Mentoring is one-on-one coaching where you learn the mentor’s method (usually involves reading, watching videos or both) and then the mentor coaches you as you encounter problems in implementing the method in the real world. In today’s world, this is easily done with the use of Skype or exchanging videos back and forth. Since I trade, and also enjoy writing about trading, I don’t personally have time to mentor students.
I do have an alternative though. In 2013 I was introduced by a friend to a trading school that focuses on day trading futures. I had successfully traded stocks and ETFs for the 9 years prior, and had also gotten into trading forex a few years earlier and was seeing success with that. I had traded futures on occasion, but not extensively. My friend, who had traded with the founder of the school, said I should try it out because I would learn some new stuff. That I did.
The Day Trading Academy offered a good program, and the one-on-one mentoring they provided was rock solid with awesome feedback. Sign up for their free day trading newsletter. Over the years I have sat through many workshops, taken many courses, and read nearly every book that comes out on trading. Not so much to help my own trading (because I like the methods I use), but rather to see what is out there…and if I do happen to learn something new that is great! This is one of the few programs that I have come across that I actually really liked. Most of what is out there is pure junk–nicely packaged and well-marketed junk. The DTA course, on the other hand, has a lot of great information and the feedback was top notch. I did end up learning a lot.
Their newsletter provides more details on getting involved in their mentoring programs, as well as the various options available. Plus, even if you aren’t interested in trader mentoring the newsletter provides some great free day trading instructional material.
They did good by me which is why I don’t mind pointing people toward their service. There is a cost for the mentoring. Someone is taking hours out of their day to help you to become a better trader, when they could be off doing something else.
Trader Mentoring Process
Once you’ve signed up for the newsletter, you’ll have their contact details and you can shoot them an email requesting more information about mentoring.
If you decide to proceed you’ll gain access to their training course. Read through it, watch the videos, and do the exercises in a demo account. They’ll guide you through setting up your trading platform, setting up indicators, and choosing a broker.
You’ll submit these exercises and receive video feedback on them. You then progress to learning the strategies and taking trades (in demo). You’ll submit your charts and again receive video feedback (live feedback is available if you attend the seminars or are near a trading office).
This back and forth continues, with your mentor pointing out problems, strengths, and offering guidance. Demo trading continues until you’re prepared for live trading.
You also get other perks such as daily recaps on the main strategy trades of the day, so you can see where you may have messed up or what you missed. They also have trading classes during market hours you can sit in on, as well as trading seminars where you can meet lots of other day traders.
I can only say what my experience was, and I thought it was great.
If you are more of a do-it-yourself trader, are more interested in trading stocks or forex, or want a less expensive learning option (mentoring can be expensive), then check out the Trading Courses page for other recommended ways to improve your skill.
Cory Mitchell, CMT
Founder of VantagePointTrading.com
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