Last Updated on February 8, 2021 by Patrick Mahinge
One of the downsides of pursuing online forex trading as a full time career is the lonesomeness that characterizes online trading.
Unless you are a bigshot forex trader who reports to a bank in the morning, sits on a leather swivel chair and conducts meetings with clients the whole day, you probably won’t have the luxury of meeting other experienced traders.
But thanks to the internet, you can find a good forex mentor by doing a simple Google search.
There are hundreds of online forex ‘mentors’ on the internet. A handful of them are right here in Kenya. But not everyone who calls themselves a forex mentor is genuine. Some are out to grab your money and run. Some have never pulled any successful forex trade setups.
What are the important factors that you should consider when choosing an online forex mentor?
How to Find the Best Forex Mentor
Here are some qualities that a good forex mentor should have:
1. Credibility of the Forex Mentor
Any good forex trainer should have evidence that whatever they are saying is real. A good forex mentor should have a track record of successful forex trading (3+ years). There should be records to back up his or her claim and students that s/he has mentored to give testimonials.
A forex mentor should be someone who inspires you; someone that you can look up to. In essence, mentoring should go beyond forex trading.
Conversations with your forex mentor should include your projected goals, aspirations, money management, and possibly faith and relationships.
Your online forex mentor should have your best interests at heart. He or she should be able to guide you towards your desired lifestyle.
Trust plays a very big role in every form of relationship. If you cannot trust your forex mentor, that relationship is doomed from the very start.
You need to be able to open up to that person about your greatest fears and aspirations. You have to trust this person’s advice and judgement. You will most probably be adopting his forex trading strategy and he will be critiquing your trades.
Most importantly, you will soon be moving from a demo trade account to a live account. Do you trust this person enough to let him or her give you the proper advice on how to trade your money?
The forex market is unpredictable. Loses happen as frequently as profits do. If your forex mentor promises you 100% success, he is probably not being honest with you.
A genuine forex mentor does not sugarcoat the risks involved in online forex trading. It is his job as a mentor to help you prepare for the realities of the forex market.
5. Encourages independence
Don’t fall in love with the forex market who never rebukes you to try trade setups on your own.
A good forex mentor should be able to instill confidence in you and make you feel that you can stand on your own. After all, at the end of the day, you are the one to make calls on how you trade your money.
I am not going to tell you that finding a good forex mentor will be easy or that these characteristics will immediately be apparent when you start chatting with your mentor.
However, you can always try your luck by chatting and interacting with other online forex traders in Facebook, Twitter, and forex forums.
What Should You Learn from your Forex Mentor?
Many aspiring forex traders jump into forex mentoring programs without understanding what is in it for them. Do you know what it is that you want to learn from your forex mentor?
If you don’t know what you want to get from your forex trainer, it will be very difficult for you to find a trainer who suits you. Do yourself a favor. Spend a few hours Googling information about forex trading and absorbing as much as you can before seeking a mentor.