Why is having a trading mentor important?
Are you new to trading and can’t seem to figure things out on your own? Or have you been thinking about going into this market as a side hustle, but don’t know the first thing about trading? No matter what level your trading knowledge is at, working with a mentor will definitely help you get a better understanding of the market dynamics as a whole. It will also help higher your chances of success.
For starters, what is a trading mentor?
Think of a trading mentor as a tutor who acts in your best interest at all times. A trading mentor is an experienced professional whose main aim is to guide lesser experienced individuals through the market and help them better understand how things work. Over time, trading mentors can help you choose a trading strategy, set timelines, map out goals, and ultimately, help you learn how to think for yourself.
The best part about working with a trading mentor is the fact that they know exactly what information to deliver to you. If you were to do the research on your own, you will get overwhelmed by the amount of information out there and probably give up due to the complex nature of it all. That is where trading mentors step in and do their part!
What to look for in a trading mentor?
Before committing to a trading mentor, you must have visibility on their previous trading record. This will help you understand their place in the market as well as give you visibility into their interests to see if they match yours.
You must not only get to know them on a professional level, but also on a personal level. The latter is essential because you must see if their personality is compatible with your goals and your way of doing things. After all, if you and your mentor are not on the same page, there is no way it will work out in anyone’s favor.
Successful trading mentors have been through all the ups and downs in the market – so they know how to help you manage your expectations. They will also transfer their learnings to you and spare you the headache that comes with surprises in this unpredictable industry.
Trading mentors will help you:
- Pinpoint your mistakes
Having a trading mentor is like having ongoing support from someone with experience whenever you need it. Working with a trading mentor is great for many reasons, one of which is they can help you identify your mistakes and give you tips & tricks on how to become a better trader. Your mentor will teach you all there is to know and will point out your mistakes along the way to enhance the learning process.
- Manage challenges
Working with a good trading mentor means that you will have someone to help you deal with losses or challenges that arise in the market. You won’t have to deal with such challenges on your own; you can discuss remedies with your mentor, who will then give you feedback based on your goals.
If you’re looking for a trading mentor but don’t know where to start, get in touch with Tradepedia today. We offer learning, coaching, and mentoring programs of different kinds. Through a series of thoughtfully designed step-by-step learning modules, methodologies, and tools, we will help you take your trading game to another level.