Here’s another question along a subject line which is often brought up by new traders:
Hi I am new to forex and it says on various web sites to find a good mentor. Could anyone recommend such a thing? If there is any advice it would be much appreciated.
A great many traders will toss out their thoughts about who would be good or who wouldn’t be, or whether trading is even teachable at all. As a first step in this process it is worth first thinking about what you really want and/or need. To my mind coaches, mentors, and teachers are all different things.
A teacher is simply a provider of information, some who educates you on the facts. Basically a walking, talking book.
A coach is a teacher taken to the next level. At their most basic level they are teachers, but their approach has a much more personal element to it, helping the individual make progress toward certain objectives.
A mentor is an experienced individual who can provide guidance.
There most definitely can be overlap between and amongst the three, but not always, and some calling themselves one thing are actually functioning as others. Being able to identify and differentiate can go a long way toward getting what you’re after.
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About the Author
John Forman, author of this blog, has traded for more than 20 years, is a professional market analyst, and authored The Essentials of Trading. He is an active participant in trading forums, consults for trading related businesses, as published literally dozens of trading articles, and has been quoted in a number of books and in the media.
** See John’s full bio.
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