Trading and investment are the craze of the moment all over the world right now. This is partly due to the pandemic. During the lockdown, many people were forced to stay at home to curtail the spread of the virus. This caused an increase in the expenses and cost of living of the family and at the same time a drastic drop in the income of many families due to the loss of means of livelihood thanks to the stay-at-home order by the government. This made a lot of people incredibly restless and desperate to find a means of generating income from the comfort of their homes during the lockdown. Several answers were found but one of the major solutions to this problem came through trading and investment.
What Are Trading And Investment?
Contrary to popular belief, trading and investment does not mean the same thing. True, they may have similar features but they are not exactly the same.
The major similarity between trading and investment is that both deal with the buying and selling of stock. Stock in this case refers to the value of a commodity such as oil, real estate, gold, foreign currency, cryptocurrency, business companies, and several others. When you buy a stock, you are buying into the current value of that stock. The general principle or aim of both trading and investment is to make a profit by eventually selling the stock at a price higher than the price that they got it.
The major difference between trading and investment is the duration of time between when a stock is bought and when it is sold. In trading, the time frame between buying and selling a particular stock can be very short (usually a few days, sometimes a few weeks, and on rare occasions, a few months) whereas in investment, the time frame between buying and selling a particular stock can be quite long (usually a period of several years).
Trading and investment have been made much simpler than before thanks to the internet and the lockdown really pushed people into having an inkling into what the stock market is all about and encouraged them to participate in it. If you find it hard to do this, know that there are stock market alternatives where you can still grow your money.
Despite the influx of people and the increasing popularity of trading and investment, the principles of the stock market still remain the same and as such you need to be well versed and guided in them if you want to make a significant profit from your investment.
Who Is A Mentor And Why Do I Need One For My Trading And Investment?
A mentor is someone who is more experienced or successful in a certain field or area of endeavor and plays the role of a guiding figure towards you in that area.
Whilst the mentor does not lord it over you, he plays the role of an authority figure which makes you accountable to him and gives his advice and input, giving him great influence in your decisions and conduct. It is important to have a mentor who guides you either physically or virtually through emails, telephone calls, social media, or even newsletters such as the one mentioned in this review of Profits Unlimited because no matter how skilled you are at reading the market, it is much safer, in addition to that skill, to also have a pair of experienced eyes and hands to guide you through the market. The market can be so unpredictable and many times it is the experience and not just sharp instincts that would save the day and bring in the profits.
How Do I Find A Mentor?
Now that you have seen the need for a mentor and have decided to find one, how do you go about it?
● Be Clear And Specific About Your Goals
The first thing you need to do when searching for a mentor is to decide what you want, both from your trade and from the mentor. You need to be able to clearly outline your goals and the role you want your mentor to play in achieving them.
● Start Working Towards Your Goals
The next thing you need to do is to start working towards your goal. Believe me, you are much more attractive to work with or invest time and knowledge into (which is what mentors do) when you are already working towards your goals and doing the best you can without any assistance.
● Choose A Prospect Who Matches Your Vision
It is important that the person you decide to mentor you is someone who has a track record of excellence in (or at least similar to) the goals you have set. For instance, if you want to make a profit of $1,000 every month from your trading, someone who has been earning that same amount every two weeks for the last two years in that same trade is perfectly suited to mentor you.
● Approach Your Prospective Mentor
There are many ways to do this. You can reach out via telephone, texts, emails, letters, or messages on social media. You can even decide to book an appointment at the office or connect with him at an event. Whichever way you go about it, ensure you are courteous and straight to the point. Talk about you, your goals, what you have done so far, the role you want him to play, and why you believe he should.
No matter your level of skill, it is definitely beneficial to have someone whose wealth of experience you can glean from through mentorship.
Though it is not a magical guarantee towards success, mentorship puts you on the right track.