Do You Need A Forex Mentor?
Do You Need A Forex Mentor?
Do You Need A Forex Mentor?
Forex trading involves buying one currency while selling another concurrently. With all the excitement about Forex and the easy access to its markets, many laypersons familiar with stock trading are viewing Forex trading as an attractive alternative. Main reasons for the popularity of Forex trading include: 24-hour market; good liquidity; small start-up capital; margined trading; trading in your time zone; good trade opportunities everyday; and low transaction overheads.
However, the downside is that while Forex trading looks easy, it is actually not easy to learn, especially on your own. Of course there are the few good traders that are self-taught, but the rest ends up paying costly lessons for the Forex markets to "teach" them how to trade. Can this be prevented?
There is a plethora of Forex training seminars, e-courses, training videos, Forex how-to books, etc, that are obtainable both online and offline. Each commands a different price, but you should not judge on price alone on the suitability of the offer. More importantly, you have to find a delivery method which enables you to learn well. Before purchasing, always examine and compare various offers to find the one you are comfortable with.
As most seminars, books and videos are directed at a general audience, be aware that you might not be appropriately trained and mentally equipped for real trading even though you have understood every bit of knowledge being dispensed. Many times, you can be left with questions and doubts that could not be addressed by learning to trade via these channels.
Enter the Forex mentor: a teacher, guide and companion on your Forex learning and mastery journey. The mentor uses his/her trading experiences to teach you necessary skills and knowledge for successful Forex trading. Armed with lots of prior successes and failures as examples, the mentor will lay down bare the good, bad and ugly of trading and pass on valuable lessons from these.
A Forex mentor helps you to establish what trading methods resonate well with you and helps you put them into action. Doing this can actually make you profitable sooner, which is a real plus to your Forex education and trading account as well. You save many hours of needless trials and errors, get your doubts clarified and questions answered, and steer clear of doing trading research that usually leads nowhere.
Most importantly, your Forex mentor is someone who wants to see you succeed. In a mentor, you get a real person coaching you one on one; when you learn trading on your own, you have to contend with online forums or Email type of "answering service" that often cannot address the difficulties you face as a trader. Your mentor keeps you on track with defined trading goals and gives you feedback on how you are doing as a trader.
Just as important, you will be told that all traders will make bad trades -- your mentor included -- and how they recover and learn from their mistakes to become better traders. Compare this with the typical "high success rate" hype that many marketers are telling you about their Forex training services and products. A Forex mentor will give you the real deal with no sugar coating.
When it comes to trading, a little knowledge is often a dangerous thing. There is just no substitute for proper education in Forex trading, as ill-informed traders will find out soon enough after putting their money into the markets. If you have the self-control to learn on your own and see through its completion, attending seminars, watching trading videos and reading Forex books can be a good investment in yourself. If you don't, consider getting a Forex mentor.
Whether you are already trading Forex or thinking about doing so, a Forex mentor's guidance can help you jump-start your trading and get real results quicker. Before you invest or continue to pour more money in the Forex markets, serve yourself first by investing in your Forex education, which can go a long way to underpin your trading venture. Learn well, then trade well!
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