Hi
Firstly I would like to say that you are going in the right direction to look for a mentor in Forex as this will greatly reduce your learning curve and potentially save you thousands in the long run.
I have been trading forex forex ten years and truth be told I only started making money once I had a mentor. Someone to show me the ropes, help me with my discipline and let me know when it was a good time to enter or leave the market.
With 27 pairs to choose from, Forex can be a confusing world. However it can be mastered and taught.
I need to be straight up with you at this point. People who have mastered the art will not mentor your or let you copy their trades for free. Why would they mentor your or give you their trades when they are busy trading. Their time and knowledge is valuable. It needs to be more of a win win situation, not just you winning.
Having said that are multiple ways to go about getting a mentor. The really expensive way is to source a mentor and pay them direct. A good mentor can range from between $2,000 – $5,000 for a six week course.
The cheaper option and one I would recommend is to join a signal service. Very often these services have a lead trader giving the signals. The cost ranges from around $50 – $250 a month depending where you look. The cost is greatly reduced for you because there will be multiple people receiving the signals and the cost of the traders time will be evenly split between all members in the group.
You can learn a lot from a signals group with a good lead trader as you wont just be copying them you will be learning how to trade as well. A good signal provider should be able to give you trades that cover your membership within the first two weeks, then the rest of the months is for you to make additional profit.
Some things to consider when choosing a signal provider are:
The trading style of the provider. Some providers trade off the hourly chart and are able to give you a lot of signals everyday. Others trade off the four hourly or daily charts. These providers offer fewer signals, however they tend to be stronger as they are taken off a higher time frame and offer you a lot more pips. Which is what you want to focus on, pips not the money.
If they offer a money back guarantee. Most providers will offer some kind of guarantee. I would definitely look for this, as it shows they have faith in their signals. If they do and you like what they offer then I think its a no brainer. Join for a month and see how it goes.
I hope this helps
Best
Fred
