What Kind of Forex Mentoring Should You Be Looking For?
If you are a new trader who is looking for a way to learn about the intricacies of the forex market, you are probably looking for a mentor to help you. But the question remains what kind of forex mentor should you be looking for? Goodness knows, there are seemingly infinite amount of forex mentors out there, so it's important that you get this right.
There are a couple of things wrong with many of the forex mentors. First off, many people proclaim themselves "mentors" when they are not. They are salesman. You can spot this when they tell you that, if you learn from them you will be able to make hundreds of thousands or even millions of dollars within the first month of trading with them. You should know that this is utter nonsense. That is just not realistic.
Another problem with a lot of mentors is that they rely strictly on the using of indicators. This is usually a bad sign. The truth is the majority of the successful traders in the forex market prefer not to use trading indicators. Most of them trade using price action as their main way of deciding when to buy and sell.
Price action is as old as the stock market itself. It is like the bread and butter of floor traders. They like to study the behaviors of the price patterns to depict true support and resistance areas. These are the kind of forex mentors you should be looking for. If you can find them, you know you're on the right path to success in the forex market.
About the Author:
John Templeton has been a successful forex trader after learning forex. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared.