Podcast:
 

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...