Stock trading is a field where experienced investors reign supreme. Experienced investors have a better chance of making profits. In contrast, beginners run the risk of losing their assets and money. To give them a chance to succeed, some experienced traders offer mentoring. For an investment to be profitable, it is crucial to have the knowledge, network and skills to develop the right strategies.
Moreover, each stock market sector has its own fundamentals. There are many different market analysis. All traders invest differently, regardless of the type of asset (forex, commodities or stocks).
It should also be noted that trading requires a certain mindset. We recommend you ensure you’re advised and supported by someone who has experience in trading.
It is possible to learn trading on your own through books and the Internet. However, this is a long learning process and some practices are difficult to understand. It is also possible to entrust your investments to an online broker. However, this requires absolute confidence in the person and their ability to make your money grow.
The solution adopted by many beginner traders is mentorship. A mentor is a seasoned trader with many years of stock market experience. He or she is also a successful person who is willing to share the secrets of success. As an active trader, he or she can help you with every step you need to take to limit your mistakes and speed up your learning process.
Having a mentor helps you to learn about trading more quickly. This person can also help you channel your efforts and energy. He or she can guide you when you need to make a decision and alert you to potential opportunities or risks. His or her expertise and mindset can also serve as a guide for your learning process. Indeed, trading requires a great sense of analysis, patience and rigour.
Although coaches and mentors have certain similarities, they have distinct roles and approaches. Coaches are usually paid for their services. They are professionals who transmit certain knowledge and who offer support for a limited duration, usually until the objective is reached or the problem is solved. Moreover, coaches have not necessarily personally experienced the issue they are hired to address.
On the other hand, a mentor serves primarily as a role model and guide over time. His or her guidance tends to last several years. In addition, a mentor passes on his or her experience and knowledge for the pleasure of helping you discover your potential. A mentor generally provides learning for free or in exchange for goodwill. The great advantage of a mentor in trading is that he or she has necessarily had to address the same issues you will face.
A coach's main goal is to help you to surpass yourself and find your own solutions.
Finding a mentor can be difficult. To make your search easier, carefully identify the area in which you want guidance and support. You can find a mentor in the three main areas of life: business, wellness/health and psychology/relationships.
Also, consider your profile to know the type of mentor that will be able to help you reach your goals more easily. For example, for someone who wants to become a seasoned trader in the stock market, look for a mentor who has been active in this sector for several years. The key is that you and your mentor share the same values. Mentors are passionate about their activities and that they do it for a living.
Nowadays, there are many trading enthusiasts on the Internet. This is mainly due to the fact that it is possible to trade online. However, your relationship with your mentor should also be strengthened in real life to create a special bond. Therefore, it is highly recommended to participate in trading group meetings to facilitate your search for a trading mentor.
Note also that opportunities to find a mentor can arise at any time: a chat, a workout, a parent-teacher meeting... In any case, it's essential to know how to approach your mentor in order to create a bond. A personalized approach and added value (e.g., exchange of services) can earn you a mentor's goodwill.
In any case, to make the right choice of trading mentor, remember that he or she must also know how to listen, be serious and without prejudice. In addition, the most important thing is to establish a relationship of mutual trust.
It is not easy for everyone to find a trading mentor. Not all seasoned traders consider taking an apprentice under their wing. Making such a connection with a stranger can be risky. But with the current rise of social trading, trading enthusiasts now have a great place to meet. Indeed, social trading platforms bring together communities that are more conducive to exchange.
The main purpose of these sites is to create links between experienced traders and those who are new to the field. In addition, these platforms are real social networks.
If you are struggling to find your mentor quickly on social trading platforms, you can still benefit from copytrading. These sites allow you to make a selection of the most active and successful traders on them, so you can analyze and copy their strategies.
Thus, it is just like copying a mentor. In addition, these platforms offer top trader rankings and plenty of sharing, commenting, like and chat room features so you can accelerate your learning.