To know about the Mega- movers of the Forex Market we must first gain a proper understanding of the basics. This would help in analyzing the mentors further mentioned in the article.
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 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 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. The goal should be to save your money and make as much margin profit with each trade/investment/exchange as possible. This doesn’t necessarily require a lifetime of learning just like in social trading. We can generate learning by looking at other traders for lessons and inspiration. This will help us come up with our own set of do and don’ts.
This was all you needed to know about what forex is and how the market works. Before moving onto the best trading mentors, we must know what makes them the best. What specific set of credentials makes them successful and stand apart among the sea of traders. What to keep in mind while looking for a Forex Mentor 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 alongside 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 vice 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. It’s 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.
The Best Forex Mentors of 2021
- TheForexTradingCoach.com- This course has been operating for the past 12 years.
Andrew Mitchem offers a plethora of free education material along with coaching
programmes. From posting specific trades daily for clients to learn from to being
available to his students. He’s one of the best for 2021.
- EliteCurrensea.com – From forex education to forex automated trading they have it all.
Chris Svorcik and Nenad Kerkez have more than 10years of experience. Winning several
awards, they are the true rising stars.
- Forex Mentor PRO- Mark Walton and Pierre Du Plessis with a combined experience of
50 years. They provide live training sessions along with private access to their forum
along with many other features to take you from a newcomer to a reputed retail trader.
- TradersacademyClub.com- Vladimir Ribakov the forex mentor recently rebranded
himself as TradersAcademyClub.com. Providing live and recorded webinars,
downloadable tools, and free trading strategies, he falls on the best of 2021 list.
- LearnToTradeTheMarket.com- Nail Fuller is acclaimed in the forex industry
mostly for focusing on Price Action strategies. Along with plenty of free material he has
a PRO forex trading course on his website.
- BabyPips.com- Lastly, we have a free source for all the rookies. With a unique education
angle, they have won an award for the comprehensive free information they provide.