Types of Forex Mentoring
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Forex ForumsA good free way to learn how to trade currencies is by participating in one or more of the many Forex Forums that are out there for you to join. A Forex Forum is essentially a bulletin board service where you can go in and look at and respond to postings from other traders. Some of the more popular forums experience a lot of volume and there is likely someone there discussing the very topic or issue you are having with your trading. Get involved. Ask questions. Pose your queries. You will be surprised at the quick and informative answers you will get. Often times, there are a few contributors who are very helpful and very knowledgeable in each room. You will develop a rapport with these folks and they can help you learn to trade like a pro.Forex Trading RoomsThe logical extension of a forum is an actual trading room. With a Forex Trading Room, you will be in a group environment in real time trading with other traders. You can pose your questions in real time to other traders, share thoughts, listen to other's as they provide their insight into the market. You can see who is making good calls and who is not. In doing so, you can mimic what the successful traders are doing and build your skills and confidence. These rooms vary from free or inexpensive services to more elaborate and expensive services. The price is usually correlated with the quality of the traders who frequent the service. Often times, the service will provide a room moderator who is very experienced at trading currencies.Dedicated Forex MentorThe best place to go for Forex Mentoring is to a dedicated Forex Mentor. This is an individual or company who specializes in training new Forex traders. They usually will boast the name of one or two highly successful traders who have agreed to devote time each trading day to a small group of new traders. With such services, you usually will receive both written and video training material on the methodology used by that service's particular Mentor. The real value in the service, however, comes from the ability to actually trade with the Forex Mentor in a live trading room. There, the Mentor will literally analyze the day's currency chart, pointing out setups and making observations. He will literally share with you EXACTLY the trades he is contemplating, pointing out what he is looking for, what entry prices he is seeking, what target prices he wants and how he sets up his entire trade. You can literally trade hand in hand with the expert. Ask questions along the way. Point out your observations and get feedback from the expert on whether you are implementing the system correctly and if not, what you need to do to make adjustments.What to Look for in a Forex MentorThere are a lot of folks out their offering their services to the public professing to be a Forex Mentor. Some are legitimate. Others are not. How can you weed out the grain from the chaff? Well, there is no easy answer to this question, but here are three critical characteristics of a legitimate Forex Mentor:1. Willingness to Work with New TradersLook for a Mentor who is willing to work with a new trader. Not every mentor is. A lot of "Mentors" are very advanced traders that, as it turns out, have very little patience for new traders who are unfamiliar with many of the basics of Forex Trading. There attitude is condescending and impatient. You will not learn from such a mentor. Look for a mentor who advertises that he works with new traders.2. Time CommitmentExactly how are you going to be mentored? How much time will you have with your Mentor? Is he or she going to be there just for some email consultation? Or is he or she going to be trading with you side by side during key market hours? You want a trader who will be there with you on the floor, so to speak, trading with you in real time. You want to be able to ask questions as they come up. You want to hear exactly what your mentor is seeing in a particular chart. How are they setting up their trade? What are they looking for? When are they pulling the trigger.These are absolutely key questions to consider. 3. Proven Success RecordAt the end of the day, the single most important criteria is whether they are actually a successful trader. Do they consistently extract profit from the market? How long have they been trading? What returns do they make year over year?Are they able and willing to show you proof. Some truly successful mentors refuse to show you their actual account records. There may be valid reasons for this. The best test of success is whether the Mentor is willing to put his money where his mouth is by giving you free trial. If the mentor is neither going to prove his track record nor give you a free trial, you should probably stay away. Beware the "Mentor" who talks a good talk but refuses to show you stats and refuses to give you a trial period. Our RecommendationsThere are may fly-by-night Forex training operations out there today. It is very easy to be fooled by such folks and find yourself having invested a small fortune before you realize that you have been taken advantage of.We at Esi-Forex would like to recommend to you a few well established and prominent mentoring organizations that have proven the test of time. All are reputable and offered by quality mentors with a reputation for integrity and honesty. We would not be recommending them otherwise. Don’t forget to register for all of our free Articles, Videos and Tutorials available in our members area as well. |
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