The problem with being a trader is that, by pure numbers alone, it can be quite a lonesome business. Unless you’re some hotshot working on a trading desk for a bank, or you have control of a proprietary account for an investment firm, you probably won’t get the chance at first-hand, personal interaction with more experienced traders.
For many of us, we have to rely on ourselves to find that mentor who can guide us in our journey to become consistently profitable traders. We have to go through books, forum posts, and blogs to find the most suitable mentor for each of us.
The Merriam-Webster dictionary defines a mentor as a “trusted counselor or guide”. In my opinion though, that definition isn’t enough. Here are some qualities that I think every mentor should have:
1. Credibility
First of all, any good trading mentor must have evidence that he or she knows what he’s talking about. I’m talking about a proven track record (three years should suffice) with detailed records that explain his trading process.
2. Inspiring
Second, your mentor has to be someone you look up to. This goes beyond the scope of just trading.
According to BabyPips forum user Mastergunner99, mentoring should go beyond just the forex market. Conversations with your mentor must include topics on goals, relationships, and possibly, faith.
Most importantly, Mastergunner99 believes that your mentor should have your best interests mind and should guide you towards the lifestyle that you aspire to acquire.
3. Trustworthy
Thirdly, you must be able to trust him or her. You have to be able to open up to that person, because not only will you most likely be following his trading style, but he will also be critiquing you as a trader.
If you don’t trust his or her judgment, it will be very hard for you to keep an open mind, keeping you from growing as a trader.
More importantly, down the road, you will eventually move on to live trading. Do you trust this person enough to teach you so that you don’t blow away your hard-earned cash, time, and effort?
4. Honest
As I have said time and again, the forex market is unforgiving. If your mentor promises you 100% success, you better think twice about heeding his advice.
He should be able to make you understand the real-deal and tell you that forex trading ain’t easy business. It is his job as a mentor to prepare you and help you get through those tough times.
5. Encourages independence
Don’t get me wrong, I advocate having someone else in your trading journey. However, there will be instances when you will have to trade alone. Heck, it would be very hard to find someone in the same timezone as you are.
A good mentor should be able to help you realize and make you confident enough that you will be okay on your own. After all, at the end of the day, you’re still the one making the call on those trades.
I’m not gonna lie, finding the ideal trading mentor with all of the traits mentioned above is like finding a unicorn. However, you can try your luck by interacting with other traders such as those in the BabyPips.com forums, from whom I got some of the ideas for this article.
Just be careful though! Many people, scammers or not, offer mentorship at a price. However, I don’t believe that it is necessary to shell out boatloads of money for a good mentor. Some people, like SimonTemplar, find fulfillment at the mere fact in helping other people.
The way I see it, finding a good mentor depends a lot on you. And I don’t mean by how much money you’re willing to shell out for them.
Mentorship isn’t just a one-way street. You, as the student, stand to gain knowledge and wisdom under a mentor. But what’s in it for him if he decides to put in the time and effort to teach you? For many, it’s the joy of seeing a student grow, and I think many share DoubleEcho’s sentiment that a good mentor would only invest their limited time and resources into a noob who shows the potential for success and that they would work very hard for it.
With that in mind and if you’re seriously thinking about getting a GOOD trading mentor, I think you must first ask yourself, “Am I worth it?”
For many of us, we have to rely on ourselves to find that mentor who can guide us in our journey to become consistently profitable traders. We have to go through books, forum posts, and blogs to find the most suitable mentor for each of us.
The Merriam-Webster dictionary defines a mentor as a “trusted counselor or guide”. In my opinion though, that definition isn’t enough. Here are some qualities that I think every mentor should have:
1. Credibility
First of all, any good trading mentor must have evidence that he or she knows what he’s talking about. I’m talking about a proven track record (three years should suffice) with detailed records that explain his trading process.
2. Inspiring
Second, your mentor has to be someone you look up to. This goes beyond the scope of just trading.
According to BabyPips forum user Mastergunner99, mentoring should go beyond just the forex market. Conversations with your mentor must include topics on goals, relationships, and possibly, faith.
