How to Choose a Good Forex Mentor?

Forex trading can be a very lonely business. If you are not a trading desk person for a bank, or you have control over an account belonging to an investment company, you may not get the chance to interact directly with experienced traders.

For some of us, we have to rely on ourselves to find a mentor who can guide us on our journey to becoming a consistently profitable forex trader. We have to go through books, forum posts, and forex learning websites to find the most suitable mentor for each of us.

Good forex mentor

The Merriam-Webster Dictionary defines a mentor as "a trusted adviser or guide." In my opinion, that definition is not sufficient. Here are some characteristics that I think every mentor should have:

1. A credible person.

First of all, a good forex mentor must have proof that he knows what he is talking about. I'm talking about a proven track record (three years is enough) with detailed notes explaining its forex trading process.

2. He inspires you.

Your mentor should be someone you are looking for. This is not limited to the scope of trading alone. Conversations with your mentor should cover topics about life goals, relationships, and possibly trust.

It is most important that your mentor should have thoughts in the best interest and should guide you towards the lifestyle you want to have.

3. You believe it.

You must be able to open yourself to the forex mentor, because you will not only follow his forex trading style, but he will also criticize you as a trader.

If you don't trust his judgment, it will be very difficult for you to keep an open mind, preventing you from growing as a trader.

More importantly, down the road, you will eventually switch to live trading. Do you trust this person enough to teach you so you don't waste your hard-earned money, time and effort?

4. He is honest.

As we all know, the forex market is unforgiving. If your mentor promises 100% success, you better think twice about following his advice.

He should be able to make you understand the real deal and tell you that forex trading is not an easy business. It is his job as a mentor to prepare you and help you overcome those difficult times.

5. He helps you become a trader yourself.

Although you will have a forex mentor, there will be times when you have to trade on your own. And of course, it will be very difficult to find someone in the same time zone as you.

A good mentor should be able to help you realize and make you pretty sure that you will be fine when trading on your own. After all, you yourself also have to click Buy or Sell Orders.

I'm not going to lie, finding the ideal trading mentor with all the traits mentioned above is like looking for a needle in a haystack. However, you can try your luck by interacting with other traders such as on forums or social media.

Just be careful, a lot of people, scammers or not, offer guidance for a price. Just like the case of a fraudulent EA (forex robot) seller. However, I do not believe that it is necessary to spend a certain amount of money on a good mentor. Some people find satisfaction in being able to help others.

The way I see it, finding a good mentor really depends on you. And I don't mean by how much money you want to spend on them.

Mentorship is not just a one-way street. You, as a student, stand to gain knowledge and skills under a forex mentor. But what's in it for him if he decides to put in the time and effort to teach you? For many it is a joy to watch a student grow, and I think many share the sentiment that a good mentor will only invest their limited time and resources in a forex beginner who demonstrates the potential for success and they will work very hard for it. .

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