What Your Trading Education is Missing

Dear Colleague,

When we learn a new skill it takes time to develop it. The best way to do so is to practice under a mentor. Think back to when you first learned to drive. You likely had someone review the basic operations of the vehicle and traffic laws with you. Then they likely rode with you in a controlled environment and monitored your progress. Eventually, you may have entered the open road with that person mentoring you and guiding you as you practiced your new skill.

I'd like to show you some examples to demonstrate the power of mentoring when it comes to trading or investing. Learn more by signing up for a free workshop.

Before we enter into any trade, we must plan the trade. The instructors at Online Trading Academy review the market conditions and potential trades for the session before any trading takes place. These are the same steps that any successful trader should do, and watching this will develop good trading habits for you.

Look at the trade we planned and executed in the Stock Mastery XLT mentoring room on RIMM (this is now the company known as Blackberry, BBRY). Even though we had a plan in place, as experienced traders we are always open to new opportunities and adjustments due to ever-changing market conditions. We took a live trade based on RIMM failing at supply. This proved to be a nice winning trade to start the day. We were eventually able to take the second planned trade. Having an experienced trader demonstrate how to plan and adjust to market conditions is critical to your success.

We did something similar in another session in the Stock Mastery XLT Class. A student was asking about a stock, LULU. As the instructor, I immediately noticed a strategy that I employ in the market and immediately planned and taught the trade strategy to the students. We were able to take the trade with success and even had another opportunity using the same strategy after the class ended for the day.

Learning a skill doesn't mean you are ready to apply it efficiently and immediately. Trading successfully is a journey and it becomes easier with help. That is what we are here for as instructors and mentors. Utilize the tools and assistance available to you and don't take the journey alone. You'll find the path is much easier that way. Read more...

To find out more about the mentoring approach at Online Trading Academy, sign up for a free workshop.

Brandon Wendell

Instructor
Online Trading Academy

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Wednesday, June 3, 2015