In real life, smart people avoid mistakes by learning from the experience of others. On the other hand, an intelligent trader avoids unnecessary mistakes by climbing on the shoulder of a mentor and Learn to trade London from the experience of others.
This is the mistake most traders make. They don’t take their time to learn to trade London from a mentor. Newbie traders think trading is easy as long as you can calculate numbers and understand graphs until they start to lose. It is believed that you have to make a couple of mistakes before you become a professional trader. Unfortunately, most people don’t have such patience, and they quickly give up when they start to fail. What such people could have done is to get a mentor. A mentor will hold your hand and take you through the paths they are trailing. They will brush you up, and soon, you’ll become an expert too. Many new traders think it’s unnecessary to have a mentor as long as you can read independently. Perhaps you will have a new perspective after considering the points below. The following are the reasons why you need a trading mentor:
They Take You Through The Necessary Steps
If you go online to study trading on your own, you’ll find a lot of information. Some of this information is right and can be followed, while some are wrong and shouldn’t be followed. For a newbie, you don’t know which information is correct and which is wrong. With such naivety, you will digest everything you see, and when you begin to practice, you’ll find out you’re not doing well. This may cost you to lose a couple of trades. Researching on your own is not a bad thing; you still need it even when you have a mentor, for that is the only way to grow faster.
Nevertheless, without a mentor, you may not even know where to start your trading journey. Since there is ample information on the internet and in books, you may easily be overwhelmed. Just like a student needs a teacher or lecturer to guide them even when they have the textbooks, a trader needs a mentor who will guide them through their trading journey. A mentor will feed you with the necessary information you need at a time and ensure that you understand such information before providing new ones.
Feeding You Only The Best Information
To become a professional trader on your own, you need a mentor who will help you filter out the best among the information available. A mentor knows that not all information can make you money, and not all are useful in your trading life. Therefore, they will guide and ensure that you don’t waste your time studying unnecessary information when you can learn other important information that will impact your trading experience.
They Help You Make Sense Of Everything
Merely looking at trading numbers and chats can be confusing for a newbie. You may begin to wonder where to start. This is just like placing an advanced mathematics textbook used by tertiary institutions before an elementary school student. The truth is such a student may not be able to make sense of the complex equations in the textbook. A mentor, therefore, will help you understand everything you need to know about trading. They’ll explain what each number, line, and chart means and how to interpret them. Gradually, you’ll begin to understand, and soon, you can analyze the charts, numbers, and lines on your own.
Ongoing Support
The job of a mentor is not done when you know how to trade. They will always be there to guide you even when you can trade successfully on your own. If you begin to get unfavorable results, you can always fall back to your mentor to seek an opinion. Being an expert and experienced trader, your mentor will analyze your trades and help you figure out what your mistakes are. With that, you can fix the error, get better, and begin to make reasonable profits once again.
They Inspire You Not To Give Up
Psychologically, when you see someone succeeding at something, you also tend to believe that you can do it. If you have a mentor who’s a successful trader, you’ll also be inspired not to give up on your goal of becoming a trader. At a point in your trading career, you may begin to record losses. When that time comes, your mentor will hold your hand again and inspire you until you get things right again.