Forex trading is no different to any other profession in that if you want to become good at what you do, i.e. becoming a profitable trader, in this case, then you need to pay for a decent education. Some of the most successful forex traders will often attribute their success to finding a good forex mentor right at the start of their forex trading career. Indeed many of these people would not have become successful if they had been left to their own devices.
For many of us, we have to rely on ourselves to find that mentor who can guide us in our journey to become consistently profitable forex traders. One definition describes forex trading mentor as a forex trader who has proven track record in making money in forex trading for more than 3 years is trading forex for a living or a forex trader that may still have his day job but has proven to consistently make money trading forex and if he was to leave his day job, he can still sustain his life with forex trading.
It may seem like an obvious indication of success, but there are very few so-called experts and educators that are actually proven traders. Many will make claims about how they trade their own account or on behalf of investment firms. The problem is, there’s often little or no evidence to back these claims up. They will also claim profitability and success in the markets. But again these claims are often lacking hard numbers to prove authenticity. So how can the performance and credibility of a trader attempting to sell you a training product be verified?
You obviously want your mentor to fully believe in the method they are teaching you and to be an active trader of it. This is important because if a mentor cannot properly describe his or her trading method to you and make you believe in it like they do, it pretty much shows that they don’t believe in it themselves. Many so-called “market gurus” or “mentors” do not actually trade for themselves, they have long since given up on trading and decided instead to take the low road and sell something to people that they themselves do not believe in. If your forex mentor is truly a trader, they will have no problem discussing specific trades, answering your questions about specific trading setups, or giving you their current view on a market.
The best method is via third-party verification. This means that a recognized external party has checked an individual’s accounts and determined that their profitability claims are true. An audit of trading results from a chartered accountant is a very good example of this type of verification. Any external source that proves that a trader is profitable, without the need to trust their word alone, can be considered conclusive verification. Having outside verification, ideally from multiple sources, will give you confidence in the methods being taught by the mentor in question.