How To Get The Most Out of a Mentor While Day Trading

How To Get The Most Out of a Mentor While Day Trading

How To Get The Most Out of a Mentor While Day Trading 1024 546 Steven Dux

Is hard work & commitment

…enough to become a successful, full-time day trader? Or do you need luck or some other form of secret ingredient to achieve your dreams?

The answer to both of these questions is… NO! Ever since I started my Investing for Beginners series, I’ve received a lot of questions from new traders asking if they should learn how to trade themselves via blogs//books/YouTube… OR if it’s better to get a mentor. Does learning by yourself work? The short answer is, yes; kind of! But the long answer is a bit more complex and will explain to you why getting a mentor is a better way to learn to trade (whether this will remain your side hustle or you want to be a full-time day trader).

For a beginner, some of the things that are the hardest to figure out are what you need to know before starting, what to do when you actually start trading, where you can find appropriate information for learning, and the best resources to find these.

Where do you even begin when...

there is so much overwhelming and conflicting information out there?

How are you even sure you're...

on the right track?

How do you make sense of all...

the information out there?

If you’re reading this, you’ve probably just entered the world of trading and are wondering if you should work with a mentor.

Or maybe you’ve been doing this for a while, got frustrated, and been contemplating getting a mentor because you are losing more money than you are making. It’s a fairly common dilemma that plagues all kinds of traders. On this blog, my YouTube channel, and my other free resources, my goal has always been to provide you with the best and most helpful information. However, there comes a point in your trading journey when free online resources just aren’t enough.

They just don’t take you over the edge to the point of absolute success. They can only steer you in that direction. At this point, you almost certainly need a mentor.

When I started, I

began with self-learning too

Does self-learning work? The answer to that is yes. But the amount of time, dedication, and effort required are very high. And now, as I look back, I wish I had gotten a mentor sooner. In fact, a lot of traders don’t work with a mentor for way too long, and then it takes them forever to find sustainable profits. What stops them, more often than not, is the perception that most “mentors” out there are going to “scam” you. 

Trading itself has the reputation that it is a scam so it’s no wonder people don’t trust most mentors. And I completely understand this. It’s not easy deciding who to trust. There’s so much bad advice. A large amount of it is pointless and misleading. Most people assume that any trader who is successful will not teach you their secrets. Which is not true at all. A good mentor is happy to guide you because of their passion for teaching and giving back to the community. 

A mentor shortens your learning curve as you’re guided on what to look for instead of chasing everything out there.

But that is just one of the many reasons why you must get a mentor. Here are 5 other reasons why getting a mentor for trading is a good idea:

1.

Trading is a Legit Career, So Approach it Like One!

Before starting any new career, most people go to college or university to study it. That’s the best and most logical path to starting any career and becoming good at it. Learning from teachers is the norm and we know it works. Then why would we treat trading any differently?

Whether you aspire to be a full-time day trader or take it as a side hustle, it is a full-fledged career that requires your full concentration, effort, and dedication. Contrary to popular belief, and contrary to what you see on Instagram, trading is not easy. It takes a tremendous amount of learning and research.

2.

A Mentor Doesn’t Just Teach, They Inspire & Support.

Day trading is a difficult, lonely profession. You can spend hours in front of your computer losing motivation if you don’t have the right mentor. To make matters worse, the world of trading is infested with scammers who are out there to take you for a ride.

Dealing with any of them will bring your motivation down to zero.

The right mentor will not only give you the knowledge required for trading but continually inspire you to stay motivated. And even after a mentor has provided you the required knowledge and inspiration, they are a source of constant support that’s required in this field. A good mentor is a friend and someone who will steer you where you need to go.

3.

A Good Mentor Provides You Only High-Quality Information.

The most important thing that you will do in the beginning is to put together your knowledge base. What you learn by studying is something no one can take away from you.

Your knowledge remains a part of you, irrespective of the situation of the economy. With this mindset, no matter what happens you have the skills to rely on (always!). But it is so hard to find this knowledge for free on the internet because there is just so much of it. Not all of it is good. In fact, most of it will send you down the wrong path.

There is a lack of good advice out there and it is scattered across the internet. You have to browse through so many blogs and take so many courses before things begin to make sense. To navigate through this sea of information (most of which is pointless) takes months if not years. And then you need to figure out which parts of this information you just gathered are actually useful! Working with a mentor helps you do that much more efficiently and much faster. Therefore taking you towards sustainable profits much quicker.

4.

You'll get access to patterns that actually work.

I’m sure you’ve stumbled upon some free day trading patterns on the Internet before, right? Let me tell you the honest truth: they don’t work!! You won’t find patterns that work on the Internet for free. Most people who make it big in trading are those who have put in the work for hours and hours and also worked with a mentor. They don’t rely on patterns that are easily available. 

These patterns are free purely because some traders think they can mislead beginners into falling for it and start trading with real money. This leads to more money in the market, making the opportunities better for those who do it right.  So where do you find patterns that work? A mentor! A good mentor has invested years developing and perfecting their knowledge of patterns.

They can guide you toward using the best ones! I consider a pattern to be worthwhile only if it gives good results more than 65% of the time. These types of patterns cannot be found online, or in books, or anywhere for free.

Finding such patterns takes time and experience. When I created the Freedom Challenge, one of the objectives was to share exactly this type of experience with students who are serious and willing to commit to trading. With them, I discuss in detail how to make complete use of effective patterns to their advantage. The skill to comprehend patterns is not acquired suddenly and definitely not from a list you find on Google. You need real experience and mentorship.

What To Look For When

Choosing your day-trading mentor

There are a ton of mentors out there claiming they can help you become rich quickly, can make you a full-time day trader overnight, and make you super successful… 

But how do you believe them?
How do you know a mentor will be worth your time?
What are the criteria you should check?
But how do you believe them?
How do you know a mentor will be worth your time?
What are the criteria you should check?

Experience

When you’re looking for a mentor, find out how much experience the mentor has and if they’ve been live trading for some time. They may be showing off their wealth on Instagram, but are they truly successful in trading?

You must dig into that. If they don’t have a proven track record of being a full-time day trader themselves, they’ll never give you the guidance you need.

Community

Like I said before, trading can be a lonely profession. But it doesn’t have to be that way. A good mentor will give you access to a community of like-minded, serious traders who have goals and a vision that aligns with yours. The path in the first year is rough; there are lots of ups and downs. A community is a great source of encouragement, so don’t think you have to walk this road alone. Look for a mentor who doesn’t just teach but also nurtures an engaged community and believes in the people they help.

Transparency

Truly successful traders will be honest about their earnings. Identify someone who doesn’t just brag but can back up their claims with numbers. We don’t want to fall for the claims of someone who just talks fluff and has no substance. Going for the wrong mentor can be detrimental to your career so be sure they’re super transparent about their own career. They should be someone who verifies their trades with a platform like Kinfo, not just focuses on a few student success stories.

And always avoid “experts” who only share flashy pictures of their perfect lifestyle, never sharing real, valuable advice that can help you make the trades you need.

Live Trading Access

This is something most mentors don’t talk about. A lot of them will provide techniques and theoretical knowledge but not be around to personally support their students. It’s something I’ve always found lacking when I considered getting a mentor myself. My students don’t just get the array of services that my course offers but also direct access to me. Having had the experience and success in trading, I consider it my privilege to share my knowledge with students who are willing to put in the work and commit to their success. Not only that, on my site, I have a Members Only area, Chat Room, Watchlist, Analytical Reports, and Live Trading. We have a thriving community of like-minded, driven traders who support each other.

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