Finding a good mentor can be challenging. Especially with YouTube and so many trading courses to choose from. Before you dive into trading alone or picking someone based on the glitz and glamour, here are 5 things you need to know to finding a good mentor.
1. Process Over Profits
So many traders get sucked into wanting to learn from someone who seemingly huge gains all the time. It's easy to go on Instagram and Facebook and look at high profile traders with big houses, cars, and huge trading profits. We see it everywhere. While it may look great you have to question the lifestyle. There are many scammers out there and sadly it is not always easy to tell the difference between demo profits and live trade profits.
Before you get sucked into the big baller profits, question how they got the profits. You are seeing the end results, but what about the beginning process which is the analysis. Are they showing their trading system and the steps they took to achieve the big dollar signs they are posting so proudly? Trading is not about the profits because everyone one profit goals are not the same. If you get stuck on the money, you are entering into Forex trading for the wrong reason. Instead, find a mentor who focuses on the process of trading which will help you achieve the profits you desire.
2. Pick A Mentor Who Fits Your Schedule
Your schedule will vary if you are a full-time student, worker, parent, or have a busy soical life. Finding a mentor means finding a trading system that fits your schedule. When I speak to many traders, their schedule is either not flexible or they work long hours. They are left alone to figure out how to make trading work for them around thier schedule. That is kind of hard to do when that is not the new trader's field of experience. It is like going into work and the boss telling the employee to choose their own schedule and learn the job at the same time, however, their pay is based on their performance. Trading is no different.
You need to find a mentor who can help you trade based on your lifestlye. Please keep in mind this is not the mentor's job, but a mentor who cares will go the extra mile to help you succeed in this business.
3. Find A Mentor Who Chooses You I know this sounds weird, but follow me for a bit. Have you ever went house or car hunting and when you finally step inside the right one you can just feel it? Well, that is what choosing a mentor is like. If you feel that spark, your mentor will too and they will go to bat for you. When a mentor chooses you they choose to help you every step of the way in your trading journey. I've spoken to many traders who say once they join a course or trading company, they never hear from their mentor or sponsor again. They have to rely on trading videos. While that may be fine at first, videos don't answer any additional questions you may have. Find a mentor you can always contact. Besides, you are paying them to teach you.
4. Pick a Trading System That Fits Your Lifestyle
It is important to understand that when you pick a mentor with their own trading course that you are trading their personal trading style. However, there are a few mentors who teach geared to traders as individuals. What does this mean? Some trading systems are built on strategies. You have may have heard of day trade strategies, swing trade strategies, or strategies geared towards time sessions. While all of these are ok it is very subjective and broad. We will get into that in tip #5.
Picture the type of trading lifestyle you would like to live. Picture your trading routine. Can you picture yourself in front of your computer for several hours at a time looking for a trade setup and then you are done? Maybe you can see yourself trading for 2-6 consecutive hours holding your trade for a day or two at a time. Or maybe you'd like to trade for a minutes throughout the day and hold your trades for a few days, weeks, or months at a time. You have to pick a trading system that is tailored to your liking. With that however, you need to understand what type of trader you are? Is it a day trader, intraday trader, or swing trader,
Take the SFLX Trading quiz to figure out what the of trader you are today.
5. Find A Method Not A Strategy
Last, but not least, it is important to find a mentor who can teach you simple methods of trading and not just strategies. This leads us back to tip #1. Strategies are great for traders who know how to properly read a price chart. Trading methods are great for traders who need help reading a price chart and combining rules that are specifically tailored towards them as an individual trader. A lot of strategies don't work for traders because they use them as quick fixes to solve monetary woes. This is a quick way to end a trading career. Find a mentor who can teach you how to properly read a price chart, prepare your trading mind, and focuses on risk management.
Well, that's it. I hope you enjoyed these 5 tips. Take it from me, finding a good mentor early in your trading career is vital. If you are looking for a good mentor, join SLFX today. Become apart of a trading community that is built on helping you succeed in the Forex and makes trading work for you according to your trading needs.
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