It is no secret that a trading mentor is integral to finding consistency. There is no reason to try to figure out something as difficult as trading all by yourself. With the internet, there is no excuse to make all the mistakes yourself instead of learning from others and shortening your learning curve. When you look for a mentor, it is critical to understand what to look for and HOW to use one. Most make 2 common mistakes when using a mentor. And this is often the reason why so many traders fail despite investing in trading education. Here the 2 most common ways traders incorrectly use their trading mentor:
Copying Their Trading Mentor
Most new traders have this mindset about joining a trading service: “If I do what he does, I will have the same results, and make money.” This couldn’t be further from the truth. Copying a successful trader’s strategy and trades will NOT make you money consistently. Here is why:The reason Kunal is a successful trader is because he has created and refined a trading strategy suited to his personality and lifestyle. He has personalized a trading strategy that can consistently make him money. He is a momentum day trader that likes to make trades that take just a few minutes. The strategy does NOT work for everyone and many of our students have struggled because they have tried to copy his trades when they are in our chatroom. When you copy someone’s strategy/trades you are missing crucial information about what will make the trade successful or not. You do not know their risk tolerance, how much money is in the trade, or their entry or exit strategy. Your timing will be off to. We share entries and exits so you can see our thought process and understand how we manage trades and our risk. What you need to learn from a trading mentor is HOW to create a profitable strategy suited for YOU. We will show you patterns and strategies that work, but it is up to you to refine it and make it work for your personality and your lifestyle. For more tips on how to find a trading niche, check out this article here.
Underutilizing Their Trading Mentor
Believe it or not, in every single trading boot camp there are people who don’t engage and ask questions even though they are struggling. In every trading chatroom, only 10% of the people in the chatroom are conversing and sharing ideas. The other 90% are just sitting around waiting for someone to throw them to spit out a hot pick, or they are too scared to ask questions because they don’t want to admit they are struggling. When you pay money for trading education, you cannot be afraid to ask questions and admit that you are lost. Many are scared to admit they are struggling cause they feel like they are one of the few that are losing money. In a chatroom, it’s easy to feel like that everyone is winning and you’re the only one losing. The reality is the opposite. This is a game where 95% of people fail. In every trading community, there is always a group of individuals who are struggling. There is not a single chatroom out there where every single trader is profitable. You can message Kunal, Szaman, or any of the other successful traders in chatroom whenever you want. You can even call or text Kunal. If you cannot reach your mentor by phone, he’s not really your mentor. We are here to answer all of your questions. If you have a major issue in your trading, don’t just try to struggle with it yourself. Get help and guidance. Don’t waste the opportunity in front of you and engage your trading mentor as much as you can.