Are you just starting trading forex and wish you had someone to discuss your trades with, or go to for advice? This is very common - because forex traders are spread out around the world, it can be hard to find anyone nearby who knows much about the forex market, let alone someone you can talk shop with or someone you can look up to as a mentor. Here are some top tips on how to go about finding a forex mentor.
This blog is part of our new Make It Happen series, a series of blogs aimed at total beginners to forex: for people working a full-time job, with little capital to start off with, and limited time to learn how to trade. Sound familiar? Here’s how to get started on your trading journey.
4 Steps to Find a Forex Mentor
Avoid being a lone ranger
The first step in finding a forex mentor is understanding its benefits. It's possible to trade forex completely alone, and some traders feel that you are your own best mentor. Due to the isolated nature of forex trading, there's a tendency to be exposed only to a limited amount of educational and news information. This can lull you into a comfortable silo where you're not exposed to new ideas and you're not challenged to improve yourself. That’s why it can be very beneficial to get out of your shell and seek out not only a diverse array of books and articles, but also some connection to individual mentors you trust, who you can lean on when you need some camaraderie or support.
Looking for a larger community? See how to find the best forex trading community here>>
Think outside the box
As you know, all you need to practically trade is a good internet connection, so traders can be based anywhere in the world. So why not expand your search for a forex mentor to across the globe? You can have Zoom meetings or WhatsApp chats - you don't need to be limited to face to face. You might have been interacting with someone on social media for a while, but they live miles from you - why not consider sending them a message about mentoring? If you are using the internet, one thing to watch out for is a mentor motivated by profit - especially if they lack credentials or strong evidence that they provide a quality product. Luckily, there are ways to find a true forex mentor without parting with any money - Facebook groups, forums and social media circles.
How do you know when to quit your day job to trade full time? We investigate here>>
Try trading groups and forums
While it may be difficult to find a single individual who can serve as a forex mentor, you can create it in the aggregate by joining a community like Facebook groups or forex chat groups. Forums related to forex trading are great places to meet other traders. If you’re looking to network with other forex traders, join these forums and participate as much as possible. You can find threads that challenge you with new ideas, offer different perspectives on the latest news, and give you a whole host of opportunities for growth as a forex trader. Many active members of forex-related forums don’t mind giving forex trading advice to beginners either - so simply ask away!
Attend meetups and network
Meetups and virtual meetups are a great way to network with other forex traders and to meet potential mentors. Virtual meetups and webinars are great for learning, as they allow you to see the presenter’s screen and you can also interact with the presenter and attendees through chat and voice. Groups of forex traders are the most helpful kind of virtual meeting or webinar, as these groups will be composed of traders helping traders. Many traders who are selling products are keen to present their webinars as a friendly trading group, but beware—these are essentially sales calls and tend to offer little in the way of valuable advice. Attending meetups is not only a great way to meet a potential mentor, but also network with likeminded people too.