The stock market offers regular people the opportunity to make life-changing money and get the freedom they’ve always deserved. Getting started can be confusing and difficult if you don’t know where to look.
Of course, all you need to do is put money in a brokerage account, but what next?
You can try to learn different strategies by reading books, taking classes, or watching videos online. But you get what you pay for when you DIY. That said, the quickest way to cut down the learning curve is by hiring a stock market mentor. Your mentor should have a proven track record of making money in the stock market, and be someone who can teach you the ropes.
But here’s the thing. If you go online, you’ll find tons of people or groups out there claiming that they are successful traders and that you can mimic their success if you sign up to their service. However, we’ve crafted a series of questions that you should ask before you decide to hire a mentor.
Finding a Stock Market Mentor – Experience
Now, there have been a lot of great coaches in sports who were never considered great players. For example, Coach K. for Duke Basketball, Phil Jackson in the NBA, Jose Mourinho in international soccer, are just few that come to mind. But here’s the thing, in sports, there are physical limitations.
For example, if you are short, you have a significant disadvantage if you want to play pro basketball, regardless if you try and practice. However, you don’t need any unique physical traits to become a stock trader. After all, Warren Buffet is still slinging shares in his late 80s.
That said, your stock market mentor should be an accomplished trader, as well as, a great coach.
Does your mentor currently trade?
The best way to know if a mentor’s trading strategy or system works is to see if they’re currently trading it now.
Jason Bond primarily trades three strategies. The typical stock he trades is under $10. In the first two months of 2019, he made over $300K in trading profits. Jason streams his account in real-time and sends out text and email alerts to his clients.
Red Flag to look out for: If your mentor is teaching you how to trade but using a demo account or showing theoretical results that is a red flag.
How many years has your mentor been trading?
Markets move in cycles, stocks go up, and stocks go down. It’s best to find a mentor who has traded through all the different types of market conditions. That said, your stock mentor should have at least 5-10 years of trading experience.
The market has been in a bull market since 2009. In other words, mentors with less than a decade of experience only are familar with one market cycle.
That said, if you had to choose over a mentor who is having trading success now vs. a mentor who is relying on their past results, it’s better to go with the mentor making money today.
Red Flag to look out for: If your mentor only has a couple of years of trading experience then they are probably dealing with a small sample size.
Does your mentor’s strategy work in all market conditions?
As noted earlier, the last decade has seen stocks enjoy a bull market. That said, some strategies work well for bull markets but are deemed worthless in bear markets. Other strategies work well in low volatility but are inefficient in a volatile environment.
Jeff Bishop, a self-made multimillionaire, runs a service called Weekly Money Multiplier. Despite stocks being in a bull market, he has proven several times that money can be made when stocks crash.
(Jeff Bishop has had some monster option winners this year, he especially shines when stocks are crashing.)
Furthermore, your stock market mentor should be capable of making money regardless of the market conditions. And most importantly, they should be transparent with you.
Red Flag to look out for: Stay away from one trick poney’s who only know how to trade one strategy or market condition.
Does your mentor teach you a strategy or a trading system?
Jason Bond teaches his clients three simple chart patterns. But do you know what? His top students trade nothing like him.
Does this make him a bad teacher?
Heck no. It’s a compliment because Jason teaches people how to become traders, and being a trader is a lot more than just having a strategy. For example, he helps people put a game plan together by creating a daily watchlist. With thousands of stocks in the market, he’s able to narrow the focus by following just stocks on his watchlist.
Of course, that’s just the start. You also need a trading plan. A good trading plan should consist of your thesis (why you want to get long or short), an entry level, and two exit levels, one to take profits and the other to cut losses.
You want a mentor who teaches you a full system, including steps to stay disciplined, improve, and the psychology of trading.
Does your mentor offer education?
(The image above was taken during a live Millionaire Roadmap Mastermind event, a true hands-on learning experience.)
The best way to learn is by watching someone successful show you how to make money in the stock market. However, you can improve even faster if you do your homework. For example, when you join Millionaire Roadmap, you also get a library of educational content.
For example, new clients gain access to the following videos: Stock Options Explained, Ultimate Day Trader Course, The Basics of Swing Trading, Penny Stocks 101, The House Always Wins, Intro to Options, How to Trade Like a Pro, and so much more.
Without the proper education, you will never be able to evolve as a trader fully.
Is your stock market mentor the only one rich or can their style be replicated?
Your mentor should be a profitable trader, but they should also have profitable students. That said, just because someone can make money from trading doesn’t mean they can teach others to do so. A mentor should be judged on their success as a teacher first, and their trading performance second.
Now, Millionaire Roadmap is one of the best stock mentoring programs around.
How do we know this?
Because it has a stellar track record, for example, Millionaire Roadmap has helped develop three ordinary traders into millionaires. Furthermore, these former students are now millionaire mentors. In other words, success breeds success.
Does your mentor’s trading approach fit your style?
Jeff Williams is a husband and father. He’s also a stock trader who has the uncanny ability to build up small accounts. He was able to take three separate accounts and return 200%, 220%, and 600% in one single year. His trading style is catered towards the busy professional. In fact, his trading takes about 30 minutes a day, leaving him tons of time to teach his clients and hang out with his family.
That said, ask yourself, does this type of trading fit my schedule? Will you be trading on your iPhone like Jeff Bishop or will you have a multi-monitor setup with a Bloomberg, like Kyle Dennis?
Are you a risk-averse person, or do you believe in the motto “no guts no glory?”
If your mentor likes to swing big and you are not comfortable taking on more substantial risk, then you’ll never get good at trading their style. That’s why it’s important to have a mentor that teaches you a complete system and not just a strategy.
Is your stock market mentor accessible?
A mentor can help you develop as a trader faster if they’re there for you. For example, Kyle Dennis routinely gets on the mic in his chat room to answer his client’s questions. Jason Bond has been known to hop on Facebook and do free live teaching lessons.
Of course, it helps a lot to have a mentor who can answer your questions, and direct you in the right direction as you advance and develop as a trader.
The path to stock market glory starts with a good stock market mentor. However, make sure to do your homework and find someone that fits your needs. That said, if you’d like to learn how some of these ordinary folks made it as stock market millionaires, be sure to check out this free eBook, Making of a Millionaire.
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