- Strategy- they must have a trading system that is prooven to be consistent over time. This is extremely important because the market changes constantly. They must be able to adapt to this change and remain consistent. Also be certain that their strategy will work with your style and capital base.
- Educational Ability- you will be spending a lot of time with this person(s) so make sure they can relay information in an easy to understand way. If someone is an excellent trader but cant simplify the education, that will only confuse you more.
- Single Mentor- make sure you will be learning from a mentor that is able to spend time with you. if you have multiple mentors, you will get conflicting information and the learning curve is prolonged.
- Group Size- when being mentored, you will want to keep group sizes small. If you are in a trading room with hundreds of students, you are likely to not get your questions answered or feel intimidated to even ask. With a small group you will get much more out of it.
- Live Trading- you should be able to watch the mentor trade. This will give you a better understanding of how and why he is trading. Usually this is done via live online trading rooms.
- Interaction- it is very important to have verbal conversation with your trading mentor. Text is also good but lacks many things such as emotion. They should hear your thoughts while trading in order to identify strengths and weaknesses. Hearing you speak in real time can help them to understand your psychology.
- Time Spent- you should interact on a daily basis. The more time spent with a trading mentor, the more likely you are to learn quickly and efficiently. There must be a consistency when it comes to trading together. Because the market changes from day to day, you will need to learn to adapt and the more you see the more you will learn.
- Schedule- make sure that your schedule will work with that of the mentor's. If you only have one day per week to trade with your mentor, it is likely your trading will take much longer.
- Gauranteed Profits- if someone is promising you a get rich quick trading plan, RUN! Trading can be a very profitable career, but it takes time and commitment. Make sure you are given realistic goals.
CFTC RULE 4.41 HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. All Software provided or purchased is strictly for educational purposes only. Any presentation (live or recorded) is for educational purposes only and the opinions expressed are those of the presenter only. Testimonials may not be representative of the experience of other clients or customers and is not a guarantee of future performance or success.
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