With the increasing popularity of day-trading, stock mentorship programs can be seen popping up by the minute. The question is, do you really need one? The reality is: it depends.
Whether or not you should enter a mentorship program depends on your level, your learning style, and most importantly, your profitability. If you have been in the stock market for some time but you still are not as profitable as you want to be, chances are, you need a mentor.
However, entering a mentorship program is not as simple as it sounds. There are many things that you should take into consideration before committing to a mentorship program.
Having a Mentor does not equate to being profitable
Having a mentor in stocks is the same as having a mentor anywhere else. They are there to guide you but at the end of the day, your success ultimately depends on you. This magnifies the importance of Trade At Your Own Risk (TAYOR). If your purpose for having a mentor is solely for stock picks(and not on learning), then you are not looking for a mentor, you are looking for a fund manager.
Different Mentors have Different Styles
Exercise caution and perform due diligence. The need for a mentor does not mean that you can choose any mentor and achieve the same results. It is necessary to look for reviews, look for the differences in their offerings and of course, look at their prices.
However, it is important to note that price is not a determinant of quality (as with everything else). Choosing the right mentor can be the difference between profitability and mediocrity in the stock market. Another thing to take note of is the target market of the mentorship programs.
Some programs are tailored to beginners while others are tailored to more advanced traders. Typically, the price increases as the target market becomes more advanced. This is driven by the fact that basic concepts (e.g. introduction to the stock market) are easier to teach than more complex concepts (e.g. Elliott wave and systematic trading)
You should still develop your open system
Once you have chosen a mentor, it is important to still develop your open system. This is driven by the fact that different people have different needs. Your risk appetite, level of dedication, and experience might differ from that of your mentors. Simply copying what your mentor does will result in a mismatch of that system to your lifestyle. At the end of the day, a mentor is responsible for helping us develop OUR OWN trading philosophies.
Conclusion
We have to remember that we are in the stock market to gain financial freedom. Choosing which mentorship program to enter is just as important as everything else in the stock market. As they say, A mentor is someone who allows you to see the hope inside of yourself. So at the end of the day, your success in trading comes from you. Mentors are just there to help you foster that talent. We hope this article has given you some insight on mentorship programs. Happy Trading!
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