Do you need a teacher to succeed in Forex?

mumuy

Active Trader
May 3, 2013
193
6
27
Do you have a teacher in forex now? If not,can we succeed without a teach in forex?
For me, at the moment, I am trading on myself. I learn by myself and trade by myself. But till now, I do not think I have been successful in forex now. Now I wish to get your opinions about whether I can succeed without a teacher in forex. In fact there is no successful in any business without a teacher and success requires study and learn and study needs teacher, so you must be looking for a teacher role models so that it can lemon you mind in the analysis and forex trading did not hear about someone succeeded without a teacher

it is very important to have teacher in forex because every day we are learning, also there are something’s that you can’t see but due to the fact that they have been in the trade for long they tend to see it and let you know it.
 

patjr

Trader
Oct 18, 2013
13
0
12
Mumuy,

I agree with you. A teacher or mentor in this market is very important. I am 53 years old and have been trading the market everyday for the past 8 years. I struggled the first 3 years trying to learn and spending 1000's of dollars just to keep getting the same results. I was very blessed about 4 1/2 years ago to meet someone that was just "Unbelievable" when it came to the markets. This person was hired by the banks to teach their new traders. I was able to spend the last 4 years trading with them and learning from them. I have spent 1000's of hours studying charts and I still do. But to knowing what to look for, what to study, that made all of the difference. Being profitable just wasn't enough, I wanted to be "Consistent" that was what I was looking for. As I look back, it was a long and rough road because my mentor didn't just tell me the answer, they would make me find the answer. This irritated me at the time, but now I know that it has made me a much better trader. Things like, knowing the direction, knowing where the market will stop, knowing where the market will likely turn, all of these things are very important to know before I risk any capital. Without a mentor or teacher I know that I would be just another trader trying to learn the market. The things that I was taught cannot be found in a book or on the internet, again it was 1000's of hours with my teacher that gave me the confidence that I have today. Very good question.

Pat
 
Aug 22, 2013
66
2
17
Yes I think if we don't have any idea about Forex and trading then definitely we need proper training and guidance otherwise we can't trade properly. there are various sources are available to trained ourselves.
 

patjr

Trader
Oct 18, 2013
13
0
12
I do agree with you. But where do most people go to learn on their own, websites, forums, brokers? Most people learn just enough to lose their money. The facts don't lie. This came from IBFX, "95% of their new live accounts will put $10,000 in their account, TWICE, lose it all and quit". That is a lot of money and the brokers love it.
A person can only learn so much on the internet, but I feel that a person cannot become "consistently profitable" unless they know things like, UDF and how to use it, Current swings, what they are, what timeframe, where they start and end, historical levels, these are what the banks trade from and they are present in each timeframe, how do I find them, which one is strong, which are not so strong. I always hear people talk about, "Trade with the Trend", if that were true everybody would win. People need to learn "Trade with the Banks", but how does one do that? These are all things that you cannot find on the internet but are so important in trading this market.
So I do agree with you to some degree. But there is so much more to learn in order to turn this into making a living and it is not on the internet. I believe in this market it is "Forex Yes or Forex No, Forex sometimes will lose your account.

Pat
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
3
49
Of course, having a mentor helps and a few savvy mentors do offer to teach newbies the ropes, and of course for a fee.
The catch is the same, as with a forex course - you need to do the research and find out if its worth it. FWIW, learnt how to trade on my own and have not regretted it..
 

george55

Trader
Oct 29, 2013
14
0
17
www.ifcmarkets.com
surely knowledge is important in any aspect.. Forex is an aspect requiring knowledge as well... If you want to start trading and trade not just by your foecasting by chance... but based on some knowledge about market.. Surely there is no a certian place where you can read everything about Forex and then trade only with profits... It's impossible. But looking through some articles, and then starting trading in Demo accounts will definitely help you to succeed.

:):)
 

mumuy

Active Trader
May 3, 2013
193
6
27
I agree, since trading is not gambling, with the latter is based on chance, while the former is based on knowledge and money management.
 

alexjasen120

Trader
Sep 15, 2013
1
0
12
FOREX TRADING MASTER

You have Forex trading basics mastered, you can then comprehend different Forex trading strategies. Ensure you fully understand the dynamics involved in the strategies you are looking into. This will then enable you to choose which strategy best works for you.
 

