If you are undergoing forex training, it is very important that you find a mentor to help you. A mentor can teach you many practical things that you would never learn from completing a trading course alone, as well as helping clarify certain lessons or concepts that you may have trouble understanding. In addition, unless you have someone correcting your mistakes, you’re likely to keep committing them; in fact, you may not even know that you’re making a mistake.
Virtually every currency trading course offers mentorship as part of their curriculum, but not all of them can provide the help that you need to become a profitable forex trader.
Here are some tips on how to choose a good mentor to help with your forex training.
- How much experience do they have as a forex trader? The mentor that you choose should have a lot of experience as a successful trader. The old maxim that those who can’t do, teach, does not apply to forex training. You want someone who has a solid record of successful trades standing behind you and correcting your mistakes.
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- What is their reputation? Obviously you want a mentor who has credibility and a good reputation to teach you. This can be difficult since it is very easy for anonymous posters to post complaints about anybody on the Internet, but with a little research, you can determine if there are any persistent complaints against them that could be a red flag.
- Can they offer you testimonials from successful students? The best way to determine how effective a mentor is at forex training is to talk to people they’ve trained in the past and see what they have to say about their former teacher. A good mentor will be more than happy to provide you with references.
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- What teaching methods does the mentor use? Everybody has a preferred method of learning, whether it is reading, watching videos, listening to online webinars or through personal contact. Choose a mentor that teaches using the method you prefer, in order to make the process of learning easier.
- What trading strategies does the mentor practice? There are many forex trading strategies that can be used, ranging from scalping to day trading, which are suitable for various types of trading personalities. Determine what your trading personality is, in particular your appetite for risk, and choose a mentor whose strategies match it. But you should also keep in mind that you don’t necessarily have to stick with whatever strategy they teach you, since you’ll eventually learn to create your own.
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- How long is the mentorship program? There are no short cuts in forex training and so-called crash courses will not teach you everything you need to know. The training program should be long enough to ensure that you’ve gone through the entire cycle of forex trading so that you’ll know how to react when a particular market situation crops up. In fact, there are even open-ended courses that can take as long as a year to complete which will take you through virtually every market condition that you can experience when trading on the currency markets. At a minimum, the course should take several months to finish.
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