There are a lot of different ways to make money in our everyday lives. We work all day to make a wage, we can sell clothes and other items, and we can even take out loans and make other financial investments. Another increasingly popular way to make a little bit of extra money, however, has been trading. Trading has been around for a pretty long time and has always given the average person a chance at success; almost anyone can take part in it. There are a variety of different markets to invest in and an almost endless supply of stocks and shares, so there’s certainly no shortage of options available.
The thing is, chances are you still need a bit of help- particularly if you’re just starting out in the trading world. That’s why there are a variety of different mentors out there- they tend to be traders themselves who are looking to pass their wisdom and knowledge onto the next generation. However, it’s a well known fact that some of these are a lot more trustworthy than others and that’s why you need to do the necessary research. So is it actually worth signing up for this kinds of trading mentorships? Or are traders and programs like Timothy Sykes Millionaire Challenge just out there to poach your money? Read on to find out.
The first thing you need to think about when you’re signing up for a trading mentorship is who you’re actually signing up for. As I already mentioned, there are a lot of people to choose from out there and if you aren’t careful, you could end up with someone who’s either incompetent at trading or is only out there to make money from you. Looking for people actually willing to pass on their skills is always vital and that’s what I suggest you do. Have a look at their track record; how has their trading career been and what is their current financial situation? What’s the history of their students? Have they had many success stories or not? Check out some reviews as well- what do people say about the programs? If you make sure to check out these kinds of things, you could be well on the way to finding a good program.
Next, you should look at the individual programs and challenges that different mentors have available for learners like you. There tend to be a number of different packages available and each of these are tailored towards people of specific ability levels. For example, you may only want access to a few tutorial videos, leaflets and online chatrooms and will only want to pay for that- that’s fine. If you want to go a little bit further, you could try and get access to an entire copy of a mentor’s notes and information to try and be the best you can be. This will obviously cost a bit more but will hopefully be worth it. Programs like Timothy Sykes Millionaire Challenge do cost a hefty amount ($5000 in this case) but they are set up in the hope that you can really bolster your finances. If you stick at it and work hard, you could do just that.
Next, you need to look at the tactics used by different traders. When you’re learning from someone, different teaching styles will suit you better (this is the case in any aspect of life) and if you do enough research you could find the perfect coach. Some of them like to keep it nice simple; their websites are pretty self explanatory, they keep things at a basic level for you and don’t go too overboard to begin with- this may be helpful if you’re just starting out. Others prefer to show off their flashy lifestyles and all the money they’ve earned from trading in order to appeal to you- they show you how far trading could take you if you get good at it and show there are no limits. A lot of people criticise this method of teaching and say it paints an unrealistic picture, but if they could do it then why couldn’t you? All these people started out where you are and have reached the very top.
When you sign up for these kinds of programs, you also need to think about how much you’re going to invest to begin with. Now, this depends on a few things. First of all, it depends on your actual ability as a trader at this point in time. If you’re not amazing (and there’s no shame in that) then there’s no point in wasting money that you’re most likely to lose. You should take a simple option, invest a little bit of money and see how you do. If you do that, it shouldn’t matter too much if you lose and you can learn from the experience. The next time, you’ll have that little bit of extra knowledge and can use that to your advantage. It’s not a sprint; building up money through trading can take a long time and you need to have patience.
You also need to think about the kinds of stocks you’re going to invest in. There’s no point mixing and matching all over the place- lots of people have tried this before and just get all their stuff mixed up. You should come up with a niche (Timothy Sykes, for example, tends to specialise in penny stocks) and stick to that. If you do this, you’ll learn all about this kind of trading and could end up being a real expert. Because of that, you’ll be much better at predicting what stocks are worth investing it and which are worth giving a miss. If you’re able to do this, you’ll be much more likely to take advantage of the stock market and make some serious money.
There are a lot of different things to consider when you’re starting out trading, but by following this guide you should get off to a solid start.