Are forex mentors worth your time?

If you are in South Africa then you must be highly aware of the overwhelming force of fake forex mentors the forex industry has been overtaken with. There is no week where you do not hear of someone buying a robot that does not work or investing in traders who blow these accounts. Today for those of us in South Africa, I will discuss if there is a need for a mentor, how to choose a mentor, and how to avoid getting scammed.

Do you need a mentor？

The truth is it depends, on you. You see the truth is what is going to make you successful is discipline. High chances are you already got a winning strategy you just need the discipline to go through the steps such as learning and sticking to risk management or adopting backtesting etc. A good mentor provides an environment where he will teach you guys strategy, and how to use it and will create programs to help you keep disciplined. He will also give you the confidence to trade as they will let by example.

But you can still do it by yourself, cause when you have attended a few mentors you realize they are all teaching the same stuff you already know, they just did the hard work of doing it. No matter if you hear it from a YouTube video or from your mentors you are going to need a trading plan to succeed. Having a mentor will not change that you will need a success plan, you just now have to answer to someone hence people who are mentored begin to see success. So if you want additional discipline and support a mentorship program is a good fit. If you believe you have what it takes just go ahead, just do what you know needs to be done.

Where do I find a good mentor

Firstly, be careful. As much as you want to start trading today and making money, you do not want to rush into finding yourself a mentor. In South Africa, there are more scammer mentors than there are traders. You need to do your research first. If you find someone who sounds interesting ask to talk to some of his or her clients about the services they provide. If you cannot be helped to this extent by your possible mentor then that's a red flag. Look for reviews online on his/her social media profile. If all they post about is a lifestyle and do not make posts showing his/her live trades on charts then be weary. They may be scammers looking for a chance to steal your money.

Secondly. Never invest in a lone trader

I know that there are quite a few exceptional traders who do offer partnerships that are lucrative but those gold nuggets are so few and far in between and there are too many scammers in the South African forex industry that you are better off straying away from the idea and focusing on improving your trading. I have heard too many stories of people who have been scammed that I cannot let people continue.