Trading mentors work much like mentors in business world: they offer guidance to the best success methods based on their personal experience. That is why mentors are (or should be) experienced traders with many years experience on your particular market area.
Using a mentor should allow you to avoid the most common problems starting traders face. One of the most important problems arises when one has no trading plan in place. A mentor can help you with that and other problems.
Mentoring has increased as famous traders such as William Eckhardt and Richard Dennis have successfully taught students to be in the top of this the trading profession.
Almost all of the known top traders are extremely secretive about their methods, but some successful traders give away their methods in books and in mentoring. In fact, the best mentoring method is probably working directly for one of the top traders. This has been a key to success for many top traders.
Trading Mentors - Issues
It is very important that you are comfortable with your mentor and satisfied with his/her background and past success with the markets.
Your mentor is likely to have a particular trading style. If you're thinking of using a particular trading style (such as technical analysis vs. fundamental analysis or day trading vs. long-term trend following), you should probably work with a mentor with experience on that particular style.
There are many ways to pay for your mentoring education. The best would be to get a mentor for lifetime, but most settle for periodical lessons and mentoring sessions from the mentor. Most of these sessions are paid by period (such as hourly/monthly charges).
If you'd like to become a mentor, there is one company, Concorde Forex Group, that can show help you become one. They also offer lists of available (forex) trading mentors around the country.
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