Forex truth is that the trading mentor is one great tool you can acquire while learning how to trade on the Forex as a beginner.
Mentor can have lots of benefits to your trading learning curve, your trading results and emotional balance.
You know what I am saying when I tell you that at the start you did not know where to start with learning.
The first step and that was to download Metatrader 4 trading platform was pain because you did not know where to find trading station and is the link correct.
And when you have downloaded Metatrader 4 you did not know where to look because so many information’s was in front of you.
Trading Mentor would solve that problem and in 1 hour you would have prepared trading station. Mentor would show you what you should look and which parameters set so you can have clean charts.
Trading mentor would help you open demo account and you would open new order in just few hours.
That is really fast because I know that I have spent days and days to find and download Metatrader 4, open new demo account, understand Metatrader 4 and prepare Metatrader 4 for usage.
All the parameters I have right know on the Metatrader 4 took me months and now when I am thinking about it I really do not remember how long it took.
Forex trading question here is what trading mentor should have and how to find one. If you are looking one or you are thinking should you find one, this post is for you.
- 1 What is Forex Trading Mentor
- 2 What Trading Mentor Should Have
- 3 How to Find a Forex Trading Mentor
- 4 Not Having Trading Mentor is Wasting Time
- 5 Conclusion
- 6 FREE WORKSHOP
What is Forex Trading Mentor
I will divide trading mentor in two types of mentor where I am defining different knowledge or approach the mentor use.
First one is the mentor who is trading successfully or for a living. It is trading mentor who have profitable trading strategy and he can show you how to trade profitable. He shares his trading strategy and trading plan with risk management plan.
The trading mentor of this type shows what he uses in his daily trading routine so you can make same results.
The second trading mentor type is the trader who knows how to trade but his approach to teaching someone is different.
He teaches everything you need to have for trading. All the tools you need to use while using trading station.
When you learn all what you need to know about trading station he will show you what you need to know when trading. What trading strategy should have and how to manage the risk on each trade.
He does not show you her trading records because he is not showing you his trading strategy that you will pay to replicate. You will get all the steps and tools to make your own trading strategy.
Which Forex Trading Mentor Type to Select
The decision on which trading mentor to select is up to you. But you can easily make the decision which one suits you better at the time you are in the Forex market.
If you are complete beginner then the best choice is the second type. You need to learn the basics and when you learn that, you need steps to move forward to learn how to make trading strategy.
How to make strategy with rules and steps and how to make the risk management plan which is very important in the trading.
If you already know how to use Metatrader 4 and how to make trading strategy but you cannot find profitable trading strategy, or you need help to improve current trading strategy, then the first trading mentor type is for you.
You will learn his trading strategy that is profitable and you can incorporate his trading style into your own or you can completely move from your trading strategy to his trading strategy.
What Trading Mentor Should Have
Any trading mentor should have trading trading experience. Is he profitable or not, he must know how to trade on the Forex market.
If he does not know how to trade he cannot teach you anything. Without knowledge about trading and Forex market you will stay at the same spot where you have been when you started searching for mentor.
When you find potential mentor it is good to research him on the web. You can see does he have his profile on social networks, forums or platform for asking questions (Quora) and see how does he participate there.
If he is showing his expertise with helping people by answering questions, he is patient and he shares his knowledge, and if you see that content helpful to you then you can confirm that he is worthy checking out.
Maybe he is sharing his expertise on his blog or maybe he is guest poster on someones blog. This way he is showing that he knows how to pass his knowledge to the audience.
Being credible in any area in life is very important. Without credibility trading mentor cannot succeed.
You as a worker or a person without credibility cannot work with people. Credibility allows you to be accepted whenever you say something or do something.
If you lose your credibility no one will listen to you or follow you. You will become untrustworthy here everyone will avoid you.
When you see trading mentor with positive feedback from others you can confirm he is credible what he teaches. That will be the sign you can trust and you rely on the mentor whatever he tells or show you.
Trust and Honesty
To trust anyone you need to be confident in that person. You need to confirm that he is worthy being payed.
How do you start to trust someone?
You can try some courses the trading mentor offers and confirm it by yourself. Or you can find review about courses he offers on the review sites or forums.
Is the trading mentor honest and will he deliver what he promises is good question. One way is to see what others have to say about him and what they have get in return after they have taken the course.
The best way is always to test it for yourself. If there is trial period you can test it would be good way to get trust and prove for yourself is he honest by delivering what he offers. Do you get what you were looking for after you finish the course.
How to Find a Forex Trading Mentor
The first place where you can start searching for trading mentor is Internet. Type “Forex mentor” into search engine like Google and you will have a large list of potential mentors.
Being a mentor to someone started to spread on the web and many companies offers these kind of course or training.
The problem is how to find the best one which will deliver what you are asking for. Maybe you are searching for someone who will show you first steps or maybe you want someone who will take you to the next step, to the advanced level.
It is not easy to find the correct mentor but you can do some steps to narrow down the lest of potential mentors.
