You think you can learn day trading pretty quick? Well, you definitely can’t. Consider being more productive!

Many people, including you, were probably exposed to some day trading success video of a “mentor” who just earned $5,570 in 2 hours and want to sell you another education package. Naturally, the first thought that comes to your head is: ”I will quit my job, try to sit on my ass for a few weeks learning stuff and then will certainly start making real money”.

The problem with this approach is that it’s completely neither realistic nor connected to how real traders come into being what they are. Real experienced traders spend a lot of time and effort trading and always follow a set of strict rules. They are very hard-working and disciplined.

Day trading mentors inflation

There are many traders who mentor and teach other people. Some of them, like Ross Cameron and Meir Barak, are famous and very solid. Some other traders, such as Ricky Gutierez, Stocklock and Connor Pollifrone, have a strong base of followers but haven’t risen to a level of a superstar yet.

But there are also many day trading mentors with a smaller base of students. Sometimes even a few dozens of followers. The question is, how do you know who to choose?

Is day trading about skills or about luck?

Before we continue, you need to get an answer to one small question:

Do day trading mentors really know what they are doing If they do, to what extent?

The truth is that even most successful day traders you heard about can have only about 55% – 65% success rate. And it depends not only on their trading experience, education, underlying assets or other important factors. Very often it depends on pure luck!

It may sound baffling, but it’s true. If you want to be more successful than most traders, just toss a coin before any decision that comes to your mind.

Don’t follow day trading mentor’s money. Follow his skills.

Just google “how I made $4000 in one hour” and you’ll get a list with hundreds of “success stories”. The problem is that usually, you don’t know if these results are real. Even if they are, what you need as a beginner trader is not just another success story. What you need is a methodology.

Some people gain, some people lose. You should learn from those who succeed in gaining in the long run and avoid blowing their accounts in the short run. They usually focus on their methodology – a systematic approach to day trading.

There is a big issue of transparency of day trading mentors. You always need to watch the mentor trade live, watch his strategy both when he gains and when he loses. Not everybody gives this opportunity to their followers.

It is extremely important to watch your preceptor losing. People react to failures very differently. Inexperienced people traders tend to go to extremes, but experienced traders understand that this is just another day of work. You want your mentor to prepare you for this. The hazard of blowing your first small account may be not that crucial. Remember that in some cases people double down their position in the face of a loss and it leads to huge losses of tens of thousands of dollars a day.

You don’t want to be there. Your mentor must teach you the psychological framework of becoming a successful day trader even in times of losses. Especially in times of losses!

Day trading Mentors and Funded Accounts

Practicing is the best way of learning. You know there is always a limit of what you can learn from reading or watching. Try to find a mentor that not only teaches you the basics but also provides you with some hands-on experience.

One of the options is to use a third party funded account. Good mentors have connections with at least one big company and can get you much better deals than you would get on your own. They usually know many brokers and will appoint you to the right service depending on your needs, education, and skills.

You can start your research by reading about some of the leading day trading mentors.

Or just ask us to find the best day trading mentor for you here.