Learning to trade on the Forex markets can be daunting, just like any other skill.
You’ll have trouble understanding advanced trading concepts if you don’t grasp the basics of the market from the start.
Many market beginners quit trading within the first year. This was either because their accounts were blown several times, or because they weren’t able to approach the market correctly.
A Asia Forex Mentor can be a great help in your trading career.
What is a Forex Trading Mentor?
An experienced Forex trader should have the knowledge and experience to trade successfully in the markets. Trading mentors can greatly improve your trading performance.
When I first started trading, I was too focused on short timeframes and applied too many technical indicators that provided inconsistent trading signals.
- A trading mentor would have spotted my mistakes immediately.
- It would have taken me less time to become a successful trader.
What should you look for in a trading mentor?
Forex trading is different than other business ventures.
Almost all your mistakes early in your trading career will result in you losing money. Forex professionals can help you make your journey smoother than ignoring professional advice and going it alone.
A great mentor in Forex trading must be able to put into practice what they have taught you. They should encourage you to be a better trader, and they should also be available to provide ongoing support. They should also respect your personal psychological characteristics and help you develop your trading style.
This checklist will help you choose the right mentor
1. Mentors Should Trade for Theirself
It is a prerequisite that the mentor you learn from actually uses the skills they teach. Forex trading mentors should be full-time traders with significant market experience. They should also have the ability to manage money for other people and follow the market regularly.
Trading on the market is difficult for newbies. A mentor has been there and done it. It will make it easier to understand advanced trading concepts if you have a mentor early on in your learning process.
Many scammers are out there trying to get your money. Trading is an art like any other skill. It can take months or even years to learn how to trade and be consistently profitable.
You must first find a mentor who trades.
2. A mentor should be successful in what they teach
Two ways to be a successful trader are available:
To become consistently profitable, you will need to learn on your own. This means that you will have to invest a lot of time as well as trading capital. ).
A Forex trading mentor who has been successful on the market and is willing to share their trading knowledge with you
You want to learn from someone who is successful at what they do. Are you willing to learn from a mentor who loses money in the market? I doubt so.
It can be hard to distinguish the genuine offers from those that claim “quick success” with trading-related websites. You should look for a mentor who has experience in the field as well as a track record of success.
3. Mentors should be inspirational and motivational
A Forex trading mentor must be able not only to help you become a better trader but also to inspire and motivate you.
It is an art and a skill to find a trading setup, manage open trades, and pay attention to risk management.
Forex market information can overwhelm beginners. They may also feel overwhelmed by the sheer volume of information available.
You should be motivated by a top trading mentor to continue learning and keep your eyes on the goal of becoming a successful trader.
4. A trading mentor should respect your trading style
This is an important point: Your trading mentor must respect your trading style and tailor their mentoring approach to suit your psychological characteristics.
All traders are not created equal. Some traders prefer fast-paced trading environments that offer many intraday trading opportunities. Others may prefer a relaxed approach where trades can be made only once per week.
Some traders are more comfortable spending time in front of the trading screen while others prefer to analyze the market in the morning/late at night to find a setup. Some traders take risks while others avoid them. No matter what trading style you have, a mentor should be able identify it and help you to nurture it.
5. An ongoing support should be provided by a trading educator
A great mentor in trading should be available to answer any questions that you may have, and they will be many.
Your mentor should be accessible via e-mail or phone if you have any questions. Once you have mastered the basics of trading and are able to take positions on your own, your mentor should be able send you potential trades (or taken) to help you evaluate your progress.