Unfollow the leaders
To each his own
It was around 2018 when I started trading stocks. Back then, my knowledge of investments revolved around company fundamentals. I had no idea about short-term trading. Since then, I’ve traded markets other than the PSE – US, forex and crypto. But to this day, I can’t say that I’m already profitable.
When I was starting, I was a sponge. I really put in the time and effort in studying. I scoured the Internet for references. It was new, fun and exciting. I was inspired by the successful traders and enticed by the high gains. There’s even a portsnap (portfolio snapshot) season when there’d be no shortage of proud traders boasting their “green” portfolios. So my motivation was going through the roof.
I was fine self-studying but then I came across these traders offering “mentorships”. I decided to try a few, free and paid. I figured enrolling in their courses would speed up my improvement. And it did. I learned a lot but it did not translate to my trading. As of now, I wasn’t close to my goal.
My why is to be consistently profitable and have another income stream to provide for my family.
Going through all the seminars and tutorials helped me realize one thing – what works for others won’t always work for you. Blindly following others is a red flag. Your mentor could teach you all his concepts and strategies but it isn’t a guarantee that you would be as successful as him. It would certainly help as guidance for more structured learning. Remember, that there’s no one way of doing things.
There are many paths leading to the mountain peak. So find your own way to the summit, but don’t forget to enjoy the hike.