HOW TO FIND THE RIGHT DAY TRADING MENTOR (2024)

When young and new traders first get into the world of day trading, many believe they can teach themselves how to be successful by reading a few books and blogs.

I suppose I can’t blame them.

There was a time when I figured I could do this, too.

How wrong I was!!

I mean, seriously… if only it was so simple!

Unfortunately, this is a misconception that couldn’t be further from the truth. Day trading isn’t just a skill like knitting or painting that you can learn by putting in some effort. It involves knowing and implementing a wide range ofstrategies, techniques, basics, tactics, and an understanding of the market that doesn’t just come with self-learning and barely any experience.

What helps many in such a situation is having an experienced and activementorwho not only helps you understand what day trading is all about but also guides you through the process to make sure that you earn the right kind of profits.

THE NEED FOR A MENTOR …

There’s no lack of information for day traders who are just beginning in the field. Whether you’re going tomake day trading your careeror exploring it as aside hustle, there’s a ton of information out there you have access to.

YouTubeis now full of all kinds of traders sharing their tactics and knowledge. The same goes for platforms like Amazon. There are a lot of books on day trading and multiple courses or tool kits available for newbies (blogs and forums for day traders are also a whole other world!!!).

So if you wanted to, you could consume all the knowledge available out there but still not have the kind of success you desire. In fact, the information out there is so conflicting that the more you consume, the more overwhelmed you get.

Feeling overwhelmed like this can be dangerous as it leads to inaction.

You just won’t know what to do or who to listen to.

Trading is not an easy field to be in. In addition to requiring a lot of hard work, it gets complicated because of all the conflicting information.

This is precisely why day trading isn’t just another skill you can master by putting in some hours. Learning by yourself can be scary and difficult.

There are, of course, just as many “mentors” out there as there is information.

All trading mentors and professional traders have their ownstrategies.

Their unique styles of trading make them different from one another.

But when a new trader goes to emulate all of these, thinking it’ll give them better results, it always results in failure. They try to marry the styles of all the biggies in the industry such as Warren Buffett or Paul Tudor Jones and not only does this all become a bit too messy but they also end up without any profits which defeats the whole purpose of doing this in the first place.

A classic example of “too many cooks spoil the broth”.

Now there are some traders out there who are self-taught and successful. But what we don’t know is that in most of these scenarios, it takes them years and years to get to a point where they understand enough to make profits.

So technically it isn’t a factor of knowledge here but time.

Over the years they’ve put in that kind of time and energy into it, incurred heavy losses and some profits on the way, and gained the kind of experience that leads them to make fewer mistakes.

But alas, not everyone can afford to put that kind of time and energy into trading for years.

This is where mentors come in.

A good mentor is someone who can help you understand how to make day trading work for you, share their trading strategies that actually work, and make you self-sufficient eventually.

WHAT CAN A MENTOR DO FOR YOU?

So, how exactly can a mentor simplify trading for you?

In quite a few ways actually…

1. Strategy planning: a mentor isn’t just about giving you a secret to trade successfully, but they help you plan strategies you can repeat over and over again.
2. Guidance:another aspect to note here is that a mentor is never just an educator. They are more like gurus who guide you towards a path and make sure you stay on it.
3. Accountability: a good mentor will keep you accountable for all your moves, keep your tactics in check, and help you mold your strategies according to the current times and market situations.
4. Inspiration: a mentor who’s serious about your career will not just provide you with knowledge but also inspire you to do better (continuously).
5. Access to patterns that actually work:sure, there are patterns available on the internet for free. But do they work? No!! If they did they would not be available so easily for free. A good mentor gets you access to patterns that work because they’ve invested years in developing them.

These advantages that a mentor brings you are just the tip of the iceberg.

A good mentor brings an array of benefits and knowledge to your life.

So if you’re still procrastinating about getting a mentor, maybe it’s time to stop thinking and take this step that will benefit your career.

WHAT TO LOOK FOR IN A DAY TRADING MENTOR?

You will find a lot of people on the internet claiming to be mentors and claiming to help you gain success in trading super quickly. But, how can you believe them and choose someone who will actually help?