Bruce69

Trader
Mar 21, 2012
7
0
12
Forex tutorials are all over the internet, demo accounts are there for testing... I don't know why would you need teacher than! Forex is all about developing your own trading technique...
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
3
49
Of course, and that's what I would suggest to all newbies, to review the free resources, open a demo, learn the ropes and after a while - move to a live account..
Believe me, most of the forex courses are for advanced traders and the ones who prefer to peddle their courses as "become rich overnight" and similar snake oil sales pitch to newbies, well - they are better off without it.
Most of the beginner material is already online, for free..and in addition, check out youtube.
 

obinna

Trader
Nov 1, 2013
3
0
12
I think we all need knowledge i mean full knowledge in order to work and get good results in forex.

Of course, and that's what I would suggest to all newbies, to review the free resources, open a demo, learn the ropes and after a while - move to a live account..
Believe me, most of the forex courses are for advanced traders and the ones who prefer to peddle their courses as "become rich overnight" and similar snake oil sales pitch to newbies, well - they are better off without it.
Most of the beginner material is already online, for free..and in addition, check out youtube.
I agree with you and i also add that lots of people just want to follow the lead but not really thinking of what it might cost on the long run.
 

Master Forex IB

Active Trader
May 23, 2013
174
1
27
I am having no teacher in forex trading . i feel a need of any guid line , any person who tell me tips and tricks of trading by doing practical with me. I think me a good teacher can help new trader more effeciently to do trading in real market. he can guide about mistakes and the way to avoid them.
 

FxLime

Trader
Jun 23, 2013
7
0
12
I also asked myself whether a teacher would be necessary. Surely we can find all the resources about trading on the internet, but many are often in conflict, perhaps a teacher could make the learning process smoother? Unlike with other professions, it seems with trading there are many different ways to become profitable.
 

Rockefeller

Master Trader
Jul 12, 2013
101
2
57
London
I managed to get my education from fellow traders and from some video tutorials. There might be some good teachers out there but I have not met or seen anyone.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
3
49
Frankly, I did not enroll for any course or wait for a mentor - learnt it from online courses, practice and of course, made a few mistakes along the way. I did join a course as a newbie which turned out to be a scam..live and learn.
 

mumuy

Active Trader
May 3, 2013
193
6
27
Mumuy,

I agree with you. A teacher or mentor in this market is very important. I am 53 years old and have been trading the market everyday for the past 8 years. I struggled the first 3 years trying to learn and spending 1000's of dollars just to keep getting the same results. I was very blessed about 4 1/2 years ago to meet someone that was just "Unbelievable" when it came to the markets. This person was hired by the banks to teach their new traders. I was able to spend the last 4 years trading with them and learning from them. I have spent 1000's of hours studying charts and I still do. But to knowing what to look for, what to study, that made all of the difference. Being profitable just wasn't enough, I wanted to be "Consistent" that was what I was looking for. As I look back, it was a long and rough road because my mentor didn't just tell me the answer, they would make me find the answer. This irritated me at the time, but now I know that it has made me a much better trader. Things like, knowing the direction, knowing where the market will stop, knowing where the market will likely turn, all of these things are very important to know before I risk any capital. Without a mentor or teacher I know that I would be just another trader trying to learn the market. The things that I was taught cannot be found in a book or on the internet, again it was 1000's of hours with my teacher that gave me the confidence that I have today. Very good question.

Pat
Hi to hear that from you, you're a lucky guy to have a mentor that can help you and guide to learn secret of the trade. Since, the secret given to you cannot be found in any book or sire in the internet.
 

Emibluz

Banned
Aug 22, 2013
165
0
27
Well I guess you could need a more experienced partner. I had been in the forex for long and was barely making reasonable profits. Then I met a guy who opened my eyes to the market functioning; but there was something that FX chief told me I would never forget."Try to always get an edge and don't always follow the crowd- this way the pips fall in more heavily". I later understood some of the edges he talked about; he unlike the crowd trades with offshore traders. Yet he is profitably comfortable with an unlicensed broker. This means some offshore broker could be as healthy and profitable as our regulated brokers,doesn't it?
 
Last edited:

Abdul Wahab

Trader
Nov 14, 2013
1
0
12
yes dear you said right that forex trading is not easy so for learning the forex and become a good trader we have to need a good teacher who help us for this purpose and i have a good teacher for this