With so many people and companies selling courses online, it can be hard to weed out the good from the bad. Some “mentors” have never really walked the path that they promise to take you on. Therefore, it’s doubtful that you’ll be able to achieve success through their methods. One of the main benefits of the world of trading is that you can classify mentors by their proven results. There are, of course, ways to provide some false reports, but if you follow the market closely enough, a fake trading mentor can be exposed.
Setting the potential danger aside, there’s a massive upside to finding the right trading mentor. One of the main things that they should be able to provide is almost a road map to success. This is where some people get skeptical, though. The truth is, there’s no foolproof method to do anything in the world of trading. With the right guidance, however, the road can certainly become easier.
What to Look for in a Trading Mentor
The first thing to take into account when looking for a trading mentor is the type of trading that they specialize in. It doesn’t make sense to follow someone who is an expert in long-term investments when you want to become a day trader. That would be like trying to learn how to be a baseball pitcher by training with the catchers. You could certainly pick some things up here and there. Regardless, the role of these two people within the game, while interconnected, is completely different. That means that you probably won’t learn many of the basic things that you’d need for success.
Another important element is account size. This is super important when it comes to trading mentors. It’s great when you can work with someone who has a proven track record of success. However, if they’re trying to teach the basics of the trade with a larger account where mistakes won’t be as punitive, it may not be ideal. What you need is someone who can teach you tricks of the trade that are applicable to people at your current level.
This is very evident in swing trading courses, for example. With a larger account, you’ll have a larger cushion that allows you to stay put in a stock, even if the tendency turns on you a bit. That’s not going to be a winning strategy for investors on smaller accounts. Again, what you’re looking for is a trading mentor who can meet you where you currently stand.
Tangible Benefits that They Should Provide
Coaching or mentoring, in a general sense, has been filled with “generalities.” Think of the very popular “lifestyle coaches” that you may or may not follow on social media. Most of them will let you know that you can live a healthier life by exercising, keeping a good diet, and getting enough sleep. That’s not a lie, but sticking to these principles may be easier said than done for some people.
This goes back to the idea of finding a trading mentor who can meet you where you are. Once that person is able to meet you in your situation with your small account, they should be able to provide an actionable plan for you to follow. In the trading world, this could include things like stocks to keep an eye on or which to stay away from. They should also be able to point out some of the common pitfalls for people in your situation. As mentioned, one of the main reasons why you need a trading mentor is to understand the challenges that lie ahead. At the very least, they could help you not make the same mistakes they made.
It’s important to keep in mind that even with a good “road map” from a mentor, trading is hard. There are going to be bumps in that road. It’s usually better to have a path that you can follow. The alternative, in most cases, is to wander aimlessly through the ups and downs of the market. That usually leads to trading me without having any guarantee that you’ll learn anything in the process.
How Important Should Affordability Be?
This is a tough question because, ultimately, you’ll only be able to access what you can afford. It’s also true that one of the reasons why you need a trading mentor is to save money! What you pay for a trading mentor is typically money well spent if their guidance allows you to avoid the aforementioned pitfalls. The problem is, price doesn’t necessarily translate to quality when it comes to trading mentors. A personalized mentor will probably charge more than a course, but if that person can’t provide the proper insight, that’s not money well spent.
If you’re looking to get your feet wet in the world of trading, the 60-day bootcamp course here at Bulls on Wall Street can be a perfect start. The course covers different forms of trading as well as tips to build a strategy for novice traders. All of this is done while keeping things down to earth! The tips and tricks revealed can help traders of any level of expertise, but they really focus on how to build smaller accounts into trading powerhouses.