Binary options mentor. Why a beginning trader needs mentor. Is it so necessary at all?
Forum No Trading Mentor?
Utilize a Trading Referee The best way to learn is through a mentor; someone who has been successful and is willing to personally teach you and keep you on track.
Unfortunately, the people who want a mentor far outnumber the mentors out there accepting students. Finding someone to personally teach you trade is difficult.
Is it so necessary at all? Do new traders need a mentor? For the vast majority of new traders on the exchange, there are masses of hidden tendencies and specialized aspects of trading that are inaccessible, which have a strong influence on the end trading result. This is why a problem arises every ambitious new trader of how they can best learn about the field.
But if you already a have a strategy you have tested, and just need to be kept on track, then a trading referee is much easier to find, and can help you a great deal. Although, I did have someone who monitored my risk. They were there as basically my backstop, to keep me honest and make sure I stuck to the strategy I had laid out for myself.
If I was having a rough time and profits were hard to come by, I sat with them and tried to explain why. The trading referee is someone you designate, that you trust—it could be a friend, fellow trader, spouse or even a specific trading forum —and to which you are accountable for certain things. Agree with the person what their role is, and how the relationship will work.
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- Why a beginning trader needs mentor. Is it so necessary at all?
Will you meet in person once a week to discuss your trading? Will you communicate via email when there is an issue?
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Or best of all, send an email everyday with your results explaining your trades and anything you did well and what you need to work on. You are still making the trading decisions, but hopefully knowing that someone will be looking over what you are doing will force you to stick to your strategies and plan.
Give this person some power over you. Give them access to your trading results so they can question you on anything which you have agreed is open for discussion.
Traits of an Ideal Binary Options Trading Mentor
Also, give them permission to freely question you. While it may be uncomfortable, having to explain your trading will force you to stay focused in real-time, and will help you become a better over time.
Ideally your referee should be aware of your basic method for trading, so they can potentially spot when you have deviated from your plan without even realizing it yourself. Having to explain your trading method is also a great exercise for making sure you thoroughly understand it yourself.
While not necessary, allow your referee to impose some form of pre-agreed punishment if you continually make the same mistake. You may need to pay them a small fee, or buy them dinner if you make the same mistake a certain binary options mentor of times.
No Trading Mentor? Utilize a Trading Referee
With nothing to gain from making impulsive trades, your habit will likely binary options mentor broken very shortly. Final Word On a trading floor traders must answer to their superiors or other traders for their actions. Find someone you trust, and ask them if you will help keep you on track. Even if you just agree to send daily charts and notes of your trades to someone, this is a positive step.
5 Tips for Choosing a Great Trading Mentor
Finally, choose someone who is stern, yet positive and encouraging. This should be a good experience for your trading, not something extra to worry about. Top Brokers.
Your trading will be placed under a microscope to help eliminate bad habits, bad trade execution, bad trade management, and more. Get a grip on your trading and turn your trading business around. Everyone needs a little coaching once and a while. Stop bleeding trading capital because of bad trading habits. Stop placing trades without a plan or through bad execution.