Updated: Aug 16
Mentors, they have been given quite a bad name in the Forex trading industry. The reason for that is that anyone can create a course these days and call himself a forex mentor. The thing is, they often don’t have the experience to be a mentor. They took some free information from the internet, changed it and charge for it. The people that do this earn more money from selling their course than from actual trading. Stay as far away as possible from these people.
Just because mentors have a bad name doesn’t mean they are a waste of time and money. There are some mentors out there that are worth it. In this article you are going to read more about the benefits of having a real forex mentor and how it can help you get better at Forex trading. At the end of the day it’s all about creating a personal trading edge. A good mentor can help you with that.
Do you need a forex mentor to become profitable at Forex trading?
To become profitable at Forex trading you don’t need a mentor. It’s that simple. The downside is that it will take you way longer to become a consistently profitable Forex trader. Why? Because you have to make the mistakes all by yourself. If you choose a good mentor you can learn from his mistakes and get better at Forex trading way faster. You can also learn about his trading edge, so you know what works and what doesn’t. It’s important to note that some mistakes you need to make yourself in order to get the lesson, however, most of the mistakes don’t have to be made. When you have a mentor and learn from his mistakes this can cut years of your learning curve, bringing you quicker to your goal to become good at Forex trading. It’s a fact that most people give up after a certain period of time. If you can make that time period shorter by getting a forex mentor the odds of you succeeding at Forex trading massively increase.
The difference between a mentor and a course seller?
Before we go further in to the benefits of having a forex mentor or coach we want to make the difference between a mentor and a course seller very clear. A course seller just sells a pre-recorded video course. These are the least valuable. You won’t get any support with these in most cases and you basically have to do everything on your own. Most of the course sellers are bad traders. Making a course is the easiest way to make some money because you only have to make it once, remember that.
A mentor or coach will coach you while you learn concepts about trading. This is completely different and way more valuable than a course. During a mentorship your growth as a Forex trader can really accelerate, at least, if you pick the right mentor.
Here at CDFX Trading we have both options. You can choose to get coached by us, which is done via a coaching program that takes around 5 months. During this program you will learn one concept per week. You will also get homework to make sure you understand it fully. Each month you can also schedule a zoom meeting where we talk about your progress and answer your questions. Next to that you also get access to a private group. Only people that follow our coaching program can join this group. Here you can discuss concepts and discuss homework as well. As you can see, this is very personal and offers way more value than a random pre-recorded course. At the end of the 5 month period you can build your own profitable & mechanical trading edge.
However, because some people like to go through our educational material on their own we do sell our webinars separately. This way everyone has the ability to choose how he wants to learn. Do you want to learn on your own, or do you want personal attention and accountability? It’s up to you.
When you want Forex education, look for a forex mentor that is profitable and has years of experience. Focus on coaching and mentorship, not a random course.
The benefits of a good forex mentor?
When you have a good mentor it can have a lot of benefits and it can really help you grow your Forex trading skills and get a profitable trading edge. Again, you can do this on your own, but it takes way longer and you will probably quit before becoming a consistently profitable Forex trader.
Every forex mentor offers different services. However, below you will find the benefits of taking our mentorship:
· Personal attention
· Accelerated growth
· Advanced concepts
· Private group
These are the things our forex mentorship program offers. One of the most important benefits of choosing for a mentor is the fact that you get personal attention. Everyone is different, why teach everyone the same way? If you buy a course everyone gets the same course. If you get a mentor he can give you personal attention which can help you tremendously with becoming a profitable trader with a proven trading edge.
You also will have the benefit of accountability. Everyone has times where he doesn’t feel like it, an off day. When you don’t have a forex mentor it’s very easy to just be lazy. However, when you have a mentor he can encourage you. You also don’t want to let him down which means you are going to do the work to prove you have what it takes. This is very powerful and can really make you grow and get better at Forex trading.
Because of these things you will experience accelerated growth, which means you are steps ahead of other retail traders trying to become good at Forex trading.
During a forex mentorship program you will often learn advanced concepts. “Normal” concepts are easy to teach through a pre-recorded video. However, some concepts need more explanation and simple take longer to teach. This is why mentorship is so powerful.
During our 1-on-1 coaching program you can have access to a private group, which other mentors usually also offer. In this private group you can talk with other people that follow the course. You can also learn from their mistakes, which enhances your progress even more. One person can only learn from his own mistakes, but if you can learn from your mentor’s mistakes and also other people’s mistakes that are learning the exact same things you can grow even faster. This helps you with creating your own profitable trading edge.
Homework is one of the ways we at CDFX Trading differentiate ourselfs from other forex mentors. There are some mentors out there that do offer this, but ours is way more personal and advanced. Just watching a video is not going to make your profitable. Taking action on the concepts you learn is what will get you better at Forex trading. To ensure our clients understand the concepts we teach, we have homework. They have weekly homework. They need to finish the homework and fully understand it before going further. This way we know they understand a concept and they get better, step by step.
How to pick the right mentor to help you with building your profitable trading edge?
To pick the right forex mentor to help you get better at Forex trading you need to do a few things. Below you will find a list with the things you need to think about when picking a mentor:
· Way of teaching
These are the most important things when it comes to picking a forex mentor to help you with Forex trading. First of all, you want a mentor that you connect with. This can be tested via communicating with him or her, or just watching the free material the mentor publishes to see if you like the way he or she teaches. If you work with someone that teaches in a way that doesn’t connect with you, you won’t get the most out of it.
The next thing is experience, how long has your mentor been trading and what is his experience. How did he learn to trade? What concepts does he use? These are some important things you need to figure out. You want to get to know your forex mentor as best as possible. Do you like his trading edge? Do you like his approach? Do some research.
The next thing is results. Results matter. In finance, if you can produce results, you matter. No one cares where you are from or how your life has been. Most don’t even care if you have a degree. If you have a proven trading edge and show results year in year out people will want to work with you. This goes for yourself, but also for mentors. So find a forex mentor with results that are public. Anyone can talk about how good he is, but few show their results.
The last point is the way of teaching. Is there personal attention, how is the forex mentorship program structured? Do you like the way it’s structured? Can you see yourself learning from that forex mentor?
Finding the right mentor can really accelerate your growth and help you become a lot better at Forex trading. You don’t need a mentor, but having one can give you massive benefits.
If you are interested in our services or have any questions about this blog or other trading related issues, feel free to contact us. We would love to hear from you and help you to become a better Forex Trader.