It is the right and solid foundation that promises a reliable and strong building, and the same holds for Forex trading, where if the foundation of a trader is strong and his market knowledge and market analysis skills are up-to-date and top-notch, he will surely excel in this financial market. A mentor is someone that can guide you well throughout this road. So if you are thinking “How to find a mentor for Forex trading” or “What to look for in a Forex mentor,” then you need not worry as we will answer all your Forex mentor-related queries.
So without much ado, let’s dive in deep and figure out more about “How to find a mentor for Forex trading,” but before that, let’s take a quick sneak peek at what a Forex mentor is and why you would need a Forex mentor in the first place.
What is a Forex Trading Mentor?
A Forex trading mentor is an experienced trading personnel who has a sound knowledge of the Forex market and has excelled in trading. He knows how this financial market works, and his market analysis skills are top-notch. He can guide beginner traders through the ups and downs of this financial market and offer them his knowledge and expertise.
It is worth mentioning that you can even start trading without a forex trader, but on the downside, it will take you more time to understand the market and read the trading indicators. Moreover, as you would not have any prior hands-on experience in trading and no one to guide you, you would be more prone to making mistakes. Therefore, if you want to avoid such circumstances and want to become a successful trader in less time, then it is better to choose the right Forex trading mentor whose ways align with your trading goals.
Why Do You Need a Forex Mentor?
When it comes to beginner traders often, they quit Forex trading or blow up their account within the first few months owing to their inability to analyze the market or devise the strategies the right way. They can take help from the Forex mentors who offer their expertise and knowledge for a particular cost.
Traders frequently have a broad knowledge of methods but struggle to be successful because they are unaware of the actual risk management application. A qualified Forex mentor will be able to explain to you how to read market dynamics simply and effectively. Moreover, he will be able to share with you his trading methods and tactics to help you increase your trading success rate.
It is worth mentioning that to develop the proper mindset for addressing Forex and succeed in this financial market, the right Forex mentor will walk you through the theoretical, tactical, technical, and mental tactics involved in Forex trading. Moreover, the mentor motivates and inspires you to ensure that you are persistent, have a positive attitude, realistic goals, and trading discipline.
Depending on your trading mentor and your personal preferences, he can teach you how trading works, forex fundamentals, trend identification (primary, secondary, and near-term trend), strategies to enter and exit trades with appropriate risk management rules, Bollinger bands, trend following filters like EMA and SMA, Fibonacci retracement, RSI, money management and trading strategies, etc. Moreover, they can also guide you through the process of getting a funded account with a company.
Thus, no matter if you are new to forex trading and have no prior practical experience or it’s been some time that you have been in this financial market but have not cracked this game till now, you should know that every mistake that you will make throughout this trading journey is going to cost you your hard earned money. Therefore it is highly recommended that instead of disregarding professional guidance and forging your path to success, it will be better to take the help of some experienced Forex mentor that can make this trading journey simpler for you.
Now, once we have discussed why it is important to get a Forex mentor who can pave the right path for your Forex journey and can prove to be a lighthouse guiding you in the right direction, let’s address the elephant in the room and find out “How to find a mentor for Forex trading?”
How to Find a Mentor for Forex Trading?
Trading is not a get-rich-quick strategy; you must be ready to put in the time and effort, but it will be worthwhile in the long run. With the right Forex mentor, your trading journey will be a lot smoother, and regarding how to find a mentor for Forex trading, the answer is pretty simple.
Google it and open the top searches. Read the reviews and the materials the mentors offer. Do your homework and look for reviews about a mentor on aggregate review sites. Ask them for their trading track records or some solid proof to back up their success rate. Compare different Forex mentors, what they offer, and how much they charge.
Moreover, you can also search for Forex mentors in different trading forums or websites like Fiverr or YouTube. Still, before settling for any mentor, you should verify their claims properly and should dig deep to locate any loopholes (if there are any) in their claims. All in all, you should make sure that the value that a particular mentor offers should outweigh the charges he is asking for.
It is worth mentioning that, realistically, you should know that the right Forex mentor can guide you toward the right path, but it is you who ultimately has to walk up that path and make your own decisions. Every individual is different. Everyone has their mindset and their own way of perceiving things. Therefore even if your mentor will teach you how to read the market, it is you who has to decide which trading strategy you will go for. Will you act as a risk taker, or will you be risk-averse? Each of these decisions that you will make will impact your trading journey.
