Currency trading can be a rather lonely business.
Unless you're a whiz at your bank's trading desk, or you control a proprietary account at an investment firm, you probably won't have the opportunity to have direct, personal interaction with more experienced traders.
For many of us, we have to rely on ourselves to find a mentor to guide us on our journey to becoming consistently profitable traders. We have to find the most suitable mentor for each of us by reading books, forum posts and trading blogs.
Merriam-Webster defines a mentor as "a trusted advisor or guide." But in my opinion, this definition is not enough.
Here are some qualities that I think every mentor should possess:
he is credible
First, any good trading mentor must have evidence that he knows what he is talking about. I'm talking about proven records (three years should be enough), detailed records that explain his trading process.
he encourages you
Your mentor has to be someone you look up to. This is beyond the scope of the transaction.
Some traders said that the guidance of a mentor should not be limited to the currency trading market. Communication with mentors must include topics such as goals, relationships, and even faith.
Most importantly, some traders believe that a mentor should have the minds you are most interested in, and should guide you toward the lifestyle you desire.
you trust him
You have to be able to open up to your mentor because not only will you most likely follow his trading style, but he will also criticize you as a trader.
If you don't trust his judgment, it will be difficult to keep an open mind, which will hinder your growth as a trader.
What's more, in the future, you end up switching to the real deal. Do you trust this person enough to let him teach you so that you don't waste your hard-earned money, time and energy.
he is honest
As I have said repeatedly, the market is relentless. If your mentor promises you 100% success, you better think twice.
He should be able to make you understand real trading and tell you that trading is not easy. As a mentor, it's his job to help you prepare and get you through those tough times.
He helps you become your own trader
Don't get me wrong, I advocate walking with others on your trading journey. However, in some cases, you will have to trade alone. It can be very difficult to find people in the same time zone as you.
A good mentor should be able to help you realize this and give you enough confidence that you can. After all, at the end of the day, you are still in charge of those deals.
I'm not going to lie, finding an ideal trading mentor with all of the above qualities is like finding a unicorn. However, you can try your luck by talking to other traders from whom I got some ideas for this article.
Be careful though! Many people, cheaters or not, offer guidance and ask for something in return. In my opinion, however, good tutors don't necessarily require payment. Some people find satisfaction in helping others.
In my opinion, finding good mentors is largely up to you. I'm not saying how much you're willing to pay them.
Mentorship is not just a one-way street. As an apprentice, you gain knowledge and wisdom under the guidance of a mentor. But if he decides to spend time and energy teaching you, what good does it do him?
For many, this is the joy of seeing an apprentice grow, and I think a lot of people would agree that good mentors will only devote limited time and resources to a novice who has the potential to be successful, and they will do it for the effort.
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