Why Having a Good Forex Mentor is Critical to Your Success as a Forex Trader
In this video:
00:24 A critical aspect of Forex trading journey
01:25 Where do you go for help?
02:17 My longest cross-country helicopter flight experience
Why Is It Critical To Have A Good Forex Trading Mentor
I want to talk about why having a good Forex mentor is critical to your success as a Forex trader. Let me explain more details right now.
Hi traders, it’s Andrew Mitchem here, The Forex Trading Coach. And I want to explain about why in my opinion having a good Forex mentor is such a critical aspect of your Forex trading journey.
Now we all know that Forex can be quite a lonely journey. It’s quite a lonely business. A lot of people really don’t understand what it is that we do. You might have a spouse or children or other relatives, friends, etc. who think that you’re doing something a little bit crazy – it might be a “Get Rich Quick” scheme. Some people might just describe it as gambling and so what that does is it puts you on your own and you don’t have (in most times) much of a backup community around you because most people really lack the understanding of what Forex trading actually is.
The other thing about Forex trading of course is it’s very difficult. Make note bones about it. It’s a hard business to be in. If it was that easy then, of course, every will be in it and everybody would be making money really straight forward and easily from their Forex trading and as we know that in reality that is not the case. It is a very difficult business to be in. So it’s lonely, it’s difficult.
Where do you go for help?
Well most people tend to go for help on forums and my opinion of most forums is not particularly high. You tend to find that they become very abusive or they become dominated by people who really don’t have a lot of genuine Forex knowledge. That is the problem with most forums and people tend to jump from one strategy to another and introduce a different indicator, etc. It goes on and on like that.
And so I personally believe that most people, who spend a lot of time in forums giving out advice, are probably not particularly good Forex traders and so taking advice from people like that can sometimes be to your detriment. It’s not a great thing to do although the advice at that time might sound good.
Let me tell you a story about something that I’ve experienced this week.
As you would know as you’ve been following my videos and podcasts, I’ve been learning to fly a helicopter since around mid-January of this year. And we are now at the end of September so you know I’m coming along fairly good.
On Tuesday I did my longest cross-country flight, it consisted of a 2 ½ hour flight. It was a real challenge. It was really difficult, but I had my instructor with me the whole way. I did most of the flying but he was there to guide me on the difficult bits. If I look back several months ago there was no way I could have even dreamt of getting off the ground all alone flying for 2 ½ hours and following maps etc. and being safe at the same time.
However, on the way home we struck a hill range that we knew we had to go over and there was some very strong gusty winds over 45 knots which you have any knowledge of aviation that’s fairly high strong winds and fairly dangerous winds to fly especially if you’re in a relatively small helicopter and especially if you don’t have a lot of experience and knowledge like myself. Now there was no way I could have done that by myself. It would have been too dangerous, probably wouldn’t be here talking to you today. However, I had my instructor with me and he guided me through. I think it was stage where he took over for around 15 minutes and flew completely by himself to help get me through the leeward with side of the hill and then across the hill to where the air was, although still windy, it was a lot calmer.
So the message there is that I couldn’t have done that by myself without my instructor. I couldn’t learn to fly by myself. I can’t just you know go on to a forum, although there are hundreds of forums on flying as well. I couldn’t go on YouTube although there are hundreds and thousands of videos about flying on YouTube. You couldn’t learn safely and properly from those other sources. I had to seek a qualified and a good, proven mentor.
And so I strongly believe that Forex trading is exactly the same. Helicopter flying is so difficult, so dangerous, potentially. Forex trading – although dangerous in a different way but also very difficult – both of them quite lonely in a way. Helicopter flying you're up there by yourself. Forex trading is sat at home, in your office, in your laptop wherever it is, by yourself. And so you can see there the importance that I place in having a good qualified mentor and coach and instructor. Likewise, I firmly believe and my clients get huge amount of value out of having a fully qualified instructor and mentor and coach with their Forex trading. Someone who’s been there, someone that seen other people start from scratch and all the pitfalls that other people make.
So I’m there to able not only in the actual trading side of things on the daily basis by offering advice and guidance and then webinars and trade advice and indicators and things, everything that goes with my course, but I’m able to help people through depending on what stage or the process and the journey they are at right now. And that’s a really critical piece of information. People have got somewhere to go to a person to approach and to help them progress and everybody is going to have times where they go really well and they have times where they don’t go well and you’re feeling down and you’re not quite sure whether it’s going to work for you, whether you can actually do it or not.
Again, in helicopter flying I’ve had so many times like that but I’ve kept going and now things are going really nicely. Same with the Forex trading with the coaching side of things. If you’re having a rough time, there’ll someone there you can say, “Hey coach here are some trades I’ve taken. What do you think?”
You can watch webinars and go and watch the course again. Help and advice is always there. And, in the end, for those people that stick with that and take advantage of that, the results are usually very, very good.
So that’s all for now, have yourself a great weekend and a fantastic trading week next week. This is Andrew Mitchem from The Forex Trading Coach.