Most importantly, Mastergunner99 believes that your mentor should have your best interests mind and should guide you towards the lifestyle that you aspire to acquire.
3. Trustworthy
Thirdly, you must be able to trust him or her. You have to be able to open up to that person, because not only will you most likely be following his trading style, but he will also be critiquing you as a trader.
If you don’t trust his or her judgment, it will be very hard for you to keep an open mind, keeping you from growing as a trader.
More importantly, down the road, you will eventually move on to live trading. Do you trust this person enough to teach you so that you don’t blow away your hard-earned cash, time, and effort?
4. Honest
As I have said time and again, the forex market is unforgiving. If your mentor promises you 100% success, you better think twice about heeding his advice.
He should be able to make you understand the real-deal and tell you that forex trading ain’t easy business. It is his job as a mentor to prepare you and help you get through those tough times.
5. Encourages independence
Don’t get me wrong, I advocate having someone else in your trading journey. However, there will be instances when you will have to trade alone. Heck, it would be very hard to find someone in the same timezone as you are.
A good mentor should be able to help you realize and make you confident enough that you will be okay on your own. After all, at the end of the day, you’re still the one making the call on those trades.
I’m not gonna lie, finding the ideal trading mentor with all of the traits mentioned above is like finding a unicorn. However, you can try your luck by interacting with other traders such as those in the BabyPips.com forums, from whom I got some of the ideas for this article.
Just be careful though! Many people, scammers or not, offer mentorship at a price. However, I don’t believe that it is necessary to shell out boatloads of money for a good mentor. Some people, like SimonTemplar, find fulfillment at the mere fact in helping other people.
The way I see it, finding a good mentor depends a lot on you. And I don’t mean by how much money you’re willing to shell out for them.
Mentorship isn’t just a one-way street. You, as the student, stand to gain knowledge and wisdom under a mentor. But what’s in it for him if he decides to put in the time and effort to teach you? For many, it’s the joy of seeing a student grow, and I think many share DoubleEcho’s sentiment that a good mentor would only invest their limited time and resources into a noob who shows the potential for success and that they would work very hard for it.
With that in mind and if you’re seriously thinking about getting a GOOD trading mentor, I think you must first ask yourself, “Am I worth it?”
Editors’ Picks
EUR/USD eases from around 1.1800 after US GDP figures
The US Dollar is finding some near-term demand after the release of the US Q3 GDP. According to the report, the economy expanded at an annualized rate of 4.3% in the three months to September, well above the 3.3% forecast by market analysts.
GBP/USD retreats below 1.3500 on modest USD recovery
GBP/USD retreats from session highs and trades slightly below 1.3500 in the second half of the day on Tuesday. The US Dollar stages a rebound following the better-than-expected Q3 growth data, limiting the pair's upside ahead of the Christmas break.
USD/JPY plunges to near 155.80 amid fragile US Dollar, Japan’s intervention call
USD/JPY plummets to near 155.80 as the US Dollar outperforms across the board. The Fed is expected to deliver at least two interest rate cuts in 2026. Japan’s FM Katayama warns against one-sided, excessive moves against the Yen.
Editors’ Picks
Gold trims intraday gains, overs around 4,450
Gold prices soared to $4,497 early on Monday, as persistent US Dollar weakness and thinned holiday trading exacerbated the bullish run. The bright metal eases following the release of an upbeat US Q3 GDP reading, as USD finds near-term demand in the American session.
EUR/USD eases from around 1.1800 after US GDP figures
The US Dollar is finding some near-term demand after the release of the US Q3 GDP. According to the report, the economy expanded at an annualized rate of 4.3% in the three months to September, well above the 3.3% forecast by market analysts.
GBP/USD retreats below 1.3500 on modest USD recovery
GBP/USD retreats from session highs and trades slightly below 1.3500 in the second half of the day on Tuesday. The US Dollar stages a rebound following the better-than-expected Q3 growth data, limiting the pair's upside ahead of the Christmas break.
Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates
Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.
Ten questions that matter going into 2026
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