Most of us have heard of the term “Mentor.”

Our first impression of a “Mentor” is usually that of a successful individual who has “been there, done that.”

I’ve read many definitions of a mentor; but here’s the one that I like and identify with the most:

“A mentor is someone with more experience than you in your field of expertise, and who serves as a trusted confidante over an extended period of time.”

In that sense, a mentor is like a coach.

In this day and age, having a mentor in your chosen endeavour is imperative for you to reach your goal in the shortest possible time. Why would you want to enroll in the “school of hard knocks” when a guide is almost always available to help you along the way?

What then, are the tangible benefits of choosing a good mentor?

As endless as I think the benefits are, I’d like to narrow the list down to the top 5. In particular, because my chosen field of expertise is Forex, much of what I share comes from my personal experience in the field of Forex.

Treasure #1: Accountability

A mentor is there to ensure that you are “on target.” Many a time, we are actually clear of the task at hand, but nature sometimes takes it course and we tend to “slack off.”

A mentor serves to make you, the mentee, accountable for your tasks and goals. There must be commitment on both sides. Firstly, for the mentee to do the necessary work required and secondly, for the mentor to provide the necessary guidance so that the mentee doesn’t veer off-course.

Treasure #2: Affirmation

In the book “You Can Heal Your Life” by Louise Hay, the author recounts how scores of her clients have an ingrained belief of “I am not good enough.”

Most of them formed such beliefs in their early childhood because growing up was rough; no one took them seriously and their parents were always chiding them for doing things wrong.

One of the best gifts a mentor can give to the mentee is the gift of positive affirmation. By this I mean continuous and loving support. All of us need to know that “it is ok to screw up”, and that we can always count on someone to encourage us and support our learning process along the way.

Treasure #3: Assessment

A good mentor tracks the progress of the mentee. How would you know how far you’ve gone if there isn’t a yardstick to measure progress in the first place? Depending on the discipline or nature of the expertise, different mentors have a different way of assessing the growth of the mentee. It is with the constant cycle of action, review and evaluation that true change is initiated and cemented.

Yes, think HOMEWORK!

Treasure #4: Advice

Haven’t we all been at the place where we just felt like throwing in the towel?

“It’s too hard! and “I can’t do it!” become the standard mantra in these situations. This is where the experience and counsel of the mentor comes in.

While some mentors may be tempted to say “Yes! An elephant can learn faster than you!” (ok, I threw that one in to add a little spice), most mentors would know how to apply coaching techniques to provide the mentee with options, possible solutions and specific directions to carry on.

Mentors know that blocks and obstacles are part and parcel of winning the game.

Think Newton’s 3rd Law:For every action, there is an equal and opposite reaction.

With sound counsel and coaching, it would be no time before the mentee is up on his/her feet again and moving towards his/her desired goal.

Treasure #5: Assets

Regardless of the chosen field, a mentor is able to provide valuable assets to the mentee along the way.

Assets can be in the form of resources like a book, an audio tape or maybe even a specific contact. It is basically a solution to help the mentee press on. Without the advantage of having this quality in a mentor, the mentee can spend precious time “going around in circles” and not really finding the solution to the problem at hand.

Do you know who Nicol David is?

Nicol David is currently ranked the World Number 1 in women’s squash, the first Asian woman to achieve this prestigious accolade. She won the British Open title in 2005, 2006 and 2008, as well as the World Open title in 2005, 2006, 2008 and 2009.

Nicol has also obtained the WISPA (Women’s International Squash Players Association) Player of the Year on five consecutive occasions, from 2005 until 2009.

Outstanding achievements for sure.

Do you know who Liz Irving is?

Probably not.

She’s the coach who has managed to build Nicol into the Champion she is today. She’s the person whom Nicol turns to when she has difficulties with her strokes, her psyche, her attitude. Liz is always there to Affirm, Advise and Assess.

Is mentorship important? Without a doubt.

The same goes with Forex Trading. If you are serious about walking this path, get yourself a mentor. Not only will it save you precious time, it cuts short your learning curve, instills correct trading habits in your system and propels you to consistent profits faster.

Early on in my trading career, I was fortunate to be mentored by some of the best Forex Traders in the world, Kathy Lien and Ed Ponsi.

Among the two of them, they occupy the TOP 2 SPOTS in the best-selling Forex books OF ALL TIME.

Have their mentorship made a difference to my trading? Without a doubt.

And the rest, as they say, is history.

Friends, you become a part of who you are around. If you decide to stay in the Forex arena, make sure you get a solid mentor who can guide you along the way.

I promise you, the treasures are more than you can imagine.