If you're thinking about getting into trading, just know that the money you might lose trying to figure things out on your own can add up quickly. It could end up costing you way more than hiring a mentor or teacher right off the bat.
A good mentor can break down the basics for you, showing you what really matters and how to approach it all. Plus, they’ll share their own experiences, which is super valuable.
Making mistakes early on in trading can really mess things up for you. With a mentor, you can dodge a lot of those big traps that could end your trading journey before it even starts.
Definitely, having a mentor will boost your trading journey up to a certain percentage.. that's because you will have someone to guide you through the early stages of your trades till you get to that level where you know how to manage your own trades.. again, you should not just have any mentor, but someone who has been profitable on the long run.. don't have a mentor who has some more loss than his wins...
Did you get a mentor when you were a newbie in trading and that helped you so much or you did not get a mentor and you regretted it? I just want to know if it is what you experienced that is making you to post this.
I did not have a mentor but I lost money in trading at the beginning before I know I have to be very careful with my money. Trading is very hard to make money from at the beginning.
But having a mentor does not guarantee that a trader will not still lose money. Trading is about experience and not just only about knowledge. Mentor will provide you knowledge but you will need to know many things on your own if you want to become a good trader.
I will say personal experience and then the experience from others. Personally, I had a guide, so during my early days, I did not experience any loss bigger than the amount that I spent in paying the guide to learn under them. From the experience of others, I know traders who I can now call very successful in trading, and some of them will, at any time they have an opportunity to discuss it with me, recount the losses they made early in trading and how that could have been avoided if they had proper orientation about risk management before they started trading.
A mentor will provide you with more than knowledge. They will share with you some of their experience; it does not mean that you will still not have your own experience, but the experience from your mentor as the added bonus to knowledge from them will help you.
The role of a mentor in any aspect of life can not be over looked and it advantages not only limited to trading alone but every other aspect that we choose to chase activities most especially money generating activities be it business, investment or trading, having a mentor will save the individual from possible incidence that can burn them out of motivations if there is no mentors their are looking up to, so I agree with the whole points you mentioned about the need for a mentor in trading.
Although many traders here in the forum leant trading on their own without the help of a mentor, including myself, I never pay anyone to learn trading all what I learn here in the forum, I always practise them with little amount I can afford and loses occurs in the fast time, but as time goes on and I learn from my mistakes, I was able to adjust to place myself on more profits compared to my loses right now, so while some need mentors, others may survive through without a mentors, it all depends on the approach each of us adopted from the beginning.
Having a mentor in trading is very important. A person with a mentor has an edge already over a person without any. A mentor can help you reach and achieve your goal faster if youre able to learn and avoid some certain mistakes he did to have prolonged his success in trading. A teacher, guide or mentor have something in similar which is to teach to make sure their student understands better.
A mentor may not determine how much you can make or the limit to which you can be successful at trading. You need to put in your best efforts at trading and making sure that you do all it takes to make your trading experience a success. A mentor is just a catalyst but it doesnt tell how much you could be or become after exploring their option in your trading journey.
It is very difficult to find a good mentor, except if he is your friend or relative. Everything that can be found on the internet is usually cheating when a stolen trading course is sold for little money. Therefore, it is necessary to focus on self-education, which will be more useful in any case than if you give your money to a crook.
Those who are privileged enough to have a mentor, teacher or guide at the beginner level are very blessed because of the endless opportunities that awaits them which you have already highlighted. However, it is not for everyone. For some reason some beginnersay not even have this opportunity. I am an advocate for learning from your peers informally. Belonging to a thriving and helpful community would always trump anything else in trading particularly at the beginner stage. Everyone is asking the right questions and having their peers who have had that experience or been in that situation put them through. That's it.
A mentor helps you to avoid the mistakes they made as learners.;
A mentor can make to learn faster and succeed than your colleagues;
Without a mentor, you can also learn but you could make some avoidable mistakes;
However, having a mentor is not the ultimate, rather being willing and able to learn and be committed over the time.
Instead having one mentor, I'll prefer to have two teachers. I like learning from more than one source.
People do not learn anything from birth. It is not that there is nothing to learn in trading. Rather, new traders have a lot to learn in trading, new traders will lose money without realizing it at first. In the first case, if the cow loses, his desire or interest to become a trader will be lost. If there is a teacher, guide, you will be saved if you have small mistakes.
You are very right. Those that are good will bill the person except they are relatives. What that is mostly important in trading is to learn about risk management. It is not long to read and I do not think it can take more than 10 to 15 minutes to read. Having a mentor is not necessary. Many mentors are seeing money from the people they are teaching and not actually from trading. Some have huge amount to trade with which helped them. A mentor that if have small amount to trade, he will also be losing.
I still remember there's a so called professional trader in my country, he sell a subscription to join in his private group for trading. He give e-books, trading signal, risk management etc, but there's always a sentence "trading is high risk, we're not responsible for your losses".
But, after few months, I know that he's just a liar.
His signal tend to lose than win, he said to use 20%-30% to invest in cryptocurrency, but he actually use almost of his money to invest in cryptocurrency. When his signal went true, he will spam and make him looks smart, when his signal went false, he will hiding in basement and come back tomorrow.
It is good if you can learn knowledge and also shared experience from others. If they told you about mistakes in the past which cost them a lot of money, it is valuable lesson to pay more attention on. If they only share about success, don't trust them because this market is not rosy and all people have to learn with some lessons and losses, just small or big.
Mistakes in trading can end your trading career anytime if you have bad capital management by using all money for trading. You can lose all your capital as a newbie or senior trader.
A good capital management will help you control your capital better, reduce risk impacts on loss severity of your trading and whole capital.
Mentors should be like a teaching hand and don't enforce their vision on their pupils.
And the risk-management is really important - with it, you will learn and have the ability to learn in the future, because the part of your deposit will be with you still.
Guides may help, but practice is the best teacher, in my opinion.
No matter the info you will read and process, it needs to be put to the real circumstances.
It's great to be able to have at least one, but a good one
And the one who would be able to listen and study for good.
Most out there would just suck your bags dry for nothing.
Trading is not hard, it's very simple. All you have to do for successful trading is to buy at a low price and sell at a higher price. To be fair, I think that you don't need a mentor because what can a mentor teach you? You have to gain experience yourself. Watch the market for months, for a year, and make your predictions but don't bet your real money or bet what you can afford to lose. I think that practice makes perfect, over time you'll know when to trade and when to hold and rest.
Btw my biggest suggestion for you is to have control over your emotions. This is one of the most important factors in trading but keep in mind that you also depend on luck. No skill or emotional control can help you profit if luck is not on your side. You are not a whale, so you can't control the direction of market, you are a fish in ocean full of whales, so you need to swim behind them, not in front of them because they'll eat you.
We could say the results are much better when we have the right people guiding us. Those who can afford to spend money and get a mentor have an advantage because, lets face it, trading isnt that easy to do correctly. Sure, there are a lot of tutorials online and a lot of people showing their skills on YouTube for us to learn, but theyre still not enough to make us really skilled. That is why, whether we like it or not, having a mentor makes learning faster. But of course, we wont get everything from thisexperience is still what matters most. Which is, I would say that we don't have to be afraid of taking risks and losing money if we want to learn something new.
I also had a negative experience of participating in such a closed signal group. And before buying access to the paid group, I very carefully monitored the signals in the free group and there almost all transactions were closed with profit. Subsequently, I realized that the channel owner simply removes the wrong signals, leaving only those in the group that brought profit.