Every trader needs knowledge. He needs some source of useful information that will help him to become profitable.

There are several ways of getting this info: reading books and articles on thematic portals or forums, webinars and offline seminars, Forex courses, or finding a mentor. Today we are going to speak about the last way of learning. Mentorship has become popular for the last years. Many traders consider this the most effective way of getting knowledge. Today we are going to tell you more about this method, so you’ll be able to decide whether you need it or not.

What is mentorship?

As Wikipedia says, “mentorship is a relationship in which a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person”.

It means the same in Forex. A mentor gives a newbie trader concentrated knowledge, tells him about his mistakes, if a novice doesn’t notice them, gives a useful piece of advice. Everything is individual, that’s why mentorship is considered to be more effective than group seminars.

Is it really worth attention?

The answer to this question is “Yes”, but there are some nuances. There is a plenty of different mentors, coaches and experts on the market. No one gives you guarantee that this person is a really good specialist and that his personal lessons will suit your interests. Hence, you need to do a serious research before choosing a mentor.

Here are some points to pay attention to:

- Is a mentor well-known on the Forex market? What is his experience?

- What methodologies does a mentor work with? Does he prefer fundamental or technical analysis, e.g. Price action, etc?

- Are there some real testimonials from real students? Contact them and ask about the details.

- How much does the mentorship cost? Check the value for money.

- Look at if a mentor is legit and credible. Ask him to show his statement.

And be careful with your money. Don’t pay a cent to someone who claims he is a professional mentor before you see his successful trading history and make sure in his experience.

Free online courses or a paid mentorship?

Of course, you could think whether there is a point to pay for individual courses, if there are so much free educating materials throughout the Internet. And you’re right, if you have a wish and a will to learn by yourself for free, you can do it by attending free courses at Babypips, Earnforex or FPA.

The main peculiarity of mentorship is the personal contact with someone more experienced who will indicate your problems (or even possible problems) and will help to create a proper trading system. Sounds easier, though you’ll need to spend much time by working hard anyway.

By the way, you can combine free and paid education for achieving better results. Feel free to read Forex articles while practicing under mentor’s guidance. And don’t hesitate to practice on a demo account. It’s absolutely free!

We hope, you’ll find a professional mentor who will help you to build your path into successful trading.