How do you find a forex trading mentor? When I was starting out to trade forex, I wish I had a forex trading mentor to start with but I never succeeding in finding one.
Everything in forex, I learnt from doing it myself.
There was one point years ago when I really wanted to find a forex mentor and all I did was typed in google “forex mentor” and I ended up clicking on a website that showed up in the search results.
My balls nearly fell off their sack…I couldn’t believe what my eyes were seeing: this guy was (someone from New Zealand, was charging $10,000 to provide forex mentorship program. That was back in 2007-2009.
He claims on his site he is a successful forex trader and not only he provides one -on-one coaching but he does sell other trading products as well including monthly subscriptions for his trade recommendations etc.
Now, its 2016 as I’m writing and he now charges $20,000 for his one one one forex coaching program and mentoring.
Definition Of A Forex Trading Mentor
My definition of a forex mentor is this: a forex trader who has proven track record in making money in forex trading for more than 1 year is trading forex for a living OR a forex trader that may still have his day job but has proven to consistently make money trading forex and if he was to leave his day job, he can still sustain his life with forex trading.
Do I fit that category? Nope! Not at all.
Forex Mentors That Get My Spider Senses Tingling
When you see such people charging insane amounts of money to provide forex mentoring, you really have to ask these questions:
- are they real or fake professional (successful) traders?
- why should they be charging too much if they are successful forex traders?
- shouldn’t they be making a living off forex trading or selling trading courses and mentorship program?
If was was to spend my $20,000 on a guy like that, I would demand that he shows proof of his trading account using verification service like myfxbook.com
Now, I’m not against selling forex trading products and services but what I’m against is the ridiculous prices charged by some.
Here’s A Fact
Successful forex traders do not go around announcing who they are and what they do and they wouldn’t be charging newbies insane amounts of money for forex mentoring.
Generally, successful forex traders are very discreet and like to keep it that way.
Even if they hang around in forex forums, they never really reveal who they are, nor they will go around boasting with a massive sign on their head saying who they are.
So How Do You Actually Find A Forex Mentor? What Are The Steps?
Here’s what I would do If I ever decide to go along the path of looking for a mentor again:
- First point of call is Google. Type in Google and see which website pops up offering forex mentor service.
- Then I’d check out all those sites and see how much they charge.
- If there is a charge/payment, I’m going to send an email asking them to verify their performance with myfxbook.com or similar if they are using MT4 trading platform. If they refuse, they have something to hide. The way I see it, if I have to pay for something, I have the right to know what I’m paying for.
Never believe what you see and read on any forex websites and forums.
People can hide behind websites and claim to be successful forex traders when in fact they are not. When you dig down deeper, they will turn out to be not what they said they are.
Be really careful. You can lose a lot of money.
The next way to search for a forex mentor is in forex forums. Go through the forex forums and look at the traders comments and see if anyone says they are trading forex full time for a living and here’s some ideas on what you can do: send them as message saying that you are looking for a forex mentor and ask them how long they have been successful trading forex and would they care to verify their claim because you are really after a succesful forex trading mentor, not just someone who “claims” to be one.
Be also prepared to offer to pay for their mentoring.
Why Don’t I Provide Forex Mentorship?
Well, I consider myself really good in price action trading and I can provide mentoring on that by teaching you and others about that kind of thing but guess what?
I personally don’t think I am qualified to be a forex trading mentor.
Because I’m not a successful forex trader. Yes, I’ve had my forex trading success but they are pretty much short lived success and as I said here, I still have my trading demons to fight.
If I was a successful forex trader, I would not be in my day job, right now.
So don’t come asking me to be your mentor. I do not qualify .
I have no interest even in the future to be a forex mentor should I trade forex for a living.