The internet is full of Forex trading “mentors” doing anything from selling Ebooks, ‘magical’ sounding trading systems, live trading rooms, and just about anything as closely marketed to ‘over-night success’ as you can get . So, how can you be sure which Forex mentors are phonies and which are genuine? Also, what are some of the important characteristics to look for in a quality Forex mentor and how do you know if you can trust them? What should you be learning from your Forex trading mentor, and do you even know what you are looking for? This article will answer these questions and hopefully provide you with some solid insight into what you should be looking for in a Forex trading mentor so that you can make the best decision as you learn to trade Forex.
Find a REAL Forex trading mentor…
The first step in finding and committing to a Forex trading mentor is finding one that is not just another internet salesman, but who is actually a genuine and professional Forex mentor AND trader. Obviously, if the person you are trying to learn from is only a mentor or only a trader, it won’t work. You really need the perfect pairing of mentor qualities and professional trading abilities in order to learn to trade forex effectively and efficiently. Many people on the internet claim to be great Forex educators or Forex trading mentors, but in reality they are only doing what they do because they are failed traders. Conversely, there are many great Forex traders out there who aren’t very good mentors and so they go unnoticed as they take money out of the Forex market every week and go about their happy lives.
There really is no 100% sure-fire way to know if the Forex trading mentor you are considering is truly a pro Forex trader AND an excellent mentor. All you can do is make your judgment on this matter based on the information they provide about themselves on the internet, through email, or over the phone. If you can find very little evidence that the person you are considering learning from actually trades successfully themselves, then it is time to move on and keep looking. If you feel like the person you are considering learning from doesn’t explain the concepts they are teaching clearly or in an effective manner, then you also should continue your search for a Forex trading mentor elsewhere. Remember that a REAL Forex trading mentor will have a unique flair for teaching AND will also be a successful Forex trader.
Important characteristics of a Forex mentor…
• Trust – Being able to trust a Forex trading mentor is critical to your on-going forex education success and your ability to have faith and believe in what they are teaching you. If you constantly doubt whether or not you should trust your Forex mentor you are going to also second guess the trading concepts they are teaching you, and if there is one thing you don’t want to be it’s a doubt-full Forex trader.
• Genuine Intentions – What vibe do you get from your Forex mentor? Do you feel like they are just trying to sell you something and take your money or that they are actually concerned that people learn the concepts they are teaching correctly? Intentions can be hard to gauge for even the most genuine Forex trading mentors simply because there will usually be a fee charged for their services. A good indicator that they are truly genuine however is whether or not they answer your email inquiries or provide any form of customer support regarding the Forex education or forex course they are offering.
• Realistic – It is critical that your Forex trading mentor is realistic in their approach to teaching you how to trade Forex. This means that they remind you that successful forex trading is hard work and is not for impatient or undisciplined people. Essentially, you want a Forex trading mentor who isn’t going to sugar-coat anything, promise you anything that can’t be obtained from what they teach, or otherwise blow any smoke up your (you know what).
• Professionalism – How does your Forex mentor or prospective Forex trading mentor act towards you when you ask them an email question, or how do they seem in their Forex trading videos if they have any? True Forex trading professionalism will be reflected in the way a mentor teaches his or her students, this is sort of an indescribable characteristic that you almost just have to “sense” in a mentor.
What should you learn from your Forex trading mentor…?
Finally, what should you be learning from your Forex trading mentor, and do you even know what you are looking for? If you don’t know what you are trying to learn from a Forex mentor, it is going to be very difficult for you to find one that suits you. You need to take into consideration such factors as your own personal time constraints, whether you want to be a day-trader or position trader, your learning style, and other factors before you commit to the Forex trading strategy being taught by the mentor you are considering. Simply put, if you don’t know where you are going you can’t properly plan how to get there.
It goes without saying that you want to learn a truly effective Forex trading strategy from the forex trading mentor you decide to work with. However, many beginning traders erroneously assume that an effective trading strategy is one that makes use of lagging indicators or fancy sounding trading software. You don’t need a mentor to teach you how to trade off a strict set of rules for lagging indicators or how to use a piece of trading software, that’s why such trading “systems” usually cost thousands of dollars (and also why they don’t work). You need a Forex trading mentor to teach you how to fish for yourself and how to develop your own perspective on Forex market price dynamics, such a perspective will not fade over time or become ineffective. Once you develop this perspective you can take off the “training wheels” that your Forex mentor is providing and at that point you will realize just how powerful learning from an experienced Forex trading mentor can be.