Should I Get a Forex Mentor

Aug. 16, 2009 - PRLog -- One of the best things you can do when you first begin trading, is get yourself a forex mentor. The forex market is one of the most liquid markets in the world with literally trillions of dollars being exchanged across the market every day. Many people make an incredibly comfortable living from forex, working very short amounts of hours and realising massive amounts of profit in return. You can do this too, but in order to become one of the 5% of people who actually see some money back from forex, you need to approach it with the right attitude. You need to invest time, effort and money into improving your skills and learning your trade, and getting yourself a forex mentor can often be the best way to do this.

As for who this person should be, it's difficult to say, as it will vary for each person. A good idea would be to think about where you are likely to meet this person, or come into contact with them. If you work for a firm that specialises in trading forex, this is probably going to be quite easy for you, but as most people who want to trade are individuals from regular walks of life, you need to think outside the box a bit. Firstly, when you think of a forex mentor, do you think of someone who is sat in the room with you, or are you happy to work with someone online, getting advice and help from them when you need it? If it's the latter, you're more likely to be successful in finding the ideal person to help you on your way. http://tinyurl.com/nbnx46

So where to look? It should go without saying that you will need to look wherever these people are likely to frequent, so a good place to start would be online forums and chat boards related to forex trading. But what do you need to look for in order to find a helpful forex mentor who can actually assist you in your quest to become a profitable forex trader yourself? Understandably, the first thing you will want to look for is a track record. Don't bother looking for someone who has never lost a trade, they don't exist, and if someone online is suggesting that they never lose a trade, run in the opposite direction, as they're lying to you. A proven track record should be someone who is ultimately profitable over the course of all of their trades, who makes long-term and consistent money.

You must also look for a forex mentor who matches the kind of style that you wish to trade with. If you wish to become a successful trader using the day-trading method, or placing only one or two longer-term trades each week, then there is little point following an intra-day trader, who will be placing short-term trades every day. Your styles won't match.

And finally, contact this person, and actually talk to them. Get a feel for how they interact with you, whether or not this is someone you can work with for a long-time. If you're able to find someone who ticks most all of these boxes, then you have found your ideal forex mentor.

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