Bill Gates, the world’s wealthiest man, also speaks about his mentor, Warren Buffet, who happens to be the most influential investor in the world. It is well reported that the legendary investor Benjamin Graham, who is regarded as the father of value investment, mentored Buffet. As the advantages have been proved over and over, several organisations have formal mentor programmes. Successful individuals also state that a mentor was a prime reason for their achievement. So if the world’s Gates and Buffets had mentors, wouldn’t you get one of them? I would like to say that trading is like flying blind without a mentor. Visit https://axiafutures.com/ to find more about this.
I can imagine many readers’ reactions. They say That sounds interesting, but where in the h… am I going to find a mentor, an individual trader… smart a…” I can understand that answer. I think if you worked on Wall Street, it wouldn’t be a major challenge. You’re going to find a lot of like-minded traders there who could be called on to act as your mentor, but how about Main Street? How many popular traders are you acquainted with? I know some of those who tried, but I don’t know many of those who have been able to live for more than a few years. It takes no hostages and the competition is brutal. I also think that a good mentorship needs a theory of trading that is similar. Some things transcend the types of trading, but how much will a day trader learn from a value investor? So the chances of personally finding a good trader like-mind who could act as your mentor are pretty slim.
So what alternatives are there for you? If you know Warren Buffet well enough to ask him to be your mentor, this article will probably not be read by you. He has written several novels, however. So you might establish a very one-sided mentorship by observing his works. I’m willing to bet that he wouldn’t answer your phone calls, even though you bought all his books.
I heard about the trading coaches you can recruit. They will take your phone calls, at least because you are paying them, but probably not before 4:30 PM. I can’t imagine your issues being interrupted by a trader during market hours. Your distraction might cost them a lot more than you might be paid. I’ve never looked at such programmes before but I think they could be useful.
For others the perfect trade mentor is probably not realistic. I opted for the approach of a pseudo-mentor. What does that mean, then? I think there are three conditions for a mentor for trading. The somewhat-available” is why I call it a pseudo-mentor relationship. He or she must be good, must have a trade philosophy and be somewhat-available.”
I have tried to force-fit various trading services into this idea of a pseudo-mentor over the last 5 or 6 years. Finding newsletter writers who claim to be good is very easy. As a matter of fact, one argument I’ve never heard is not to be. The market’s uniqueness is that it’s observable. It won’t take long to decide whether they’re all blowing smoke if the newsletter claims to be the best thing since sliced bread. Like-minded providers are also easy to locate. There are newsletters for day traders, traders of patterns, traders of momentum, fundamental investors, opposing investors, covering all types. Availability is the challenge. Most are not available. The rest of them won’t return your emails. The majority only want a one-way path. That’s almost like reading books by Buffet. The newsletters, however are more regular, weekly or monthly, with a greater effect on your daily trading.