It is often said that 90% of traders lose in the financial markets. If the numbers hold up, then it is also safe to say that most of what passes for trading educational material is of little to no value to long-term trading success, let alone to produce results comparable to trading for a living. If you think this conclusion is in error, then think about the many books on trading you may have on your bookshelf, then compare that to your current success in trading the markets. If you are doing well for yourself, then congratulations are in order. If not then, you may need a new game plan.
Benefits of a trading mentor
One of the best ways to give your self the best chance at trading success is to work with a trading mentor. Most people try to reinvent the wheel and go it alone. The problem with that is, especially with those who are starting out, it is mostly trial and error, with the likelihood of being mostly error.
With a mentor though, you can quicken your pace. One way that a good trading mentor can help you become aware of those thoughts, beliefs, and habits that may cause you to stumble. A good example is where one is attempting to trade the markets but also believes that the markets should be fair and equal for all. Holding this belief could potentially cause you to hold on to loses longer that you should.
Another benefit you may gain is the elevation of your thinking. It is not just about dealing with self-sabotaging trading behavior, but also a matter of getting to see the world of trading from new and innovative perspectives. It is here that you gain an edge in the financial markets. One example is to use women as an analogy to successful trading, if you are a man. Using a relevant point of reference may trigger self-correcting behavior that may lead to trading success.
Making the best move
Even though there is much change in the world, human nature still remains the same. That is why many people will continue to lose trying to trade successfully in the markets. If you want to achieve the objective of trading for a living, then one must not follow the ways of the masses. For to do so, while expecting different results is called insanity.