Do you need a mentor to teach you how to trade?
Starting to learn something on your own is never easy, and it is certainly rarely a fun activity. There’s nothing more difficult than trying to climb a mountain alone without help, and that’s what you do if you’re trying to trade binary options on your own. It will be an advantage if you look for trading tutorials. But you may find that there are no professional traders offering their services as a mentor to their colleagues. Such services are expensive, this is a premium package, which includes consultations (usually on Skype, by phone or other chat or VOIP service), training materials. A mentor will help you choose a direction, focus on a specific problem.
Do you really need a trading mentor? If so, how much are you willing to pay? Are all services legitimate, or are some of them fraudulent? Is it really worth paying someone else to teach you? Do you need a trading system?
How to find a legitimate trading program
Mentors can be very different. Some will be with you on a daily basis, while others will offer services at a distance and will be available if necessary, but in other situations you will be left to your own devices. Many will leave it up to you to decide how to approach mentoring programs.
“But wait, why would I pay someone to teach me how to trade if they don’t even make a living trading?” On the one hand, some traders are looking for mentors who earn mainly from training. On the other hand, some traders are looking for mentors who make their living solely through training. They believe that such traders know options and can educate instead of making them a living. Such mentors may be able to make a living from trading, but it is mentoring that can be their most basic gift.
Among the mentoring programs, there are also fraudulent ones, as there are fraudulent trading systems for selling signals and alerts, and brokers should not be mentioned. This does not mean that most training programs are fraudulent, or simply a waste of money. The sad thing is that many traders create such programs, while they can’t even make a living from trading, they blame the mentors for it instead of blaming themselves (which is exactly their fault). And this is what makes it difficult to determine whether a program is legitimate or not.
However, you can use some contextual keys to determine the legitimacy of mentoring programs. Here are some tips that may help you:
- How informative are the reviews? Are there specific data listed in negative reviews, as well as in positive reviews, are specific reviews listed? Do traders who leave negative reviews admit their guilt, or do they put all the blame on the mentors?
- Do your mentors provide you with free materials? Many of the mentors provide a variety of materials for free. Many provide free e-books in exchange for subscribing to newsletters. Some may be active participants in forums and constantly post data on their trading or trading ideas there. Check the availability of free materials, from them you can already determine the quality of the services offered by the program to which you are going to subscribe.
- How approachable is your mentor? If you have any questions, can you contact him/her directly? How willing is this person to help you? Can you trust your money to this person?
- Binary Options Standard Deviation Indicator
- Financial Radio
- Financial Indicators
- Business TV
- Economic Calendar
- Exchange Trading Hours | Trading by the hour
- Binary Options Broker Signals
Other selection criteria
Needless to say, you’ll want your trading mentor to be legitimate, but that shouldn’t be the only criterion by which you’ll choose your mentor. Your mentor, if you decide to take such a step, should be able to help you. Not every mentor and not every mentoring program is right for every trader. The great thing about binary options is that there are a never-ending number of approaches that you can use to learn. But this means that not every approach will suit your personal characteristics. So, you should buy what is right for you, as there is no perfect method that you should learn. Here are some additional criteria you can consider when looking for your trading mentor:
- An approach to trading that you find intuitive. If you’re the kind of person who learns everything thoroughly through fundamental analysis, you won’t want a trading mentor who only teaches technical analysis. Or, if you don’t like anything that has anything to do with MACD, technology, even if he/she specializes in technical analysis.
- A learning approach that is compatible with your way of learning. It’s not just what the mentor teaches, but HOW they teach, that’s what matters. Even if someone is teaching a technology that you hope to learn and successfully use, you will have a hard time if the learning format is not aligned with how you usually learn. Every person on the planet learns in a unique way; Therefore, each person develops different skills and approaches to solving problems. You need to choose a program where you can learn according to your needs.
- An upscale community. The best training programs will offer you all kinds of assistance except classroom materials and training from the program manager. Look for a program with a forum dedicated to it where you can connect with other teachers and students. Such a community is good for two reasons: 1 – You can learn from others, learn in many ways, which increases the value of the program, and 2 – A community of smart, mobile people gathers only where there is a legitimate, approved binary options trading training program.
Books of technical analysis of binary options
Alternatives to tutorials
You don’t necessarily need to have a trading mentor or sign up for a premium course in order to become a successful binary options trader. But at the same time, you should avoid isolation from other traders and try to do everything yourself. There are certain reasons to stick together in order to rise in the team. When you’re at risk, you should really have someone around to help you make the right decision and support you if you’ve made a mistake. If you don’t want to pay for guidance, consider these alternatives:
- Free trading forums. There are plenty of binary options forums that you can find online, and you can also look at Forex and general trading forums. You can meet other traders, learn and share experiences. A huge amount of surprisingly good trading materials are published by traders online every day. Traders tend to collaborate rather than compete. Why? Since smart traders know that 95% of their colleagues will experience failure, with or without their help. But 5% will succeed and they will do it together. You can quickly make friends in most circles of traders simply by demonstrating that you want to be in those 5% of the lucky ones.
- Trading with partners and groups. There are plenty of opportunities on the forums to join private trading and partnership groups. These people often trade hand in hand. Partners from all over the world will help you spot the best opportunities, and in gratitude, you will help them also stay up to date. However, you should be careful with team trading, as difficulties may arise. You can read about the best team trading techniques here.
- Responsible partner. Sometimes you need someone to be responsible (besides you). A responsible partner can be anyone you can trust with your financial life. It can be a spouse, a friend, a family member. It can be another trader. If there is someone else on whom you depend financially, such as a spouse or a person living in your home, then this person can also be a responsible partner, since you owe him funds. A responsible partner will help you stay honest and be aware of your trading, as they are genuinely interested in your activities.
- Rating and bonuses of brokers
So, no matter what position your financial resources are in, there are plenty of opportunities to learn how to trade. If you can afford to be a member of a training program, it will really improve your results very quickly – but only if you use the program correctly. Even if you can’t afford to pay for a training course, you can still enjoy the same benefits for free just by accessing the resources of the trading communities that you can find online.
