Day Trade SPY : Mentorship
Choosing A Mentor Can Be A Daunting Task
First question to ask: do coaches trade their strategy? If not, run – don’t walk – run away! That means they do not have the confidence in the very system they are espousing. Why should you trade their system if they don’t?
– As a semi-retiree, I do not have to trade all the time, but I still do use my system… because it works.
What is your coach’s experience? If they say they never lose, they are lying. All experienced traders lose, even if occasionally. Inspiring coaches should pass along lessons learned along the way. Everything they teach, should be supported by hard lessons.
– I made a lot over the years and I lost too. Your advantage: learn from my mistakes.
Is your mentor empathetic? We must have tough skin to weather the trading storms but a good mentor can relate to your experiences. Look for a good listener, not judgmental or critical. Maintaining confidence is crucial in this business.
– I never forget my trading roots, hence I relate to every emotion, every challenge.
Is your coach accessible? If your mentor flips you off to others or is tardy in replying, he/she may not be the right fit. If you’re concerned about a position, your personal relationship coach should be right there all the way.
– I personally answer all your queries, only accepting as many clients as feasible.
Coaching rates: are their costs reasonable? If it’s too high, you spend more time worried about costs. If it’s too low, your coach is likely incompetent. Don’t dicker to save a few cents. A good coach is well worth the cost.
– Our rates are more than reasonable.
Does your coach display his/her results? Make sure it’s all out there. No hypothetical or theoretical results. All too many gurus show 20/20 hindsight. Anyone can show history. Real traders would show their real trade results, good and bad.
– I display my real trades to members. Live Trading and Trading Room subscribers witness it first hand.
Count how many times they use words… like ‘if only’, ‘would have’, ‘should have’, ‘could have’. These words suggest regret or missed opportunities. If a trade sets up, do it. Simple. Say ‘I did buy it’. Look for commitment.
– I banned the use of certain words in my vocabulary. They serve no useful purpose.
Does your coach accept responsibility? Good traders/trainers are in a constant state of learning. An effective coach will accept the stumbles from time to time. You likely don’t want someone who always diverts blame.
– No one is immune to missteps. When I err, my members are the first to let me know! 🙂
Commit to you, the subscriber. Look for a mentor who will be engaged, there when you need them, even if just to vent about a particular trade. Maybe they can keep you focused, grounded… whatever it takes to succeed.
– If you become a client, you will commit to learning, I commit to teaching. Expect results..
Feel free to contact me to see if we are the ‘right fit’.