You're doing it alone
Remember when you were in school?
You had a teacher for every subject to learn from.
Outside of classes, you had a coach (whether it’s football, basketball, and etc.) to provide feedback so you can improve your game.
And even when you’re “chasing” the girl of your dreams, you have buddies (who are experts at the game), giving you advice, tips and tricks on how to win her over.
Clearly, at every stage of your life, you had someone experienced to give you feedback, advice, and knowledge.
But when it comes to your trading career you’re doing it alone.
And by figuring things out yourself, you face questions like…
“Does this trading strategy work? Do I have an edge in the markets? How do I know what works and what doesn’t?”
Now, I’m not saying you can’t make it on your own.
You can… with hard work, determination and paying HUGE fees to Mr Market.
You had a teacher for every subject to learn from.
Outside of classes, you had a coach (whether it’s football, basketball, and etc.) to provide feedback so you can improve your game.
And even when you’re “chasing” the girl of your dreams, you have buddies (who are experts at the game), giving you advice, tips and tricks on how to win her over.
Clearly, at every stage of your life, you had someone experienced to give you feedback, advice, and knowledge.
But when it comes to your trading career you’re doing it alone.
And by figuring things out yourself, you face questions like…
“Does this trading strategy work? Do I have an edge in the markets? How do I know what works and what doesn’t?”
Now, I’m not saying you can’t make it on your own.
You can… with hard work, determination and paying HUGE fees to Mr Market.
But imagine how much time, effort and money you’ll save if you have a mentor.
In case you’re unaware…
Paul Tudor Jones had Eli Tulis as his mentor.
Jerry Parker had Richard Dennis as his mentor.
Stan Druckenmiller had George Soros as his mentor.
Every one of these legendary traders had someone to guide them to take their trading to the highest level.
What about you?
The story of Richard Dennis and his "turtle traders"
Richard started trading when he was 17 with the starting trading capital of $1,200.
At the age of 25, he made his first million.
Dennis was widely known as a trend-following trader.
In 1983 and 1984, Richard Dennis placed an advertisement in Wall Street Journal, Barron and New York Times which read that Richard Dennis is looking for people who want to be trained as traders.
In 1983, Dennis selected 14 people from those who showed interest in learning forex trading. Richard trained them only for two weeks.
Then he gave them a trading limit from the budget of his firm and let them trade freely. All of those people became successful and they started to earn millions.
At the age of 25, he made his first million.
Dennis was widely known as a trend-following trader.
In 1983 and 1984, Richard Dennis placed an advertisement in Wall Street Journal, Barron and New York Times which read that Richard Dennis is looking for people who want to be trained as traders.
In 1983, Dennis selected 14 people from those who showed interest in learning forex trading. Richard trained them only for two weeks.
Then he gave them a trading limit from the budget of his firm and let them trade freely. All of those people became successful and they started to earn millions.
Characteristics of a good mentor
1. Based on the story about Richard and his turtle traders, we learn that he had years of experience and was widely known as a trend following trader.
The mentor must have a proven track record with detailed records that explain his forex trading process.
2. Your mentor should be honest and you must be able to trust them. Forex trading is not easy. You cannot be successful 100% of the time. Your mentor should be able to prepare you for all the possible situations you may encounter in the market.You should be able to trust them because you will most likely be following his forex trading style.
3. They must be someone you look up to. You should be able to have conversations with your mentor that are not limited to forex trading. Your mentor should have your best interest in mind hence the need for them to know about your goals and lifestyle you want to acquire.
The mentor must have a proven track record with detailed records that explain his forex trading process.
2. Your mentor should be honest and you must be able to trust them. Forex trading is not easy. You cannot be successful 100% of the time. Your mentor should be able to prepare you for all the possible situations you may encounter in the market.You should be able to trust them because you will most likely be following his forex trading style.
3. They must be someone you look up to. You should be able to have conversations with your mentor that are not limited to forex trading. Your mentor should have your best interest in mind hence the need for them to know about your goals and lifestyle you want to acquire.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
- Warren Buffet
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