So no doubt that the right Forex trading mentor will kick start your trading journey on the right foot, but ultimately, it is up to you and your strategies how long you will survive in this market.
All in all, you are your own best teacher in the end, as even with the right knowledge and guidance, ultimately, it’s you and your trading strategies or styles that are going to decide whether you will succeed in this financial market.
Moreover, even if you have just entered the world of Forex trading, it’s likely that you’ve already come across some of the online Forex professionals, mentors, and trading courses that offer quick success. Still, none of their judgments are backed up by solid proof and are just some marketing gimmicks. Such people are only after your money, and their teachings don’t hold any value. Therefore, when the market is teeming with such self-proclaimed mentors, it could be challenging to find the right mentor who can pave your path towards Forex success and will teach you the right tactics to succeed in this financial market.
Where can I find a Forex Mentor?
There are a lot of online platforms where you can find a Forex mentor who best aligns with your trading goals. But before starting with anyone, we highly recommend you to take a Forex trading course and complete it so that you know what you are getting into and you can start your Forex journey on the right foot.
Regarding the platforms where you can find the right Forex mentor for yourself, you can look at different trading forums, websites, Fiverr, etc., and you will find that many people are offering their mentorship services at varied prices. Moreover, it would help if you considered whether these people are offering only theoretical knowledge or are they also offering some hands-on practical experience of trading.
It is worth mentioning that finding individuals willing to sell you their expertise or advice won’t be an issue; the challenge arises when determining whether the value they bring along is worth the money they are charging.
If you want to make massive income trading Forex and want to learn key concepts that will guide you through your trading journey, you can read How to make 500 a day trading Forex.
What to Look for in a Trading Mentor?
Well, finding the right trading mentor is not as easy as it sounds, and there are a few considerations you should not forget when looking for a Forex trading mentor. Forex mentors must put what they teach into practice. He should be accessible round the clock for continued support so that you can reach out to your mentor for guidance and expert advice at any time if you get stuck on something. He should not halt your thinking or your natural decision-making but should inspire you to become a better trader by polishing your existing skills and inculcating the new ones in you with the right knowledge and practice.
The most important thing is that your mentor should accept your unique personality type and psychological ways and should respect your opinions when it comes to devising strategies. Following are some of the qualities that you should look for in your trading mentor.
- He should be credible and a successful trader
- He should be motivating
- He should be trustworthy
- He should respect your opinions and trading style
- He should be honest with you
- He should offer continuous support
The Trading Mentor should be Credible and a Successful Trader
Well, truth be told, a person who does not have solid experience in Forex trading won’t help you crack this game. Thus, one of the prerequisites of choosing a Forex mentor is ensuring that the person of interest is a full-time trader with sound expertise, has been in this financial market for a long time, and knows everything about the ups and downs of this market.
It is worth mentioning that a mentor who himself has been an active participant in this financial market knows about the problems that a beginner trader would face like choosing the currency of interest, choosing the lot size, deciding on when to enter or exit the trade, overleveraging, overtrading, etc. Thus, he can help beginner traders by providing them with a solid foundation and making them understand the key basic concepts of the market in their initial learning phase, thereby ensuring that later on, they will be able to grasp the advanced concepts of the market without much difficulty.
One of the most important things you should consider while choosing a trading mentor for yourself is ensuring that the person of interest is a successful trader and there is solid proof that his trading strategies have worked many times in the market. You should make sure that the person of interest has a solid understanding of the market, his market analysis skills are top-notch, and there is a proven track record of Forex success. Because honestly speaking, it is your hard-earned money that you are going to invest in trading as well as paying the trading mentor for his guidance, so you would want to get the best deal and value out of it.
All in all, when searching for a forex mentor, you will come across many people who are offering their services and expertise. You should critically analyze and compare all of them because many of these services offering to make you quick money won’t be anything more than marketing gimmicks.
The Trading Mentor should be Motivating
Your trading mentor should be motivating and inspiring. Not only should he guide you through the ups and downs of this financial market, but he should also inspire you to become a better version of yourself. He should not only polish your existing skills but also teach the new skills that are necessary to excel in Forex trading.
