Seven Steps to Forex Mastery by Sal Ayub - HTML preview

 Chapter 7

 Mentoring

Trading in the Forex markets can be an exceptional experience and one that can be very rewarding if you follow the right track. Although there is no dearth of books and information on currency trades and strategies, like any other skill, forex trading, spotting trends and entry and exit points is a matter of experience, something that has to be gathered over several years.

It is analogous to learning to drive by reading a book versus going to an experienced teacher. Needless to say, the latter will leave you with better driving skills, as the trainer will be able to point out your flaws, stop you from repeating your mistakes and show you the tricks of the trade. Fortunately, you can also find a mentor who will help you to hone your FX trading skills.

So, how will you benefit by working with a mentor?

As a beginner, you are bound to fumble and make mistakes.  Unfortunately, these will leave you grappling with low  confidence, which will mar your trading style in the days and  years to come. However, when you work with a mentor, he has  already seen the highs and lows of the market and can spot  potential issues way before you fall into the ditch.

This means that by relying on the experiences of somebody  who has already done that and been there, you are making your  trading journey smoother. Not only will you be safeguarding  your capital but also your confidence in the process.

Another thing to consider is that there is a baffling amount of information on FX trading out there, and it can be impossible to sift out tips and advices that make sense from those that are utter nonsense, unless you know your way around the game. Once again, your mentor can come to your rescue, channeling your desire to learn in the right direction.

With the right mentor, you will have a person you can go to for practical solutions to real life trading problems, answers that books may not be able to give when you need them the most. In fact, even if you have already amassed a few winning hands, it would be good to continue learning with a mentor because the day you stop learning is the day you start losing.

A mentor will be able to help you with the selection of trading tools that will match your investment style and goals. This will help you to focus only on the indicators that actually matter instead of running behind too many tools.

So, consider this book the starting point of the wondrous journey called Forex that you are about to embark on. Along the way you are bound to go through highs and  lows and traversing the rugged terrain alone can quickly turn into a harrowing  mental experience. On the other hand, if you have somebody who has already been  down the path, you sure won’t be stumbling.

Now that you have the basic information on currency trading, it is time to advance your skills and instead of slogging after a mountain load of books, let a mentor  show you the way and help you pick out the information that best suits your  requirement. It’s after all your choice; you can spend years in trying to master the markets or weeks/months in gaining from the learnings of an experienced trader.

Not the end, just the beginning..........