- Having a mentor will aid your success
- What should you look for in a mentor?
- Common sense will save you !
1.) Do I need a mentor?
In my humble opinion, yes you need a mentor! Think back to a sport you may have played as a kid. Whether it was tee-ball as a kid, high school basketball, you most likely had a coach. Your coach was there to answer questions, show you specific plays, and correct your form. It was vital for a good coach to guide not just you, but your whole team!
A mentor is a lot more than someone who just gives you information, but someone who will truly guide you in life and lift you to higher levels. Having someone putting you on the correct path will save you a TREMENDOUS amount of time in your trading career. Whether it was a coach, teacher, parent, or family member, we all had someone guiding us some way in life. Why wouldn’t you want that if you’re passionate about trading?
2.) What should I look for in a mentor?
I’ll be the first to admit, its hard to find an actual mentor who knows what they are doing! You could find hundreds of mentors, or should I say “gurus”, on social media. 99% of them have no clue what they are doing! As I mentioned earlier, the FX market is filled with a lot of high level participants. If you’re looking to learn from someone, the biggest thing to ask yourself is what’s their experience/background? Your sports coach most likely had a background in the sport they coached. They have an understanding of the basics of your sport and most likely beyond that. A trading mentor should have an understanding of the basics, but way more! The big thing is to see if they have any professional trading experience.
What to watch out for in a mentor
- Too much emphasis on trend lines, candlestick patterns, indicators, patterns
- No professional background trading financial markets
- No understanding of macroeconomics and fundamentals
- Has no true edge in the market
3.) Use common sense
Don’t get caught up in flashiness, cars, screenshots of people “flipping” accounts, scanners, and bots. If trading was as easy as many claimed it to be, wouldn’t everyone do it? If these supposed scanners and bots were making all kinds of money, everyone would be wealthy. Why is that not the case? It’s because they absolutely do NOT work. Think about the facts of the FX market. A trillion-dollar market, with the majority of capital from large banks, multi-national companies, funds and financial institutions. Watching YouTube trading videos will not give you the proper knowledge or edge against these market players. Moral of the story do not fall into the BS! Do not think you can come into this market learning from YouTube using bots, technical, or think it's easy. You will be humbled very fast, as every successful trader has been.