Five Reasons You Need a Day-Trading Mentor

So you’ve decided you want to be a stock trader? Well, that’s great, and many have succeeded and accomplished great things as traders – but bear in mind that many have failed as well.

Although for some it may seem to be similar, trading is very different from gambling. The nervousness, the excitement, the fear of losing – all of them can bring out the worst in people.

Tradenet, founded by Meir Barak over a decade ago, gives beginners the honest professional tools to become genuine, smart, and profitable traders.

Companies like Tradenet offer a comprehensive solution for the entire range of technical material one needs to know about trading, endless high-level courses, and all the way through, mental support from a personal mentor.

On the subject of how to approach your new (or not-so-new) passion, Meir Barak tells us that most veteran traders say that the game depends at least 50% on your mind and your mental state. Other traders would place that figure closer to 80%, or even more.

Stock day trading could be anything between a hobby and a vocation for you. What’s definite is that without a good professional and mental mentor, your chances are much lower than those of other players.

Here are the five most important reasons you need a mentor to become a successful day trader:

1. Validate your knowledge about day trading. So you’ve taken an online trading course – at, for example – and now you feel like you’re ready to trade. But you probably aren’t. If you haven’t had the opportunity to sit down with a pro, one-on-one, and ask questions to make sure you’ve got everything right, you could find yourself losing heavily. There are so many things you need to verify before trading, and a professional trader’s advice will benefit you greatly. and other such companies out there offer such mentorship programs, which are essential for beginners.

2. Practicing with your mentor could not be more important. During the trading day you will face dozens of distractions and uncertainties concerning any trade you might be thinking of entering. Practicing trading with ‘blanks’, and not just during the trading day when pressure is on, could give you an amazing advantage. If you sit down with a mentor, online, and go through yesterday’s trading in Tradenet’s live trading room, for example, you can ask so much and learn so much from real-life examples. You could ask why Meir Barak likes taking one sort of trade, while Analyst Scott Malatesta prefers a different kind. In this way, over time, you will discover your own trading personality with the help of your trading ‘gurus’.

3. Watch a live trading room with your mentor. After you have gone over trades from previous days on trading room recordings, you will be ready to follow the live ones. Why would you do that without your mentor, though? If you have your mentor by your side as you are trading, you can lower the risks and add on to your profitable trades side. A heap of sound advice that will keep you disciplined during your trading day will be worth a lot more than you could ever imagine.

4. Prepare better for the trading day. Even if you use a top-level, highly popular stock trading room like the one Tradenet is running, which has over 2,000 daily worldwide traders between Tradenet’s website, YouTube channel, and Facebook live page, you may still find yourself confused rather than gaining clarity. The issue is that even in those best trading rooms, there are at least three analysts who each have their own favorite trade and pattern types. You are pretty new to the industry, so you don’t know who to follow. Well, that’s where your mentor comes in. Your mentor can look at the set-ups during the 30 minutes of run-up to the trading day, so that you won’t find yourself confused later on.

5. Get continuous mental support. This one is probably the most important thing: mental support after losing days. Tradenet’s and other sites’ top analysts have been day trading for years, but you have not. The first days you lose are going to be so painful, for your ego as well as for your self-belief. A good trader is something of a counselor, though unofficially. Your mentor will listen, support you, and get the smile and optimism back on your face. If you don’t believe in yourself you have no chance. If you want to make money trading, you must first have a strong self-belief and positive mental set to allow you to break through this endless mental struggle. But if you do it well, the sky’s the limit!