To consider or not to consider? That is the most common question of newbie traders when it comes to the need of coaching services for trading forex. According to those traders who have had mentors during the early stage of their trade, they say that trade mentoring has made a positive impact in their trading outlook. In particular, it helped them save hundreds or even thousands of money that would cost them if they resulted in trial and error. Thus, it has helped them enjoy a profitable trading experience. Moreover, these traders also attest that they got genuine advice and support from their mentors which in turn broke their bad trading habits. Hearing or reading about the truth behind their statements seem too good to be true. Not all mentors are as perfect as how we want them to be but I believe that you just have to find the right mentor who will help you pursue your profitable trading journey. Listed below are some of the wonderful characteristics that a good mentor should possess.
Experience is undeniably a good avenue to learn the ins and outs of trading. Thus, in order to pick the right mentor, you have to consider the length of service being a trader and a mentor. Apart from that, you also have to make sure that he has had a convincing number of years handling and managing accounts that are relevant to your trade.
- Has a remarkable trading performance
A good mentor should have a remarkable number of successful trades in the field where you wish to involve yourself. You have to keep in mind that his expertise to plan and deal in the market is proven by his track record of making several profitable accounts.
- Inspiring Figure
The perfect mentor is someone who has gone through the rough roads of trading but with his persistence, patience and intelligence, he was able to get over the challenges and become successful. These people are just the right ones who can give you pieces of advice when you are at the lowest point of your trade. They should do their best to inspire you by sharing tips that they’ve tried when they were in the same position as yours
- Bound by Ethics
The right coach for forex is expected to be sensitive in terms of ethical trading standards. This means that he never takes advantage of someone’s mistake or ignorance just to make money. He should act as a counselor and a constructive critic in order to help someone to develop his own potential to become a seasoned and successful trader.
- Always ready to listen
Compassion and Support, these are two things that a mentor must possess. We all know that the world of real trading is expected to be harsh for novice traders. Thus, there is a huge possibility that an inexperienced trader would feel emotionally distressed over unexpected losses. The coach’s role is to readily listen at any time of the day and provide pieces of advice to brighten up the trader’s passion to keep trading no matter what happens.
If we go back to the question about the need for the services of a coach in trading forex, it is evident that having one would be an advantage but knowing how to find the appropriate one is a challenge. A trader who wishes to avail of coaching services should be wise enough to check if a target coach possesses the right attitude for his profession.