Mentoring - Clearing Out The Cobwebs In Trading

Mentoring others to become traders is a sure-fire way to become clear about your choices resulting in earning greater profits. Becoming an effective mentor means that you must: · Have a plan in place · Within that plan have a strategy · Be able to explain your strategy so they can explain it back to you with confidence · Have proven profitable results · Be able to show a track record of decisions you made and why you made them · Share lessons that you have learned along the way to becoming profitable · Have an open dialogue so they feel that all questions are welcome · Monitor their success and learn from their mistakes · Allow them to witness your trading and what you're thinking about when you take a trade Mentoring is the highest form of accountability and disclosure. If you are successful in transferring your knowledge to make someone else profitable, each of those you mentor will become your mentor.

We all have the ability to play many characters. If you can effectively separate your trading mentor self from your student self and follow the above instructions this can be an effective way of learning. The trick is allowing the two parts of you to interact with each other separately.

Choose a person who is eager to learn and with whom you have a comfortable rapport. This person must be capable of understanding what you are communicating and be willing to work on their own.

You can either hire people, take people on as apprentices, manage a trading group or start a trading club. This type of mentoring will require the most time and energy, but you will receive the most benefit. It is important that each member supports you and the other group members.

One of my clients has an excellent strategy that has to be managed by several people in order to reap the most benefit. He decided to hire a friend and teach him his strategy. This did not work out because the friend was not as committed to trading as he was. When he hired the second person, he found the same thing to be true. My client called me and I told him to look for someone just like himself but without the desire to run his own business. Together we laid out the qualities that made up his personality and work ethic. It took him several months, but he finally found the right person. Since then, he has been grossing twice the profits and working less hours. He told me that this experience has made him clearer about the opportunities where he should take more risk. And the young man he hired is a loyal employee who believes he has found the ideal situation for bringing out the best in himself and earning more profits than he ever imagined he could produce.

Whether you learn to mentor yourself or others the benefits are worth the added effort. You will become clearer in defining opportunity, increase confidence in yourself and your strategy and do well for others.

coaches traders and investors to their next level of success by helping them overcome their self-imposed limitations. She has been a keynote speaker since 1989, author of 13 books, and owner of