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When is it Time to Get A Mentor to Improve Your Investing
Slow Down and Don't Get Caught In the Moment
Want to double your money every year? How about earning 132% on your investment? Need a second job, but want to work from home, learn to trade stocks!
You've heard and or seen the emotional tugs trying to get you into the stock trading game. I know I get emails every day. Hello, my name is David and I trade stocks and options! By the way I love it too, but I know the games that are played so let me encourage you to take 5 minutes and read all of this HUB it just may save you tens of thousands of dollars.
I remember when I was sitting in my first stock investment class. The teacher was so knowledgeable. I wanted to pick his brain. During his presentation he mentioned that he had students that he mentored one-on-one. I wanted to be one of those students. If it was not for having a wife I probably would have sprung for the nearly $10,000.00 fee.
Eventually, I did get a mentor and it made a huge difference in my knowledge, but when is the right time to pay the big bucks to get a mentor. To answer that question correctly you can't answer it emotionally. Let me explain.
Get Rid of the Emotions
One of the first things you will learn when you start to trade is that you cannot trade emotionally. However, all of these stock guru's out there are playing on your emotions to sell you their products, including the mentors who want to coach you personally.
If you want to be a good trader start your journey methodically not emotionally. What do you need to pursue your goal. There are a multitude of answers to this question. You may need to make better returns on your $250,000.00 currently sitting in CD's or you may have $1,000 you want to try to grow into something. The path that you will take will be totally separate.
Stock traders who are worth their salt have a "style." Their style works for them which is why they are worth their salt. But what if their style is not your style? You will pay tens of thousands of dollars for what could be very valuable information....for someone else.
The first step to determining when to get a mentor is to get rid of the emotions.
- Visit Investopedia
Investopedia has a vast library on various topics. You can find an article on nearly any investing topic that you don't understand. Visit them and use their search feature.
The time to get a mentor IS NOT in the beginning of your learning curve. There is so much to learn just to decide what type of trader you want to be. For me, I came into this knowing exactly what type of trader I would be. That style then changed about three different times before I settled into my style.
You want to know who you are as a trader before you spend the big money for a mentor. Consider this mentor for a minute. They know a whole lot more then you. If you don't understand what a MACD, Stochastic, breadth, or internals are then they will be speaking over your head.
You want to glean all you can in the short period of time your mentor will spend with you. So what you do is get your understanding to a level where you can talk intelligently to someone who has been trading for years. Then nail down what type style of a trader you are. Then when you feel you have your ducks in a row, but want to up your game start looking for a mentor whose trading style fits your style. And remember, don't make your final decision emotionally. There are a lot of sharks out there do your homework before signing the dotted line.