Here are some key qualities that the right mentor must possess:

1:ONE WHO IS ACTIVELY TRADING THEMSELVES

It’s crucial that your day trading mentor is a successful and active trader making the kind of profits you wish to see for yourself.

There are a lot of people out there making tall claims they can teach beginners but it begs the question that have they been successful in trading consistently and fruitfully themselves?

Figure out if they have a proven track record of being a full-time day trader themselves.

Only then will they be able to give you the guidance you need.

They should be someone who verifies their trades with a platform likeKinfo, not just focuses on a few student success stories.

Trust someone only if they show their success as I have above.

Anyone truly successful will not hide their numbers.

2: ONE WHO HAS A VERIFIED TRACK RECORD SHOWCASING THEIR PROFITS

In addition to being regular with their trading and being active on the scene, a good mentor is one who shares their trades and profits with utter transparency.

A good trading mentor should share their trading chart.

Often, trading mentors will only share their trading chart entries and exits on the days they’ve gained profits. This creates a VERY misleading picture of their trades.

3. ONE WHO IS FOCUSED MORE ON CONTENT OVER LIFESTYLE

We don’t want to fall for the claims of someone who just talks fluff and has no substance. Someone who only shares their lifestyle and has no content with substance will not be very helpful. They’re only in it for fame, not true mentorship.

Going for the wrong mentor can be detrimental to your career so be sure they’re super transparent about their own career andhave content that has substance.

Seeing this information proves to anyone paying attention that the strategies they use work. That’s the whole point of sharing chart entries and exits.

A lot of trading mentors that are available on the internet have good advertisem*nts that attract a lot of newbie traders. But it is important to note that some are just good advertisers (not good mentors!!).

The biggest giveaway of this will be the fact that in such cases these so-called mentors always promise their mentees unreasonably high profits in a small amount of time which is completely impractical. So if a claim seems too good to be true, it might not be what you think it is.

4. ONE WHO DOESN’T PUMP UP STOCKS TO GET THEMSELVES RICH WHILE LEAVING THEIR COURSE FOLLOWERS ON THE HOLD FOR THE LOSSES

Exaggerated statements by traders who post content online can surge the interest in particular stocks, raising their price. Some traders (who claim to be mentors) do that so that prices of certain stocks increase, making them profits. This is unethical and illegal, and is called a pump and dump scam.

These statements are generally false and misleading. A good mentor will not resort to such techniques to get rich and instead will be concerned whether their students are also making money or not. They will have faith in their strategies and won’t play these tactics.

How do you catch this? If someone claiming to be a good mentor says things about some stocks that are too good to be true, believe they aren’t true. If someone is giving you valuable tips about stocks for free, be careful. They might be indulging in pump and dump.

5. ONE WHO ISN’T BEING INVESTIGATED OR IN A LAWSUIT WITH THE FTC OR FCC

When someone who claims to be a good mentor, is charging people money for their courses and it turns out that the courses/training is bogus, there are consequences, of course.

There are some “mentors” out there currently being investigated in lawsuits by theFTCor theFCC. Based on consumer complaints, they do crack down on deceptive day trading promotions.

Before signing up with someone, ensure they’re not entangled in some lawsuit like that. The last thing you want is to give your money to some scammer without doing enough research about them.

6. ONE WITH THE RIGHT ATTITUDE

All the best mentors have another thing in common that has nothing to do with their trading skills…their attitude.

A good mentor keeps you motivated and inspires you to do better. Additionally, good mentors are always good teachers. With all the information out there about day trading, it can be pretty daunting to cherry-pick what works for you.

Only a mentor with good teaching skills can do that successfully. Not only can they guide you to strategize all your knowledge but they will also explain everything about their strategies such as the whys and the hows of everything.

Your day trading mentor needs to provide you with ongoing assistance and support. This is not a matter of making you familiar with a certain strategy and then leaving you to it… it’s a matter of staying throughout your trades to keep you accountable and guide you through whenever needed. Mentees need to be able to rely on their mentor for advice and support.

