Learning to Trade: Using a Fee-Based Trading Mentor or Trading Coach – Part 1
The fastest way to learn the most about trading in the shortest amount of time is to find a mentor you trust. And stick by their side for as long as possible. However, most beginning traders simply don’t have the kind of connections that would enable them to find someone willing to take a chance on them for free. The next best thing then is to use a fee-for-hire trading mentor / coach.
Obviously, if you’re going to spend your hard earned dollars on a coach, you want to get the most you can for each dollar you spend. Ironically, fee-based trading coaches are most efficient for the trader AFTER they’ve already stumbled around a bit in the markets, coming into a trading training program a bit battered and bruised both psychologically and in their trading account. Someone who has been humbled at bit by Mr. Market is going to be a lot more open to learning since they’ve realized that trading is a very very hard endeavor.
The Absolute Beginner
The absolute beginning trader (someone with less than 3-6 months experience) will do best if they’re prepared to do TWO or THREE passes through a fee-based trading mentor’s program. The first pass will allow them to get the basics and create a road map and physical and psychological infrastructure on which all future learning can be based. Walking out of this first program, the absolute beginner will, at best, be a break-even trader. Anyone who has been in the trading world a while will tell you that a beginning trader who is consistently breaking even on their trades should consider that a large victory – not losing money actively trading is not an easy task. But, the experience in the weeks and months after the first training program will be invaluable when going through the program the second time around. Nuances that escaped the absolute beginning trader will suddenly be extremely clear – the trader will wonder how they could have possibly missed them the first time around.
“Ironically, fee-based trading coaches are most efficient for the trader AFTER they’ve already stumbled around a bit in the markets, coming into a trading training program a bit battered and bruised both psychologically and in their trading account. ”
The Transitioning Trader
Fee-based trading mentors are best utilized by traders that are teetering on the border of profitability. These traders are usually the ones who have developed enough experience, discipline and HUMILITY in both their trading and lifestyle to be receptive to a coach’s guidance. No trading coach can guarantee profitability but the transitioning trader has the highest potential of getting there in the shortest period of time. In the fee-based trading coach world, time is truly a precious commodity since every second is being paid for. (It is one reason we have created our small group program and limited it to a maximum of 3 hours a week – we want to make sure that our traders have the highest probability of success in the shortest time investment possible.)
Saving Time With A Trading Coach
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The Experienced Trader
The experienced PROFITABLE trader is the one who is least likely to need a trading coach but is the one more likely to see one out! The characteristics that a profitable trader has developed, the ones that have made them profitable are the same ones that motivate them to seek out new trading mentors. The constant need to seek out new ideas, question existing ideas, humbly admitting that they have no idea what the market will do next – these are some of the characteristics that lead an experienced trader to seek new knowledge. They will take the guidance of a trading mentor and mold it into something uniquely theirs.
Old-timers can make the best trading coaches!
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In part 2 of this multi-part article, we will discuss the attributes you should consider when selecting a fee-based trading mentor. In the meantime, we would be interested in understanding your experiences with fee-based trading coaches and mentors. So, leave us a message below or send one via email or our Contact form.