When you start out a good mentor can guide you in the right direction right from the start.
It is always good to be in the company of good traders and learn from their experience.
Below are a few Forex mentorship services to consider
An Article on Mentorship and training
Day trading is a tough career. Whether you’re new to the field or an experienced trader who wants a support network of other professional day traders, finding a day-trading school that offers courses and mentoring is an efficient way to get the education and tools required to succeed in the markets. Many day-trading schools offer online courses, video conferencing, in-class or group sessions and/or personal consultations. Each school focus on different markets, such as the stock, futures or forex market, providing their own strategies and mentorship programs. The quality, price and support offered varies dramatically from school to school. With that in mind, here’s what you need to know about day-trading schools so you make the best choice for your situation and preferences. Popular schools for those seeking to day trade the stock, options, futures or forex market are also discussed.
Picking a Day-Trading School
One of the first things new traders look at when picking a day-trading school is the cost of the courses and mentorship. While cost is an important factor, it shouldn’t be the only factor. Most day traders will lose much of their account very quickly if they jump into day trading without guidance or research. If day trading the stock market, that potentially means losing a large chunk of $25,000 or more — the minimum account balance required to trade U.S. stocks, as imposed by the Financial Industry Regulator Authority (FINRA). From this perspective, spending $3,000 or even $10,000 to get solid training and mentorship may actually be cheaper over the long run than attempting to day trade all on your own.
The key phrase above is “solid training,” which comprises three elements — foundation, mentoring and support.
The foundation gives you knowledge about the market you wish to day trade as well as strategies to help you extract a profit from the market. While strategies do vary, for the most part this information can be found online or in textbooks for little to no cost. Many day-trading schools even give away their strategies for free. This is because the strategy is only a small part of becoming a successful trader.
— whether by attending regular webinars, having trades critiqued or receiving one-on-one coaching — is more pivotal to success than just the information a trader receives from books or articles. The mentoring stage introduces an outside, objective observer to your trading.
It is very hard to see our own mistakes, but someone else who knows what to look for can often spot those mistakes immediately, correct us and provide a better way of trading. An analogy is trying to fix your golf swing without the aid of a video camera or a knowledgeable golf professional. Since you can’t see what you are doing while you are swinging (trading), you’re bound to make the same mistakes over and over again, even while working hard to correct what you think is wrong. Mentoring removes that hurdle, makes the process much more efficient and is likely to result in quicker progress than attempting to fix things on your own.
The foundation and mentoring stages should get you to a comfort point when day trading, and hopefully a profitable position. Support is the ongoing element of the school that is also beneficial. It is very easy to slip into bad habits over time or change our behaviors without realizing it. Ongoing support, and having a school or a group of traders to help you through this time, is a significant advantage. Even professional traders, and athletes as well, have times of poor performance that require a knowledgeable outside source to get them back on track.
When choosing a day-trading school, consider cost, but in the context of what is offered. A day-trading school should offer you a good foundation of information to build on, mentoring to help you understand the information and fully implement it in the market, as well as support via emails, webinars or a chat room where successful traders using the same methods can interact and help each other if required.
Here are three day-trading schools — focusing on stocks, options, futures and forex — which offer solid foundations, mentoring and support.
Top Day-Trading Schools – Stocks and Options
One of the largest trading schools is Online Trading Academy (OTA). The academy began as a trading floor in 1997, and by providing daily coaching sessions shifted its focus to help more traders by providing classes, workshops, online courses and free trading resources. Over 150,000 traders are in the OTA community, with live and online classes held around the United States and the world at more than 30 physical teaching centers.
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