Do you need a mentor in trading?
If you do not believe in using or working with trading systems, then naturally you are a discretionary trader. As a discretionary trader, it takes a lot of time to learn the art of trading and many beginners fail because they do not know enough basic knowledge to get started. Before these beginners even get a chance, they are already wiped out by the markets they trade. For most beginner traders, this question almost always pop in their minds at least a few times – should I find a mentor?
From personal experience, being trained/mentored/coached by one or more mentors during the beginning of a trader’s development is very helpful.
The reason why it is helpful is simple. Most people, including myself, cannot really master an art with a lot of underlying technical details all by themselves. By having a mentor/coach/trainer, at different stage of your trading career, you will be able get opinions and ideas about your trading that you will not acquire by other means.
There is an example discipline that I can relate to, comparing to trading.
First, take a look at the art of painting. To be able to draw, its something almost everyone can do, but most of the non-trained individuals will not be able to draw something that can be called beautiful. On the other hand, you can take art classes and get trained by an art teacher, who can show you the basic techniques and evaluate your progress in those techniques over time. Eventually your painting will be very good compare to the untrained individuals. That the art teacher has done his/her job taking you to the point that you can explore the world of arts with trained hands and eyes.
Well, there are always genius who can learn to paint all by themselves through books, and by just looking at great painting in gallery and art stores. These individuals create the illusion to many that they can too become great artists without proper training.
As a person, we have to ask ourselves the question – have I ever learned a discipline all by myself from books only, without the help from anybody, and attained a level of profficiency equivalent to the professionals in that discipline?
When it comes down to choosing a mentor, I strongly advise looking for someone with good reputation. It is important to seek help when help is needed, but it is also important that you get quality help. Do take your time to search for a good mentor, because it is an important step for you to get closer to your goal – becoming a better trader.