Every trader is not a good mentor. Just like everything else, it is important to choose the best mentor to learn skills. If the trader is not successfully building his foundation, then it can lead him toward loss. The trader will have a tough time trading in the right way.
Most of the traders quit trading in just a year because they did not properly learn Forex. As a result, their trade could not be successful and resulted in a loss. Helps you construct your trading base. Here are some qualities of a mentor:
A Mentor should be successful in their field.
There are two basic qualities of a successful mentor:
- Trading needs a lot of time and investment to get a profit. According to a report, almost 10% of traders are successful in Forex trading, while other traders are just losing their money.
- They observe the Forex market carefully. And with their experience, they can transmit their knowledge and skills to others.
The mentor should also observe the Forex market and already profit from the trade. Because no one needs a mentor who is losing money in trading. As a result, the trader should be a professional in his field and profit from his trades. Without experience, a mentorcannot successfully teach others the basics of Forex.
A mentor should be both motivating and inspiring.
A professional trader is not only the skill that is required in trading. The mentor should also motivate and inspire his students through his own knowledge. In Forex, managing the risk associated with the trade is considered an art. Beginner traders cannot manage the risk, and at the end, they quit trading.
So it is important that a mentor should also motivate his student through his behavior. The mentor should motivate traders toward their goals, and they should not quit trading until they achieve their goal.
A trading mentor should respect your trading style.
Each trader has his own style of trading, as it depends on psychological traits. It is critical that your mentor does not denigrate your trading style, but rather respects it. it is also best to learn about South African brokers.
Each trader is different from the other traders. Some traders like to trade fast and focus on opportunities. When they see an opportunity, they will buy or sell their currency. Whereas other traders need time to trade. They don’t trade daily, but once a week.
There are some traders who can be full-time traders. They spend the whole day analyzing their trade. They try to observe the volatility of the market. Whereas other traders are risk-takers. Who wants to take more risks and, eventually, profit from it? It is the responsibility of a mentor to identify and polish your trading skills.
The mentor serves as a foundation for the traders. It is important to build a good foundation because if your mentor is not good, then you cannot learn Forex the way it is.