Forex trading is amazing! It provides a way to work from home, earn a significant income, and to be your own boss. It is also exciting and can get your adrenaline pumping. For some people, like me, it is a dream job and career.
Unfortunately, most traders don't make it. They spend years trying to make money from the markets and never achieve the success or status they hoped for. For most traders, hope and ambition is replaced with discouragement, frustration and disappointment.
I personally believe that more retail traders would be profitable if they took the time to learn from someone who is already successful i.e. If they had a mentor. In this post, I will share the advantages of having a Forex mentor and teach why you should seriously consider having one, no matter your trading experience...
Forex Mentors - the good, the bad and the ugly
The Forex trading industry is full of companies and individuals providing services for traders and wannabe traders.
Some of these services are great and reliable, some are simply scams. This is no different for Forex mentoring services - there are good Forex mentors, bad Forex mentors, and scam Forex mentors.
When it comes to mentoring, what should you expect from your coach and mentor as a Forex student? How can you get a honest mentor? The answers to these questions is below...
What to look for in a Forex mentor
Results. The most critical question to ask when choosing a mentor is, 'is this mentor a profitable Forex trader?'
It is not enough for a potential mentor to upload a live trading video to YouTube, copy and paste screenshots of trading history to their website or share a photo of a Lamborghini on Instagram - A real Forex trader can provide real results.
The easiest way for them to do this is to link their trading account(s) to a third party website that can publicly verify trading performance. Forex Factory and myfxbook are two sites that do this at no cost or risk to the mentor/trader/educator.
Transparency. Apart from seeing publicly verified results, do some personal research. Does the educator have any online reviews? Has the educator been featured on any well-established websites? How long has the educator been trading for?
Payment. Any genuine trader will have a genuine and well-known payment provider such as Stripe, PayPal, WorldPay, Square, etc. Never transfer payment directly to a bank account or give banking details over the phone.
Other things to consider
Location. Where is the trading mentor based? This may not be an essential item on your potential Forex mentor list but ensuring that your local time and the potential mentors local time are compatible can be useful. I suggest you send them an email and ask before signing-up.
Program Outcome. What is the goal of the mentor program? If your goal is to become a successful trader but the educator offers a program to teach the basics of trading and to get you started, then you are going to be very disappointed...
So, a few things about me... Samuel Morton, a professional Forex trader
Payment. All payments are processed through PayPal (a PayPal account is not required). Bank transfers are available, if desired.
Location. I am based in the UK. I prefer to provide mentor sessions between 0900 and 2100 UK time but can be flexible.
Program. The aim of my program is to make you a self-reliant and profitable trader, nothing less.
More details about my Forex mentor program can be found on my mentor page.
Got questions? Email me; email@example.com
Forex Mentor Programs
Forex trainers usually offer a set program for a fixed price. Prices and programs can vary but below is some key advice...
What should they include?
Mentor programs usually consist of a series of workshops done in a group or a series of training sessions provided one-to-one. These workshops and sessions can be done online or in person.
Having access to your mentor between sessions is important and being able to ask your mentor questions is vital. Any pre-recorded material or free workshops is not going to be as beneficial as speaking with a real-life trader.
Why sign-up for a mentor program?
The ultimate way to learn anything is to learn from someone that can already do the thing you want to do. Books and courses are great resources for education and growth but nothing compares to having someone to personally lead and guide you.
Forex trading is not easy - over 90% of traders fail. To greatly improve your chances of success, you need a coach. A mentor can help you avoid costly mistakes, decrease the time it takes to become profitable and increase your success rate. Some traders will not become profitable until they have some sort of mentor, coach or teacher.
A good mentor will tailor training to your needs, provide support and motivation, and have your trading welfare as a priority. All these things are crucial keys to successful trading.
My mentor program
My program includes twelve online training sessions with me, unlimited email support between sessions and access to my exclusive price action trading course. All training sessions are tailored to the student.
- Tailored for your needs
- Twelve online training sessions
- Unlimited email support
- Access to my exclusive course
I don't need a mentor, I am going to be self-taught!
Some successful traders are self-taught, but most are not. Even those that are self-taught admit that they would have saved money and time by having a personal teacher/mentor.
Being self-taught is a great goal but it should not become a higher priority than actually becoming profitable!
Mentor programs are too expensive
Some mentor programs are not cheap, I totally understand this. What I don't understand is the trader that has blown £2,000+ on multiple trading accounts but will not pay out for proper trading education!
In most cases, mentor programs pay for themselves as they save you costly errors.
If you don't get a mentor, you will likely lose the cost of the mentor program in over-trading, becoming emotional in your trading, poor analysis and/or foolish errors.
Education is an investment of time and money. If a program helps you to become a profitable trader, surely it was worth every penny...
This guy is not a genuine trader
An understandable concern. Please refer to the headings above about results, transparency, and payment.
I can't commit to taking the step
If you cannot take the leap of faith to hire a mentor, how will you ever take the leap to trade full-time and become a successful trader? Just something to consider...
If you want to become a successful trader, learning from a profitable trader is your best option by far. Just do some research and follow the advice in this blog before signing-up to any mentor program.
I wish you all the best in your trading
Full-time Forex trader