Educational: Quick Read: Trading Mentors. Do you need them?When I first started trading seven years ago, I had this idea that I didn't need a trading mentor. I felt that it was "cool" to be able to say "I learned trading on my own; I had no mentors", but is this necessarily a good thing? Should traders think like this? Are trading mentors any good? Let's talk about it..
Trading mentors are seasoned traders who provide new or struggling traders with advice, encouragement, and feedback. They can aid traders in honing their abilities, methods, and mindsets as well as avoiding traps and errors that are frequently made. Do traders need a mentor, though? And where do they look for a good one?
The first question's response is based on the trader's objectives, character, and preferred method of learning. Some traders could like independent study, trial-and-error learning, books, classes, or online resources. Having a mentor who can offer individualized guidance, accountability, and motivation may be advantageous for others. Additionally, a mentor can assist traders in overcoming psychological obstacles like fear, greed, arrogance, or a lack of discipline.
Having a mentor, however, does not ensure success. Trading needs ongoing learning, adaptability, and self-improvement because it is a dynamic and complex activity. The trader must follow the path; a mentor can only show them the way. Additionally, a mentor may have limits, biases, or conflicts of interest that could skew their assessment or suggestions. Because of this, traders should seek inspiration and criticism from their mentors rather than mindlessly copying them.
How to locate a decent mentor is the second query. This can be difficult because there are many mentors out there who assert to know the keys to successful trading but may lack the credentials, expertise, or outcomes to support their claims. Some can even be con artists who demand exorbitant prices for inaccurate or damaging information. Trading professionals should exercise due diligence and investigate potential mentors' backgrounds, records, reputations, and testimonies to avoid falling for such mentors. They should seek for mentors who share their trading philosophy, style, and objectives and who can provide a concise, doable roadmap for their development.
Traders who desire to quicken their learning curve and accomplish their trading objectives may find trading mentors to be an invaluable resource. However, traders should use caution when selecting a mentor and should not use them to replace their own diligence, investigation, and analysis.
Note:
💠Do not mistake people selling trading courses for trading mentors. Very often, individuals selling courses are selling you a system and are not actually mentoring anyone. Due to the size of their following, it is not possible for them to really mentor anyone. A true mentor is someone who will be able to walk you through the process, and you'll have direct access to them for a personalized learning experience.
💠Verified track record: It is industry standard to provide at least six months of consistency, preferably at least a year. If you are going to spend months learning from someone, you need to first verify that they actually know what they are doing.
