There are numerous ways through which you can profit from the forex market, and not only by speculating on the trajectory of targeted currency pairings from across the globe.
For example, individuals with experience of the marketplace may want to create income by imparting their trading skills on others, as they establish themselves as mentors and look to guide the careers of those who are new to the market.
In this post, we’ll ask how you can successfully set up as a mentor and demonstrate your track record within the forex market.
1. Build and Market Your Skill
Even if you’ve enjoyed success as an individual trader, you may have gaps in knowledge depending on your preferred strategy and overall experience levels.
Make no mistake; it’s imperative that you’re able to successfully fill these before launching your career as a forex mentor, so that you can teach individuals who may have an alternative trading strategy and investment outlook.
Once you’ve broadened your knowledge base, the next step is to establish an online profile and start to market yourself as a viable mentor. Social media is one of the best channels through which to promote such a service, with platforms like LinkedIn and Twitter particularly helpful.
Just remember that forex trading is a results-driven entity, so you’ll need to demonstrate your success clearly and concisely if you’re to wow potential clients. Over time, you can also share the results of clients to further enhance your reputation for achieving success.
2. Recommend a Platform
We’d also recommend that your appetite for learning remains unchecked throughout your career as a forex mentor, even once you’ve filled your existing gaps in knowledge and successfully guided the careers of others.
From a practical perspective, however, we’d also suggest that you recommend a viable platform to your students, and one that’s ideal for beginners and compatible with the needs of those looking to begin their forex trading journey.
Platforms such as Oanda offer a viable example, as this licensed entity benefits from high levels of encryption and a wide range of technical indicators while offering access to a broad selection of assets (in addition to forex).
3. Create Rewarding Offers and Incentives
On a final note, you’ll also need to ensure that your service is competitively priced when starting out as a mentor.
After all, forex traders are consumed by the notion of optimising profitability, so they’re unlikely to invest in a service that eats significantly into their gains unless you’re able to guarantee an increased bottom-line (which is simply impossible in a volatile and derivative marketplace).
So, we’d recommend launching with a new client discount or similar special offer, which incentivises traders to join you and affords you a competitive edge over your rivals.
You could even look to offer an introduction tutorial for help to get new clients on-board, as this enables you to demonstrate your knowledge while minimising the risk of your potential customers.
