Forex Mentoring Program – How to Find the Best One?
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Trading Forex online is one of the most popular, as well as lucrative financial endeavors in the world. It is actually the biggest exchange market with a daily flow of over 5 trillion US dollars.
Thanks to such high popularity, Forex manages to attract millions of people across the globe. They engage in daily trading activities, buy and sell currencies, and expect to get high profits. And some of them actually do end up trading profitably.
However, the statistical data shows that every 9 out of 10 traders tend to lose, and only that 10% of traders manage to succeed, which is largely due to the failure of that 90%.
Now, in order to increase your effectiveness in the trading market, you can do a bunch of different things: read educational books and articles, watch videos, take online courses, and do demo trading. All of these methods have proven to be extremely helpful for trading profitability.
Yet another useful method to get better at trading is to get a trading mentor and let them guide you for the entire road. But how to find a mentor for Forex trading and what to look for when choosing one? Well, you’ve come to the right place! In this article, we’re going to go through all of the important characteristics of a Forex mentor that you should look out for.
Who are Forex mentors and what do they do?
A trading mentor is a person who has extensive experience in the market and is extremely knowledgeable in every aspect of Forex trading. A beginner Forex trader, as well as an experienced one, can always count on their expertise and expect to get help from them at all times.
When you enter a trading market for the first time, and without any Forex signals or mentoring, your chances of losing your entire account balance are incredibly high. Maybe you make a wrong decision and go short/long for an asset that is clearly going in the opposite direction; maybe it’s not even your fault and the market does an unexpected turn out of the blue.
Regardless of the underlying causes, you ultimately end up robbed of your deposits. If only there was a way to help you see through current market events and prevent you from making destructive mistakes… Oh wait, there is one! It’s called the FX online mentor, and with his/her help, you can really take your trading game to the next level.
The main characteristics of Forex trading mentors 2020
Now, even though it’s the mentors that guide you and give you directions as to which trades to take and which ones not to, it’s still up to you to find a mentor that knows what they’re doing. He or she should be someone who is fundamentally passionate about online Forex trading, be successful in it, and have a very respectful, as well as helpful attitude towards you.
Here are the most important traits that your Forex mentor should absolutely possess:
1. Your mentor should always be ready to be of assistance to you
The very first thing that you should look for to find the best Forex mentor online is their readiness to help you every time you actually need help. Especially when you are new to the whole trading game and are filled with questions about what Forex is, why you should trade it, and how you can maximize your profits, a mentor should always be there to answer those questions.
Sure, being called a Forex mentor is already an achievement to be proud of; it indicates that they have experienced a lot during their career to come to this point. However, when a mentor shows that they’re irritated by your constant questions and they even show their irritation, you should immediately start looking for another paid or free Forex mentor.
Conversely, when a mentor shows that they are always there for you and their answers are filled with enthusiasm, you can be sure that you’ve already made the right decision. More often than not, a helpful Forex mentor can contribute much more to the development of their trainees than the top-tier tutors who just cannot be bothered.
So, be it any platform that you’ve agreed upon – phone, e-mail, or social media, your mentor should always be available when you need them.
2. Your mentor should be a trader themselves
Next up, it is absolutely crucial that your mentor is a trader of their own. This is actually quite a straightforward rule of thumb:
Say you choose a Forex mentor that gives you all of these pieces of advice about choosing this instrument or that, selecting a certain ratio of leverage, and choosing the best time to enter the market. Obviously, you seek their advice in order to increase your profitability, and they provide their advice for the same reason.
However, if a mentor has no actual experience on the market and counsels you based on some sort of theoretical knowledge, it’s highly unlikely that you’re going to benefit from the whole mentoring experience. Sure, they might have read a lot about the ways in which profits in Forex trading can be maximized, a Forex mentor program with no real experience will base their counsel on an abstract knowledge – not the facts, which is one of the main reasons why so many people fail.
Conversely, a mentor that knows what they’re doing just because they’ve been doing that for the entirety of their life will be of much assistance to you. They will know from experience that choosing this broker or that may not be the best decision because maybe their offerings are too good to be true; they’ll also tell you when a certain strategy has shown to work for certain conditions and you shouldn’t implement them for other cases.
In short, the best Forex mentoring programs are those that actually practice the pieces of advice that they preach.
3. Your mentor should also be successful at what they’re doing
Now, it is one thing to find a Forex mentor that practices what they’re preaching, and it’s completely another to find the one that is actually successful at what they’re preaching.
Here’s the thing: when you enter the foreign exchange market, you obviously want to be profitable on it, right? For that, you can either start reading up on lots of educational materials, hone your skills with demo trading, and things like that, or choose one of the best Forex trading mentors who have already proved to be successful in their career.
