What To Look For In Your Trading Mentor
Strategy-they must have a trading mechanism that over time has been shown to be reliable. This is extremely important because there is continuous change in the market. They must be able to adapt and stay consistent with this transition. Be confident that your approach will fit for your style and capital base as well. The official site offers ultimate info regarding this.
Educational Ability-You can spend a lot of time with this person(s) to ensure that information can be conveyed in an easy to understand manner. If anyone is an exceptional trader but can not simplify the preparation, you will just be more confused.
Single Mentor- Make sure that you learn from a mentor who can spend time with you. You can obtain contradictory data if you have several mentors, and the learning curve is prolonged.
Group size- You would want to keep group sizes small while being mentored. You are likely not to have your questions answered or feel threatened to even inquire if you are in a trading room with hundreds of students. You’ll get a lot more out of it with a little party.
Live Trading-The mentor exchange should be able to be watched. This will give you a better understanding of how he’s trading and why. This is usually done via live online trading rooms.
Interaction-A verbal interaction with your mentor is very important. Text is good as well but many things such as emotion are lacking. In order to recognise strengths and weaknesses, they can hear your thoughts when trading. You will allow them to understand your psychology by hearing you talk in real-time.
Time spent—you can connect on a regular basis. The more time spent with a mentor, the more likely it is that you can learn quickly and effectively. When it comes to trading together there needs to be continuity. You will need to learn to adapt because the market shifts from day-to-day, and the more you experience the more you will learn.
Schedule- Make sure your schedule coincides with the mentor’s schedule. If you just have to trade with your mentor one day a week it is possible that your trading will take much longer.