Newcomers can’t handle the different conditions of the market. For this reason, they choose a mentor who can help them to regulate the trading process properly. But, to carry out the trading process smoothly, being a trader, you have to choose a good mentor. So, you have to consider some issues before choosing a good broker.
In this post, we will discuss the six traits of a good mentor so that you do not face any problems with selecting a mentor. Let’s learn about these.
Have good experience
If the mentor is experienced, he can guide you properly. But, if he does not know about your field, he can’t help you to make the right decision. So, for being a good mentor, they have to improve their skills and knowledge. This is because if a mentor has a proper idea about your trading field, he might help you to reap the benefits. As a result, you might well get good reactions in trading. Similarly, if the mentor is skilled enough, he may help you to reduce the risk and manage the money. On the other hand, if the mentor is poor at managing money and reducing the risk, he might not help you.
Become Successful in his field
Bear in mind, a successful Forex trader can guide you properly. But, if he does not have success in his field, he won’t help others to become successful. Successful traders can aid you to learn about the market properly. Being a trader, you will become inspired by seeing his success. As a result, you will be more influenced by him. On the other hand, the unsuccessful mentor may misguide you. Because of this, you can’t fix your mistakes and face a big loss. To make progress in the trading field, you have to select a successful mentor. So, open CFD account with a high-class broker like Saxo and develop your decision-making skills by learning important market details.
Show respect to traders’ trading style
Some mentors think they are always right. For this reason, they don’t respect others’ style. Remember, if your mentor does not respect your style, you can’t feel comfortable with them. So, being a trader, you have to choose a mentor who can understand you properly. He must understand that every trader is different. So, they will follow different trading styles. But, if your mentor tries to force traders to follow a specific style or strategy, then, they can’t guide newcomers properly,
Many newcomers do not get help from mentors during tough times. But, renowned mentors give enough time to newcomers so that they can teach them properly. At a beginning level, traders have many things to learn. So, they need proper guidance from their mentor. During this time, if they are misled by anyone, it would be tough for them to do better in the trading. So, as a newcomer, you have to find out whether your mentor is supportive or not. And make sure the mentor has the necessary skills to understand your trading style If you can’t reach your mentor when necessary, you should not choose them.
The majority of beginners trust their mentors blindly. They take steps in the trading based on their suggestions. But, if the mentor is not an honest person, newbies will face huge problems. That’s why before taking anyone on as a mentor, as a trader, you should check if that mentor is loyal or not.
Being a trader, you need to understand, the main task of a mentor is to motivate you. Their encouragement will help you to become more organized and patient. Moreover, it will aid you to become a responsible trader. Your mentor works as a counselor who can help you to get out of a difficult situation. For example, if you face a loss, you might not want to trade. At these times, a mentor can help you by giving you apep-talk.