Are Mentors a Good Idea for Traders?

Trading is a term that many people are familiar with, but not as many know much about. There’s more to this practice than simply buying and selling positions in a particular company or security. You need to understand the ups and downs of the market that you’re interested in, and find a strategy that works for you if you want to be a pro. The good news for people who want to start earning cash towards their future, is that it’s easy enough to start a portfolio these days. Not so many years ago, you needed to have a lot of money and friends in high places if you wanted to buy shares. These days, you can open a brokerage account online with any provider, and gradually become more familiar with the practice over time. However, just because it’s easy to get started these days, doesn’t mean you won’t need some extra help. That’s where mentors come in.

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What Can a Mentor Do for You?

A mentor, or someone you can turn to as a teacher in the stock market, isn’t the only way you can learn new skills and develop your strategy. With your online brokerage account, you should be able to take advantage of free trading tools and research available to current clients. Some experts also offer demo or paper trading, so you can put your ideas to the test before risking your cash.

However, mentors are some of the few people that you can turn to for genuine guidance and advice. Although these experts can’t tell you which top penny stocks you should spend your money on, they can give you help and move you in the right direction as you learn. These professionals can be family members, coworkers, friends, and anyone else that you trust who has a fundamental understanding of the market. A good choice will be someone who can answer questions, without steering you in a specific direction. Your mentor should also be able to recommend useful resources when you’re feeling stuck, like telling you which courses are helpful to take online, and whether there are any books or articles you can consider for extra support. 

Is Getting Help a Good Idea?

For the most part, trading in stocks or securities is a process that you need to go through alone. You’ll need to pick the companies you’re interested in on your own, ensure that you’re doing your research before spending any money, and even decide how you’re going to balance your portfolio. Only you can make those crucial decisions. However, that doesn’t mean that you need to go without help. Having a trusted friend or someone to guide you can be a great way to ensure that you have the right resources when you’re first starting out. At the same time, the right person can be a source of excellent stress relief. Sometimes, they’ll be able to give you information, or tell you stories that will help you to feel better if your strategy isn’t going entirely according to plan.