How To Find a Day Trading Mentor
Day trading is quite challenging. Many traders embark on their day trading journey assuming that it is an easy and quick way to make big money. However, the truth is often not that rosey.
Day trading involves numerous difficulties. More than the price charts and stocks, it is about proper strategies, focused mindset, and extensive training. Learning from one’s own mistakes and wrong moves is one way out. However, this process can be quite draining to the enthusiasm and the money bags!
The most efficient and effective way to be trained for day trading and excelling at it is by being under the wings of an experienced and motivating day trading mentor. It is similar to having a role model that one can look up to and learn the nuances of the trade from.
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- What is a Day Trading Mentor?
As we said, a day trading mentor is a role model that the day trader can look up to. He has been there and done that, and excelled at it. Day trading is all about learning and more learning. Simulations and paper trading are good ways to learn. However, nothing can beat real first-hand experience. A day trading mentor offers just that.
A day trading mentor has gone through the entire process of going up and down the learning curves and emerged victoriously. He might have blown a lot of his money while doing that, but that does not mean that you have to, too. Day trading mentors help day traders save time and money through their experience.
Along with the technical aspects, a day trading mentor functions as an anchor during the difficult times. Day trading is quite hard and just knowing that someone has survived through the ordeal thick and sturdy can motivate a day trader to keep going, and to come out victorious on the other side. Day trading mentors are those who day traders can turn to when they are demotivated and refuel themselves through their mentors’ passion and expertise.
- Is it necessary to meet them in person or is online okay?
In today’s world of advanced technology, it is not necessary to meet the day trading mentors in person.
Technology has enabled face-to-face interactions for people sitting thousands of miles apart. Mentorship can work the same way. Day traders can find mentors online and learn from them through live trading chat rooms, videos, and blogs.
Day traders can take a look at the real-time trades of their mentors and mirror their actions. They can also have direct access to live video and audio feeds and get real-time advice, all from the comfort of their current location.
- Who can be my mentor?
There are many experienced day traders out there who can serve as your mentors. Almost all of them claim to be efficient, effective and transparent. However, it is the trade history and level of experience of the mentors that impact the performance of the mentees to a large extent.
For these reasons, mentorship offered by Meir Barak and his team of successful traders and analysts stands out. The Tradenet Mentorship Program has educated over 30,000 professional traders since 2004 and continues to do so.
The mentors at Tradenet teach the traders starting from basics and help the day traders communicate directly with Meir Barak and his experienced team. The programs are also customized to meet the individual needs and skill sets.
- What does mentorship mean?
The process of mentorship means having someone right there to solve any difficulties that a day trader may face while trading. It can be related to the technical aspects, the emotional aspects or experience.
Day traders can obtain real-time advice from their mentors by chatting with their mentors in the live trading chat rooms, like the ones offered by Tradenet. Traders can also follow the mentors on Twitter, Facebook, and YouTube and gain as much support as required. Tradenet’s YouTube channel is full of excellent videos that teach specific day trading skills like this video that explains how to day trade for $4,000 in 6 minutes and learn how to wait for a pullback, for example, among many other tactics.
- Where do we go from here?
Now that we know the extensive benefits of being supported by day trading mentors, we can start taking a look at the Mentorship packages offered by Tradenet here.
Day traders can explore the packages, decide what they want to learn and then choose the one that fits their requirements.
As a bottom line, day trading mentors can simplify the day trading journey. Day trading mentors, like Meir Barak and Tradenet, offer their own experience, skills, and research to learn from. Can there be anything better than learning from the pros themselves!
Can You Make a Living Day Trading?
In order to start making a living day trading, there are some essential factors worth noting. First of all, day traders should always try to use the fastest internet connection speed they can, as network speed and zero latency can play a vital role in the day trading process. Secondly, some of the day traders do sometimes use multiple sources for visualizing the trends.
After setting everything up, it is important to start structuring a specific learning schedule and structure. Day trading strategies are mainly based on technical stock analysis, which includes analyzing charts and data in order to determine certain patterns in trend lines and candlesticks, deduce price movements of the stocks and define the volumes of the trade. Major strategies include candlestick pattern analysis, swing trading, arbitrage and analyzing trend lines. Day traders also use support and resistance, volatility, bollinger bands, etc.
Watching other traders is another crucial aspect of day trading, especially for beginners, who lack the expertise, knowledge and experience in trading. Remember, day trading is not the same as investing. Not everyone can become a day trader, as trading on a daily basis requires certain skills, unlike investing. Practice is a good way of understanding whether or not can you become a day trader.