Jared F. Martinez (The FX Chief™) is an author, forex mentor, educator, market analyst and entrepreneur, as well as the founder of Market Traders Institute, Inc. (MTI).
Here are The FX Chief ‘s top reasons why having the right mentor will help you become a great trader.
1.Mentors have learned how to think accurately from their trial and error experiences.
As a trader I didn’t have a mentor in my life. I went five years without making any money. There was nobody I could call. There weren’t any lessons I could listen to. I didn’t even have any dealing station platform. I had to make all my trades on the telephone.
When I started trading 30 years ago, I’m talking about going through difficulty. There weren’t even any Fibonaccis. There weren’t any inner and outer long-term trendlines. There weren’t any crowns like the ones we teach at MTI. I really had no one to turn to for help.
Now, when I started my first business back in 1974, I went out and found business mentors that helped me run that business. They taught me the things that I needed to learn. And because of that, I accumulated well over $5 million in assets within 10 years.
I became a millionaire within 10 years because I had the right mentors teaching me how to become a successful businessman. It would have taken me a lot longer to achieve success had I not found a mentor.
2. Mentors are very clear on how to separate facts from mere information.
3. They have learned which facts are important, and which facts are unimportant, for their continued success and for your continued success.
4. Mentors have already made the mistakes and are skilled in not repeating them.
How many times have you made mistake after mistake after mistake? Lessons come into our life over and over and over and over again, until we finally learn the lesson. How many mistakes have you made in an attempt to become successful and you keep making the same mistake over and over again?
You see, mentors have already made the mistakes and are skilled at not making those mistakes again. The other thing that I love about mentors is that…
5. Mentors are a brain you can pick, an ear to bend, and a person who can push you in the right direction.
6. Mentors are someone whose hindsight can work hugely to your advantage and become your foresight.
The amazing thing about life is that it’s all about lessons. Isn’t it? We get up every day. And every day we have problems. Every day we have challenges. And when we don’t answer our problems and our challenges with an answer that is better than the problem, better than the challenge, guess what? The problem stays.
It continues to linger on with us and we have a tendency to struggle. I’ve learned this, people that manage their poverty and those that manage their mediocrity, but especially people that manage their poverty, they’re horrible at getting rid of problems.
Every day, poor people wake up with challenges and problems. People that manage their mediocrity, wake up with challenges and problems. People that manage their success, wake up with challenges and problems. All three categories of people wake up with challenges and problems, but it’s how we go about answering those challenging problems that sets us apart. That’s why mentors are so important in our lives.
Sometimes we have problems and challenges that we don’t know how to answer. So we need to have access to a mentor — somebody who has gone through it, somebody who is skilled that says, “Hey, I’ve already done that. Been there, done that. I’m not going to repeat it.”
So you learn from the mentor instead of you going through the cycle of trial and error over and over again, because lessons keep on repeating themselves until you finally solve the problem.
And then guess what? You get to go onto the next lesson because our lives are filled with challenges and problems. So when you can finally learn how to solve your challenges and problems with answers that are greater than the challenge and problem, then you have success.
But if you can’t answer your challenge or problem with an answer that is greater than your problem, then guess what you have? You will have the problem staying in your life, lingering. People that manage their poverty have a lot of problems that stay in their life and linger. People that manage their mediocrity have gotten a little better, but they still have their fair share of problems that stay lingering in their life.
People that manage their success well love to go home and go to bed knowing that they have solved just about 99.5% of all their challenges and all their problems, because they know that tomorrow there are going to be more challenges and more problems.
Now, here’s the next step once you learn the skill of confidently managing your problems. If you’re involved in becoming a businessman, if you’re involved in becoming a successful Forex trader, then excitement and logic may get you from A to B. But a mentor will take you where you need to go safer and faster. Think about that.
You may think you’re going somewhere, but you may be going in the wrong direction. So you need to have a mentor in your life who says, “Look, I’ve already gone down that road. I know you think it is a great road, but it’s not going to work.”
See, there’s a saying I love. It goes like this: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” When you start to go down a path that seems right and you are wanting to say, “Well, I feel safer out here or here,” remember that it ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.
You can save a tremendous amount of time when you find a mentor and you can share with him, ”This is what I’m thinking. This is where I’d like to go next.” They’re already skilled at not repeating mistakes. They’ll step up to the plate and say to you, “Don’t go down that road. I did that myself. It doesn’t work. We’re going to save a lot of time and we’re going to go down this road instead.”