Can Aspiring Forex Traders Learn From Experienced Trading Mentors and Coaches?

This Article will explore the argument of weather or not a person can actually learn to trade Forex from a trading mentor or coach. So the question is … can an aspiring trader be taught to trade Forex successfully?

There are a lot of theories and arguments in the Forex industry about the ability of a person to learn to trade from an experienced trader and there’s a wide variety of responses. Based on my experiences, here’s what I have to say about that matter of trading coaching and mentoring.

First and foremost, I believe that it is very possible for my students to learn how to trade if they are prepared to do what is necessary. When I say “what is necessary”, I am talking about a plethora of processes and concepts that they must learn , study and practice on an ongoing basis. I will then add another layer which we could call “the mind factor”, and this is the tricky part. I have talked before about the idea of mastering our own mind and psychology in trading but that stuff usually bores most readers. I won’t delve into that here in detail, but I will just say that no matter how good a trading mentor is, the students mind and trading psychology play an important part in creating success of failure.

I will do my best to teach traders the “mind factors” and help them develop their thinking and discipline, but at the end of the day, I can’t help everyone, some are doomed to failure due to greed and other elements beyond my control. I will also add that most Forex students fail because they simply “over trade” and “succumb to an addictive behavior”, that is a main element that often quickly destroys trading accounts.

The best example of how a good Forex Mentor can teach market students to trade successfully is Richard Dennis’s Turtles. The turtles were a group of people who were taught to trade by Richard Dennis after a bet with his partner William Eckhart who said that trading could not be learned. They placed an advertisement in the Wall Street Journal and selected thirteen individuals of varying backgrounds. Some had trading experience, but most didn’t have any experience. Dennis’s requirements were a commitment to follow his trading psychology and the discipline to follow a trading system. After several weeks of training, each person started trading with amazing results and a second group was trained. Eckhart accepted that trading could be taught if the right disciplines were in place.

Now, whilst the “Turtle Traders” system now fails to work, and has no real world application in today’s markets, the entire concept nonetheless holds some truth, that traders in the past have been educated by mentors and coaches successfully.

To learn to trade you have to be prepared to do what is necessary and develop an understanding of how the markets function and what is required to operate in them.

You can be taught a method and a mindset and even money management, but there is always going to be the “gut feel” and the “mind element” that creates the variable between some students’ success and failure.

Successful traders do the things that unsuccessful traders are not prepared to do. The majority of traders want someone to give them a system that will make money for them when in reality it’s the trader that makes the money using a system or in my terms “the trading method”

Learning to trade successfully is like any profession, you have to spend the time to develop the skills required. No one is born a good trader, the same as no one is born a good pilot. We all have to spend the time and learn to be successful in our chosen profession.

A closing note for aspiring traders, find a good coach like myself who wants to keep trading simple and logical, then use that method and set of strategies to implement a consistent approach to your trading entries and exits, and be very mindful of the greed, over trading and of course, learn to deal with your own gut feel and trading intuition.

The herds of educators and seminar companies in this Forex industry want you to believe there are secrets and Holy Grail systems, but in the end, you just need to find somebody good at trading and learn as much as you can, and then develop your own abilities and trading style.

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Good trading as always – Nial Fuller

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