Forex Mentor – How to Find a Forex Mentor?
Starting a Forex trading career can be really tough if you don’t have a good Forex mentor by your side. From the very beginning, the willingness to learn is necessary as well as an optimistic attitude. Still, finding a knowledgeable and dedicated person who will help you learn from your beginner’s mistakes and give you appropriate advice at the right moment is crucial. During your first steps in trading Forex, you should consider finding a good and reliable Forex mentor to help you learn Forex trading from the basics to the very subtleties of trading strategies.
Let’s see how to find a Forex mentor and what qualities to pay attention to when looking for one.
What is the Forex Trading Mentor
Forex mentor is your personal guide through the world of the Forex market. His purpose and duty is to share the first-hand knowledge and Forex trading experience with you. And that’s the core value of his or her services. Therefore, your mentor can be anyone: your colleague, family member, the person you have found online or a trained professional. The important thing is this person must be directly involved in Forex trading at least for a couple of years to be able to teach the nitty-gritty details.
What to Look for in Forex Trading Mentor
1. Credibility based on successful trading experience
A mentor must be credible and must be able to prove to you that he or she has sufficient skills to support you. It is necessary to have evidence on the performance of your mentor. Supposing you go for training courses offered by the reputable trading platforms you are more sure to have mentorship from seasoned traders since these platforms usually provide assistance from their own crew.
2. Trust is the basis of a good relationship with your mentor
It is essential to establish a relationship of trust quickly. Indeed, you should feel able to ask any questions, including those which may seem the most obvious to you. You have to be receptive to comments and advice and keep in mind that even the harshest words were spoken ultimately make you a much better trader.
3. Honesty without promise wonders
Forex does not forgive. If your mentor promises you excellent results or 100% success, you have to think twice before continuing your learning with him. Indeed, the role of a mentor is to first tell the truth about currency trading. The mentor must channel your expectations from the start and if necessary, put you back on the ground.
4. Mentors must allow you to take off on your own
A Forex mentor is not a co-pilot on your trading journey. The goal of mentorship for you is to gain enough experience so that you can then take off on your own. A good mentor will not only give you tips, help you have a realistic trading plan, but also give you enough self-confidence to then get started in real-life trading.
How To Find A Forex Trading Mentor?
Very successful Forex traders are not going to advertise who they are and what they do, and they would not charge newbies crazy sums for Forex mentoring. Typically, successful Forex traders are very discreet and like to keep it that way.
So how do you find a Forex mentor? What are the steps?
The first point of call is Google. Type in Google and see which website appears offering a Forex mentoring service. Then check all these sites and see how much they charge. If there are any fees/payments, send an email asking them to prove their performance. Ask if they are using the MT4 trading platform. People can hide behind websites and pretend to be successful Forex traders when they are not. When you dig deeper, they’ll turn out not to be what they said they are.
The next way to look for a forex mentor is in forex forums. Go through the forex forums and look at the traders’ comments and see if anyone says they are trading Forex full time for a living and here are some ideas on what you can do: send them a message telling that you are looking for a Forex mentor and ask them how long they have been successful in Forex trading and if they can verify their claim.
The Price of Forex Mentorship
Also, be prepared to pay to learn Forex trading. The price can vary from as little as $50 when it comes to individual mentors and to several thousand if you choose a several months training program hosted by trading platforms. These are usually six months trading courses that include education from the very basics to the direct private trading sessions with your mentor.
Let’s face it: finding a good Forex trading mentor is not easy. Paying someone is not always the ideal solution. Too often, we will come across individuals who have little more skills than a novice trader but who know how to communicate very well to promote themselves. You must, therefore stay on guard and never hesitate to learn about the profile of your future mentor. The Internet is made for this, so do your research.
Finally, you have to have a positive attitude when you start such an adventure and be open to discussion. The mentor-student relationship is not one way; a novice trader can indeed bring a lot to his mentor. It is through an exchange that skills are acquired most easily.
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