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Forex Mentors

Forex Mentors – Do you really need them?

 
 
There are a lot of people who start trading by their own without
knowing the basics of the Forex market. As we know 99%
of traders fail to be a profitable trader.
 
Can you be the 1%?
 

We all know that Forex trading is no different than any other profession in the world: if you want to be a profitable trader you have to pay for an education. Otherwise you have to pay with your time and money. Usually what seems a cheaper way tends to be the wrong way for most of us.

You can become a good trader without the help of any professional but this means you have to learn the market and you have to find trading strategies that works for you. You can read books, visit trading forums or take online video courses to see how other traders think in different situations. It is a long way to become a successful trader and it is doable so there is nothing wrong with this way. If you have the passion and time it is great journey just like any other learning.

Learning on your own
After jumping in the world of Forex a lot of people use demo accounts to test their trading skills or let’s just say: their luck. After a couple of winning trades they become so confident they immediately start trading on their live account with real money. But it is a different game: playing with demo money and risking your hard-earned money are completely different. The pressure can be so high that these traders can wipe out their account in just a few days. It is very hard to be strict with yourself in bad situations when you feel that the market is against you. But this is the basic of trading: money management. If you can’t control the risk you take on each trade you eventually lose everything. Money management should be the very first thing you need to learn in order to survive.

What can a Mentor teach you?
In my opinion a good forex mentor is someone with a decent history of trading results that shows a profitable system in the long-term. Being profitable for just a month is completely different than having a trading system that can generate you profit for months without burning your accounts multiple times. So a good mentor not only teach you the basic rules but also share their trading system with you. They sell you their knowledge and time.

How to find the ideal Mentor for you?
It is important you choose someone who you can trust as your mentor. If you don’t trust his or her judgment it will be difficult to keep an open mind and learn as a trader. A good mentor should be able to make you confident enough that you will be good on your own. You are still the one making the call on those trades.
Before you subscribe to any mentoring program always check their trading performance. You can read forums and ask other trader’s opinion about different sites. Forex Peace Army for example has a really good community of traders. They also have a ranking system for different brokers and services so you’ll find plenty of useful reviews.
 
We would recommend checking out Forex Mentor Pro, they have 127 reviews so far on Forex Peace Army and an average rate of 4.6 out of 5. Be sure to read the comments to know what others like or dislike in a mentor program before jumping in.
 
“I've tried lots of courses, systems, indicators and every other type of trading magic bullet that you can think of, but none of them have come close to Forex Mentor Pro. The one thing that it does teach you is that there is no overnight success in trading, it takes hard work, dedication and commitment”
 
Beware: scammers!
There are a lot of forex scammers so you have to be cautious when searching for a site. Forex Peace Army is also a good place to identify possible scam sites. There was a company called EmoneyPower which was belonged to EMPfx brokerage. This company shut down and claimed they would pay off all traders but at the end the broker vanished without paying out their clients. You can read the reviews here.

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.