As many forex traders will realise, trends can change in a matter of hours, and nothing is ever set in stone. When it comes to forex trading, having a mentor can be an incredibly helpful tool in navigating the often complex and fast-paced industry.
However, it’s important to select the best mentor and ask the right questions in order to get the most out of the learning experience. If you’re considering working with a forex mentor, here are five questions to ask before getting started.
What can I expect from your training programME?
With forex trading having no real certainty, every forex mentor will have a different approach to teaching depending on what has worked for them in the past. Some might provide a more hands-on approach or personalised coaching, and others like to teach through self-directed materials such as webinars or video courses.
You should always ask your potential mentor to outline what their training programme will entail, and what you can expect from the experience before committing to a course that potentially might not help you on your journey.
Do you know how often you will meet with your mentor? You need to know their expectations as well as your own. What type of materials will you need or be provided with? What are the overall goals or outcomes of the course?
Knowing their main focus, whether it be technical or fundamental analysis is crucial. You need to discover if they prefer short-term or long-term trading and how much emphasis they put on risk management and money management. Understanding their teaching style and approach will help you determine if they’re a good fit for your individual needs.
How do you handle risk management?
One of the most essential aspects of successful forex trading is managing risk. Ask your potential mentor how they approach risk management in their own practice, and how they would teach it to you.
Are there specific guidelines for determining stop losses and position sizes? Ask them how they would determine their risk-to-reward ratio for each trade. Do you know how they would factor in news events and market volatility when making trading decisions?
A suitable mentor will have the ability to support you in building a solid understanding of risk management and offer strategies that help to minimise losses and maximise profits. However, the most important takeaway is to recognise that even the most experienced traders will come across losses. But, a good mentor should help you to build emotional resilience and discipline in the process! This is how you will stay focused on your long-term goals.
How do you stay up-to-date with changes in the market?
The forex market changes on a daily basis, whether there’s a shocking turn of world events or an upcoming technology that transforms the way we trade. The right forex trader will be up-to-date on world events and make sure that you are aware of the latest regulations to follow.
How does your potential mentor stay up-to-date on market trends or changes? Are they regularly attending webinars to refresh their knowledge? Do they read industry publications in their spare time? Forex trading is all about staying informed about trends and how quickly they transform the industry – if your mentor is not learning with you, you may find yourself getting ahead of them.
Train with Financial Markets Online
Finding the right forex mentor can transform the way you trade. Asking these important questions before making a decision will help ensure that you find someone who is experienced, and trustworthy and can help you develop the skills and knowledge you need for optimal success.
With decades of combined financial markets experience, our senior trading team has developed strategies and mentoring programmes suited for all trading levels. Get in touch with us today to discover more about our forex trading training courses.