How to Choose a Forex Mentor

It pains me to see many people paying large amounts of money for education or investments that they thought would pay back. If only they did more research before handling their money to scammers or wanna be traders.

I know that it is the fastest to learn forex trading if there is someone mentoring you. Attending seminars could help a lot and I will admit that in other skills that I have acquired, I did attend seminars to improve myself. But there are things I consider before I pay the seminar fee.

#1 – Those who can, DO. Those who can’t, TEACH

I think the best way to approach a person that you want to be a mentor is to observe him first. In my college, all our professors have full time jobs, teaching the subjects that they themselves work on a daily basis. We have management subjects from managers of a company. Programming subjects from software engineers at reputable firms. These are the kinds of mentors that you should search for. They are hard to find. But the search is very worth while. Wouldn’t you want to learn from the best?

I am saddened by the fact that a lot of people go to seminars, being taught by gurus who doesn’t even trade forex. A person who never risk his neck on the market is just a clown who wants to earn money. I think if you search for a good mentor, a real trader to be your mentor, you’ll save much more time and money and the rewards are priceless. I wouldn’t ask a barber to teach me how to build my house.

#2 – How long has he been trading?

You have probably read a lot of times here in my blog that only 5% of all new traders survive and profit from the market. If the “mentor” has not been around more than 5 years in the market, trading, then I think that he is just a fraud. In 5 years, those 5% are just getting started. That is just the start of a profitable trading career. All those past 5 years are just breaking even or losing. What right does a person to teach somebody when he doesn’t even make profit in the market? I think you should have a high standard in looking for a mentor. I wouldn’t take sky diving lessons from a person who never sky dived.

#3 – Where’s the proof?

Ask for the trading statement. Their account summary for the past 5 years. Their profit and losses. Make sure its legitimate and not from some other successful traders. The industry is full of fraud, account statements of successful traders are sometimes being plagiarized or stolen. Ok, so you have a phd degree, you’ve taught a lot of people, you’ve been to many places, but where’s your proof that you can teach me how to trade profitably?

If you can’t find a mentor…

Welcome to the club! When I first started, I wasn’t impressed by the people who were conducting seminars in the Philippines. I remember I saw on tv that this guy who teaches forex, will teach you how to walk on fire, barefoot and the purpose of his seminar is that so you will gain confidence. I was laughing my ass off. Seriously, you buy that? You walk on fire, barefoot so you gain confidence… Circus performers are probably the most confident people in the world next to James Bond. Then he’ll teach you forex? I think its ridiculous, batshit crazy. I think his name was Calub.

But there are options. Even better options. Books. My mentor was Paul Tudor Jones, George Soros, Peter Lynch and Warren Buffett. I did not meet these people in person, but I did all the effort to learn everything about how they trade or invest and their ways of handling money. I can never be like them or be as good, even if they taught me personally, but the journey of studying these people thru books, written about and by them, I can assure you that the effort has been well worth it.

Or you can just ask me if you have questions. Free and much easier.

Forex Seminars: Philippines Forex Expo 2010

Date: 16-17 April, 2010

Place: Manila, Makati Shangri-La Hotel

Address: Ayala Avenue corner Makati Avenue, Makati City 1200 Philippines

Organizer: FINEXPO –┬áis the producer of international exhibitions, forums and conferences worldwide.

PHILIPPINES FOREX EXPO 2010 will definitely interest you if you want to get a unique knowledge and obtain an overview of FOREX market; identify new products and application possibilities; exchange experiences and information; find out about the function and properties of certain products; make new business contacts.

PHILIPPINES FOREX EXPO 2010 gives you the opportunity to communicate with representatives of large companies, to learn the latest working outs concerning the subject of exhibition, buy specialized literature, as well as watch different entertaining shows.

Each participant can be sure about the professional approach to exhibition`s organization and each visitor about the individual approach of exponents to their person.

Exhibition topics:

  • Internet Trading on the FOREX market
  • Practical and useful presentation of innovations and development of internet-trading and about their profits for the FOREX market
  • Software (programs of analysis and risk-management, portfolio management)
  • Quick access lines
  • Trading instruction on FOREX market
  • FOREX market tools
  • Strategy and tactics on the FOREX market
  • FOREX market indexes
  • Trading tactics
  • Hedging
  • The system of margin trading
  • Trading platforms and technical analysis
  • The latest innovations and strategies of multy-bank portals
  • Progress, on STP
  • Advantages CLS
  • White label
  • Deposit insurance
  • Dealing centers opening in regions

The dynamic Event program educates attendees on all the latest technological advances in the FOREX services and meets the needs of each individual attendee by providing detailed information and solutions on such topics as: internet trading on the FOREX market, software (programs of analysis and risk-management, portfolio management), quick access lines, trading instruction on FOREX market, FOREX market tools, strategy and tactics on the FOREX market, FOREX market indexes, trading tactics, trading platforms and technical analysis and many more;

It also offers a variety of sessions that allow participants to discuss industry trends, hear expert views on key issues and learn about new products and needs.

The exhibit portion of the event complements the conference programming showcasing solutions that demonstrate how to succeed in the fast growing FOREX marketplace. The expo includes live demonstrations of the latest analytical and execution software and trading tools. It’s a great chance to meet with business experts face-to-face, learn the latest trends from industry leaders and get the insight you need to acquire business, expand relationships and enhance profitability.

We look forward to seeing you at our show in Manila !

Exhibition entrance is absolutely FREE