Beginning with a clear understanding of what constitutes effective mentoring will allow you to evaluate whether or not the idea of having a trading mentor is practical and eliminate any obstacles.
A professional futures trading firm provided me with a solid foundation upon which to build my trading skills.
Mentoring advantages?
- Skill development: knowledge that can’t be found on Google or Youtube. (More on it in a minute).
- Constructive criticism: you may understand something in theory, but you will likely botch the execution. Imagine a golf instructor giving you pointers on how to improve your swing. You may argue that “it’s coaching,” but that’s splitting hairs. If you want to make a real difference, though, you’ll need input from others to show you where you’re missing the mark and where you can improve.
- Real-world training: In addition to financial trading, this paradigm has been shown to be effective in a wide range of other arenas as well. You’d like to watch a trader in action in real time. Learn through observing and trying to duplicate.
- Incubation period: There must be a long enough “incubation period” for you to develop. It can’t be completed in a month.
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More on Having A Trading Mentor
A common follow-up to “You don’t need a trading mentor” is “prepare to spend years before you reach profitability.” Just so long will professional trading firms keep a trader on staff.
They hasten one’s growth, though, by providing instruction, guidance, and exposure to seasoned traders and cutting-edge trading techniques.
It’s not on YouTube because you need to sign a nondisclosure agreement before working for a company.
My background is in the stock broking and asset management industry, where I traded on behalf of a book of clients.
Surrounding yourself with people who are trading similarly across different asset classes is a great way to learn. These jobs call for a wide range of credentials, so rest assured that yours are up to par.
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As compared to the expertise and experience one could get trading with a firm that specialized in intraday futures, this was merely a starting point for successful intraday trading.
Those who insist “it’s all in your head” are also wrong. Lack of trading knowledge (the game, the odds, the edge) and a lack of trading expertise (no edge) can lead to emotional and mental distress.
You won’t see better trading results by focusing on the effect rather than the reason.
A learning curve can be sped up considerably with the help of a trading mentor who can provide services on par with those of a professional firm.
Yet it will cost more than average, so in practice, not everyone can afford it. On the other hand, investing in subpar mentorship is wasteful and could set you back.
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