The hard part really isn’t finding a forex mentorship program. In fact they are a dime a dozen. The tricky part is finding one where there is somebody who actually knows what they are doing. Believe it or not, that’s hard to come by in this day and age.
To give you an example, just surf around most forex forums on the internet. Do you notice that they all talk about pretty much the same thing?
You can’t go on any forex forum, and not see a million threads dedicated to the subject of indicators like Stochastics. The funny thing is that their is someone claiming to be the expert, by I can almost guarantee you that he is still using a demo. How sad is that?
For whatever the reason, people just love the bells and whistles that come along with a charting platform, such as stochastics. But eventually they get bored of them because they realize that none of these things work.
I’m not trying to insult anybody. The truth is when I first started to trade forex, I was exactly like them.
But as I grew into trading, everything became a lot clearer, and I just knew that these indicators were not helping me in any way. It’s really evident that I fell for all these useless trading systems that were all over the market.
An honest to goodness forex mentor doesn’t have to use old fashioned gimmicks like trading indicators. They should know where the price is going by looking at a basic price chart. Sadly, most can’t do so.
The simple reason a price chart can be used is because all the information is there. Every movement in future price can be seen on a simple bar chart.
You really plan trades without using indicators? Fibonacci, SMA-10day, Bollinger Bands? That I must say is pretty impressive. I can see this being possible if you at least used bounces off of support and resistance since trend lines aren’t really an indicator per se. But if you really trade successfully without something like Fibonacci, my hats off to you.