It is worth mentioning that devising a strategy and mastering the art of risk management is not something you can learn overnight, and it takes a lot of practice and the right knowledge to master them. Moreover, being new to the trading world, many times, you would feel overwhelmed by the vast volume of information in this financial market. That’s where your trading mentor should come to your rescue and should not only motivate you to learn more about Forex trading in a disciplined way but should also ensure that you will stick to your trading goals and won’t quit out of desperation, no matter how overwhelming the situation gets.
The Trading Mentor should be Trustworthy
Trust is one of the main attributes that ensure a good bond between the mentor and the trader, owing to the fact that during the mentorship, the mentor would be criticizing you as a trader in addition to having you follow his tactics and strategies. It would therefore be great if you had enough faith in them to be open to their criticism and follow their advice.
The Trading Mentor should Respect your Opinions and Trading Style
One of the most important traits that you should look for in a trading mentor is that he should respect your opinions and give you room to express yourself. No doubt that the mentor himself, being a successful trader, has some solid strategies, but that does not mean that he should altogether nullify your ideas or ignore your unique personality and psychological traits.
Every trader is different from the other. Some of them want to opt for a more fast-paced option like scalping or day trading and do not mind being on their toes throughout the day to make quick trades, while the others want to take their time and opt for a more slow-paced trading method like position trading or buy and hold trading.
Moreover, some traders are risk takers while others are risk averse; some prefer the morning hours to trade while others opt for the evening ones. All in all, the trading mentor of your choice should consider your unique trading style, and his ways should align with your trading goals.
You can read about the best trading books that will guide you about this financial market, Forex trading, and other key concepts to ace this market here.
The Trading Mentor should be Honest with You
Ups and downs are part of the game, and no mentor or strategy (no matter how good it is) can guarantee 100% success, and there will inevitably be some setbacks throughout your Forex journey. Therefore, if you come across a mentor offering you 100% success, know that there is something shady going on behind those claims.
It would be best if you looked for a Forex mentor that should be honest with you right from the start and will guide you through all the highs and lows you come across in this financial market. He should enable you to set realistic trading goals and should help you get through difficult circumstances.
The Trading Mentor should Offer Continuous Support
You should understand that guidance is not something that is just restricted to the initial phase of trading. Learning is a lifelong process, and even after completing your training with your mentor, throughout your Forex journey, at one point or other, there will be many questions that you may have. Your trading mentor should be approachable to answer them. He should be accessible through the communication medium that both parties agree to, like email, phone, or some messaging app.
Moreover, once you are done understanding the basics of trading and how the market works and start to take positions on your own, it will help if you relay your potential or completed trades to them to assess your performance.
It is worth mentioning that before opting for a Forex trader, you should do your research and go through the courses or books which that particular Forex mentor offers. Moreover, to get a more accurate, in-depth assessment of the caliber of the mentor’s courses, in addition to reading the evaluations on the mentor’s own website, you should also check out review aggregate sites and review sites.
Being a beginner, if you are perplexed about how long it takes to learn Forex trading and the basics of Forex, you will surely find its detailed answer here.
Best Forex Mentors
Some of the best Forex mentors who, over the years, have proven their expertise and passion for helping their mentees to achieve positive, persistent, and profitable results in their Forex trading journey are
- Ezekiel Chew (Asia Forex Mentor)
- Clay Hodges (Ronin Forex Group)
- Chris Hunter (HunterFX)
- Roman Patterson (Phoenix Capital Group)
- Matthew Todd (Todd Capital Group)
- Tamia BJ (SIMPLY Rich)
- Nick Syiek (A1)
- Andrew Mitchem (The Forex Trading Coach)
- Marc Walton (Forex Mentor Pro)
- Vladimir Ribakov (Traders Academy Club)
When starting on something new, it is natural to be a bit skeptical about it, so if you are wondering if Forex trading is legal in Nigeria here. Just in case you want to learn if Forex trading is legal in the USA and its regulatory authorities, you can read about it here.
How to get a Forex Trading Mentor for Free?
