Throughout my career as a trader, it’s been exceedingly rare to find people who are consistently profitable from the start. A lack of experience is going to make things tough in the beginning, no matter how smart you are.
Everybody looks for guidance when first starting out, and rightfully so. Having a mentor is a crucial part of developing as a trader. I was very fortunate to work with one of the biggest traders on the street, Mayer Offman, who let me pick his brain on a daily basis.
Unfortunately, the majority of new traders aren’t afforded the luxury of trading next to a legend. A more realistic idea that has worked for many new traders is the buddy system. As the name suggests, you want to become buddies with somebody that trades full time like you so that you can share ideas, strategies, and experiences.
All traders are built differently, so having a trading buddy is a great way to pick up valuable information. But perhaps a more important part of the buddy system is that you have a chance to vent to somebody that is going through the same things as you, day in and day out. Do you really think your friends and family want to listen to you talk about this crap every day? Exactly.
If you don’t know anybody in the real world who’s trading, find somebody that you’re friendly with on social media. Schedule Skype sessions. Talk on the phone. I know it sounds corny as hell but you need to do whatever it takes to extend your shelf life as a trader while you’re developing. You’ll be surprised by how many people would be interested in having somebody to team up with and talk shop.
Everybody can benefit from listening to another person’s stories and outlook. Check your ego at the door and continue the journey to profitability.