Mentoring, whether informal or formal, is a process that can be seen in virtually every profession in the world. Thus, it is not surprising that it exists in the FX market as well. In fact, in the forex market, mentoring as a way to learn is particularly suited here because forex trading is all about practise and experience.
Mentoring thus allows new traders to gain crucial experience-related tricks early in their careers which they would have otherwise spent years trying to acquire. However, like all other modes of education, mentoring also requires the mentee to be particularly devoted and proactive without which everything would become redundant.
With the right steps, you can truly get the most out of your FX mentorship and fast-track. Here is a list of things that you need to do.
Find the Right Mentor
You cannot get anything substantial out of a mentorship where the mentor is not experienced or interested enough. This is why you need to make sure that the FX trader you choose to mentor you is reputed, experienced, and respected in the industry. In addition to this, you should also take into account the temperament of the mentor to figure out whether his personality and yours are compatible.
Build a Good Relationship
Even after you have started a mentorship, you will need to develop a good relationship with your mentor to truly maximise your FX trading potential with his or her help. It does not matter whether your relationship is formal and professional or informal and friendly, as long as it is constructive and based on mutual respect.
Ask Him/Her A Lot of Questions
The mentor is there to help you through your FX teething troubles. This means that he will oversee your progress, give you tips, and work to iron out flaws and misconceptions with your view of the market.
You can make this entire process much easier by being honest and forthright with him. Look to ask questions all the time and forget about being embarrassed or having to look stupid because this is the only way that you will gain new knowledge.
Pick up Various Tricks of the Trade
Watching your mentor will also help you greatly in the FX market. For instance, by always seeing what your mentor does in the forex market, you are bound to pick up little tricks and techniques that he uses almost subconsciously. Oftentimes, observation will show you tricks that you would otherwise have spent years to even spot, let alone use properly.
Consider Getting the Products That He Is Using
Your mentor would have a certain strategy and system that he follows. Since he has become an FX mentor then this means that he has been successful over an extended period of time which, in turn, implies that his system works.
This is why you should always keep an open mind about adopting the trading system that your mentor is using successfully and not baulk at the prospect of doing so to improve your profits.