Discussion: Is mentorship required in Trading?

Markets Discussions
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Hi all,

This is my first post in the MadeForTrade community.

I am new to trading (only 6 months in), and I am loving the adrenaline rush it brings.

When you are early in your trading career, does mentorship matter?

If yes, what are the things one needs to take into consideration while looking for mentors?

Please share your suggestions.

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Hi Kaustubh
Glad you asked this. Hereā€™s my 2 cents-
I have always believed that Trading is like any other profession. The way we think that we should go through rigorous learning before joining any profession, trading too requires good mentorship and training.
We do require mentorship for swimming, cycling, dancing, and for that matter, all other skills. Trading is also a skill- which involves:

  1. Preparing trading strategies
  2. Managing Risk
  3. Managing emotions and many other things.
    Mentorship can significantly impact your trading journey, particularly in the early stages. Mentorship provides valuable insights, avoids common pitfalls, and shortens your learning path.
    When seeking mentors, check their years of experience, track record, products traded, and most importantly compatibility with your trading style.
    Talking about the mentor- look for someone approachable, communicative, and willing to guide and support you. Additionally, consider joining trading communities where you can learn from a variety of experienced traders and gain diverse perspectives.
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This is a very interesting question @Kaustubh_Patel.

Would like to get views from our members as well.

Have you had a trading mentor in your trading journey?

@Rohit_Ray @sanidhya_bhagwat @viki_patil @shruti_prasad @srisai_enterprises @PRASHANTH_K_N @Raghuvendra_Rai @alok.nayak @aaridrakamanu @niteenautade

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Good to see you, @Himanshu_Arora, in our community!

For everyone, @Himanshu_Arora is regularly featured on our YouTube channel, sharing his guidance on trading strategies, trading psychology, and more.

Iā€™m sure his guidance and years of experience in trading will add substantial value to our community.

Looking forward to your contribution.

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Some people learn on their own. If you are some one like that you donā€™t need a mentor. Note that it will take substantial time and effort to be good at trading like any other field via DIY mode.

Some people need a teacher. If you are some one like that better to seek help of someone. Ideally look for someone who is actively trading in the market and is making money by trading.

Besides trading is a game of chance which can be played well with well tested and well rounded strategy(s) and capital adequacy if one has the persistence to stick with those strategy(s) day in day out.

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Thanks for adding me @RahulDeshpande , appreciate the inclusivity from Dhan. Markets in general are very vast. Not even likes of Buffet can predict the next moment (he bought Paytm!). Since most people trade on widely advocated technical aspects and signals, itā€™s likely you make/lose money when you follow such ā€œknown and practicedā€ patterns/strategies. More capital, more P&L. Also, with more volatility, everything can go for a toss blink of an eye or you make huge sums. Having a mentor who is genuine is great, as in every other field and profession! (I did not have any and I think it would have been wonderful to have one). Finding one is may be like finding a lawyer to fight your case!

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My mentor used to always quote, ā€œSmart people learn from their mistakes, but wise people learn from the mistakes of others!ā€

Learning from othersā€™ mistakes is like gaining wisdom at a discount, especially in the context of the stock market and particularly trading. When it is related to money or investments, errors can be costly, both financially and emotionally. Observing the mistakes and scenarios of other traders provides invaluable insights without the burden of personal losses. While learning from oneā€™s own mistakes is essential, leveraging the experiences of others offers a cost-effective shortcut to success!

My mentor in trading is an active trader who once ended up losing all of his capital and Brokers Capital too in the 2008 crises and had to flee the country on account of heavy deb (That time Brokerā€™s used to fund for trading as well). He came back in 2012 around covering up all the losses.

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Hey @Kaustubh_Patel !
I can see youā€™re enjoying the adrenaline rush that comes with trading. Although that rush is a good thing, channeling it is very important. And when youā€™re new, you may not know the best way to channel that energy and excitement!

Of course, you can go the ā€˜trial & errorā€™ way, learning with each mistake. But why not learn from the people who have seen it all and are more than eager to help you become a successful trader?

A mentor is the right option in most cases since you can:

  • Learn from their past mistakes, ensuring a faster learning curve for yourself
  • Get your doubts solved by a mentor who has years of industry experience
  • Learn in a structured manner, saving you tons of time

Most importantly, a seasoned trader can help you navigate tricky market situations and help develop the right mindset.

If youā€™re interested in getting mentorship from a renowned & successful trader with 37+ years of experience, i.e., Jyoti Budhia maā€™am, you should consider checking out her upcoming Technical Analysis Live Mentorship Program on Upsurge!

Hope this helps :slight_smile:

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Hi @Nakshatra_Hanchate @iamshrimohan @RahulDeshpande
Dhan need to provide free trading sessions instead of paid course. May be one free knowledge

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You can check out Upsurgeā€™s YouTube channel for a ton of free knowledge on trading - strategies, live sessions, and discussions with some of the best trading mentors in India!

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Hi Himanshu,

Glad to watch your educational videos on youtube. Really like your way of teaching.
Its hard to control emotions, ego - when trade go wrong.
Setup is correct, timing is right, still trade go wrong.

Any advise, how to work on things.

I trade in EST timings, completely opposite of IST.

However thank you so much for taking time and making educational videos for us.

Thanks,
Anand

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Hi Anand
Though there can be many reasons for the same, one of the most prominent reasons (at least in my case) was the position sizing.
Let me put it this way- If your monthly income is 1 lac, will a Profit or Loss of 40k in a trade matter to you? Probably yes.
How about 20k?: Again Yes?
How about 2k? Maybe No, correct?
Anand, what I have understood is that if the potential monetary outcome of a trade has a significant impact on our lifestyle, it will certainly keep us biased and emotionally attached to the trade. However, if we diversify our trades in such a way that the potential outcome per trade is insignificant- we are more likely to play it like a video game, instead of being attached to it. I diversify my trades amongst a few products and then, also amongst different trading strategies.
Also Anand, I would like to suggest a book: Behavioral Finance and Wealth Management by Michael M. Pompian.
Happy to answer follow-up questions, if any.
Regards
Himanshu

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