Forex trading is amazing! It provides a way to work from home, earn a significant income and to be your own boss. It is also exciting and can get your adrenaline pumping. For some people, like me, it is a dream job and career.
Unfortunately, most traders don't make it. They spend years trying to make money from the markets and never achieve the success or status they hoped for. For most traders, hope and ambition is replaced with discouragement, frustration and disappointment.
I personally believe that more retail traders would be profitable if they took the time to learn from someone who is already successful i.e have a mentor. In this post, I will share the advantages of having a Forex mentor and teach why you should seriously consider having one, no matter your trading experience...
Forex Mentors - the good, the bad and the ugly
The Forex trading industry is full of companies and individuals providing services for traders and wannabe traders. Some of these services are great and reliable, some of simply scams, just like all industries and sectors, Forex is no different. When it comes to mentoring, what should you expect and how can you get a honest mentor that is going to be a master teacher and super asset? Read on...
What to look for in a Forex mentor
Results. The most critical question to ask when choosing a mentor is, 'is this mentor a profitable Forex trader?'. It is not enough for a potential mentor to upload a live trading video to YouTube, copy and paste screenshots of trading history to a website or share a photo of a Lamborghini on Instagram. A real Forex trader can provide real results. The easiest way for them to do this is to link their trading account(s) to a 3rd party that can publicly verify trading performance. Forex Factory and myfxbook are 2 sites that do this at no cost or risk to the mentor/trader/educator.
Transparency. Apart from seeing publicly verified results, do some personal research. Does the educator have any online reviews? Has the educator been featured on any well-established websites? How long has the educator been trading for?
Payment. Any genuine trader will have a genuine and well-known payment provider such as Stripe, PayPal, WorldPay, Square, etc. Never transfer payment directly to a bank account.
Other things to consider
Location. Where is the trading mentor based? This may not be an essential item on your list but ensuring that your local time and the potential mentors local time are compatible can be useful. If you are only free late-evening but your late-evening is midnight for your mentor this may cause some problems. I suggest you send them an email and ask before signing-up.
Program Outcome. What is the goal of the mentor program? If your goal is to become a successful trader but the educator offers a program to teach the basics of trading and get you started, then you are going to be very disappointed...
Samuel Morton (me), as your mentor
Results. My trading accounts are publicly verified by myfxbook. They are available on my trading performance page and also on myfxbook.
Transparency. I have been trading since 2012. I have online reviews on my Facebook page and a number of testimonials on my testimonial page. I am employed as a technical analyst for a regulated Forex broker and have been featured across the web, including on IG TV.
Payment. All payments are processed through PayPal (PayPal account is not required). Bank transfers are available at your own risk.
Location. I am based in the UK. I prefer to provide mentor sessions between 1900-2200 UK time but can be flexible. I am usually free between 1000-2200 UK time.
Program. The aim of my program is to make you a self-reliant and profitable trader, nothing less.
More details about my Forex mentor program can be found on my mentor page.
Got questions? Email me; email@example.com
Forex mentors usually offer a set program for a fixed price. Prices and programs can vary but below is some key advice...
What should they include?
Mentor programs usually consist of a series of workshops done in a group or a series of training sessions provided one-to-one. These workshops and sessions can be done online or in person.
Having access to your mentor between sessions is important and being able to ask your mentor questions is vital. Any pre-recorded material or free workshops is not going to be as beneficial as speaking with a real-life trader.
Why sign-up for a mentor program?
The ultimate way to learn anything is to learn from someone that can already do the thing you want to do. Books and courses are great resources for education and growth but nothing compares to having someone to personally lead and guide you.
Forex trading is not easy, over 90% of traders fail. To greatly improve your chances of success, you need a Forex mentor. A mentor can help you avoid costly mistakes, decrease the time it takes to become profitable and increase your success rate. Some traders will not become profitable until they have a mentor, coach or teacher.
A good mentor will tailor training to your needs, provide support and motivation and have your trading welfare as a priority. All these things are crucial keys to successful trading.
My mentor program
My program includes 6 online training sessions with me, unlimited email support between sessions and access to my exclusive price action trading course. All training sessions are tailored to the student.
- Tailored for your needs
- 6 online training sessions
- Unlimited email support
- Access to my exclusive course
I don't need a mentor, I am going to be self-taught!
Some successful traders are self-taught, but most are not. Even those that are self-taught admit that they would have saved money and time by having a personal teacher/mentor. Being self-taught is a great goal but it should not become a higher priority than becoming profitable!
Mentor programs are too expensive
Some mentor programs are not cheap, I totally understand this. What I don't understand is the trader that has blown £2,000+ on multiple trading accounts but will not pay out for proper trading education! In most cases, mentor programs pay for themselves as they save you costly errors. If you don't get a mentor, you will likely lose the cost of the mentor program in over-trading, becoming emotional in your trading, poor analysis and/or foolish errors.
Education is an investment of time and money. If a program helps you to become a profitable trader, surely it was worth every penny...
This guy is not a genuine trader
An understandable concern. Please refer to my content below the heading 'What to look for in a Forex Mentor'. If the trader/educator ticks the boxes, just go for it.
I can't commit to taking the step
If you cannot take the leap of faith to hire a mentor, how will you ever take the leap to trade full-time and become a successful trader?
If you want to become a successful trader, learning from a profitable trader is your best option by far. Just do some research and follow the advice in this blog before signing-up to any mentor program.
I wish you all the best in your trading
Full-time Forex trader