How To Pick A Good Mentor in Forex or Binary Options
So you're here probably because you need a mentor, or you want to take a trading decision.
Either ways, this article is a must read.
There's a high chance you would have seen something like this 👇.
I make $1,000 per day Trading, so you should become my mentee 😃
There's a big chance also that you will want to be mentored by someone who claims to be a big earner as the above phrase claims, but the truth is that such mentors will never show you the statement of the account they trade with as they loose more that they claim to gain.
Most people claim to be the best but deep down they know it's a BIG LIE, but most people will jumb at it and loose.
It took me a very long time to accept my mentor, mainly because he doesn't sweet talk like most people do rather he gives results and trains based on his students personality.
Below are some of the qualities he homes and that I suggest you look forward to seeing in the person you would pick as a Forex Binary Options Trainer or Mentor.
3 Qualities of a good mentor.
1. Discipline: Yes, it's the first and most important trait you need to have on your checklist as you search for a mentor.
You need to avoid gamblers who claim to be traders, when you meet them you will observe that they don't have a specific target or time factored into the trading season as they just trade indefinitely.
You need a mentor that factors in earning target as well as a stipulated trading period per session.
In short, just avoid taking on a mentor that over trades.
2. Good money management: Money Management is very important, I saw a guy teach trading with a $8 account balance and he initiated his first trade with half of his balance "$4". Luckily he won the trade, but imagine what would have happened had he lost the trade?
He would have been left with just $4 as his balance, that would have been a disaster.
Had he lost he would only have $4 left for just one trade and if it's a lose, he would have blown up the account with just 2 trades.
So make sure the person you're picking as a mentor has good money management policy as good money management policy keeps you in trade while a bad will eventually be the course of downfall.
I have a strategy that give me $0.31 as profit when I initiate my trade at $0.35, which I hardly even loose at. But imagine I lost the trade, do you think $0.35 will be much of painful lost ?
And even when I lose $0.35 to the first trade, I still have $7.65 balance to take a recovery trade from and push my balance back up.
3. Fewer strategy at a time: This is one pain in the neck, most people want to prove they can read this chart use that oscillator. They usually want to show off the skill sets they have in trading, but this doesn't mean you will gain more.
In my advice, I believe you should look forward to "simplicity" in your mentor.
He had multiple knowledge but when he trades he keeps it simple enough and still gains rather than make it complex and eventually loose.
4. Patience: Now this last one is very important, arm yourself with it.
Your mentor should be a very patient person while trading, it should someone who hardly takes every trading opportunity as a good trader should learn to wait for the right time to buy a trading contract. The market won't always stay down, so if you are a good trader and you prefer buying contracts when the market is down then you'll have to hold on and not initiate any trade when the market is high and that can be a very long time but certainly not forever.
So that's it guys, just 4 traits. It's simple but significant.
So if you are interested in learning binary options strategy that makes me $1 per day with my $10 account that had now grown to $63.9 as at the time I made this post.
I also manage binary account for people worldwide.
And if you found this post valuable, do find time to buy me a $1 coffee ☕ or maybe a token more on paypal.
PayPal: samuelolujimimorgan@gmail.com
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