Who Is a Trading Mentor: A Brief Overview
Anyone who starts their journey to the world of forex trading comes face to face with the sheer bitterness of the markets and its overwhelming difficulties. Forex is confusing yet straightforward and may look tiring to some traders, but by learning the basics and sticking to a basic set of rules, one can quickly learn how to trade. A guru or a mentor can help speed up the learning curve by a considerable margin. The Japanese proverb “Better than a thousand days of diligent study is one day with a great teacher” holds when it comes to markets. A worthy mentor can help you get through painful losses, formulate a strategy, avoid getting scammed, manage psychology, motivate, etc. With the financial industry full of so-called masters of trading, it can be tough to select a trading mentor. Our article will shed some light on choosing a perfect teacher that matches your needs and trading style.
First, Ask Yourself This Question: Do I Need a Mentor?
The question boils down to one’s personal needs and psychology. Some people like to carve their path no matter the hardships, while others work better if they have someone to guide them. However, in the forex industry, moving forward without a mentor may be a financial suicide as a few lose their whole life earnings within seconds.
Qualities of a Good Trading Guru
There are no standards in the forex niche on what should be the qualities in your trading coach. Nonetheless, we can attribute some things which are as follows:
- Trading experience
- Live trading and transparency
- Trading system
- Social media following
- Easy to understand
- Good connection
One way to verify that your mentor will give you the best is to check out his/her trading experience. Doing extensive research is vital in this case as most of the fake gurus out there have wrong information on their portfolio. If your mentor has a rock-solid background, top financial websites must have featured him in the past.
Live Trading and transparency
Good trading coaches always show their followers their executions through live channels once in a while. They are not afraid to display and share their losses and admit them openly. Any mentor who is all about profits should raise an eyebrow as no trading plan comes without risk.
Some gurus out there promise to set you up and running within a week. Keep in mind that forex is learned through constant trial and error, which can take years to master. The right trading gurus will always advise you to trade on a demo or start with a minimal account as you get comfortable.
Trading can be hard and exhausting to learn and master. Most of the time, one faces the thought of quitting. The best in forex have gone through the same processes and understand that it can bring one to its knees. To help beginners and amateurs become a master, they should motivate and uplift them in times of need.
Providing signals and copy trading services to their student, the mentors, and senior traders destroy the learning process. The idea of copying trades attracts many new traders, and most gurus exploit this. Learning the manual way of trading is the only way to be in the winning 10 percent of traders—Runaway from those who have trading systems with signals.
Social Media Following
An excellent social media following can surely increase the odds of a good trading master. Most of the likes and followers you see on Facebook, Instagram, and other essential sites are bought and are not authentic. The proper way to verify that the pages are genuine is to see if the website has a badge placed alongside the name. Organic followers always comment on the recent posts and the old ones, which can be a good measure to see if the number of likes matches the actual following. One should also reach out to the people who comment on the posts and ask about the trading guru.
Keep in mind that reviews on noted sites like trust pilot can also be purchased; Forex peace army is the right place overall to look in.
Easy to Understand
Forex is not complex. It’s simple. The right trading teacher ensures using a language that is understandable by all and does not complicate the process. The ability to explain the hard to understand strategies, trends, news, etc. in engaging yet straightforward content is always preferable. If your mentor doesn’t grasp the level you are at and continues at his own pace and degree, you won’t gain anything that comes out of his mouth.
Contacting your mentor is often limited to premium students; however, a good guru ensures that he is accessible by all. Some seniors have junior traders under them who may or may not teach the same strategy, and the whole process becomes super confusing. You can speed up your learning by asking any relative questions directly to your coach.
To wrap it all up, it may be hard to find a trustworthy guy in the wild financial industry to teach you how to trade. If you do get a good trading mentor by looking for the qualities mentioned above, keep in mind that it will help you drastically and make you consistent in a much shorter span. The hassle might be real in the first, but the end reward is enormous.