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I’ve been learning a great deal from your Forex course and now the Brooks Encyclopedia, but I just can’t seem to get my head around the psychology of trading. A firm that I respect is offering a one year mentorship program, but I am not convinced it would be the best use of money or time.
In your experience with other traders, what advice do you have? Have other traders seen their profits grow faster with a mentor vs. without a mentor?
I feel that if I just stay the course and keep watching your videos that I will be fine. But to be honest, I would love to speed up my success as this is something I would like to do for a living some day.
Thank you for any advice you can provide
Al's position and advice ref mentors is that they are a complete waste of your time and money. He says this several times in some of the Ask Al Q&A Extract videos online and is based on his own experience. Al paid a large sum of money years ago to fly a well-known mentor to his home for a week! Al lost more money that week following the guy, and the so-called 'trader mentor' admitted to Al when asked that he did not even trade himself! Al says the guy is still doing such work now.
You are right to say you should stick with the course and work it out yourself. But also right to want to speed things up! Trading psychology is certainly a major obstacle for all in my humble view, and it takes time to get to Al's level of comfort. Al's "I don't care" position sizing is the most important element as you want to trade without triggering your innate fear responses.
10 years ago - I was keenly interested in Trading but I just whipped around moving my stops without logic, etc. I knew it was wrong but I still did it and could not control myself.
Since then, I became extremely disciplined in another craft (programming software) and had a nice career. Over time I changed and when returning to trading - I am now 1000% more successful. I came back with balanced psychology, systematic thinking, dedicated to constant learning.
I attribute my ability to trade successfully now to those changes. I treat trading like an athlete treats a sport. If I lost - I get back in the gym and stuff in more knowledge and practice. Now I am a solid manager of trades. I have all the pieces I needed and am profitable. SO from here it's very fun. Pressure is off and I only want to improve and do what I love (trading and learning about trading).
I see that as letting life be the mentor.
