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How to find the Best Forex Mentor

How can I find the Best Forex Mentor?
No matter how new or familiar we are with the Forex Market, a guide that directs you towards achieving maximum profit is always invited. There is no shame in accepting we need help and assistance from time to time. In fact, it is rather foolish not to reach out in times of need.
Foreign exchange is the process of converting a particular currency into another. This exchange is
conducted for multiple reasons. Trading takes place within the forex market. Money/currencies
guarantees our ability to purchase goods and services. Now one might wonder why foreign currencies
would be of any use to us. But if we wish to conduct foreign trade/businesses it becomes a definite
requirement. A network of buyers and sellers exchanging currencies after determining a common price. This brings us to the question of what the Forex Market is. A decentralized global market facilitating currency exchange. This market has a set hierarchy and to better understand it.

I shall take you through the different organizations involved therein. At the helm of affairs are the central banks, followed by other major banks. Then come in the Electronic Brokering Services (EBS). Next in line are the average to small-sized banks. And, finally trickling down to people like you and me i.e., Retail traders. Deemed as the biggest market in the world foreign exchange is also a global market that facilitates trading around the clock. As it trades in trillions of dollars each day, it becomes lucrative for both small and large size trading/traders. For many, this is a business with extremely low investment and tremendous returns. When it comes to forex a lot of people decide to invest in a forex mentor. As the market is ridden with plenty of false advertising and scams.

How can one be sure if the one they choose would genuinely lead them to profits?
Given below are some aspects to consider while searching for the perfect forex mentor. On one hand there are numerous self-taught traders in the market while on the other we have some who partake in techniques like Copy trading. But if you wish to invest in a mentor, you can do the following.

What makes a perfect Forex Trader?
No matter how much experience a trader holds as humans we are replete with imperfections. We just
have to look for someone that fits perfectly into our set ideals and helps us reach the margin targets.
With that I’d just like to add a mentor doesn’t mean you don’t do the heavy lifting. One must put in as
much if not more effort to speed up the learning process.

  • Do personal Research- In order to determine how good a mentor is we must reach out to the
    mentee. A student who has personally worked along side the guide is the best one to tell you
    about his/her first-hand experiences. The student’s success rate also says a lot about the
    Mentor. Thus, the first step would be to reach out and get a list of the right mentors.
  • Reaching out to the mentor- Upon selection, the next step is to interact with them personally.
  • This tells you a lot about how they would deal with you and visa versa. Different traders have
    different strategies and you need to decipher which suits you best.
  • Practice what you preach- This simply means find a mentor who is a successful trader himself.
    Its best to follow someone who leads by experiences, not examples. In a market with risks and
    returns, people will want to see results. Transparency of their trades is necessary. Pay attention to how they handle or recover their losses. Most handle success easily but handling a loss is where your trading strategies are truly tested.
  • Lastly, it’s important to find a mentor or course that fits your budget. As a trader, you want to reserve funds for your trades. If a course is burning a hole in your pocket, then that’s not the right way to go. After learning how to trade we should have enough to put that knowledge into application.

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