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.

  • Richard

    Hi, I’m very interested in learning forex trading, actually I’ve attended a 3 day seminar on forex techniques and tradings and after that I started trading for about 2 months from now then I started to open my real account but, I’m not successful I’m actually losing as of now, I’m still troubled I trade on news releases that’s the technique my seminar taught me and so far I have successful trades but the losses are covering my wins, I don’t know what way or what technique that I should do to become successful maybe you can help me show me which seminar to attend here in the Philippines

  • ForexPhil

    You have to get over it. You won’t be able to master forex in a 3 day seminar. Especially if the resource speaker haven’t even traded for at least 10 years to be able to teach others to be successful.

    Forex, like personal finance is full of gurus that wants to teach you for money. They sound like a pro, but it takes a critical mind to see pass through the bullshit. Most successful traders I know personally, don’t want to teach. Not because they don’t like teaching, in fact, they want to teach their knowledge. Its just that most people don’t appreciate the effort it is to learn forex. They want the easy fix, the 3 day seminar. The 1 week noob to pro seminars. That won’t do. You won’t learn from that.

  • $teve | Happy FX Trader

    OMG! I had the same thoughts about Calub!
    First and foremost I think he is a life coach / a marketer, not so sure about his Forex trading experience. I hope whoever he has hired to teach Forex is worth what his students are paying for.

  • Steve | Happy FX Trader

    agree! what’s your experience with mark So?
    Have you heard anything about him? I would appreciate any feedback. Thanks
    I hope you’re not him! hahaha

  • kjlink

    I’ve just recently learned about forex trading, and I’m very much interested. I hope you can be my mentor. You seem to fit all the requirement you’ve said here in your blog. since 2009, you’ve been trading, right? It be great if you can make me one of your apprentice. :)

  • Eds

    i am interested in forex? but i dont know where to start. i am looking for a mentor? it be be great if you can make me as one of your apprentice.

  • Ak13

    Hi sir. I recently been into forex and still need to learn more though I’m learning my lessons the hardway recently. Can you be my mentor?

  • Kirk Rejie Del Valle

    what books do you read? I want to learn the old-school way…at least start from scratch…