Should You Learn To Trade Forex From a Trading Mentor?
Learning to trade is something that many traders go about doing with no formal assistance or education. This is a very curious fact when you consider that in almost every other profession or skill in life people learn best from mentors and from others who have already mastered the skills they are trying to learn. So, the idea that many traders think they are better off learning to trade with no outside help; is curious at best and financially devastating at worst.
You may have heard of the “Turtle Traders”, they were a group of people selected from a newspaper ad in the 1980s off a bet between Richard Dennis and Bill Eckhardt because they had a debate over whether or not anyone could learn to trade given a set of trading rules to follow. The results showed that a simple set of trading rules could indeed be used to turn people with little or no trading experience into very profitable traders.
Now, a key point from the Turtle Traders’ experiment is that they had an effective trading strategy to follow designed by Dennis and Eckhardt, and they had everything laid out for them in a very easy to follow set of trading rules. The markets were trending well at the time and the Turtle strategy revolved around trend-trading. The point is that you need to actually learn a strategy that is truly effective from a mentor who is currently using the same strategy effectively. You can’t just go out and buy the first forex trading course or training program you see, you need to dig a little deeper to make sure it’s legit.
The trick to learning to trade successfully from a mentor lies in finding a mentor who is actually genuine and who is truly a successful trader teaching an effective trading strategy. Some of the characteristics of an effective trading mentor include the following:
· Their trading training is not over-priced; you can find some good Forex trading training courses for under $500 on the web. Most of the ones over this amount are probably over-priced. Anyone who truly is a successful forex trader and who is offering a genuine product won’t need to charge thousands of dollars for their services.
· They will put their name and reputation on the line. A genuine Forex mentor will make themselves known and provide contact details. If you can’t put a face and a name with the trading training material you are considering buying, it’s likely not written by anyone genuine. Genuine and successful trading-mentors do not feel the need to hide from the public.
Forex trading is not a science and it’s not something that can be totally mechanized. Therefore, there is some discretionary element to it, and if you look at any of the most famous traders and investors like George Soros or Warrant Buffet, you will find they are not totally mechanical in their approaches. Thus, it is erroneous to believe you can trade successfully over the long-term from a mechanical approach or without learning how a successful trader navigates the markets. To learn more about learning to trade the Forex markets, check out my price action trading website.