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Going it alone is never easy and it’s seldom fun. There is nothing harder than trying to climb a mountain alone and unaided, which is pretty much what you are doing if you try to trade binary options in a vacuum. Odds are if you have been browsing around for trading products, you have discovered that there are professional traders out there who are offering their services to fellow traders in a mentoring capacity. These traders generally charge a premium for a package which includes direct counseling (usually over Skype, telephone, or another chat or VOIP service) as well as members-only trading resources.
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A trading mentor can help to give you direction when you are lost and keep you focused when you lose your concentration or become discouraged. Do you really need a trading mentor? And if so, how much should you be willing to pay for one? Are all these services legitimate, or are some of them scammers? Is it really worth it to pay someone else to teach you how to trade?
Finding Legitimate Coaching Programs Trading mentors come in all shapes and sizes. Some will follow your trading closely on a day by day basis, while others may offer assistance at a distance, agreeing to be accessible if you need something, but otherwise leaving you to your own devices. Best binary options trading. Many will leave it up to you how you want to approach the mentorship program. Some, but not all mentors, trade for a living.
Others make most of their money through offering their mentoring services. “But wait—why would I pay someone to teach me how to trade who isn’t even making a living trading? 
” There are two schools of thought concerning programs like this. On one hand, some traders look down on mentors who make their living principally through teaching.
Others however point out that (many of) these mentors know trading inside and out and are fully capable of teaching others to trade for a living. These teachers may be capable of trading for a living, but teaching may be their greater gift. There are scams among mentorship programs, just as there are among trading systems for sale and signal and alert services, not to mention brokers.
That does not mean the majority of coaching programs are fraudulent however or a waste of money. Sadly, a lot of traders come out of these programs still failing to make a living trading, and may blame it on their coaches instead of on themselves (where the blame is ultimately due). This can make it rather difficult to figure out whether a program is legitimate or not.
You can however use some contextual clues to make a determination about the legitimacy of a mentorship program. Here are some tips to help you decide: • How informative are the reviews? Do the negative reviews list specific negatives, and do the positive reviews list specific positives? Do the negative reviewers take responsibility for their own failings, or do they cast all blame on their mentor? • Are there any free materials offered by the trading coach? A lot of trading coaches will actually make a large portion of their materials available without any charge.
Many will offer free eBooks in return for newsletter sign-ups. Some may be active members on forums and regularly post their trades or trading ideas. Check out any free materials you can locate; they offer you a preview of the quality you can expect from the rest of the program if you join. • How accessible is the trading coach? If you have questions, can you get in direct contact with him or her? How forthcoming and helpful is this person? Is this the type of person you would trust with your money?
Challenge: Banks, brokers and dealers in the forex markets allow a high amount of, which means that traders can control large positions with relatively little money of their own. Play on the stock exchange forex trading.
Other Selection Criteria Obviously you want your trading coach to be legit, but that alone is not the sole criterion you should be using to select your mentor. Best forex indicator. Your mentor, if you choose to have one, needs to be able to help you with your trading. Not every mentor or every program is right for every trader.