Tips to Selecting a Mentor

Options trading is risky business. Just like athletes and celebrities invoke the services of mentors, so should traders.

You have an obligation to do your due diligence in selecting your trading mentor. Just as you would scrutinize the services of an accountant to defend you against the IRS or ensure a lawyer is in your court, you need to feel comfortable with the person coaching your trading. He/she must be understanding, empathetic, patient and committed to you. In addition, you need to have that certain ‘chemistry’.

There’s no shortage of trading gurus and services. Many simply offer buying and selling tips, suggesting stocks ready to skyrocket. Services teach trading techniques, many of which offer a dozen or so spread strategies. Some mentors teach a particular strategy they learned along the way. Whatever your aspirations, you need to feel totally at ease with the person providing for you.

It is important to ask the following key questions before choosing a mentor:

• Does your coach trade his/her strategy?

If not, run. If they don’t even have the confidence in their own trading techniques, why should you?

For your information, we at DayTradeSPY trade what we teach and teach what we trade. 

• Does your mentor ever lose money?

If they answer ‘no’, they are lying. No professional trader ever walked the face of this earth and never loses.

Yup… every now and then, we take a hit, although it’s rare. We don’t like to lose anymore. 

• Is your mentor empathetic?

Ensure that he/she truly understands your situation. You don’t need to be chastised if you made a mistake.

We at DayTradeSPY understand what you are going through and can relate… totally.

• How about accessibility?

If you have to wait for days to get a response from one of his/her cronies, you’re with the wrong mentor.

Ask our clients… our response time is stellar. We believe you deserve to be treated with the utmost respect. 

• Are coaching costs reasonable?

Is the cost fair? Don’t just look at cost. Coaches are all unique. A good coach is costly… and worth it.

We are not cheap but worth every last cent. You will thank us for it! 

• Do they live in the past… ‘if only’, ‘would have’, ‘should have’… all rhetorical.

These words should be banned entirely. They serve no useful purpose – even less as a coach.

DayTradeSPY mentors believe the future is more important than the past. We envision your success!

• Is your coach committed to the program, to you?

This is key. You want to make sure they stand by all the way. Withholding nothing. Demand a commitment.

When you commit, we commit. We want to see you succeed. 

Your trading is only as good as your mentoring. Choose someone who works for you in every aspect of trading. Your financial future depends on it.

~ Hugh Grossman, Head Trader at Day Trade SPY.

Hugh Grossman is the founder and Head Trader at DayTradeSPY and uses his vast experience to teach his methods.

Want to learn how to day trade SPY options? Join us in Hugh’s Trading Room – a training program designed to teach you in real time, real market conditions. You will be able to watch Day Trade SPY traders, Hugh and Alex, daily in an interactive training setting.

Still have questions? Book a free 20 min personal chat with Hugh or Alex and find out if trading SPY options is right for you!