How to choose trading strategy mentor?
As your trading mentor, try to choose a trader who has been teaching for a long time and whose students make money with his trading strategy. Remember these 2 most important things:
- He has been teaching for a long time – this means he is most likely to be able to teach others, so you have a chance to actually learn something.
- His students are making money on forex (in the market): this means that his system is good.
Again – this means that you also have a chance to make money with this trading system.
A SIDE NOTE
The mentor doesn't have to make money anymore, because, for example, he may already have a large fortune and he doesn't want to trade, but this is a worse situation. Then be sure to pay attention to whether his students are earning with this system on their own.
The ideal situation is when the trader-mentor runs a trading room or often records his analysis and positions, so you can learn on the fly. If his students do the same – all the better for you, because it’s always good to learn the trading strategy from several sides.
Trading tip for beginner traders: if a trader gives signals – start there. Take, for example, 50-80 recent signals and see what results they give.
How to tell if your new trading strategy is good
Trading tip for beginner traders: the best trading strategy are simple. This is important, because under the pressure of the market, strong emotions will arise and you will make downright basic mistakes. The more complex the trading strategy, the worse it gets. They may work well, but they will take several years to learn. Set yourself up right away that you will be learning for several years, 2-3 years is the minimum.
Once you have mastered a trading strategy well, set your mind to the fact that the market will pull out all the weaknesses, fears, anxieties, frustrations and a mass of negative states you will have to deal with. Until you master the system, most of your emotions (negative) will be triggered by your unfamiliarity with the system and the markets.
The first strong emotions you will recognize when learning to invest are greed and fear. There is nothing wrong with them except that the first blinds you and the second paralyzes you. After a certain amount of time, you will learn to deal with them.
After a few years, you’ll notice that you took up the markets to make money, and you got a crash course in working on yourself and your weaknesses in the package.