Trading the forex market can be tricky if you dive in head first with no real training or solid education, a forex trading coach can help guide you through the beginning stages of trading and get you set on a course for consistently profitable trading. The idea behind using a forex trading coach is that since they have experience trading the forex market, and hopefully know what it takes to trade successfully, they can teach you much faster than you can teach yourself because they have already walked miles in your shoes and know what it takes to become what you want to be; a consistently profitable trader. A forex trading coach is essentially a forex mentor; someone to model yourself after in order to become a profitable trader as efficiently and effectively as possible. The only problem with the internet as it relates to forex trading is that it has given rise to many so called “forex gurus” or mentors who are not really professional traders but pass themselves as such. To make sure the forex trading coach or forex mentor you are thinking about using is honest, let’s discuss some of the characteristics you should expect to see in any forex trading coach who is also a successful trader.
• Free forex trading information that is useful…
If you can find no useful or relevant free forex educational information on the forex trading coach’s website that you are checking out, you might want to continue looking for a different forex coach. Any forex trading mentor or coach that is truly a professional trader, honest, and genuine, will have no problem providing a lot of free educational material above and beyond any premium services they might offer. Obviously, anyone who is out simply to market some product and take your money, but who is not truly a professional trader, is probably not going to have the capacity or ability to put out relevant forex trading information for free on a regular basis.
Another good way to separate the genuine forex mentors from those who are less than genuine is if they put out videos with their name and face in them. Anyone who is willing to put their reputation on the line in order to teach other traders how to profit in the forex market is almost necessarily an experienced trader. Furthermore, you can check for things like whether or not they give you their phone number, email, or other contact information on the their website, because someone who doesn’t have full confidence and faith in the services they offer simply would not do this. To sum up, an excellent and easy to detect indication of whether or not a particular forex trading coach is worth employing is if they provide any free forex trading educational information as well as the relevancy of it.
• What forex strategy are they teaching?
What do you know about the particular forex trading strategy that your forex coach is teaching, prior to employing his or services? This is an important question to ask early on, and if you can’t come up with a thorough and satisfying answer, you probably want to continue on and look for a different forex mentor or forex trading coach. Any forex trading coach who is worth learning from will divulge a lot of what the forex trading strategy is that they teach, before you even give them a dime. This is related to the two paragraphs above that discuss giving away free information, but, in regards to the particular forex trading strategy that your forex trading coach teaches, you always want to make sure it is going to be effective, and the only real way to do this is to know something about it before you use it, otherwise you are essentially spending on money on something before sampling it or test-driving it.
It is also wise to only take help from forex trading coaches who teach simple trading strategies, ones that aren’t heavy on lagging indicators or that require you to spend thousands of dollars on software trading robots. Typically when you come across a so called “forex mentor” who is actually just a marketer, they will try to sell you something in addition to their intelligence and experience in the markets, this will likely be some sort of software program or indicator for your charts, stay away from these. Obviously, there is nothing wrong with purchasing an educational course or educational access from a forex trading coach, but this is far different than buying a piece of software from them, or some lagging indicator system.
• Can you ask your forex trading coach questions?
How easy is it to communicate with the forex trading coach you are thinking about using? If you can’t get a hold of them at all, either through email or phone, you might want to continue your search for a forex trading coach. Anyone who passes themselves off as a forex trading mentor or forex trading coach, who supposedly has years of experience successfully trading the market, should have no problem answering questions from customers or potential customers. Good customer support is critical in determining the potential value you can expect to get form a forex trading coach. Even if they offer a comprehensive forex trading course that comes with all bases covered, you still are likely to have a question or two after absorbing the material, and any genuine forex trading mentor will have no problem answering such questions.
• On-going education…
The point of a forex trading coach or forex mentor is that they can provide you with a plan of attack for learning to trade the forex market, and be your guide along the way. If all they offer is a one-off EBook or something similar, you can expect they aren’t really very passionate about trading or about the services they provide. You should expect periodic material updates from the forex trading coach you employ, as well as some sort of daily interaction, whether in the form of a back-end member’s forum, or a daily member’s commentary. How much bang for your buck you can get out of the forex trading coach you employ is a very important factor when considering which one to use.