I'm currently debating if I should invest in mentors and processes. Mentors are prohibitively expensive, yet if they are effective, why not? Systems are great, but when they fail, you're on your own. So, what are your thoughts? Is there a mentor or system that you would recommend? or any video tutorial. What is the greatest site for reviewing forex products?
mentor or system
- Thread starter Lee-me
- Start date
Yes, there are credible mentors out there but probably not to be found in forex, that's a retail rick magnet.
I invested a lot of time in learning from the pros. It helps me trade with a much lower MAE etc.
In forex, the pros are watching futures VWAP, open interest, cross-currency basis, swap rates, yield differentials, reports, news, sentiment, inter-market spreads, etc ...
It's not, at all, simple. This is an example of scripted regression detrending around VWAP in sterling futures. Think about what could be useful for you, and which of these things you can realistically learn.
In forex, the pros are watching futures VWAP, open interest, cross-currency basis, swap rates, yield differentials, reports, news, sentiment, inter-market spreads, etc ...
It's not, at all, simple. This is an example of scripted regression detrending around VWAP in sterling futures. Think about what could be useful for you, and which of these things you can realistically learn.
Can you name a single credible mentor in any other asset class? I know none. Don't give currency trading a bad name when the same charlatans are operating everywhere else as well.
The only traders I would even entertain the notion of handing over my hard-earned cash in the hopes of getting back my money's worth in terms of what I might learn are AJ Monte and Peter Reznicek (except that they seem to focus on options whereas my thing is foreign currency pairs).
All the stuff that helped me out along the way I picked up for free thanks to videos put out by, OR from invitations to visit trading rooms for a limited time FREE of charge, from the likes of AJ Monte, Peter Reznicek, Jim Roof of sp500chart, Cristian Moreno, Raman Gill, Bradley Gilbert, Stephen Whiteside, Jarratt Davis, Scott Barkley and Ray De Medici (not necessarily in that order).
P.S. Cristian Moreno would make his "daily calls" public IN ADVANCE (or at least he used to). AJ Monte would also put out a market forecast at the end of each week publicly (and probably still does), both via YouTube.
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Trial and error will be your best mentor.
BTW you could be a bit more specific on what you want to achieve by signing up for a mentorship or a system. It sounds all so vague.
I forgot to mention Nick McDonald of Trade with Precision.
Yes. Just because you know of none does not mean they don't exist.
Fair point, charlatans exist everywhere but there are some niches they appear to thrive; forex as an example.
What are your criteria for a credible mentor?
Someone with a proven track record of profitable trading/investing. One-offs not counted. This is a different game than teaching math at school. One does not have to be a genius to teach math, and the alternative to teaching math would be applying math, but the required skill set will go beyond just math knowledge to, for example, apply math as rocket scientist. On the other hand, anyone with a proven track record of profit generation would never get into teaching or mentoring unless retired or being passionate about helping others succeed. Rare breed. But that's what you want to look for in a mentor. On the other hand, how can you trust anyone who tells you something in the knowledge that they could not even succeed at doing it themselves? Certainly nobody would hide a positive track record if they had one.