Do You Need a Mentor for Forex Trading? [6 Signs of Legit Mentor]
Struggling to make your trading dreams come true? But you are always failing despite hard efforts. What do you need then?
Remember! Dreams do not come true unless someone stands with you. And this someone is YOUR MENTOR!
Now the question may pop up in your mind: How to find a mentor? Do I need a mentor? Read this post now!
This post will solve your problem of discovering someone who can help you. Who has the ability to give the right direction to your trade?
It depends on you: Do you need a mentor for Forex trading?
Yes, we do need a mentor when we are constantly failing despite education and skills. We need qualified mentors when we are always on the wrong side of the trade. Finally, a mentor is important when we fail to understand our mistakes.
Novice traders fall and hurt their trades. They don’t know the tactics of Forex trading. The reasons behind their failure are that they take it as an easy game.
So the game goes against them and results in ending up. In actuality, they need the support of a Forex trading mentor.
Let’s try to know more about mentors:
What Is a Forex Mentor.
I have reasonable capital!! I don’t like to get the experience of some ex Forex trader!!
Money is power…Such ideas are exploiting your Forex trading very badly. If you are confident to start your Forex journey on your own capital, failure is waiting in front of your door.
As a beginner, you have to take the help of some expert Forex trader.
Forex mentor is just like a teacher of the following qualities:
Help you to adjust your focusing powers. Give you the sense of sharing trading plans. Someone who trains you to think for yourself.
He may be your friend, Cousin, uncle, teacher, or a stranger you have met online. But his name is shining at the top of the list of Forex trading kings.
Adding a mentor with trading knowledge will make you a full-time Forex trader.
What Are the Requirements of Forex Mentor.
Exploring a mentor to trade in forex is not easy. Hiring a mentor is not a game of money. Remember, you have to work under his provision.
A Mentor’s mind is full of experiences and makes decent pips every as a professional trader.
It would help if you focused on the following qualities to find a mentor:
He would have the ability to avail and approach everyone’s listening. Always follow diplomatic but transparent plans. Having a sense of intention and quality about your knowledge. The mentor’s approach should be clear with justice. Ability to concern with work. Show his understanding and straightforward behavior. Able to get ready when needed.
How to Find a Forex Trading Mentor.
The number of successful traders is rare in forex. Today everyone has realized the importance of a trading mentor. So the secret is hidden in how to find a mentor??
For a real mentor of forex trading, you have to get the answers to the following questions:
Are mentors trading for themselves? Has a mentor command in his teaching methodology? Are the mentor’s ideas impressive and enhancing you? Does a mentor respect your trading style/not? Has your mentor been able to give you outstanding help on time?
Can I Succeed in Forex Without a Mentor?
The answer to this question is quite diplomatic. Finding a mentor is not an easy task. Forex trading is a game of sharing experiences of master traders.
It is a fact that if you trade under someone’s guidelines. You have 100% chances to win the trophy. So a good mentor should be a golden egg-laying hen for your trade.
However, if you have a self-controlling personality, a reasonable amount of capital, a mindset full of trading skills/courses, and successful practice of demo accounts.
You can be one of the participants in forex trading zones. But in the absence of the above qualities, you should never succeed in forex trading without a mentor.
Benefits of Having a Forex Mentor.
The FX trading industry is crowded with service seller companies and people. Some are trustworthy, while others are scamming the newbies.
In the case of a good mentor, everyone is hopeful about these incoming benefits from mentor coaching:
1. Make your Knowledge Practical and Successful.
Obviously, you have joined some trading courses before entering the forex market because several books and trading series are present on the forex market.
Such books are increasing your knowledge with sufficient information. But all this trading experience will work out for you only by adding a mentor.
A qualified and expert mentor is someone who gives your knowledge the right direction.
2. Introduce The Effective Ways of Gaining Profits.
Working with a little knowledge under an FX trading mentor results in a rewarding position for you. A mentor can pass you through a perfect system.
He/she put your trades on 100% right track in different practical ways. In this way, you will become a profit scoring trader.
3. Secure You from Making Mistakes.
A proficient Fx mentor has learned from mistakes. So he makes you stop expensive mistakes that lead to giving up.
The help of forex trading mentors safe you from being on the wrong track. So mentor guidance prevents you from minimizing the chances of failure.
4. Teach You the Best Practices of Forex Trading.
It is a fact that you can benefit from your trade from an experienced person. Having a powerful background of successful trading in forex, you can learn the best and proven practices of forex trading from a good mentor.
5. Make You Confident and Well Disciplined.
Confidence and discipline are the keys to successful trading. A forex mentor’s main task is to fasten the trader’s self-confidence as well as discipline.
When you get a sense of making foolproof decisions, your confidence will automatically grow up.
6. Help You to Explore New Possibilities.
Typically, a mentor has a successful past of trading for years. A forex trading mentor is capable of benefiting you from the forex market.
That’s why he facilitates you to all the new chances of success while you are feeling helpless.
Is It Possible to Be a Successful Forex Trader Without a Mentor.
Of course, it is possible to get your trading dreams without a mentor. Once you have acknowledged yourself with the roots of forex trading.
Although traders can win the forex trading game without a mentor, they are few in number.
For everyone, chances to be a successful trader without a mentor are rare in the forex factory. Novice traders having very little knowledge can never stand first in the forex industry without a mentor.
So a mentor is necessary for beginners to approach their goals.
Regarding the unaffordable fees of mentors, you can benefit by reading the blogs/internet or websites of mentors.
Which are free of cost and are available online. Many mentors are providing free online services, and in return, they are earning through advertisement.
Are Forex Mentors Legit.
Traders believe that FX trading mentors are key to nonstop profit generators. But you have to go through reliable books, online posts, or experiences of other successful traders searching for a competitive mentor.
Below is a chart of the 5 signs of a legit mentor:
Credibility He/she should have credibility towards his/her personal ideas. Showing the process of proven analytical records in detail. Inspiring Personality Your mentor should prefer to work over trading goals. Forex trading should be his/her priority. It should have a matching nature towards your lifestyle and mental level. Trustworthy and reliable record Developing trust between you and your mentor is an initiative to go ahead. Both of you have to rely on each other with open minds. Otherwise, you have to put a full stop. Trust on mentor judgment is everything in this game. Honesty and clarity Mentor claim 100% result for you in the forex market. But it depends on you to check out his/her honesty before making an actual deal. Help you to trade on your own A legit mentor has the ability to get you confident in your personal trading skills. You will trade on a safe mode under a qualified mentor.
Finding a mentor is not like walking on a one-way track—your choice of how to find a mentor matter in this regard.
If you feel comfortable working following your own trading wisdom.
Conclusion.
Mentorship in forex trading is not an easy task. Because a perfect mentor spends a fixed time and assets into a boundary, which results in a successful story, in this way, they are capable of working hard for it.
From the above post, it is clear that a mentor is not everything for winning forex trading; by controlling your emotions while trading, you can improve profit hunting.
Real knowledge of trading can provide you a platform for trading in your own styles. However, a few traders go-ahead to touch the ranking screens of forex winners on their own.
So, traders with little knowledge should hire a mentor to secure his/her trades.
To become the best trader without making mistakes, you need a mentor definitely. Just like a child needs someone to take care of.