Nothing valuable comes for free; the same holds true for Forex mentors. So does that mean you cannot get a Forex trading mentor for free? No doubt that for one-on-one training, you have to pay upfront, but there are some ways where you can get mentoring for free, like YouTube. No doubt that you won’t be paying anything for this information, but on the downside, it will be too generic (there can be chances that they won’t address your specific problem), and their credibility is something that you should be cautious about.
Moreover, when it comes to the free trading courses, you can go for FX Academy since it was developed by an internationally renowned Forex authority and written by highly regarded Forex traders. Moreover, it is prepared for traders of all experience levels, and no matter how unbelievable it sounds, it’s completely free.
It is worth mentioning that even with the right mentor to guide you, practicing on a demo account before entering the Forex market for real and making trades is something that we truly recommend to every beginner trader.
Why should I Use a Demo Account?
Undoubtedly, using a demo account first, before moving towards the real account, is a good approach to developing your trading discipline and rigor, which are two of the essential traits for success in the financial markets. They enable you to adhere strictly to your trading strategy while effectively managing your risk.
Honestly, your money isn’t at stake when using a demo account, so you can’t lose or gain anything by using it. As a result, it is simpler to hold more rational, objective perspectives. As most trading losses suffered by individual traders result from emotions, firstly, practicing on a demo account and inculcating trading discipline and emotional control is recommended before diving straight into this financial market filled with many sharks and unprecedented risks.
When should I Switch from a Demo to a Real Trading Account?
There are no set guidelines, as each trader is unique and will require a varied amount of time to prepare for the switch. Your learning process on a demo account should be addressed because it is a crucial building block for success in the real world. You can inculcate trading discipline and rigor in yourself while also learning how not to get your emotions the better of you while making trading-related decisions.
It is worth mentioning that with the real account, the objective is to develop emotional self-control so that your odds of succeeding in trading are high.
If you are new to Forex trading and want to have a sound knowledge of this financial market so that you will start trading on the right step, our beginner’s guide to Forex trading will surely come in handy.
Conclusion
We conclude “How to find a mentor for Forex trading” with the endnote that the Forex market is highly volatile, and it can be risky to enter this market without any prior knowledge or guidance. Especially when it comes to beginner traders, they should not only learn about how Forex works and what the best trading tactics are from various reliable sources like books, courses, and tutorials, etc., but they should also choose the right Forex trading mentor who can guide them in the right direction and will ensure that they do not make any dumb mistakes and lose their capital.
It is worth mentioning that you should do your research and look for the reviews of the mentors on the review sites. Moreover, it would help if you also looked through the books, tutorials, or courses that they offer. We hope that you have understood how to find a mentor for Forex trading and what to look for in the best mentors.
Happy trading!
References
- A Forex trading expert system based on a new approach to the rule-base evidential reasoning
- Longer time frame concept for foreign exchange trading indicator using matrix correlation technique
- Forex for beginners
- What is forex trading?
FAQs
How do I find a trading mentor?
Google the best trading mentors and open the top searches. Read the reviews and the materials the mentors offer. Do your homework and look for reviews about a mentor on aggregate review sites. Ask them for their trading track records or some solid proof to back up their success rate. Compare different Forex mentors, what they offer, and how much they charge. Moreover, you can also search for Forex mentors in different trading forums or websites like Fiverr or YouTube. Still, before settling for any mentor, you should verify their claims properly and should dig deep to locate any loopholes (if there are any) in their claims.
Do you need a mentor for Forex trading?
Beginner traders often quit Forex trading or blow up their accounts within the first few months owing to their inability to analyze the market or devise the strategies the right way. They can take help from the Forex mentors who offer their expertise and knowledge for a particular cost. A qualified Forex mentor will be able to explain to you how to read market dynamics effectively and will share his trading methods and tactics to help you increase your trading success rate.
Is it worth paying for a mentor?
Traders look for mentors not only for the high caliber advice they will provide and the depth of experience they bring to that counsel but also for the connections that mentors may have, as it is said that nothing valuable comes for free. The right mentor will effectively guide you through your Forex journey, making him worth paying for.
Can I teach myself to trade Forex?
As a beginner, you can use various websites, books, and other resources to learn about forex trading. Still, nothing can surpass hands-on experience, so if you want to get some experience without putting your real money at stake, it is better to start practicing on the demo account and afterward shift towards the real account.
