Nearly every day, I see the information about Forex trading mentors throughout the web. People are interested in their services because they think that mentors are more professional and experienced. But it’s not always true. The market is full of sort of Forex trading mentors who offer magical trading strategies, expert advisors, and books on the subject of rather poor quality. It seems to me that there are not so many of real mentors who can share their own experience with newbies, but there are always people who want to make money on the newbies’ ignorance.
Due to this fact, I want to tell you how to distinguish a real Forex trading mentor from a fake one.
Let’s find the real Forex trading mentor!
If you are sure that you need the mentor, you should find out if he is not another marketer who is eager to sell you something you don’t need at all. Just think for a while, whether you don’t want to take your time and learn everything by yourself. If you don’t, make sure that a Forex trading mentor you’ve found on the Internet, is really a trader. Note that this person has to combine both trading and mentoring skills, as they won’t give you an advance when divided.
In reality, many people who try to perform mentoring, can’t trade at all and would fail just after going live. You don’t need someone to learn the theory, as you can do it by yourself. Traders, on the contrary, can be successful, but they won’t be able to explain to you what they are doing adequately. Of course, they can make thousands of dollars by trading but can fail in the role of the Forex trading mentor. So, you need to find a compromise.
You can figure it out after doing a little research on a certain person on the Internet. Phone your future mentors or talk to them via email. Ask everything that is interesting for you, see their manner of communication. See if the person is able to teach you something, how he’s coping with explaining complicated things in simple words. Check the overall performance of your future Forex trading mentor. If some parameter doesn’t match your expectations, don’t hesitate to go on and search more. The sea is full of fish!
Keep in mind the things you should pay attention for:
- highly profitable trading history;
- a flair for teaching.
The main features of the Forex trading mentor
1. First, you should trust your mentor, as it’s the person on whom your future success and the safety of your funds depends. You should believe all that he says and have no doubts in things that he’s telling you. If you have doubts about the Forex trading mentor’s honesty, why should you believe in his promises to make you successful?
2. The mentor should teach you trading with honest intentions, but not sell you his books or paid courses. It maybe hard to find out, as mentors charge a certain fee as well, but still checking if the intentions are genuine is possible. Honest Forex trading mentors always answer questions (phone calls, emails) in time, without days or weeks of waiting. Moreover, you can check if their system really works on a free demo account prior to implying it to a live one.
3. The approach of the Forex trading mentor to the teaching process must be realistic. They shouldn’t pledge a sudden success or millions of dollars overnight. It is normal when the Forex trading mentor reminds you that getting experience in this field is a hard work and it may take a long time. He shouldn’t also tell you that you have no abilities and should quit trading as soon as possible. Mentor’s goal is to lead you through the hard periods, to teach you how to cope with them in a right way without a great stress and losses.
4. Professionalism of your future Forex trading mentor is the last thing to pay attention to. As I’ve mentioned before, a person without exceptional experience in trading won’t teach you much. You can easily find proofs for one’s professionalism. Ask your potential mentors practical questions, see if they have video seminars or something that can prove they really have mastered Forex trading. If the potential Forex trading mentor organizes offline seminars, ask to visit one, and see how he teaches the students and decide if such approach will suit you.
Learning from the Forex trading mentor: how it’s done
First of all, you should know exactly what knowledge you want to get from your teacher. If you don’t know that, finding a suitable Forex trading mentor will be hard enough.
See how much spare time you can spend on learning with your Forex trading mentor and how much time you’ll be able to dedicate to trading later. It will give you an opportunity to decide whether you’ll be a day-trader or a position trader. After doing that, you should choose the methodology or a certain system that you would like to learn.
And remember that the Forex trading mentor won’t share his strategy with you. No, it’s not because all those people are greedy and will be jealous that someone uses their profitable strategies. It’s because ready-made strategies can fail in other hands. What suits to one person, can not fit another one. It depends on psychology, temperament, trading style, the whole attitude to the Forex market.
The good Forex trading mentor has to teach you how to fish for yourself and how to manage the market situation effectively.
So, do your research, compare different trading mentors and choose the one that will lead you to the top of the profitability!