Before we talk about Forex trading mentoring programs, it’s important to talk about the reasons and conditions that have necessitated their existence. Forex is very popular right now. It is estimated, that there are over 9.6 million people involved in Forex trading online, which is absolutely mind-blowing. The actual daily volume of Forex trading exceeds $5.1 trillion, which is also mind-blowing itself. These numbers make Forex the biggest financial trading market in the world and the one which also allows as many people as possible to get started with trading.
Due to the reasons mentioned above, Forex’s popularity is not only maintained, but it steadily goes higher and higher, with no end in sight. People from all walks of life are now feeling more and more confident to join the market, see what all the hype is about, and maybe establish a new source of income that may not only support them as “side-money”, but possibly replace their main income. While this is great, with absolutely nothing wrong with more new people joining, the issue of risk and danger becomes even more prevalent. This is where Forex mentoring comes in.
The unpleasant truth is that almost 9 out of 10 Forex traders are “destined” to lose their money, statistically speaking. With this considered, the importance of making sure that these beginners are aware of the risks involved, as well as have the necessary know-how to conduct their trading endeavors in an efficient and correct manner, is even more undeniable. This is exactly why we believe the concept of mentorship to be one of the most criminally-underrated things in this business.
While this may not be mandatory or even necessary for each and every new trader, it is undeniable, that it would make a huge difference for a huge number of people. Having access to great Forex signals and mentoring with a mentor who can assist you and provide you with the crucially-important information that is necessary for you to stay safe is something that very few people realize until unfortunately, they experience it themselves. In this guide, we will be taking a look at what mentorship means for Forex trading, how it can be of help to you personally, what defines a good mentor, how to find one, and exactly in what ways you can derive immediate benefit by having one.
What does a trading Forex mentor mean, and what is their purpose?
The concept of a Forex mentor is a fairly simple one, and you may actually have an idea as to what it actually means, and what Forex mentors actually do. A Forex mentor is an individual – or an entity, in case of a mentor Forex broker – with the necessary knowledge and experience to assist a beginner Forex trader with various aspects of financial trading. Usually, a good mentor will be someone with many years of experience under their belt and will be well-versed in many different aspects of the whole Forex game, rather than being proficient in one single sphere while disregarding all others. Such a person will make a good mentor, as due to the dynamic and ever-changing nature of Forex, the beginners will need a lot of assistance and clarification, especially so in the beginning stages of their career.
This is very important because as we have already mentioned, almost 9 out of 10 Forex beginners are statistically-projected to lose their money, so with such high chances of failure, the need for mentorship simply can not be denied. However, despite these high chances of failure, with the assistance and proper guidance of a learn Forex mentor, you can be steered clear of danger in the right direction. Considering that your very first experiences as a Forex trader have the potential to have a lasting impression and effect on the direction of your whole trading journey, then the investment in a Forex mentor has a possibility to provide an insurmountable value to you.
What are some of the specific qualities that would define a top Forex trading mentor?
Alright, so we now understand that having a Forex mentor can make all the difference between being successful and unsuccessful, and if you are a beginner, it is extremely advisable to invest one. With that out of the way, what are some of the specific requirements that one should have when looking for the best Forex mentor online? What are the exact qualities that would be common across good Forex mentors, and what should you look for specifically when searching for a mentor?
They should have many years’ worth of experience
One of the key points that you should consider when searching for your mentor, which can also serve as a “screening” tool that you can filter the best options with, is judging by the experience that your mentor has. In a market like Forex, where trial and error is something that simply can not be replaced, it is very important that your mentor has seen a lot of stuff, and most importantly, has seen said stuff from multiple different perspectives. This can only be the case if your mentor has the necessary experience.
There is no actual pre-determined amount of experience that is accepted as an “absolute must-have”, but as a general rule of thumb, it is advised to go with a mentor that has no less than 5 years’ worth of experience, but this is on the lower end, as 10 years and more would be more of a preferable range. As mentioned, this is not a dogma that needs to be followed at all costs. Rather, it is a general guideline.
They should have a proven track record
Expanding on the last point and looking at it from a different perspective, it is very important to make sure, that you’re not blindly following just the experience that your mentor has. There are cases where some other factors may prove to be more of an important consideration than the experience and the number of years. We already touched upon its importance when choosing a mentor, so we’re not going to expend any more on that front.
However, we believe it is very important to underline the fact, that having all the experience in the world is not enough unless the mentor has a proven track record of delivering results. The best Forex trading mentors are the ones that are able to deliver the best results, period. Your mentor may be the smartest guy in the world, and know each and every small thing about Forex trading, but unless they are able to translate that into results, then there is no point, is there?
So, whenever you’re considering someone for Forex mentorship, make sure that you conduct relevant research as to what the actual results that they have produced are. What do other people like yourself say about them online? What specific proof do they have that the customers are better off after their mentorship? After you have a positive answer to all of those questions, then making a final decision on your mentor becomes much easier and less anxiety-inducing.
They should be adaptive and flexible
One of the biggest markings of a great FX online mentor would be their ability to be flexible and adaptive. For a market like Forex, this is especially important, due to its fast, dynamic, and ever-changing nature. What was applicable not too long ago may simply be a thing of the past today. As such, the mentor needs to have a flexible mindset and approach to trading.
