Learning Forex and embarking on a profitable career in currency trading is not simple at all. There are numerous obstacles to face, including a certain complexity of market dynamics, platforms, and an intrinsic difficulty in money management (also on a psychological level).
If you are an aspiring trader, your first task is therefore to
study. Easier said than done. Not so much for the objective fatigue you experience when studying technical subjects (which must also be taken into account), but for the difficulty in understanding
what and how to study.
We discuss this in this article, offering advice to those who want to embark on a training path and introducing a fundamental figure for all aspiring traders: the
mentor.
The importance of training
Why is training in Forex Trading important? Simple, because Forex Trading is a complex activity, which has its own rules and dynamics. To be able to survive and thrive, it is necessary to develop a certain set of skills. Of course, some start with an advantage, perhaps because they have undertaken studies that are somehow related, due to personal or work needs. Starting with a degree in economics and finance will save you time,
although the learning path is not precluded to those who come from different fields.
Certainly, the approach of some brokers in recent years has led to a change in the collective imagination, making some believe that Forex Trading is not that complicated and that it takes little to get on track and earn. It is an error of perspective triggered by marketing dynamics, and the result of a misunderstanding of the (sacrosanct) measures to lower entry barriers.
The risk, for those less familiar with trading dynamics, is
to give in to improvisation. A huge mistake, as improvisation must not and cannot have space in trading. The risk is to act as if you were gambling, with all that this entails in terms of capital. Indeed, arriving unprepared for the appointment with the market means paving the way for capital losses, even irreversibly.
The most serious problem with online courses
So, study. Yes, but where and with what tools? There is no shortage of content. Educational material abounds, promoted by individuals or brokers. The most common form is that of the online video course. A form that is actually useful, as it allows you to acquire notions, but also to see traders at work.
Obviously, you need to carefully choose the course, opting for those that have the following characteristics.
- Completeness. Those who approach Forex trading as a novice need to acquire a complete picture of the speculative investment activity, hence the need for a course to be complete, i.e. to be able to give an exhaustive overview.
- Professional teaching. This applies to any educational content, regardless of the discipline. It is fundamental, and indeed binding, that the teacher is an expert. In this case, an established trader who still practices trading today.
- Modularity. Not everyone starts from the same position. There are those who, due to their life circumstances, start from a position of advantage, or disadvantage. Well, the structuring in modules allows each person to start the path from the point, and from the degree of difficulty, that suits them best.
- Right quality-price ratio. Obviously, price also counts. However, it should be related to quality. In short, spending a little more if the product is good... You can and you must.
However, this is not enough. Even the best of courses can have a rather serious and invalidating problem: distance. That is, the student risks not acquiring
all the skills because, quite simply, they are not followed. This is where the figure of the mentor, a professional who can follow the aspiring trader, who can somehow
satisfy their doubts, becomes necessary.
Courses are... Paths, moreover standardized ones. They do not fit everyone in the same way. Having a mentor by your side, on the other hand, allows by definition to enjoy tailor-made educational content.
How to find a mentor
The ideal would be to find a
mentor who personally takes care of the aspiring trader. This "perfect" situation occurs when, quite simply, you know a professional trader and they agree to offer educational support. Obviously, it is also a rather rare situation. This does not mean that the resource of the mentor is precluded for everyone else.
In fact, this role can also be interpreted by a teacher of an online course who does not limit themselves to teaching, to transmitting notions, but also accepts
the challenge of interaction.
The teacher of an online course who, parallel to the delivery of educational content, establishes channels of dialogue, more or less preferential or even collective, can embody the role of the mentor.
Let's imagine a
video course to which is associated, for example, the possibility of chatting with the teacher, or participating in a group managed by them. Of course, we are at less effective levels than exclusive mentorship, but it is still mentorship, albeit soft.
In short, it is important to establish contact, a direct line with the teacher, with the trainer. Only in this way, in fact, can they become a "master".
So, how to do it? It is not very difficult. These collateral services are differentiating, they represent a competitive advantage, therefore they are given a lot of prominence. If a course allows direct communication with the teacher/trainer, it will certainly highlight this aspect. Obviously, it is up to you to opt for this type of course, even if they may cost a little more.
The characteristics of a good mentor
There are mentors and mentors, professionals and professionals. How to recognize a good teacher/trainer, one who can really prove to be a mentor for the aspiring trader.
First of all, they must be an expert in the subject both from a theoretical and practical point of view. In short, they must be a full-fledged trader, perhaps with some important successes behind them.
Secondly, they must also have experience in the field of training. A trader who knows, but does not know how to transmit, is not a good trainer.
Finally, they must also possess a personality inclined to dialogue, a minimum of empathy. Of course, they will not have to follow the traders exclusively, but they will still have to communicate with them, be willing to dispel doubts. In short, the qualities must not only be professional, but also human.
