Tuesday, 26 November 2019

5 Effective Ways to Learn Forex Without Mentors

Learn Forex Without Mentors - When a beginner will learn forex trading, then there are reasons that make them unable and difficult to find a mentor in learning. Reasons ranging from their personality, perspective in forex, to the reason for the expensive cost of mentoring. So inevitably they have to choose other options, namely by learning to trade without a mentor or often called self coaching.

Even so, learning the world of forex trading without the help of a mentor is not impossible for you to do. But what you have to realize from the start is that there are bigger and more complex challenges than you learn to trade with a professional mentor.

If you choose to study forex alone, here are 5 tips and effective ways you can practice about Learning Forex Without Mentors.

1. Don't make forums on the internet your teacher

A professional trader from Indonesia, Desmond Wira, said that learning forex trading by joining forums or the community was ineffective. This is because the forum will make you confused, especially if you are among those who are individualists. A forum can make beginners confused because in it there are lots of diverse and different opinions.

The best step you can do is to learn forex trading through books. If you are able to understand English, then learning to do books in English is the best reference you can do. Choose a writer who has a profession as a professional trader and has a lot of experience in the world of forex trading. Don't read books from authors who are only trading tutors who have no trading experience at all.

Use the forums and communities on the internet as a place for you to ask questions that are not in the book.

2. Start By Understanding Fundamental and Technical Trading
In the world of forex, a novice trader should learn well the basic skills in the world of trading. Focus yourself on learning things like basic behaviors, entry-exit frameworks, and other technical matters before further learning about others.

If you have studied well and understood the basic things in forex, then you are ready to continue to learn more in-depth forex.

3. Start Learning Forex by Self Coaching


After you pass the two stages above well, then start to learn the world of trading by using self-coaching methods that make yourself a personal mentor. In order for you to successfully do self coaching, there are 3 simple things that need to be well prepared.

The first thing is a forex trading journal that will contain your forex trading history, trading calculations, and analysis of your trading performance. The second thing is that you must be diligent in doing self-reflection and be honest with yourself. Then begin to write the two things above into one section in a special note.

Taking screenshots of your forex trading charts will make the journaling process more efficient plus saving a spreadsheet of trading data that you have.

However, if you are a very detailed person and prefer to take notes with words, then do so. The most important thing you have to do is to make a simple and clear report on the development of trading.

4. Embrace a Mentor that You Admire
Learn forex trading without a mentor you can do well through imitating the habits of the mentors.

The thing you can do is to make observations and record everything. The point is to understand every detail of the business that was made, the plan that was made, mistakes made, and also observations of what you have done in relation to market behavior.

With the knowledge you have regarding fundamental and technical trading, make the observations you make. Think about which parts you can develop in the future and what decisions you can make when making the next trade. Be critical and often ask questions to yourself.

Do not immediately behave when trading is done to make a profit. The best step you can do is to set a strategy and ask yourself whether the targets set are appropriate. Think about whether it is necessary to add an open position and whether your entry is correct or just coincidence.

Traders who have already been successful and benefit first also stress the importance of being greedy when you get profit. Because when you are greedy, rest assured that it is the beginning of the destruction of your trading activities.

If you observe a deadlock and find it difficult to find answers to problems that occur, then find the answers through forums or meet professional traders who are near you. Show the trading journal that you have made to get feedback or input from experts.



The next step is to make a guideline. You can make these guidelines based on personal analysis or tips that you have gotten from other people. Make a basic trading guideline to help you avoid bad habits in trading and remind you of good habits that will lead you to a better trading system.

Do not forget to always evaluate the trading pattern that is carried out whether it is in accordance with the guidelines that you have made.

The best step you can do to learn forex without a mentor next is to write down big reasons that make you determined to learn forex trading. Think of this paper as a motivation if at some point you fall and experience a downturn because of the losses suffered.

5. Learn Forex Without Mentors: Evaluate, Discipline, Focus, and Repeat!
Those are various tips that might seem very simple for you to do, but rest assured that the above is not easy and requires hard work from yourself. Learning to trade without a mentor will require more time because when you want to get answers often you need an experiment. Even if you trade with a robot, you still need to monitor this.

Those are 5 basic guidelines that are effective ways that you can apply when you want to learn forex without the help of a mentor. Hopefully the above tips can help you to learn forex better.

If you have questions related to forex learning tips without mentors that we submit above. Feel free to ask it via the comment column below.

Happy learning and good luck!

Also Read : Get acquainted with 7MA Forex Trading Techniques

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