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Mentoring, An Essential Part Of Forex Success

Guest post by: Shane Tallentire

Article Overview: When it comes to Forex trading finding a good mentoring program is an essential part of your success. If your new to trading the currency markets finding a good mentor can cut the learning curve dramatically, trying to do things on your own will more than likely lead to failure

Mentoring, An Essential Part Of Forex Success

To become successful in whatever you pursue or desire in life you need some sort of mentor who has a proven track record of success in the field you are looking to archive in.

When it comes to Forex trading finding a good mentoring program is an essential part of your success. If your new to trading the currency markets finding a good mentor can cut the learning curve dramatically, trying to do things on your own will more than likely lead to failure or take you years of practising on demo accounts and going through trial and error before you start seeing some sort of success.

Its no use trying to reinvent the wheel when it comes to trading Forex, this will just lead to loses and you will end up in the statistic of 95% of traders who fail in this business. All this can be avoided by following someone who has a proven system of success. By finding a successful mentor and taking the time to follow there steps of success, you will increase your chances of being in the 5% who do succeed.

Once you have found a mentor you are comfortable with take the time to learn there trading system by trading on a demo account and keep on trading the system until you are consistently making profits. Don't go diving into trading a live account straight away just because you have a mentor and you think they have the holy grail of Forex trading for you. Just remember they will make loses as well. Loses are part of trading, its how you manager your loses that is going to make you a successful Forex trader and a good mentor will teach you how to manager this.

Finding a good mentor can be quite tricky with so many Forex scams popping up all the time and there are these so called boutique programs that charge thousands of dollars to join and then there are additional monthly charges that cost up to a couple of hundred dollars, well these programs maybe very good they are beyond the means of a lot of people. There are though some very good mentoring programs on the internet that are very affordable where prices start from around $50 a month membership and from any where between $200 and $900 for a comprehensive Forex trading course.

A good way to avoiding scams and finding a good mentor to suit your needs is by going to a website called “Forex Peace Army”. This is a free service that provides quality reviews and rating from over 2000 Forex Companies. All the reviews are done by other traders and they have a unique review rating system that will help you stay on the safe side of your trading. I would highly recommend joining before considering forking out any money for any mentoring program.

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Re: Hi - Welcome to the Forum. Join in on the group discussions. Not sure there is much on Forex. Do you trade Forex daily and make a living on it? Maybe you can write up a review of your day to day to give us a glimpse of a Forex Traders lifestyle.
Re: Internet Users Hbk http://www.internetscamsanonymous.com - As to your Binary Options question, certainly looks interesting. However, at a glance on the subject, I note that the broker fees can range up 15-20% of the trade, while Forex, the fee is gained from the spread. Forex operates 24 hours per day for 5.5-6.5 days per week, and is the largest market in the world don't remember which it is. Again at a glance, Forex may offer more controls over your buy sell options. It appears the you can still employ some hedging schemes with Binary, while some Forex brokers have stopped that capability. Many Forex brokers are moving off shore to help keep the spirit of the trading floor open, which make it more risky for you, but give you more room to trade as you wish. I see some of the same type of promises made here with Binary and I pointed out for Forex. Picking a broker is very important. I didn't not any demo accounts for binary trades. Best to you, I will still with Forex for now. Take advantage of all the free information that you can find on the internet
Re: Essential Leadership skills - Vision Values Mission Strategic Thinking Decision Making Communication Team Bonding People Development Coaching / Mentoring / Guiding / Grooming Presentation Thanks Robert
Hi - Hello people, I hope to be able share a lot of experiences and strategies in this group. I will be reviewing all your opinion on Forex. Well that’s about it word to the word be extra wise about your investments.
Patent information - I'm also interested in Part 2. Thanks.


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