Finance

An Introduction to Forex Mentorship

The Forex market is the largest and most liquid of its peers, with as much as $6.6 trillion being exchanged in it every day. It has thousands of participants, a significant proportion of whom are just common individuals, known as retail traders, who are solely looking for monetary gains from it.

Forex Mentorship.

However, it is quite unfortunate that the dream of most of those individuals hardly ever come to pass. Many reasons have been cited for this. Some are technical: many aspiring Forex traders simply do not know all what the business of Forex trading entails before they jump into it. Other reasons are psychological: that is, they might have the skills, but psychological hindrances still do not let them win.

To help traders solve those problems, many solutions have been proposed. For example, most retail Forex brokers have now integrated educational sections into their platforms in their bid to help their users enhance their trading skills. In spite of these, psychological problems remain a very serious problem that is holding most traders back from trading success.

So, how can they be solved? Well, trading requires making decisions all the time and since humans are highly emotional beings, it is hard to eliminate the effects of emotions from our trading decisions. However, the more the level of expertise and experience of a trader, the better he can get at doing that. Hence, it is safe to conclude that what most of the struggling traders actually lack is mentorship to help them become expert and experienced traders in their own right.

Introducing Mentorship

In almost every career, there is usually an arrangement in place whereby up-and-coming professionals in the industry are attached to the industry veterans. Such a practice is often deeply entrenched into the profession’s culture and easily executed through its associations. Via such an arrangement, industry newbies can have someone to look up to and learn from. Such a relationship affords them many learning and leadership opportunities.

Mentorship programs can be really effective. They can help the beneficiaries gain practical advice, encouragement, and support. Also, by learning from the experience of already established individuals in their fields, they can get to increase their confidence, develop their personal skills, and become better equipped to make decisions on their own. Moreover, a strong mentorship program can help them develop strategies to solve issues whenever they run into any trouble in the course of their work.

Forex Mentorship

In Forex, there is also a mentorship program. A Forex mentorship is an arrangement whereby a Forex trader, a newbie usually, attaches himself to another Forex trader who is professional and already well-established in the industry. This Forex mentor will be in charge of putting him through the arts of trading and inspiring him to be his best. Such a mentor can even share his strategies with him and draft him into his already-existing pool of mentees.

Consequently, with a Forex mentorship program, you get to have someone who you can learn from, someone that you can share your trades with, and someone who shows you the weak points in them from time to time so that you can improve. Overall, your interactions with your mentor will make your trading less lonesome and more rewarding.

Evidently, the critical contributions that a strong mentorship program can make to the success of Forex traders, especially newbies, cannot be overemphasised. In fact, there would be far fewer struggling traders if the culture can be further strengthened within the industry.  Hence, you should get yourself a Forex mentor. It will be worth it.

However, there are some questions you should ask before you choose one. Here are some of them:

  • What is his credibility? 

    Welcome to the internet age when anyone can take to any online platform and post anything. The Forex industry is also not insulated from this tendency. There are many self-acclaimed successful traders who will give you a run for what they post their trading results to be.However, be skeptical. Do not gullibly believe everything you read. Instead, check his track record. Is it proven? A trader that lies about his track record is surely one you would never want to be mentored by.

  • Is he honest? 

    That brings us to another important point. When beaming the searchlight on your potential mentor, do you discover any discrepancy between his claims and what you find? A Forex trader that claims he generates 100% winning trades is one you would not want to trust. You should take such claim with only a grain of salt.Your mentor, instead, should be brutally honest with you. He should let you know that Forex trading signal service is not, in any way, easy business and a get-rich-quick scheme. Nevertheless, he should tell you that if you work hard and learn as much as you can, you can succeed at it. You need a honest mentor, not a lying one.

  • Does he inspire you? 

    Your mentor should inspire you. He has to be someone that you look up to. When you look up to him, you will trust him. And when you trust him, you will want to listen to his advice even on matters that are beyond Forex trading. A strong, healthy mentor-mentee relationship can help you in all aspects of your life.Nevertheless, no relationship should ever stifle your personal growth. Hence, you should ensure that your mentor also allows you to be your own trader. He must be someone who, instead of meddling in your personal progress, wants to see you grow into an independent trader in your own right.

Conclusion

Everyone has been talking about how technical and psychological problems have been causing the failure of many traders. However, no one is talking about how Forex trading, being a highly lonesome career, could have simply been daunting for so many traders just because of the lack of a strong mentorship culture in the industry.

Maybe it is largely because they do not have very many experienced and well-established traders to access for guidance.  Hence, to help so many traders, it is necessary to encourage a strong mentorship culture in the industry. 1000pipBuilder is doing that quite beautifully well. When you become a member of their traders community, you get the opportunity to be mentored by Bob, the lead trader, who is a Forex trading veteran.

Bob has over 10 years of Forex trading experience and had worked for one of the leading financial institutions in London. Little wonder that 1000pipBuilder’s forex trading signals have a high winning rate and are independently verified. You can become a member.

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