Over the past few years, forex mentorship has turned into a booming business. But behind the screenshots and success stories, something else is going on. Many traders who pay for mentorship don’t become independent — they become followers.
The Business Side of Forex Mentorship
A mentor should teach you how to trade confidently on your own. But most of what’s out there today is more about marketing than teaching. You’ll see luxury cars, big profits, and “students” claiming massive wins — all to make you sign up.
A recent Finance Magnates survey showed that about 63% of new traders join a mentorship program within their first three months. Sadly, only 8% are still profitable one year later.
That means most people are not really learning how to trade — they are just paying to follow. The mentor gets richer, and the student remains stuck.
The Dependence Trap
At first, it feels good. You join a mentorship group, get signals, copy trades, and sometimes win. But soon, you realize something: you can’t trade without the mentor’s next move.
Here’s what usually happens:
- Signals Replace Learning – You stop doing your own analysis and wait for your mentor’s signal.
- Confidence Shift – When trades go bad, you feel it’s your fault. When they win, the mentor takes the glory.
- Pay More to “Level Up” – You’re told to pay again for the “advanced” or “VIP” class.
Before long, you lose your confidence and your independence. You start believing you can’t win without your mentor.
The Hidden Game
Most traders don’t know that many mentors make more money from commissions than trading. They push you to open accounts through their referral links. The more you trade — win or lose — the more they earn.
Our short research at MyForexPips found that 11 out of 15 popular mentors earn higher commissions from affiliate programs than from actual trading. It’s not illegal, but it shows what really drives the business — not your growth, but your activity.
Emotional Control
Many mentors are not just selling education; they’re selling emotions. They make you feel part of a family, a “community.” They build trust so strong that you stop questioning.
A trader from South Africa shared this with us:
“My mentor called us his team. We followed every signal. When trades went wrong, we blamed ourselves. When we asked questions, he said we were not ready for advanced setups.”
This emotional setup keeps traders loyal even when they are not learning anything new. You’re not being taught; you’re being managed.
Real Mentors Teach Independence
Let’s be clear — not every mentor is fake. There are genuine ones who want you to win. Real mentors teach you how to read charts, manage risk, and control your emotions. They encourage you to test ideas, not just copy trades.
- You can always tell the difference. Real mentors:
- Talk about losses as much as wins.
- Focus on risk management and mindset, not signals.
- Push you to analyze trades yourself.
They want to see you trade on your own — not depend on them forever.
The Hard Facts
According to DailyFX’s Trader Sentiment Report (2024), only 10% of retail traders stay consistently profitable. If all these mentorships were truly working, that number should be higher.
The reason it’s not is simple: many mentorships create followers, not traders.
How to Spot a Real Mentor
Before you pay for any mentorship, check for these red flags:
- Promises of “no loss” strategies or “100% accuracy.”
- Screenshots of profits without showing losses.
- Constant upselling — “Join the VIP,” “Upgrade to Masterclass.”
- A focus on lifestyle instead of learning.
A real mentor doesn’t promise easy money. They tell you trading is hard — but worth learning the right way.
How to Take Back Control
If you’re in a mentorship right now and want to regain your independence, start small:
- Stop copying signals blindly.
- Practice reading market structure on your own.
- Keep a trading journal — it shows you what works.
- Don’t be afraid to make mistakes. That’s how real traders grow.
The goal is not to trade like your mentor — it’s to understand the market well enough to trade like you.
Bottom Line
The forex mentorship world is big and profitable, but not everyone is teaching for the right reasons. Some are simply running a business — and the product they sell is your trust.
Real mentors don’t build followers; they build thinkers.
And the day you stop depending on signals and start making your own trading decisions — that’s the day you become a real trader.