Forex Trading Mentors = the key to your forex success?
Dictionary.com defines a mentor as a “wise and trusted counselor or teacher”. Do you NEED forex trading mentor to make consistent money in the forex market? In a word, no. Will it significantly reduce your learning curve, enhance your overall trading experience, and result in much less lost time and money? Almost definitely.
So why is it that many forex traders spend thousands of dollars for forex trading software “robots” or spend countless hours trying to figure out how to trade on their own when they could just enlist the help of someone that has been in their shoes and found success? There are many different answers to this question but most of them probably have something to do with the fact that forex is so popular on the internet these days and there are so many different options for people to learn from and strategies to trade with. Unfortunately most of these trading strategies and systems and learning options are not very useful because they are not written or designed by actual professional traders, but by people looking to profit off the exploding interest of forex trading.
Just as with any other profession in the world, the best way to learn to trade forex is from an experienced and professional trader. Any job you have worked at has very likely required you to “shadow” someone with experience so that you learn the correct and most efficient way to perform this job. This type of “shadowing” or mentorship is actually probably more important for the aspiring forex trader than it is for any other job or profession. The reason why is because in any other profession once you get hired you can’t really lose a lot of money really fast, you can with forex trading. Probably the biggest advantage to getting yourself an experienced and profitable forex mentor is that they will save you a boatload of lost money, lost time, and much frustration and confusion. Any money you have to pay to enlist the services of a forex mentor are likely to pale in comparison to the amount of money most beginning forex traders lose in the markets as a result of not fully understanding what it takes to become a successful trader.
So now that you know why you are likely to benefit greatly from a forex mentor, what are some of the characteristics you should look for in a genuine and effective forex mentor? Well, the obvious one is that they should be a professional trader themselves, ideally for at least 5 years or more, anyone can have a fluke year and make money by risking too much and getting lucky and then call themselves a pro trader. However, it takes real skill and discipline to make money consistently in the forex market over a number of years. A true professional forex trader and mentor will not hide behind big promises or fancy trading software, they have a strong web presence and make it known that they are a mentor and professional trader, to put it simply, you won’t have to guess. Also, they should have a natural flair for explaining the intricacies of what it takes to find success in the forex market in an easy to understand and effective manner.
Click here for Part 3: Forex demo trading; why is it necessary and how long should you do it?
