Finance

5 Tips for Choosing a Great Trading Mentor

No matter where we go regardless of the industry or sector we are working in, having a mentor is the best thing we can do for ourselves. But most people underestimate the value of having a mentor and their guidance. And ultimately this becomes one of the leading reasons for many people failing in Forex. We have a mentor who provides us with valuable insight which only can be provided by someone who is having years of experience in being successful or coming out as a failure or both.

Therefore we have compiled the following five tips for choosing a great trade mentor, which will help us with plenty of knowledge as well as advice. which can give us peace of mind in our trading activities. Helping in making crucial decisions and navigating with certain security the troubled water of trading. Ralph Waldo Emerson, an American essayist, lecturer, philosopher, truly said, “Our chief wants in life is somebody who will make us do what we can.”

So, here are five tips for choosing a great trading mentor.

Choose Someone Who Can Reduce our prospects of Failures:

There are always two ways which lead to wisdom in life or even in business which we learned from the mistakes, the mistakes we make or learn from other peoples mistake. A mentor is a person who has already walked either of these ways and hence can safely walk us through the forest battlefield. Hence we should look for a mentor who has seen both the ways and can help us to get through without much collateral damage.

Choose Someone Who is a Brutally Honest Mentor:

You can only get the most out of a mentor if he/she speaks the full truth to us. Yes, the honest mentor will not tell us what we want to hear but they will tell us what we need to hear which will be more beneficial for us in the long run. Although it can be very hard for us in the beginning ultimately when we will learn to respect their honest words we will come to realize how much help and value they were.

Who can build Confidence:

When starting trading in forex we will experience a lot of uncertainty along the way, which is but a part of the process. For some, it is easy to overcome it but others can’t simply cope up. We should look for a mentor who builds confidence in us by paying us a word of encouragement or perhaps with an email or text.

The Mentor’s Experience is Your Education:

We should strive to look for a mentor who has long-term experience in the said industry. Because as mentee we would be learning from someone from who have already arrived where we want to be. And at such stage, their experience can be indispensable for us.

For example, we can look at Matt Choi a Toronto-based Chartered Market Technician (CMT) with over 17 years of experience as a professional trader. Matt is also the founder and chief strategist of Certus Trading, a trading education company, and platform that allows him to share his trading strategies and knowledge with his students. And his expertise in mentoring can be clearly seen in the Certus Trading reviews.

Avoid: Incompetent and secretive:

The last and another great tip in choosing the right mentor is also knowing which mentor we should not choose. If we came across to the people who are not competent enough with a loose or dubious record and secretive in nature but still willing to mentor us. Then we should avoid contact with them at all costs. It can lead us into unforeseen circumstances which we would have been able to avoid or else.

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