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How To Pick The Right Forex Trading Mentor

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How To Pick The Right Forex Trading Mentor

In this live video, I discuss my experience in regards to picking the right Forex trading mentor. I have previously discussed the ROI of coaches & mentors in What I Got After Spending $5,500 On Coaching. However, it’s time to go a little bit more tactical on how to actually pick your mentor or coach.

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The Benefits Of A Forex Trading Mentor

First off, let me mention that a mentor isn’t the same thing as a teacher. When I say mentor, I don’t mean someone saying “I’ll teach you how to trade with my secret method”.

Mentorship has been BIG in my own trading. A real mentor will say “let’s see where you’re at right now and focus on what you need to improve…”

I like to think of a trading mentor as a football coach, not a school teacher. A mentor/coach shouldn’t be there to teach – it’s a guide. Unfortunately, a lot of so-called “trading mentors” get this wrong…

If the mentor is focused on supporting you for real, you’ll realize that spending $2k or even $8k is a real bargain because the ROI of a great mentor is huge. Of course, it won’t make sense if the so-called is only teaching what you can find online…

What To Look For In A Forex Trading Mentor

Picking a Forex trading mentor that is aligned with your goals is hugely important. You can’t hire a professional/institutional Forex trader and expect him to coach your trading while traveling.

On a similar note, you can’t hire me to teach you how to trade for a major bank. I sure won’t be able to help!

Then, ask yourself whether you truly look up to the mentor you’re about to hire and whether you have confidence in that person helping you getting better trading results.

What You Need To Be Careful Of

One of my Youtube subscribers pointed out that requesting a track record or some sort of statement would help people looking for a Forex trading mentor to stay out of trouble. Keep this in mind: trading records can always be faked.

Having a 1-1 mentor, although very powerful, isn’t required to succeed. Becoming a member of a chat room can be helpful if you like to learn in a group environment and if you are a visual person. However, do not discard the idea of hiring a Forex trading mentor you trust only because of the price point.

As we say, time is more valuable than money!

Do you currently have a Forex trading mentor? What has been your experience? Feel free to comment below and let me know!

If you are aspiring to Forex but wonder how to put together a solid trading plan, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!