Before stating the obvious benefits of being mentored by a successful tutor, let’s see why you don’t want to be associated with a mentor that constantly loses, which is also pretty straightforward:
A mentor that constantly loses money and cannot sustain success during their trading accolades cannot be credible enough to teach others how to be profitable. If they knew that, they’d implement a more beneficial strategy into their trades in the first place. And the fact that they don’t means that they obviously don’t have a viable strategy for success, which is why you don’t want to associate with them.
As for trading with a successful mentor who actually knows what they’re doing and how to maximize their profits, as well as yours. This is an absolutely essential requirement for Forex trading mentoring programs as they don’t promise you quick and easy profits and instead, they help you create a sustainable trading career.
4. Your mentor must wrap their advice around your trading style
One of the essential characteristics of Forex trading is that there is no singular trading style or a strategy that is the surest way towards success. Some people have chosen to pursue day trading – opening and closing positions within a day, while the others are more long-terms traders, also known as carry traders.
And an interesting thing is that both of these trading styles work – as well as not work, depending on how they’re used. Obviously, there are many other different approaches to trading strategies, and it’s highly likely that they’ll prove successful on certain occasions.
The most successful Forex trading mentors 2020 understand that perfectly; they realize that it’s not about completely redesigning the way their trainees think but about helping them realize their goals in their own way.
So, when you get a Forex trading mentor, basically what they should do is see which trading style and approach you prefer and wrap their mentoring program around them. This is a much more sustainable strategy that can actually work in the long run because a trader is already aware of the fundamental layout of their strategy, they just need to fine-tune it and give it a more proper structure.
5. Your Forex mentoring program should motivate you
Another essential requirement for a trading Forex mentor is to always give you an incentive to trade on the market. It should be their main goal to give you that pump that gets you going.
You see, as you step into this overwhelming world of Forex trading, it is pretty easy to get lost in the sea of intricate numbers, be it exchange rates, spread markups, or pip pricings. And it’s not an issue to ignore by any stretch of the imagination; people do end up losing their money because they don’t really understand how Forex trading works.
So, first of all, Forex mentoring should focus on reassuring you that not knowing things is definitely not a catastrophe and you certainly shouldn’t be overwhelmed by it. On top of that, they should demonstrate all of the potentials that their trainees have and what bright future they could attain by honing their trading skills with them.
In short, a Forex mentor that is enthusiastic about online trading and radiates that enthusiasm around itself is definitely a keeper for any Forex trader.
6. Your Forex mentor online must allow you some independence
This last piece of advice in our Forex mentor review is ultimately what the above-mentioned tips were all about: your mentor should prepare you to go out in the world and become an independent trader of your own.
At the very beginning of your career, your Forex trading mentor must give you proper guidance as to how to go about trading this currency pair or that. This also includes giving you experience-based tips about how much leverage you should use, why you should strive for fixed/variable spreads, and which broker to choose as your main service provider.
In short, the initial period of your trading accolades should definitely include significant involvement from your mentor. However, as time passes and you get a better grasp of how things work on the market, the top Forex trading mentor will always give you more space to realize your own potential.
And it definitely is the right thing to do. A mentor won’t always be there for you, simply because you either cannot pay for their service forever or there are lots of other traders who also need help from mentors just like your own. Therefore, preparing you to become a trader of your own – and a good independent trader at that – is the best outcome that you’ll get from a mentor.
How to find a Forex mentor that’s actually legit?
So, it’s pretty apparent that a good trading Forex mentor is someone that continuously tries to make a successful trader out of you. But not just that, they try to fit your specific needs and preferences and help you turn into an independent market trader.
With that said, however, it is quite difficult to find a mentor that genuinely focuses on your needs. The internet is full of paid, as well as free Forex mentorship programs that claim to do one thing – which is to help you become better at currency trading, but they actually do a completely different thing – which is to steal your money and leave you without any significant gains.
So, how can you stay away from such mentors? Well, a good starting point would be to look for a mentor Forex broker would offer. In this case, it is much easier to get through things: select a well-regulated and highly-prestigious broker and sign up for their mentorship program.
If it’s not a solution for you, you can read reviews on the internet about the mentor that you’re interested in. It’s highly likely that there will be a bunch of them; you might even find some scam reports, which can make your job easier.
And, don’t forget to take the above-mentioned tips into consideration:
- Find a mentor that always provides assistance
- Find a mentor that actually trades on the market
- Find a mentor that is a successful trader
- Find a mentor that fits your trading style
- Find a mentor that motivates and inspires you
- Find a mentor that sets you free at the right time