My students don’t just get the array of services that my course offers but also direct access to me. Having had the experience and success in trading, I consider it my privilege to share my knowledge with students willing to put in the work and commit to their success.

I always had it in mind to build an engaged community of like-minded traders with the right mindset, the right commitment, and the right work ethic. I don’t want you to feel like you’re on this journey on your own, and I don’t want you to feel like I’m always just out of reach.

You get direct access to me and you get to see LIVE at least a few of the trades I make each week, while I explain WHY I make them and what I plan to do next. This kind of direct guidance can be extremely valuable in learning how to trade the best way possible.

I pride myself on the community I have created and how I have developed as a mentor.

I find it very fulfilling.

THE RIGHT DAY TRADING MENTOR FOR YOU

Finding a day trading mentor isn’t a one-size-fits-all kind of situation. A trading mentor should be just right for you, otherwise, the whole purpose of getting mentored by someone gets defeated.

Here are some ways to know if a mentor is right for you:

• If a mentor understands your working style and lifestyle, therefore keeping your strategy revolving around those, it would be the most ideal situation.
• Despite emulating your mentor’s strategies, you might still have your own trading style. So you need to make sure that your style is respected by your trader and their mentoring style is in accordance with your approach. If a mentor and mentee are not on the same page, you might not achieve the results you hope for.
• After being under the guidance of your mentor for a while you may start seeing changes in your charts and profits. This is a very good sign and proof that you have a good mentor. If this isn’t the case because the results you’re seeing are the opposite of what you would have hoped for, then it’s best to rethink your mentor.

SOME RESOURCES TO HELP YOU FIND YOURSELF A GOOD MENTOR

Now that you have an idea of what you’re looking for in a mentor, here are some resources to guide you towards finding one

• Day traders often find mentors online by going through trading bloggers, live chat rooms, and active forums for day traders. Even if you don’t end up finding a mentor, such platforms can be very useful for picking up some useful bits of knowledge. Another advantage to these is that you can have a look at your mentor’s trades in real-time and try to mirror their strategies that way. Some mentors even give advice on each trade they make while they are making it, which makes this process all the more enriching.
• A lot of major trading websites have mentorship programs with a rich community that you can also rely on. Going through the reviews of such programs will give you a fair idea regarding the program you’re planning to apply to (which eventually leads to finding a good mentor).
• Social media can be a great tool when you’re on a hunt for a day trading mentor. You can communicate with multiple people through Facebook, Twitter, Reddit, and similar platforms to find a set of people with whom your trading styles align.

TO SUMMARIZE…

Let’s be real here… Mentorship in trading has become a business in itself.

Most are in it just for money and nothing else.

While money isn’t a bad motivator for a mentor, it definitely shouldn’t be the only one. Being aware of this leads you to be more skeptical of all the self-proclaimed trading gurus on the internet.

But keeping the points we’ve mentioned here in mind, understand what works or doesn’t work for you, appreciate your expectations, and notice the trading patterns and charts of your potential mentor… you’re setting yourself up for a successful future.

There is immense power in having amentor.

There are several instances where my students have excelled due to the mentorship they now had access to. Have a look atthis case studywhere we breakdown how a student of minemade $100k in 4 months of working with me in the Freedom Challenge.

EA truly turned his life around with day trading, after he started working with me.

You too can do this.

Making your trading journey with the Freedom Challenge will make you realize that it is possible to make a lot of money while trading AND have a life.

It’s an investment I encourage you to make for yourself, your development, and your full-time day trading career.

If you’re currently looking for a mentor, check it out and we can get started from there.

I also invite you to take a few further steps with me:

1. Subscribe To My Youtube Channel: this is where I share practical day trading tips and training on how to trade, as well as behind-the-scenes insights into the trades I make.
2. Join My Newsletter: I write these emails for people who want to learn the basic Day Trading Tips and the practical steps they should take to get started.
3. Join The Freedom Challenge: This is my flagship program for traders who want to level up and learn about the techniques I use, how to use them, and what to do to turn Day Trading into their primary income stream.