There are no guarantees in the market. Many of those so-called trading guru’s you have seen on You Tube might sell you the idea that patience is key to trading, follow their strategy, change your psychology and so on. There’s one thing that most of those online gurus skip out. It’s to remind you that Trading is a complex activity. Learning to trade by yourself can be confusing or difficult.
Sure, you believe that you can wing it by yourself. Go right ahead. Sooner than later, you will likely be swimming in losses or debts, blow one account after another, and then get so frustrated that you just thrown in the towel. Are you ready to take those losses and never understand why it happened? Can your emotions handle all the disappointment?
This is the reason why you might want to work with a MENTOR.
A trading mentor is someone who can help you through the process of understanding the market. Mentors can help you narrow your gaze and get you to focus on the important things left out by most gurus. On top of the list should be risk management. If a guru does not even touch on risk management, run as fast as you can in the other direction. That is a fake guru!
Here are important things that a mentor can help you out with
- + Risk management
- + Capital Markets and Securities
- + Basics Trading Psychology
- + Trading Strategy Technical Analysis
- + Fundamental Analysis
- + Portfolio diversification
A good Mentor will of course teach you how to think for yourself.
What are things to look for in a Trading Mentor The number of views or followers on You Tube or Facebook, having a good appearance, posting all their trading profits for you to see are definitely not a good indicator of a good mentor. It only means they can sell and do excellent marketing activities. You didn’t become a trader to do those things. You came into the markets because you want to trade.
Here are the things you need to look out for when you are considering to work with a Mentor.
Does the mentor have a successful trading record? Does their strategy suit your personality, available time to trade, goals, and current financial status? (scalping, day trading, swing trading — forex, crypto, options, futures — small, medium, large trading account size)
How long is the mentorship being offered? A good amount of time for a complete mentorship is 3-6 months. Can you interact with the mentor live? Is the mentor available on viber, telegram, whatsapp, during trading hours?
Do you like the mentor’s personality? Most traders are pretty aloof or eccentric most of the time. It’s good that you like your mentor as you’re going to spend tons of time together.
Check out your mentor’s social media profile such as Linked In or Facebook to look into their activities. A mentor who doesn’t show much stuff has a lot to hide. It’s not about privacy matters, but if the mentor opens himself up for mentoring, this means he’s got to show something real — true life proof.
How can a TRADING MENTOR help you? Remember that over 95% of traders lose. Most of these traders don’t have a strategy, a risk management plan, knowledge about technical or fundamental analysis and the right mindset. These are areas that a mentor can help you out.
Successful trading mentors have gone through the learning process themselves. They have proven strategies and money management techniques. Would you rather reinvent the wheel and go through the pains of losses just to save from getting a mentor?
Imagine that you wanted to sail a boat but you’ve got no experience doing so. Would you just go out to the open sea and do it? You risk sinking your own boat. A smart way is to get an experienced sailor to do it for you as you watch and learn how things are done. After months of shadowing, you can gain more confidence and ready to try things on your own.
In this analogy, the ocean is the market. Your trading account is your boat. The experienced sailor is your MENTOR.
Save time and money! When you get started with trading, you have tons of questions…What’s difficult is sifting through the mountain of inconsistent and false data online. Another risk is falling prey to those online scammers, faulty brokers, and charlatan gurus.
All these will amount to lost time and more painfully a lot of lost money. I have spoken to one newbie trader a few years back. He said he didn’t have the money to pay for mentorship which was about $2,500 for a comprehensive program. He said that he is confident that he can wing it on his own. So he went off, traded on his own, bought a couple of EAs or robots, did some copy trading, blown several accounts, and in the process lost almost $20,000. He came back to me and said, “You were right!”. I’d like to get the mentorship training now. 2 years later. He recuperated all his losses and is now in profits. The last time I checked, he was up by $80,000. Getting the mentorship in the first place could have saved him the time and the money. This is what I am getting at.
My suggestion, get started with some reading to boost your trading knowledge. When you are ready, get into a mentorship program. Stop being a cheapskate. Learn, respect the process, and become consistently profitable in the long run. Sure, there are success stories out there where they did it all on their own. That’s not the point. Ask any of these successful traders, what sort of losses they’ve had to go through just to get to where they are right now.
For more information about mentorship, visit our website at www.hivefxsignals.com/mentorship
Facebook – https://www.facebook.com/hivefxsignals
Kim Thuý
