Being a trader can be lonely. Trading is a lonesome industry not unless you are working for a bank or a huge financial institution or you control an investment firm. This is probably the closest experience you can have with other traders but other than working for banks or firms, you work alone. Most traders rely on themselves especially when it comes to finding a mentor that can guide them on the journey towards becoming a constantly profitable trader. If you are one of these traders you might need to scan through trading books, look at blogs and forum posts in order to look for the right mentor and information.
Dictionaries commonly describes mentor as a trusted guide or counselor. However, this definition is not enough because there are some qualities that mentors should have other than being just a guide. Here are some of the other qualities that you should look for from your binary options trading mentor:
Trust is always the key to any profession. If you do not trust anybody around you then it is hard for you to understand your environment. This is why it is ideal to have a trustworthy mentor. Your mentor should be someone whom you can open up to because you will not only be following his or her trading style but your mentor will constantly assess your skills. If you do not trust your mentor’s critiques or judgment, you will find it hard to have an open mind. Without an open mind, you will not grow as a trader. Moreover, on your trading journey, you will surely do live trading. Ask yourself if you fully trust your mentor to teach you so that you will not throw away hard earned money, effort, and time.
Besides trusting your mentor, he/she has to be someone that inspires you. This is way beyond the trading scope but an inspiring mentor can be a good influence on your part. Trading should surpass the binary options market. Discussions with your mentor should include subjects like relationships, faith, and of course, goals.
This is probably one of the most important qualities that every professional should have. This goes side by side with being trustworthy. As mentioned in so many trading articles, the binary options market is unforgiving. If your teacher makes you a promise that you can be a hundred percent successful you have to think twice about it. He/she has to be realistic and must able to let you understand reality and tell you that binary trading is not a simple business. As a mentor it is part of his job to get you ready for rough times.
A trustworthy mentor must have proof that he/she knows everything that he is talking about. When choosing a mentor, you must look at his/her track record most ideally having at least three years of experience along with a complete record that talks about his trading strategies and processes.
5. ENCOURAGE INDEPENDENCE
In trading, it is hard to find mentors who stick with you until the end. Thus, you need to find one who will be with you until you trade live but at the same time encouraging you to trade on your own. A good teacher must be able to allow you to recognize and become confident that is ideal to trade alone because in the end you will rely on yourself to make the calls.
With all of these traits present in your mentor, you can be successful in your binary trading venture. All you have to do is be careful and be keen on the prices that they offer.