You can choose one of the two ways to start and develop a trading career:
- Try to figure it out all by yourself. In this case, the only effective way to verify the reliability of the Internet data is to personally experience it. Of course, choosing this way, you risk losing all your money in the process. No wonder only about 10% of traders were able to achieve success on Forex on their own.
- Seek help from a mentor. Thanks to experience earned before, a teacher will be able to filter out unnecessary information and provide you only with useful facts.
Obviously, if you use the second option, you have more chances to succeed. And I'm not saying that without a mentor, nothing will work out for you. Still, with additional assistance, the whole learning process will be much easier and less risky.
How to Choose a Good Mentor
Along with a huge flow of information, you’ll have to deal with a whole bunch of pseudo-mentors that will promise you quick success on Forex. This is probably the fastest method to figure out a scammer. There is no single way to quickly learn to trade in the foreign exchange market. It will take you months. Even professional traders never stop improving their skills.
You should start with contacting the biggest communities of other Forex traders you can find. There are many groups and forums on the Internet where people share their experiences. Here you can seek advice and choose a mentor. Be sure to chat with several former or current students of the same teacher to ensure his competence.
Choose a mentor by the following criteria:
- Trading experience
- Success rate
- Knowledge in each Forex area
- Ability to support and instruct
Rich Trading Experience
In order to truly understand all the difficulties a novice trader goes through, a mentor must go through all this himself. Having experience in trading is the first thing you should pay attention to. Perhaps the best choice would be a full-time trader. It doesn’t matter whether he trades for himself or manages other people’s accounts, but he must spend in the market at least a few years. In other words, you should find a mentor who’s made Forex his main profession.
Successful Overall Performance
See what your potential mentor is capable of. He should show excellent results in trading since he is going to teach it. You will not listen to advice from a nutritionist who eats junk food, right? Same works with a Forex mentor - you should not listen to a person who constantly loses money.
Good Knowledge and Skills in Every Area
A mentor who imposes his personal trading style on you just because he does it well is a bad mentor. The teacher should be able to adapt to your needs and train you accordingly.
Not all traders are the same. Your trading style can be fundamentally different from your mentor's style. It is important that he can teach you scalping, even if he prefers swing trading, and vice versa.
Support and Motivation
A good mentor should always be there to assist and support you. In order to do this, the teacher must be prepared to always stay in touch to help you out with a difficult situation.
The most challenging thing in learning will always be maintaining motivation. A good mentor should be able to stir up your desire to learn further and move towards any set targets. That’s the only way you can achieve your goal.
And finally, you should like the mentor personally. If you can’t properly communicate with him, then how can you build the trusting relationships required for a successful learning process? It is crucial to have an ability to rely on your teacher, entrusting him with your investment and your time. Only when you are sure that a person is trustworthy you can start your path to success.