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.