How To Choose A Forex Mentor

As with any other skill, learning to trade the forex market can sometimes be a daunting task. If you do not know the basics of the market in advance, you will probably have a hard time understanding advanced trading concepts in the future.

Many new entrants to the market were closed during the first year because invoices were screwed up several times or because they did not approach the market properly. Therefore, seeking help from a forex mentor can help you develop your trading career.

Follow this checklist to help you choose the right mentor:

1. A mentor must also be a trader

A mentor is needed to practice the skills they want to teach. A forex mentor should be a full-fledged trader with extensive experience in the market who trades with his money or manages other people’s money and regularly monitors the market.

The truth is that playing is a skill like anything else - it can take months or even years to master the game.

The mentor who actually engages in market trading is familiar with all the difficulties faced by new contenders, such as short-term trading, purchasing high and selling low and owe. If a mentor explains the basics of negotiation early in your learning process, it will be much easier for you to understand the advanced concepts of negotiation later in life.

2. A mentor must succeed in what he teaches

There are two ways to become a successful trader:

i) Learn for yourself, spend a lot of time and trading capital to be consistently profitable (remember that only 5-10% of traders have what it takes to succeed on their own, the other 90% lose money!).

ii) Get a Forex mentor who is already successful in the market and wants to share with you their trading wisdom

Of course, you want to learn from a mentor who is really successful at what he does. Do you really want a mentor who loses money in the market? I'm really in doubt.

With the sheer number of forex trading related sites promising a "quick hit," it can be difficult to filter out fair bids for misleading bids. Find a mentor who is a professional in the field and has a proven track record.

3. A mentor must be motivating and inspiring

• A forex mentor must not only be a professional trader, but must be able to motivate and encourage you to be a better version of yourself.

• Finding a trade arrangement, conducting open trade and taking care of risk management is both an art and a skill.

• A good forex mentor should motivate you to keep learning and always keep the ultimate goal of becoming a successful trader yourself.

4. A forex mentor must respect your business style

This is very important - your business mentor should respect your personal professional style and adapt his mentoring approach to your psychological characteristics.

Not all traders are born equal. Some traders like fast trading environments with lots of day trading opportunities, while others prefer a more relaxed approach that includes trading once a week.

Also, some traders have more time to spend in front of the trading screen, while others prefer to scan the market early in the morning / late at night to find a pattern. Some traders take risks, others trade risks. No matter what your negotiation style, a good mentor must be able to identify you and nurture you.

5. An organizational coach must provide ongoing support

In addition to all of the above, there should always be a great trade teacher who will answer specific questions, and there will be many. Whether it's via email, phone or instant messaging app, your mentor should be available if you need help. Once you understand the basics of trading and taking positions yourself, you should be able to submit to them potential deals to evaluate your progress.

You'll be amazed at how much you can learn in the mentoring process.

If you need a forex mentor, look no further than Asian Forex mentor because we've got all it takes to make you a successful trader. Reach out to us now.