Because Forex trading is a very serious undertaking indeed, you might want to consider seeking professional help in attaining success with it. As such, tapping into the wisdom that trading coaches and consultants can give shouldn’t be a bad idea. They have been trading consistently for years which means that their experiences have given them concrete methods already that can make anyone learn quickly and easily.
When choosing consultants, you will surely meet people who make exaggerated claims. That should be something you have to consider as something that’s natural. Not all of them are all promises though. Some of them actually have the skills to truly deliver, and some of them can actually make your dreams come true.
But how do you find the best Forex trading consultant? While finding the best is not really easy, and not to mention expensive, choosing a good consultant might be something that’s attainable and more realistic.
Here are the best traits that you should look for in a good trading consultant or coach:
1. One that has been in the business for years already – Sure, longer doesn’t always mean better. But let’s not forget that experience is the best teacher. One who else to look for a good teacher than someone who has been doing the act for longer periods already? A good Forex coach has to be a trader who has been to a series of ups and downs already. It is the only means by which he can give you the best indications of when to proceed, and when to halt or back down.
2. One that you can communicate with easily – In every relationship, communication is a very vital key. Without it, any undertaking would collapse before it even starts. In planning to hire a consultant, be very sure that he or she is very reachable and accessible.
One of the best ways of figuring this out is knowing if the consultancy services being offered have a website or social media page that you can easily exchange messages with. Also, be very sure that the consultant in question is available for video calls because seeing the face behind the business transaction is something that should be highly considered.
3. One who has a great understanding of your goals – The most successful trading coaches are the ones with the greatest understanding of how to attain the goals of the business. But what about your personal goal? Do you have the indication that the consultant you’re planning to hire completely understands your own objectives? If that coach often talks about his own success but can’t clearly give details about how the 2 of you might achieve your goals, avoid that person, he will not be worth your time and investment.
How much would consultancy cost you? It’s hard to come up with an accurate answer. But the safest bet would be that it would surely fall within the 10% fraction of your earnings. Ten is actually that magic number that works so well in any digital information dissemination. For instance, it can be observed that for every internet promotion of a product, nearly around 100 people will respond to every group of 1000 people reached.
It means that even though a product ad will show up to a person’s wall news feed, only 1 for every 10 of those ads will be checked out by that person. The response rate could be higher or lower, depending on the beauty or usefulness of the product therein. Given that fact, it would be safe to say that consultants and coaches will never take a commission that’s equal or higher to 10% of your earnings.
With online courses and webinars, the figure could be much different. For a certain payment, you could enroll in some kind of training where you can understand the ins and outs of trading, which you can employ to your advantage whenever you decide to embark on your first trading adventures.
Here’s the plain and simple truth, hiring professional consultants or coaches is actually expensive. As a beginner, it would be best to just connect to a trader within your social circle. By choosing someone who’s just within your arm’s length reach, you can get the wisdom you need, provided of course that the person does not belong to the “douchey, a-hole category.” Choosing this action would be very low-cost on your part as it would just be a “friendly partnership” of some sort.
What if you have nobody in your social circle who’s into trading? You can find an endless sea of people who are very much on the same page as you, and they can be within reach via Youtube, Facebook, LinkedIn, or any social media website you can think of. Surely, there are lots of pages and online communities out there that you can tap into.
Join them, communicate with them, reach out to them. You can find countless like-minded individuals who can guide you and motivate you into taking huge undertakings within the Forex world. You can also just self-educate yourself, there are countless video tutorials out there that you can binge-watch anytime at your convenience.
Becoming a Forex Broker
When all the above methods fail, you could get into the last, but the greatest resort of profitably earning with Forex without actually trading – becoming a broker yourself. Truth to be told, this is no small undertaking. Back in the day, all a Forex broker needs are a telephone line, an office, a set of record books, and some marketing skills. Today, however, you can’t be like that anymore.
Forex brokers nowadays, literally all of them are modern-day offices equipped with high-end IT infrastructure. They are the kind of facilities that are almost exactly like those high-tech buildings you see in movies where humans are cloned or get transformed into superheroes. Okay, that might just be an exaggeration. But the truth is, you can’t be a Forex broker today if you don’t invest in expensive computer equipment with some technically savvy staff tasked to operate them.
Becoming a Forex broker is one of the most serious business endeavors you could ever hop into, that’s why it’s not actually meant for beginners. However, it should be something that you would want to think of from time to time because maybe, it could be the best direction for you as you get more experience and renowned as a profitable Forex participant.
