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 moves sideways below 1.1800 on Christmas Eve
EUR/USD struggles to find direction and trades in a narrow channel below 1.1800 after posting gains for two consecutive days. Bond and stock markets in the US will open at the usual time and close early on Christmas Eve, allowing the trading action to remain subdued.
GBP/USD keeps range around 1.3500 amid quiet markets
GBP/USD keeps its range trade intact at around 1.3500 on Wednesday. The Pound Sterling holds the upper hand over the US Dollar amid pre-Christmas light trading as traders move to the sidelines heading into the holiday season.
USD/JPY corrects further to near 155.80, gives up entire BoJ policy-led gains
USD/JPY surrenders its entire gains made on the BoJ policy announcement day, and retraces to near 155.80. Investors are in vogue over the outlook of the BoJ’s monetary tightening campaign. The Fed is expected to cut interest rates by at least 50 bps next year.
Editors’ Picks
EUR/USD Price Annual Forecast: Growth to displace central banks from the limelight in 2026 Premium
What a year! Donald Trump’s return to the United States (US) Presidency was no doubt what led financial markets throughout 2025. His not-always-unexpected or surprising decisions shaped investors’ sentiment, or better said, unprecedented uncertainty.
Gold Price Annual Forecast: 2026 could see new record-highs but a 2025-like rally is unlikely Premium
Gold hit multiple new record highs throughout 2025. Trade-war fears, geopolitical instability and monetary easing in major economies were the main drivers behind Gold’s rally.
GBP/USD Price Annual Forecast: Will 2026 be another bullish year for Pound Sterling? Premium
Having wrapped up 2025 on a positive note, the Pound Sterling (GBP) eyes another meaningful and upbeat year against the US Dollar (USD) at the start of 2026.
US Dollar Price Annual Forecast: 2026 set to be a year of transition, not capitulation Premium
The US Dollar (USD) enters the new year at a crossroads. After several years of sustained strength driven by US growth outperformance, aggressive Federal Reserve (Fed) tightening, and recurrent episodes of global risk aversion, the conditions that underpinned broad-based USD appreciation are beginning to erode, but not collapse.
Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026
Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.
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