6 Tips for Picking the Right Trading Mentor
Working with a mentor will help you to become a better trader and investor—no matter what type you choose or where you find them. In the seminal investing book Market Wizards, legendary trader Paul Tudor Jones recounts how he learned his craft by standing next to famed cotton speculator Eli Tullis and watching him trade.
Phillip Konchar January 23, Just like any other skill, learning to trade on the Forex market may be a daunting task at times. A Forex trading mentor should be an experienced trader with the necessary knowledge and know-how to successfully trade the markets. A trading mentor can significantly improve your trading performance.
Not ready in the sense of your market knowledge or skill level, but ready in terms of your ability to be open to new ideas, suggestions, and even criticism. By definition, a mentor is someone who has more experience than you do in a given area.
Much of that experience may be vastly different from your own. In short, if you go down this path, try to be humble and open-minded. One place would be your local investing group.
Most cities have groups that meet regularly to talk about trading, investing, and the stock market in general. These groups often have long-term members with deep market knowledge and varied backgrounds who are more than willing to help less-experienced traders.
How to Select the Right Forex Mentor for Professional Courses There are many professional traders in this industry, but not all of them can be your mentor.
Whether in person or online, remember that a trading mentorship is a relationship, and like any relationship, it takes time for it to develop and solidify.
Instead, identify someone who provides value on a regular basis.
Listen to them. Get to know them.
You can try to learn different strategies by reading books, taking classes, or watching videos online. But you get what you pay for when you DIY. That said, the quickest way to cut down the learning curve is by hiring a stock market mentor.
Then, as you begin to develop a rapport, ask if you could talk in a bit more depth about their trading experiences, whether over a cup of coffee or in an online chat. Remember, not everyone is interested in being a mentor. Just see if you can find someone else who might be better suited for that dynamic.
What About a Pro? In fact, there are some clear advantages to this approach.
And although they may have a lot of practical knowledge, they may not be good at teaching. In the end, no matter what type you choose or where you find them, working with a trading mentor will only help you to become a better trader and investor.