Many entry-level traders begin their journey by searching on YouTube for ways to earn money as day traders. They soon realize that they need both a day trading education and a day trading mentoring program.
A mentoring program is where a mentor (coach) and a mentee (student) collaborate and have the same goal in mind to lead them to success. A mentor does not need a specific background, but it is required that they have the knowledge to lead others to success in the particular subject matter.
The mentee does not have to meet specific qualifications but must be willing to learn and unlearn certain behaviors. This type of relationship solely relies on trust, dedication, and the support system that both parties put into the relationship.
What to Expect from a Mentorship Program
Mentorship in day trading should work very similarly to other programs outside of stock investing and trading. The mentorship program should begin with an introduction and have clear and specific goals in mind that should be achieved by the end of the program.
The first step of training is being open and honest about your current challenges with day trading and your future goals. This could be as simple as where you are in your journey and where you see yourself farther down the road.
It also entails highlighting your current trading experience, whether you are a complete newbie and may need more hand-holding. Or perhaps, you have been trading for quite some time and need help developing your trading strategy or unlearning negative trading behaviors.
Discussing short-term and long-term goals allows the mentor to collect the necessary information to tailor their coaching style for that individual trader’s needs. Many traders struggle with everyday issues, such as FOMO (fear of missing out) or jumping into a trade too early.
However, there could be other deeper issues that traders may face specific to that individual. The mentor/ mentee relationship could help expose those individual issues to that trader.
Benefits of Mentorship Program
Many advantages can be achieved from participating in a day trading mentorship program that you may not have thought of before.
1. Build Community
Many mentees benefit from being a part of a community of like-minded traders. Day trading can be a very lonely business if you do this all by yourself. Likely, you do not have close friends or family interested in trading or that trade with you daily.
Through a mentorship program, you have the opportunity to build close relationships with your mentor and possibly other traders that are within the program. With these relationships, you can have the necessary support system to succeed, such as encouragement on losing days (as we all have them), brainstorming, trading ideas and strategies with others, getting questions answered regarding a specific technique, etc.
This sense of community also provides you with the accountability factor that may be needed to continue the work and stay the course.
2. Gain Experience
Nothing can compare with spending time with a professional day trader. The information learned from a professional day trader can cut out years of learning how to trade independently.
A new trader with a mentor can speed up their learning curve by focusing on the right tools and strategies that can help them become successful traders. For experienced traders working with a mentor, the mentor can help them cut out behaviors and processes harming them as a trader.
Sometimes we need others to see and point out problems that we cannot see from the outside, and this is what the mentor can do.
3. Become Adaptable
The final benefit is that the trader will become more adaptable to change. Change is inevitable and shapes a person into who they are destined to be. With this in mind, having a mentor will influence that change and help lead you towards it. We often know that we want things to change, but we do not know where to begin. We know that we cannot continue to do the same things repeatedly and expect a different outcome.
A day trading mentor is there to help day traders:
-setup trading accounts
– learn technical analysis and how to read charts and price action better
– develop a trading strategy that will work for them
– help them practice good trading habits
– uncover trading psychology issues before they become problems
– learn risk management and understand the learn sufficient risk capital required
– perform actual trading together
What to Look for in A Mentorship Program
If you have reviewed or purchased other day trading programs, you likely understand that not all day trading courses are the same. Here are a few topics to think about when considering a day trading mentorship program.
1. Coaching Offered
Many day trading programs offer coursework available online that you can access anytime you desire. This provides the day trading education to get you started and is absolutely required. However, what happens if you have a question not covered in the course?
A coach can step in to clarify further points that may not have been covered in the trading course. So, not only do you need the course, but you also need a coach to guide you as you implement what has been learned in the course.
When reviewing a specific trading program, ensure that you understand if coaching is available and if the coaching is structured so that you know where and how to get questions answered.
Questions to consider:
- Is your coach reachable via groups (like Facebook, Discord, or Slack)?
- Will there be regular video or audio calls scheduled to chat?
- What things do you need to bring to your coach to make the time spent more valuable? (stock charts, homework, list of questions, etc.)
- How long will the coaching be available to you?
2. Structured Coaching Available
When reviewing day trading programs, one thing to consider is how well the trading course and the coaching are structured. Is the information presented in bite-sized chunks that you can more easily consume?
It is often a challenge to determine how well the trading course and coaching are structured before enrolling in a program. So, for this, you may want to rely on other program reviews from others who have taken the course. See reviews here for the Maurice Kenny VIP day trading program. Also, check out this video on why you need a coach.
3. Trading Program Aligns With Your Life
Another point to consider is if the trading strategy taught by the day trading mentoring program will align with your lifestyle. Although you may be interested in day trading, you may not have all day to devote to trading.
If that is the case, then maybe you want to ensure that the program you select emphasizes day trading over your lunch break or when you only have an hour available to trade throughout the day.
Summary of Day Trading Mentoring Program
There are many benefits gained from enrolling in a day trading mentoring program than can lead you down the path to success. Enrolling in a program can cut your learning curve in half and help you achieve profits when trading the financial markets.
Maurice Kenny offers a full-day trading mentorship and coaching program to help you realize your day trading potential. Read over 100+ reviews and testimonies from the program and see if it is the right fit for you.
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a ( FREE E-BOOK ) by Maurice Kenny DAY TRADE LIKE A MILLIONAIRE.