Fill Up the Excel List With Trading Mentor Courses
Make a list of all trading mentor you have found on the web. The best is to them into excel list so you have clear list which you will with more data. Later on excel list is the best for filtering so you can filter desired results.
In the first column set the Name of the trading mentor. In the second column set the price of the training or course they are offering.
Now into the third column set the rate they got on the Forex Peace Army because from there you will have traders review from their personal experience.
The fourth column should contain result does the trial period have shown promising results. The trial period is the period you will take on their training where you should try and see what they offer. If the do not have trial period skip them for now and make the result of those who offers trial period.
Fill the Excel With Desired Data
The rest of the columns in the excel sheet you should fill up with specific request you have for the mentor. If you want to learn more about Metatrader 4, charts, indicators, resistance/support lines and other stuff, put them into separate column.
When you test the trial period fill that data is the training covered the part you were looking for and is it good enough. If yes, then make a mark in that column and fill all the excel sheet.
At the end you will have the list with trading mentor courses with data which you can filter. Make a filter on the results that are the most important to you.
If the money is crucial then filter the trading mentor that is cheap but at least with decent rating. Do not select the cheapest with the worst rating from the traders. You do not want to pay something that will not deliver what you were looking for.
Not Having Trading Mentor is Wasting Time
Now, why I do say this?
Do you really wasting time if you are learning by your own without trading mentor?
I must say, yes.
You are losing time and I mean a lot of time by learning on your own.
The time you need to learn basics requires from you to start reading about the topic. Then you need to find the answer or instructions, and I mean correct instructions not general instructions that does not cover the specific problem you have.
Then you need to download Metatrader 4 trading station, learn all the stuff that you can find inside, how to use the tools, which is correct way of using the tools. All this steps requires time and if you slow learner you can imagine how much time you will lose.
If you are not technical guy or women you can bet that it will be even harder to learn the basics.
When you learn the basics you need to combine all the tools and knowledge to create trading strategy that must be profitable. That task becomes unreachable because you do not have so much trading experience.
All the problems I have listed can be solved with good trading mentor. He would create step by step road map which will lead you in the right direction.
You could even get the road map to different ways in trading. That way you could decide will you use more technical tools or you will rely on the fundamental knowledge.
Time Needed With and Without Trading Mentor
When I think about the time I have invested in learning at the start and I have started without knowing anything about trading, this would be roughly overview how would look like if I had the knowledge from the trading mentor.
By the knowledge about trading from the trading mentor I mean the knowledge I have right now.
Table shows the comparison between learning on my own and what I think I would need if I learn with trading mentor. The number of days is roughly estimate based on my experience and what I think I would need, so count that there is deviation from real value.
Have in mind that the days I have wrote represents the sum of hours.
Comparison Table Between Learning on Your Own and With Trading Mentor
I have not counted days as 10:00 h learning and 14:00 h of sleep and rest. Instead of that I have made calculation this way:
- if I have spent 4:00 h on one day, 10:00 h on the second day and on the third day I have spent 10:00 h . When I combine three days I have total 24:00 h which is one day in the table
- This means the days I have spent on my own in the table can be multiplied by 2 or 3 times to get the real days you would spent. If the table says 5 days then in the real life you would need 10 or 15 days with normal living where you sleep and rest.
|Topic||Without Mentor||With Mentor|
|Learning about Forex||5 days||0.5 days|
|Finding Broker||3 days||0.1 days|
|Downloading and Installing MT4||3 days||0.1 days|
|Learning about MT4||5 days||1 day|
|Using trend lines and Indicators||2 days||0.5 days|
|Open and close orders||3 days||0.5 days|
|Finding trading strategy||10 days||1 day|
|TOTAL||31 day||4.7 days|
|TOTAL HOURS||744 hours||112,8 hours|
|Realistic days with sleep and rest||93 days ~ 3 month||14.1 day ~ 0.5 month|
|Realistic hours with sleep and rest||2.232 hours||338.4 hours|
Trading Mentor is 7x Times Faster
Use the table with reserve because the value is based on my experience where the number of hours can vary from person to person. One person can be slow learner and second person can be fast learner. But you can base anyone learning journey around these numbers.
The result says that trading mentor speeds up learning process by 7x times which is quite good result.
Now the question is does the trading mentor pays off to speed up the process by 7x times. For those who do not have to much time and have some money to spent, trading mentor is good choice.
Those who work from 9 to 5 are looking how to speed up the process because they have other things like family where trading mentor would be very helpful.
You will have people who do not want to lose their time because the time is money. For them it is easier to pay someone to do the hard job and that is to teach them so they do not need to learn to much.
I have laid down all about trading mentor, how to find one, why is good to have one and why you should not waste your time learning on your own.
If you like learning journey and you have time it is good to learn slowly and learn on your own beginner mistakes. It will take time until you get up to the final results with trading strategy but it will be worthy.
If you like to get the results fast you have option to hire trading mentor who will speed up the learning process.
Even there are many trading mentor courses you will find affordable ones among costly who charge several thousands.
For beginners who does not know how and where to start with trading
In the workshop I will tell you
what steps to do in order
to transform yourself into a trader