The markets for foreign exchange (Forex) trading are complicated, and in order to make informed investments, a significant amount of research and analyses are required. You want to engage in these markets but don’t want to risk immediate losses. The solution here is finding the best Forex traders for hire.
You can hire someone to trade Forex for you, advise you, or even offer you education and guidance throughout the trading process. A Forex mentor is an experienced trader who can provide all this and more to traders like you who are just getting started in the market.
What a Mentor Can Do for You
These mentors help you avoid common mistakes many first-time or beginner traders make. An example of this is teaching you about risk management in the Forex markets–beginners commonly lose all their capital in a single trade or early on in their trading careers. As you navigate the market, experts can help you develop a trading plan that makes sense for your skill level, expertise, and goals.
A mentor is essentially a coach that keeps you on track with what you want to accomplish, motivating you and holding you accountable. When you enter the trading arena alone, you risk feeling isolated and frustrated when you aren’t coming up with your desired results. A mentor will provide reassurance, support, and constructive feedback to keep you focused on your goals.
Working with a mentor will save you money and time, in both the long-term and short-term. Getting started on your own can be an expensive game of trial-and-error, not to mention the amount of research and analysis is all the more difficult when you don’t know what to look for and where. With a mentor by your side, you have a shortcut to reputable resources and sage advice to steer you away from poor investments you wouldn’t detect on your own.
Factors That Impact Cost
While you search for the perfect Forex mentor, the cost is a vital factor to consider. You should definitely opt for a mentor or trader whose expertise is worth their rate, and who helps you bring in a return on your investments.
The majority of traders and brokers charge based on a commission, but mentors fall into a different realm. Some mentors double as traders and can trade on your behalf in addition to offering you insights and guidance, while some may only offer advising. In these cases, they may charge per hour or a flat rate for their services.
The annual salary for mentors can be as high as $396,500 per year, and as low as $11,500. The average salary for forex mentors in the US is typically between $54,500 and $172,000. With such a large swing in range, you might be wondering what causes these costs to vary so widely–let’s dive into some factors that impact the cost of a Forex mentor.
An Individual Trader Versus a Forex Trading Firm
Mentors who work independently typically charge lower rates than those working under a larger firm. This is because working independently affords them more freedom and flexibility; they also won’t typically charge franchise fees or other costs incurred by working with a firm.
Firms charge more because they have brand requirements, specific training, and protocols to ensure uniformity among their staff’s practices and access to a wider selection of resources.
Location and Cost of Living
Where your Forex mentor is located impacts the rate they charge. In areas with a lower cost of living, they typically charge less. In Nevada, the average forex mentor makes around $45,560 annually, whereas a mentor in California makes an average of $164,107 per year. The cost of living in each of these states varies greatly, justifying the differences.
You might also consider hiring a mentor from a country where your currency holds more weight. A Forex mentor in Dubai, for example, usually makes around $24,500 USD after conversions. This money goes much further in the UAE than in the US, due to the cost of living and the value of the American dollar.
Reputation and Skill
Hiring a mentor with experience, high praise from previous and current clientele, and well-honed skills will drive up their price. It’s a classic case of supply and demand–mentors who are in high demand tend to charge more for their services. Again, you can work around higher costs by searching for reputable mentors and advisors in states or countries with a lower cost of living or where your dollar goes further.
Next Steps
Ready to start your search for the perfect Forex mentor? Guru hosts hundreds of Forex trading experts, traders, and mentors ready to connect with you. You can access their profiles, professional portfolios, and references, or even contact them directly for information. Sign up today to start your journey!
