What to Look For in a Mentor
We never saw this coming! Last week’s article, entitled “Never Waste a Good Loss,” hit a nerve with many subscribers.
Even non-subscribers signed up after realizing that we do not skirt losses. Instead, we attack them head on. This is just what they wanted to see. Thank you to Bruce S. for his kind words:
“Just want to thank you for your very open and honest note in your update on this week’s losses. It takes someone with real integrity to extend themselves and share that kind of honesty with others. Clearly, in addition to your many other fine attributes, you are not only an experienced trader and great teacher, you are a man of integrity. I may have a few bucks less than last week but I consider it my good fortune to have been taken under your wing. Thanks Hugh.”
I often think the relationship between a mentor and the mentee is more than just a casual, professional relationship. After all, the person being coached is submitting to their mentor and entrusting that other person with the responsibility to teach and guide them into prosperity. This is no easy feat.
Ahren and I take this as an immense and serious responsibility. We spend many long hours, both in our exclusive Trading Room and afterwards, helping others find their way on this rocky road to riches.
This space is full of mentors, some good, some “meh.” We are not all the same. Check out the following list for finding the right coach.
- Do they listen to you and your concerns? Is there a feedback mechanism? If so, your benefit can be huge. Or should I say, your benefit can be Hugh. (I couldn’t resist… LOL )
- Do they know their material? Knowledge, combined with experience, is indispensable in this field. Find someone who knows what they are talking about and not just someone who had a stroke of good luck once and thinks that he/she is suddenly an expert.
- Are they able to convey the material in an easy-to-understand format? Knowledge is important, but so is the ability to speak to you in your language. Options trading can be intimidating but finding a mentor who can simplify it as much as possible is priceless.
- Do they actually care about your success? Find someone who works beyond normal business hours and someone who will be there when you need them. Those who just want you to feed their ego are worthless.
- Do they have a history? Everyone has their moment of fame, and that applies in the market as well. The coach who will hold your feet to the fire will be the one who has a long history in this game, one who is weathered and one who has seen all the ups and downs.
- Are they affordable? Obviously, if they cost too much, you may not be ready for the trading world quite yet. But you should not look for the cheapest mentor either. Great coaches are worth their weight in gold and will save you a great deal of money in the long run.
You will want an adviser one who will say what you need to hear, not someone who will coddle you.
Ahren and I have many years’ experience participating in the market. We have helped thousands in the financial field. Many have become very successful traders. Some have left us after realizing that trading SPDR S&P 500 ETF Trust (NYSEARCA: SPY) options was not for them. Many of them have returned to the fold. But, they all say the same thing: we are the real deal.
In fact, Ahren and I are inspired by the fact that there is a massive void in the world of effective, honorable and affordable options trainers. This is understandably so, since those who know how to make a lot of money do not want to be bothered by teaching others. We, however, are excited to be able to give back and bring others along. Perhaps we are speaking selfishly here, but the more traders there are in the market, the more liquidity we have — and hence the more money-making opportunities there will be.
If you know what calls and puts are, you belong in our morning Trading Room. This is where we teach what we trade and trade what we teach. They occur each morning from 9:20 to 10:30 a.m., ET.
If you’ve never heard of options but are intrigued to find out more, please join us at 8 p.m., ET, Sunday night for this informative, engaging and entertaining session. Find out if the DayTradeSPY team is the mentorship you need!
