If I could go back in time to when I started crypto trading, the only thing I would change would be to get a mentor. If I had one, I wouldn’t have made a lot of mistakes.
Losing three trading accounts in the space of three years was a nightmare.
A mentor would have helped me avoid the mistakes I made because I was a newbie.
Of course, you can learn crypto trading on your own, but it will cost you a lot before you finally understand what you’re doing.
A crypto trading mentor would give you a roadmap to becoming a profitable trader quickly.
I learned how to trade on my own, and it took me about five years to discover a winning strategy.
Why You Need A Crypto Trading Mentor
1. Personalized Learning Experience
A crypto trading mentor will create a learning experience that’s unique based on your risk tolerance and personality.
Whether it’s physical one-on-one coaching or via Zoom, a trading mentor can listen to you and clarify areas where you need help, such as chart analysis or developing a trading plan.
The crypto world is very complex.
You need to learn a lot of new things, such as creating a crypto wallet, buying crypto and transferring it to an exchange, placing your first trade, etc.
It will take you a long time to figure everything out on your own,
And you might even make a mistake and send your crypto to the wrong address or use the wrong network, causing you to lose your funds.
To navigate the crypto world, you need to be careful how you handle your wallet details, the type of exchange you use to trade, etc.
A crypto trading mentor can help you figure out everything and guide you in making the right choices in your trading journey.
2. Access To Expert Trading Strategies
One of the most challenging things in crypto trading is developing a trading strategy that would bring consistent profits.
Without the right strategy, you would continue to lose money trading until you quit.
If you decide to learn crypto trading on your own, you might spend years trying to discover a winning strategy.
Having a mentor would save you from such stress as the mentor would already have a strategy to share with you.
A trading mentor would teach you technical and fundamental analysis; you would learn on-chain analysis and how to hunt for crypto gems.
Your mentor can also recommend books that would help you become a better trader.
3. Risk Management
It’s the second biggest challenge in crypto trading.
The crypto market is very volatile.
You could be in profit and celebrating, and five minutes later, you’re in a huge loss and panicking because your capital is about to be wiped off.
A crypto trading mentor would teach you how to determine entry and exit prices and how to set a stop loss.
As a crypto trader myself, I have realized that the most crucial thing in trading is not to make a profit but to protect your trading account.
As long as you minimize your loss to a certain percentage (I recommend 5% for every trade), you will definitely be able to recover it with one good trade.
However, if you take a 50% loss, you would need a 100% profit to recover, which is not easy.
A crypto trading coach would give you guidelines that would help you manage your risks effectively.
These guidelines would become the foundation of your trading plan.
A trader without a trading plan is already on the path of failure.
A crypto trading mentor will teach you how to analyze the markets and wait for the right opportunity.
Having a mentor would also help you diversify your trading portfolio.
You don’t want to put all your funds in one cryptocurrency, and if the price crashes, you take a loss.
For instance, if you have $1000 as your trading capital, and you decide to put it all in one cryptocurrency, then the trade closes with a 10% loss,
Your remaining capital would be $900, but if you had diversified your trading portfolio and bought two cryptocurrencies at $500 each,
The first one giving a 10% loss and the second giving a 15% profit, you would have made a net profit of 5%.
4. Networking Opportunities
Crypto trading can be a very lonely journey without a mentor.
A mentor can help you connect with other traders and give you a sense of belonging.
The community can be on Discord or Telegram, but being in the midst of other experienced traders can give you fresh insights that would help you become a better trader.
Sometimes, other traders can share crypto gems that they’ve discovered, which you might not have noticed.
If you’re learning crypto trading on your own, the complexity of the ecosystem can be frustrating.
5. Help Track Your Performance
A crypto trading coach would help you track your performance,
Determine whether your trading strategy is working, and give recommendations on how to fix it.
A mentor would tell you, based on your trading behavior, whether you’re on the right path or about to blow your account.
Often, a mentor would go over your trading report and analyze why you keep losing trades.
A mentor can help you avoid things that might affect your trading performance,
Such as emotional or revenge trading, and remind you to stick to your trading plan.
6. Emotional Support
When FUD (fear, uncertainty, and doubt) strikes, your mentor can guide you through it because he has witnessed both bull and bear market cycles and knows how to manage the risk.
But you, as a beginner, can panic and make irrational decisions because you’re scared.
That’s where a mentor helps you keep your emotions in check.
7. Latest Market Insights
A crypto mentor would often get access to the latest market information or development before others.
They can inform you of the latest updates that can affect your trading or share info about specific cryptocurrencies that others don’t know yet, which could help you decide to buy or sell.
Most mentors have their own network of elite traders who get information faster than regular traders, and they share this information with you.
Frequently Asked Questions
How Do I Find A Crypto Mentor?
YouTube: You can find a trustworthy mentor by browsing different cryptocurrency channels, reaching out to the owners, and informing them of your desire for mentorship.
Ensure you do your due diligence before contacting a mentor. Many fake gurus on YouTube offer mentorship that produces no results.
Crypto Wolf mentorship: the crypto wolf has an incredible record of being a consistent and profitable trader over the years.
His strategies would ensure you become a profitable trader within 90 days of signing up for his program.
How Much Does It Cost To Have A Crypto Mentor?
There’s no specific amount. Most mentors have their unique pricing system.
The Crypto Wolf offers one-to-one online training on how to trade cryptocurrencies for $499.
Can I Pay Someone To Trade My Crypto?
Yes, you can pay someone to trade and manage your crypto portfolio.
Ensure you hire someone with a profitable track record and experience in technical and fundamental analysis.
