Selecting the best Forex mentor for forex trading is a factor that can greatly affect your success in the forex market. To become a profitable trader in the business, the right mentor’s guidance is essential. In the midst of scammers and mentors who can do very little to guide you, the right forex mentor can be a great investment for your future in forex trading.
There are several factors which should be focused on prior to choosing the right forex mentor. But before moving on to the characteristics of a good mentor, the role of a mentor must be identified and understood. A forex mentor is a guide who will coach you through your forex journey and is not a teacher who will teach you the theory. Therefore, before spending your money, it should be made certain that the mentor you have chosen is not teaching you what’s already available online, but is guiding you focusing on your status in the forex business. A good forex mentor will also share the highly profitable trading system with you in addition to providing guidance.
If you come across a forex mentor who fulfills the below criteria, then you can invest your money on him/her without any fear.
There are many gurus in forex trading who conduct seminars and sessions for beginners. However, not all of them are actual forex traders. Therefore, they have little knowledge of practically surviving in the forex market. When you choose a forex mentor, it’s essential to find someone who’s an experienced trader in the forex market; someone who has been trading for 3-5 years. Because only a man with experience can guide you in your journey.
Your potential mentor must be able to prove his credibility. This can be achieved by requesting for his/her track record for evidence. Once you obtain their trading statement, scan through the accounts, the profits and losses they have obtained in the past years. If the statement shows a successful forex trading history, you’re one step closer to choosing them as your mentor. However, it’s also important to check for fraud.
The forex industry is a breeding ground for scammers and frauds. Statements are forged, stolen or plagiarized from other successful traders. Therefore, making sure the trading statement is legitimate is also essential.
Honesty and Trust
The relationship between you and your mentor is a two-way deal. As much as your mentor must be honest with you, you also must place your trust in them. If your mentor promises you 100% success, then they may not be honest with you, as in the forex market nothing is guaranteed. A good forex mentor promises to guide you towards success. And it’s important that you can keep your complete trust on your mentor. If they’re not someone you can trust, it’s going to be difficult to follow their guidance.
Like everything else, forex mentoring also comes at a price. However, if you follow the previous steps and choose the right mentor for you, the price you pay will become an investment in your future. But that does not mean you should pay an exorbitant amount for a forex mentor. It’s advised to choose a good mentor for an affordable price.
Once you find a forex mentor who satisfied each of the above criteria, you can speak to them and make an offer to begin your forex journey with a new start.