WHY YOUR MENTOR’S TRADING ANALYSIS WON’T WORK FOR YOU.

Your skill set may be gotten from habitous learning and religiously following the guidelines set by your mentor(s), but that doesn’t guarantee you’ll be on par with their trading skills or have the same results as them.

Let me explain why your mentor’s trading analysis won’t be the best for you; and you shouldn’t want it to.

You should be able to understand that an exact imitation won’t necessarily get you the results you should and would desire at the end of this piece.

Journalling

One of the most recommended tools in trading, is journalling your progress as a yardstick for future honing of your skills; and reference.

You would be neglecting the strategy you must have habitually created in your progress by simply using the analysis your mentor employs best.

Note that you’re adviced to have a mentor to learn from and to avoid previous trading mistakes while you learn from them and create your style of trading.

Trading Style

Traders have different styles.

There are those who prefer day trading because it works for them, others prefer swing trading because it allows them to hold positions for a longer period of time.

If your mentor’s analysis is based on their specific trading style, it just might not align with your trading approach. It is very important to find a strategy that suits you and your level of risk tolerance; which brings me to my next point.

Individual Risk Management

Your mentor most probably has a high risk tolerance due to confidence and experience. Therefore, they would be comfortable taking larger positions with a higher risk. You might not be as comfortable taking such risks and prefer to trade more conservatively.

Following your mentor’s analysis without considering your risk management preferences can put you in rather uncomfortable positions. Developing a risk management plan is essential to achieve your trading success.

The Market As A Factor

The forex market is a vast and everchanging one that is influenced greatly by a number of factors such as economic news and geopolitical events.

Adapting your analysis to current market conditions and trends is the wisest decision to curb losses and secure your profits. During high volatility market days,If you choose to use a mentor’s strategy that worked during stable days, you are setting yourself up for a loss.

Rather adjust your analysis and strategy to current times than rely on your mentor’s past experiences.

Mindset: Psychological Factor

Recognize your psychological strengths and weaknesses and develop a trading plan that accomodates them. Your trading psychology plays a significant role in how you make decisions and interpret analyses.

The person you choose to look up to would have had years of trial and error, wins and losses, and perfecting a type of strategy that works for them;thereby creating a strong mindset that allows them stay in control of how they go about their trades.

If you struggle with handling your emotions, are new to trading, or impulsively push the boundaries you have set and choose to use a trusted mentor’s analysis, you might end up with a different result which in turn affects your psyche regarding your trading journey.

These factors will help you to navigate what’s most important as a trader; your personal trading journey. While learning from a mentor is valuable, it is of utmost importance to develop your own strategies and analysis that fit your trading style and factors in your do’s and don’ts in order to cater to all your trading needs.