The forex market offers a means to work remotely, make a good living, and have complete control over your schedule. You will learn why you need a forex mentor in this article. It’s also thrilling and can make your heart race. Some people take forex trading as their ideal career and work.
Unfortunately, majority of forex traders fail. They spend years trying to profit from the financial market, but they never succeed or get the prestige they desired. For the majority of forex traders, discouragement, frustration, and failure take the place of hope and desire.
If retail traders took the time to learn from someone who is already successful, or if they had a mentor, obviously most of them would be profitable. I’ll outline the benefits of having a Forex mentor in this piece and explain why you should give it serious consideration.
What to look out for when choosing a forex mentor
The most significant concern you need to find out when choosing a mentor is, ‘is this mentor a profitable Forex trader?’
- It is insufficient for a potential mentor to post a live trading video on YouTube, copy and paste trading history screenshots into their website, or post a Lamborghini photo to Instagram. Only a professional Forex trader can deliver real results.
- Linking their trading account(s) to a third-party website that can publicly verify trade results is the simplest way for them to accomplish this. Two websites that provide this without expense or risk to the mentor, trader, or instructor are Forex Factory and myfxbook.
- Look out for Transparency: Do your own study in addition to looking at outcomes that have been publicly validated. Are there any online evaluations of the mentor? Has the mentor been highlighted on any reputable websites? How long has the mentor been trading?
- Payment Methods: Any trustworthy trader will use a reputable payment processor like Stripe, Paystack, Flutterwave, PayPal, WorldPay, Square, etc. Never offer banking information over the phone or transfer money directly to a bank account.
- Goal: Consider the goals of the mentor program. You will be extremely dissatisfied if the mentor offers a course to teach you the fundamentals of trading and get you started, but your objective is to become a successful trader.
BeoForex Mentorship Program
Beo Forex team has been the trusted authority in Forex mentorship for thousands of aspiring, beginners, intermediate and pro traders.
- Daily Setup Analysis: Our coaches provide market analysis in order to discover high-probability and profitable trade.
- Member Chat Room: Interact in real time with instructors and other traders to discuss potential trade setups or ask questions.
- Daily Updated Trading Levels: We show you where the major trading levels are so you can confidently enter deals.
- Live Webinar Training: On-demand webinars will be held to provide extra training on a variety of topics.
Why do you need a forex mentor?
The best approach to learn anything is to get close to someone who has already mastered the skill you wish to acquire. Although books and classes are excellent tools for learning and development, nothing beats having a mentor to personally teach and guide you.
Over 90% of traders fail at forex trading, therefore it’s not simple. You need a coach if you want to dramatically increase your chances of success. You can shorten the time it takes to start making money and improve your success rate by working with a mentor. Some traders won’t start making money unless they have a mentor, coach, or teacher.
A competent mentor will cater their instruction to your needs, offer encouragement and support, and put your trading wellness first. These are all essential elements of a profitable trading strategy.