Looking to become a Better Trader?
Find yourself a Mentor
In many professions, it is not uncommon for a newcomer to the field to be placed under the care of an established and seasoned professional. This professional is often charged with the task of helping to train, advise, and share practical experience with the new person in the field of share trading. This process is commonly known as mentoring, and the professional who is responsible for the care and nurture of the newcomer is referred to as a mentor.
All the great traders, sports professionals, business pro’s and successful people have one thing in common – they have a coach or mentor. Mentors are people to learn from, discuss tactics and ideas, implement and monitor strategies and in general help you to get better and better at your chosen career path.
A mentor is a person who can guide you, help you, take you under his or her wing, and nurture your trading career. What separates a mentor from the average network contact is long-term commitment and a deep-seated interest in your trading future.
What do Mentors do?
Mentoring is different from training. While training occurs at the onset of a program, coaching occurs throughout the program. As such a trainer will help you to set out a general plan for you, but it is up to you to decide which path you wish to follow.
Your mentor can help you assess your strengths and weaknesses, as well as help you develop skills for success. If you and your mentor share the same interest, your mentor can share and understand your feeling for your particular trading style, help you develop and navigate through your trading plan, as well as let you know if and when you are likely to stray of the path to success. You can also work through any difficulties you may encounter with your mentor’s assistance. A mentor can provide a fresh perspective — a new way of looking at problems. You can bounce ideas off your mentor.
What areas do programs typically cover?
- Your psychological approach
- Your goal setting, long term and short term
- Your trading plan
- Share selection plan
- Money management
- Risk management
- Day to day trading
- Record keeping
- And any other relevant area you may find helpful
Look for a relationship in which the mentor is more coach than adviser — one in which the mentor facilitates your decision-making process by suggesting alternatives rather than telling you what to do. Ideally, your mentor will motivate you to do your best work.