In our last blog we pointed out the top 3 checkpoints you should use when looking for a true forex mentor and we warned you how to spot the "miner" who is just out to make money off of teaching forex strategies.
(Here's the link to last week's blog if you missed it: Forex Mentor or Miner? Which Is Your Forex Teacher?
Before you hand over your class fees, follow-up with these additional questions from our checklist:
4. How long has the teacher been trading and teaching this exact forex strategy?
If the teacher him/herself has not been trading this strategy very long, or if they were teaching a different forex strategy just a few months ago, that’s a warning sign. If what they were teaching was so great, why have they abandoned it and are now teaching something else? It must not have been as great as they promised it was. And in a month you can bet that you are going to be inundated with their emails where they are "pimping" the next best strategy and once again offering very limited openings for that "never to be given again" class.
5. Does the teacher insist that their students keep a trade log record of all their forex trades?
If accurate journaling and careful record keeping is not encouraged or included, what does that say about the course being offered? What bona fide forex teacher wouldn't want you to keep accurate records of every trade you take along with screenshots so that you can go over the trades at the end of the day, week, month or year and find out what worked well and what needs some tweaking in order to get more profit. If your teacher doesn't push you to keep records, aren't they in fact saying that they don't really care whether you've understood their teachings or not? Or are they afraid that by logging all of your trades you'd start to see how many of the trades that perfectly met their trade methodology actually failed?
And if you're keeping careful records you could easily discuss with your teacher whether or not you're fully understanding their methodology. You'd have the examples, notes, and complete records of each trade easily accessed and sorted right in front of you. You could keep your "notes" and "lessons learned" with each trade and even rank them according to how well they adhered to your trade plan. We're picking out just a few of the key points that a good trade log should include, and of course we've designed all of this and much more in our Forex Smart Tools Log. Here's a screenshot from the trade input tab of the Trade Log - click it to enlarge the image. (All of the screenshots added to each trade can expand to full size within the Trade Log too, although they won't within the blog here).
6. Will the teacher spend anytime in class talking about the mental component of trading forex?
Most professional traders will tell you that trading forex is 80% mental, 10% money management and 10% strategy and that's probably accurate. Will your teacher have you read Mark Douglas' book "Trading In The Zone"? Will your teacher spend time talking about the mental headset you need to become a steady, unemotional, courageous trader – all essential components of trading forex successfully.
If all you're taught is strategy - even if you're taught it well - you're missing out on 90% of what it's going to take for you to become a successful forex trader.
"If you want to change your experience of the markets from fearful to confident, if you want to change your results from an erratic equity curve to a steadily rising one, the first step is to embrace the responsibility and stop expecting the market to give you anything or do anything for you. If you resolve from this point forward to do it all yourself, the market can no longer be your opponent. If you stop fighting the market, which in effect means you stop fighting yourself, you'll be amazed at how quickly you will recognize exactly what you need to learn, and how quickly you will learn it. Taking responsibility is the cornerstone of a winning attitude."
© Mark Douglas. All rights reserved. Excerpt from Trading in the Zone™
We've been scammed so many times that we have a lot of experience when it comes to knowing what to look for in an honest teacher. Learn from our mistakes before you become a victim of another Forex scam masquerading as "teaching". In the next blog we'll present more questions you absolutely need to have answered before you sign up for your next class.
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