Day trading can be a challenging and complex endeavor with a very long learning curve, but with the right guidance, you can significantly improve your chances of long-term profitability. One of the most effective ways to accelerate your learning curve is by finding a good mentor. Here are four key points to consider when searching for the ideal day trading mentor:
Someone that makes more than you in trading
Would you hire an obese physical trainer to help you lose weight? It's crucial to find a mentor who has achieved a level of success that you aspire to reach. Look for someone who consistently generates profits that exceed your current earnings from trading, if you are currently earning at all. This ensures that your mentor has the expertise and experience to guide you towards your financial goals. This may seem like an obvious one, but I have seen a handful in the trading education space that have 2-3 years of experience and less than $100k lifetime profits launching a course or mentorship program.
Someone that trades the same products
Different trading instruments require different strategies and skills. Seek a mentor who specializes in the same products you're interested in, whether it's options, futures, stocks in play, forex, small caps, etc. This alignment will ensure that the advice and strategies you learn are directly applicable to your chosen trading niche.
Someone who is easy to talk to and understand
Complex concepts are a part of trading, but a good mentor should be able to break them down into simple, digestible explanations. Before committing to a mentor, review their existing content, such as blog posts, videos, or social media presence. If you have an opportunity to trade with them directly, or see how the operate day to day (such as the Trader’s Thinktank) you will get a better sense of whether they will be a good fit for you. This will give you an idea of their communication style and ability to convey complex ideas clearly.
Someone who trades a self-funded account
Similar to the previously mentioned “educators” who are launching courses and mentorships after 2-3 years of experience, the other red flag is if a “trading mentor” is trading a prop firm account as their primary means. While prop firms are great for developing traders and those that are undercapitalized, look for a mentor who trades with their own capital rather than relying on prop firm funding. A trader who manages their own money often has a more realistic approach to risk management and understands the psychological challenges that come with putting personal funds on the line.
One on One Trading Mentorship Program by Opinicus
For those seeking a comprehensive mentorship experience that addresses all the previously mentioned key points, consider the One on One Trading Mentorship Program offered by Opinicus. This program provides personalized coaching tailored to your current skill level and trading goals.
The program includes:
Six hours of one-on-one sessions focusing on strategy development and sustainable trading edge
Daily discussions to plan trading session and review trades
A done-for-you custom trade log and trading playbook template
Access to additional resources like the the Two Hour Trader framework
Six months of access to the Trader's Thinktank and Trading Mentorship Group
A guarantee that you will become profitable (or we continue to work together until you are)
Opinicus offers this program to traders who want to generate weekly income from options or futures trading, improve their current results, establish concrete trading processes, or transition to full-time trading. The program even comes with a guarantee of continued support until you achieve consistent profitability.
Finding the right mentor can be a game-changer in your day trading journey, and is a great way to drastically decrease the learning curve. By considering these key factors and exploring comprehensive programs like the one we offer, you can set yourself on the path to becoming a more successful and confident trader.