hundred dollars.
Good news! You can learn on your own. Read books, research, and trade with real money. Demo trading will only teach you how the console works and not much else. You will likely end up paying the market while learning, more than what a good mentor would charge. However, you won’t have to pay a successful trader because, let’s face it, they should be honored to teach you for free.