Even that aside, the mentor also needs to be able to take a personalized, flexible, and laser-focused approach towards the needs, goals, and abilities of every individual trader/student. Sure, there are a couple of great programs out there like the Forex grid mentoring program that have produced amazing results for thousands of traders all over the world, but in general, it is very important that the needs, goals, and requirements of every trader are met in their own different way.
This includes things like their approach to risk and volatility, the trading assets themselves, long and short-term strategy, and more. Ideally, your mentor should be able to assist you with any and all matters related to Forex, and specifically in a way that is conducive to your own goals. This is why we have underlined the importance of experience in the first place, as only an experienced mentor that has been through many different sorts of experiences on the financial market can be fit to do this.
They should be able and willing to give you some space
We already spoke at length about the reasons as to why having an effective Forex mentoring program with a great mentor is so important for success. However, what also needs to be mentioned is that having a mentor, even the best mentor that there exists, shouldn’t, and doesn’t, free you of all responsibility that is associated with trading. In fact, not only is this the case but on top of this, it is important to make sure, that you are always taking the initiative to take action on your own. Having a helping hand of a mentor guiding you all the time is great, especially as a beginner. However, it’s equally as important to make sure, that you are learning to be independent as you go.
A common issue that we often see with many people using the services of a mentor is that the mentors themselves sometimes become too much of a control freaks, and demand that you follow their Forex mentor program in without any deviations, trying to control each and every small thing that you do. This is very dangerous, as this leaves minimal space for the growth of one’s skills and experience. You have to understand, that you won’t be trading with a mentor your whole life. At some point, you will need to let them go, and continue with trading on your own. If you do this after being dependent on the mentor the whole time without taking any initiative of yours, then you will not be fit for trading independently and will be setting yourself up for failure.
While, to avoid this problem, the important thing to do is to make sure that your mentor is on the same page with you on this, what you can also do is to clarify everything right from the get-go. Your mentor needs to be aware, that you’re not just looking to be hand-held and guided through literally everything, but rather, you are looking to increase your skills and experience, so you can reach the next level.
Where and how to find a mentor for Forex trading?
Alright, so now that you’re aware of the importance of having a mentor, and the specific traits that define a good mentor, now you may want to know where you can actually find one, and what this process looks like in general. The answer would be that it depends. There are several different avenues you can explore if you’re looking for a mentor. ‘
One of the most common and generally-accepted routes that most people take for finding a mentor is by going with the one that your broker offers. This is the simplest approach, as whenever you choose your broker, they will be automatically offering you a free Forex trading mentor that will be there to help you out. In many cases, this free service will be available to you right after you make a deposit with them and activate your account. While, again, this is a common and acceptable approach, it is likely to yield inferior results compared to hiring a mentor for a separate price.
The reasons for the above are easily understandable – as is the case with everything else in life, you get what you pay for, but here, this is especially the case. The knowledge of these mentors is invaluable and has the potential to generate a lot of profit. As such, skimping or trying to save on the fee of mentorship by going with a cheaper option can almost never pay off. So, while there definitely are brokers that offer great free Forex mentorship services out-of-the-box, it is always advisable to go with a third-party dedicated mentor, if at all possible.
Luckily, there are a lot of great mentors available to be easily found. These days, a Forex mentor review for your prospective mentor is just one google search away, and you can find most of the important details easily, such as their success rate, their experience and skill level, their unique benefits and services, and much more. Then and there, you can make your decision by taking into account these very factors that we have just listed above, and choose one easily.
Another alternative, albeit one that may not work for most people, is to go with a mentor based on a recommendation. The best way to make sure that a mentor is trustworthy and reliable for providing good service is by making the decision based on somebody’s recommendation. Second-hand experience is quite valuable, as this is a results-based market, and no matter how good a choice may seem theoretical/on paper, the real feedback based on real results is still the king. So, if you have friends or acquaintances that are involved with Forex, make sure to ask around! It is quite possible that they themselves have had some kind of mentorship from somebody in the past. If this turns out to be the case, then this is probably the best way to go about choosing a mentor.
If you have read this guide fully, you now hopefully have a definite idea of how to find a Forex mentor. You also hopefully have a decent understanding of how the mentors operate, and what are the specific benefits that you derive from working with one. With the benefit of having someone guide you and steer clear from all the possible dangers of the financial market, all the way to having the opportunity to learn the tricks of the trade – no pun intended – seeking out a mentor to guide you is really a no-brainer. Additionally, thanks to the ever-increasing popularity of Forex trading, along with the technology making everything much more accessible and easier, finding new mentors is now much easier than it was in the past. The diversity of choice is also highly increased, and no matter what particular kind of mentor you’re looking for, you will be able to find them with ease.
In closing, whether you have the most highly-rated mentor watching your every step, or you’re simply using the services of a free Forex mentor provided to you by your broker, the main thing to remember is that the mentor is there to teach you, not to babysit you to success. The main goal here is to learn from the mentor as much as possible and eventually go on with your trading journey on your own.