Need a Good Trading Mentor? Here's How to Find One
Trying to battle in the stock market and figuring out how to become a winning trader can be daunting, especially if you're trying to go it alone.
No matter how independent you are, you'll get where you want to go faster with a little help — and that help can come in the form of a mentor.
Most successful trader/entrepreneurs will tell you they have had a mentor in their career development.
The majority of trader/entrepreneurs fail and the small few really succeed. In day trading the odds are stacked worse in your favor as 9 out of 10 day traders fail.
So how is someone supposed to win if they don't take the initiative to ask for mentorship. Very few trader/entrepreneurs tend to seek out mentors when they start trading the stock market. Their barrier of entry is simple.
All you need is a heartbeat and a bank account and boom your a professional trader.
"Hey watch me go I am going to make a million dollars trading the stock market" that is what trader/entrepreneurs say but what really happens is they lose it all fast.
So traders/entrepreneurs not seeking help is a big miss, because mentors are managers, leaders and successful traders/entrepreneurs in the marketplace who know how to succeed.
All types of traders from beginner to more advanced can benefit from the insights of a trusted source, perhaps even more so than can other traders/entrepreneurs.
"Mentors can be one of the most powerful weapons for an trader/entrepreneur, by providing guidance, wisdom and connections to secrets that take lifetimes to gain. Every entrepreneur/trader should have a mentor for obtaining the best answers to his or her daily challenges during startup and management of their business.
Although forming a mentor-student relationship must be a mutual process, there are some key factors to keep in mind as you're seeking a mentor.
What does a mentor do?
Whether you're just getting started trading or your more advanced with experience under your belt, you can always benefit from having a mentor.
A mentor can serve as a sounding board at critical points throughout your trading career. They can provide guidance and trading management you may not be able to get from other sources.
Mentors can help their students identify and avoid day trading business pitfalls, and work through the challenges ahead of them.
Mentors can also save trader/entrepreneurs valuable time and money by helping them craft a road map to success.
What qualities does a good mentor have?
At the most basic level, your mentor should have experience greater than your own and a track record of success in what he or she does.
But there are plenty of other qualities the person who is guiding your trading business decisions should possess. Doug White, career expert and editor of career and management insights website TCG Blog, advised seeking a mentor who has a strong character and traits that are worth emulating.
"Look for mentors who are authentic, empathetic, creative and honest," White told Business News Daily. "You need someone who's caring and invested in your professional growth, but also someone who will speak truth to you.
Sometimes you need some constructive criticism or a reality check, while other times you need a high five or pat on the back. A well-chosen mentor can provide all of those things."
Having a mentor in the same business area as yours may be able to better understand your trading business's challenges and concerns.
Make sure that the mentor shares a similar value system in leadership and management.
Knowing who you are as a leader is critical before entering into a mentoring relationship.
Only then can you align yourself with the right guide.
How do you find one?
When you're looking for a mentor, start by thinking about your trading career path and narrowing down a few leaders who have your dream job, or whom you admire.
"Successful mentoring relationships happen when the mentor and students are the right match," White said. "Reach out to someone you think you are comfortable with, who can be a neutral sounding board, and who will also provide great advice."
It is possible that your perfect adviser could find you by chance and offer his or her mentorship, but White said that being proactive in your search for your mentor (or mentors) is the best approach.
"Try to meet as many experienced professionals as you can," he says Once you've identified someone, "approach your potential mentor and the initial meeting as you would an interview.
Be prepared to explain what you hope to learn from the individual and why you value his or her insights and expertise, as well as what you bring to the table.
Don't take this phase lightly — you're laying the groundwork for a relationship that will hopefully last a lifetime."
MOJO University classes are limited to 30 new traders. Most traders repeat the course 4 times before grasping the knowledge provided and mastering the techniques 100%. So with 30 new and 20 returning class size is full.
It's imperative I spend time with each and every student as the new traders are in a different cycle of knowledge then the ones returning for the second, third and fourth times.
My techniques have been mastered and are very teachable. To date, over 300 ProTraders have graduated from trader status and completed the MOJO courses. You too can get some MOJO and take your trading to a whole new level.
I would gladly welcome the chance to become your trading mentor and coach.
The polls you see here were taken by students in last 2 classes of MOJO University. The polls were done anonymously so the students could input answers without being swayed in their decisions.
Out of the 30 students 4 said it was worth 10X what they paid and 26 said IT'S PRICELESS.
That should scream at you..."Hey let's go what are you waiting for...MOJO is the best".
See more about the next class of MOJO University being offered on June 5th.
Watch my webinar from last week you'll learn a bunch about day trading and swing trading.