The Idea Of Mentorship

The Idea Of Mentorship - Trading Dispatch

Have you ever thought of looking for a mentor? The possible reason you may need a mentor? Or even when you should get a mentor? In this article, we will address…

1. What a mentor in the Forex market is meant to do?

2. When you should get a mentor?

3. The advantages and possible disadvantages of getting a mentor and lastly, several things you can do to get a mentor.

What is a mentor and what should they do?

So what is a mentor? Or who is a mentor? – In the Forex market, a mentor is often mistaken for someone who has a Forex education company and charges you for signals and their “elite” course. However, a mentor is someone you can learn from but more so a person that can help you spot the MISTAKES in your process and make you BETTER!

With that being said, what a mentor is meant to do is simple. A mentor is meant to help correct your mistakes, teach you the things they know, and help you solve the problems YOU have encountered during YOUR journey in the Forex markets.

A Forex mentor, or any mentor for that matter, isn’t meant to do any for you or instruct you on everything! Too often that’s what we’ve come to expect and so we find ourselves disappointed when mentors do not take us through basics. When in fact we could’ve started the learning process for ourselves.

Don’t get me wrong, I think it is important to have a mentor because they help fast track progress and they help you avoid hurdles or mistakes that those without guidance will face.

However it is also important for Forex traders to do their own research and quite frankly there are many resources like here at Trading Dispatch as well as Daily FX, Daily Price Action, and Baby Pips.

This brings us to the next point… When you should look for a mentor?

When you should look for a mentor

I have the firm belief that sometimes you can be fortunate enough to find genuine mentors who will teach you every single thing there is to know about the Forex markets but usually you will be as fortunate and you may go through thousands of Dollars before you get any help that brings about major progress in your Forex trading journey.

For that reason, I believe that it is important to start your search for a mentor once you have done all the research you could do for yourself and all the possible learning you could do via free mediums such as this website or the other websites I mentioned above.

Once you have done this you can attract the right mentors who won’t necessarily be out to make a quick buck off of you but the kind of mentors who admire your dedication and see that you’re serious about your trading journey.

If you do things this way, you may just be able to save yourself a lot of money and a lot of misleading information.

The advantages and disadvantages of mentorship

Advantages:

  • You can fast track your journey to profitability.
  • You avoid the hurdles that may have hindered you without the mentor.
  • You can build good habits that will sustain you in your journey.
  • You have an accountability partner who monitors the actions you take in the market. This helps from a discipline point of view.

 

Disadvantages:

  • Your method of trading may need to be neglected to learn the way your mentor trades.
  • As much as you are in control of what you do, mentors somewhat have the power to change the way you trade and if you are prideful you may find this to your disadvantage.
  • You may not have full access to that person always as they may also be busy with their own work.

 

Lastly, in this article let us look at what Forex traders can do to get or find mentors!

1. Work on yourself.

Yes, work on yourself first, psychologically, emotionally, and build your knowledge base.

2. Look for Forex traders with EXPERIENCE!

This experience should be years upon years as well as a track record for themselves. Whether they were hedge fund managers or Forex traders for Investment Banks, whatever the case may be.

3. Ask, ask, and ask!

You’re probably thinking; “but I’ve asked so many people to mentor me!” – Yes, that may be true! BUT I don’t mean you should ask them to mentor you. I mean you should ask them questions and build a relationship first.

Questions that are related to the markets, questions that target their personal interests and get their attention.

ASK TONS OF QUESTIONS!! And don’t be afraid to ask, because there is honestly no harm done in asking.

 

And yes it may take some time, but it’s all about how badly you want the education and more so it will show your passion, seriousness, and commitment to the journey. So stick it out and don’t give up!

Happy searching (only when you’re ready and have done your homework), Traders!

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