Should I pay a Forex mentor?

Do I need a Forex mentor?

Forex trading can be a complicated and challenging endeavor. From understanding the technical indicators to setting up efficient money management strategies, there are many factors to consider. Even experienced traders can become overwhelmed when they take on a new currency pair or try to develop a more comprehensive trading plan. This is where a Forex mentor can be so helpful.

A Forex mentor can provide guidance, support, and a sounding board for traders who are trying to stay on top of the markets. With an experienced mentor, traders can learn about risk management, technical analysis, and money management strategies that can help them become more successful. A Forex mentor can also provide advice on evaluating different markets and making informed trading decisions.

How much does a Forex mentor cost?

Now that you know the importance of a Forex mentor, you have to consider that bringing their expertise into play will cost you some bucks. They sell their services in the form of courses, trading signals, and many other ways.

Some mentors do it individually, while some open their learning institutes where several experts gather and provide their expertise which might cost you more than a single Forex mentor.

The payment structure involves monthly and yearly payments, while some are one-time payments, depending on your chosen course. Some of the best Forex trading mentorship providers, along with their payment structures, are as follows:

Is Forex education worth it?

Forex trading is a unique technique. If you master it, no one can stop you from ruling the trading world. But for that, education about Forex is essential. Forex professionals you see around you have excelled in the field through immense research, consistency, and patience. Therefore, if you want to succeed in the foreign exchange market, you must follow in the footsteps of these professionals and get Forex education as much as possible. If you are a person with a clear target in mind, then forex education is worth it, but if you are the exact opposite, i.e. a person with no long-term goals, it will do you no good.

Are there free Forex educational programs?

Most of the Forex education providers charge money for their services. However, there are free options as well. They might not be as effective as the paid ones, but you can opt for them as a beginner. The following are some free Forex education programs:

These programs will help you gain some basic knowledge about Forex trading. With time, you can switch to paid programs to gain more precise and practical knowledge about the market.

What is the best Forex mentor today?

Forex mentors are the most crucial part of the Forex industry. If you are a beginner, the guidance of a Forex mentor is the most important thing. The top five Forex mentors whose advice can help you achieve incredible feats in the foreign exchange world are listed below:

1. Ezekiel Chew

Ezekiel Chew is the founder of Asian Forex Mentor, a popular training program. Due to his vast knowledge of the industry, he is considered the best mentor. He is the lead Forex coach at the Asian Forex Mentor today.

His programs involve a learning process covering all the complexities and basics of the Forex industry. The trader can enjoy a comprehensive, personalized learning approach. After joining this program, traders can identify trading systems, use trading tools, interpret charts, understand trade management methods, and much more.

2. Clay Hodges

He is the founder of the Ronin Forex group. After laying the institute’s foundation, he trained freshmen and new investors. His method of teaching is unique. His teaching techniques are excellent.

If you choose to work with him, he prefers to teach every one of his students personally. His main goal is to make a trader independent and self-assured. The institute teaches traders the basics of Forex trading and various strategies.

3. Chris Hunter

He is the founder of Hunter Fx, a trading community. He teaches in a light, fun, and simple trading environment. If you want to learn Forex without the stress of overcomplication and more advanced courses, this platform is worth looking into.

4. Roman Patterson

Phoenix Capital Group was created by Roman Patterson. It is a trading community that’s still being built and worth keeping an eye on while you wait for the mentorship program. The goals of the community are still being worked out, but so far, the community services have been profitable.

As the business grows slowly and steadily, it tends to offer free trial classes to bring in more people. As a result, it is advised to join the community for learning purposes.

5. Matthew Todd

Todd is a well-known mentor and the founder of Todd Capital Group. He is a mentor who shares his knowledge in different ways through his YouTube channel. He uploads educational videos about the Forex market. In simple words, you can get Forex advice through this mentor program.

Suppose you choose to learn from this mentorship program. In this case, mentorship will be much more strict, and there will be a lot of posts about education, motivation, and inspiration.

Best Forex brokers

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50, $100 (for UK clients)

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

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2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

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3

9.1/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA

Review

IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.

Pros/Cons

•Regulated activities and participation in compensation funds;

•No minimum deposit requirements when opening an account with the international division;

•Leverage is available for trading currencies and CFDs;

•Wide range of trading assets and markets;

•Fee rebates for new and active existing clients with large trading volumes;

•Floating spreads from 0.6 pips for retail Forex traders;

•Bonuses for new clients and partnership programs for different client categories.

•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;

•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;

•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.

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