One of the popular alternative sources of income for cryptocurrency enthusiasts and forum members is trading, trading requires skills and these skills come with a long time of practice which gives birth to mentorship in cryptocurrency trading, most of us believe and agree that having a mentor in trading increases your chances of success by 50%, but the problem is that most of us traders still lose heavily all because we refuse to follow the right trading path.
What do you do and what is your success recorded, do you follow your mentor's guidelines and advice?
Do you follow your instincts and if yes what are the results you got in terms of the profits ratio against the loss ratio?
I agree with you that having a mentor is key but it doesn’t contribute to that much of your success to me, one thing is having a mentor gives you access to some information faster and better, this fasten your learning but sometimes having this knowledge isn’t enough to get the success it sometimes plays as little as 20% to success. What makes you carve your success is how much you use this information and how you practice with it.
There are many today who most especially follow their mentor’s trading plan but I will say this set of people are hardly that much profitable because they are sticking to something that wasn’t backtested by them, for me I have this believe that if you don’t carve out your trading strategy yourself you will be less profitable because in the process of drafting your own strategy you will fail and Learn more from those losses.
Yes I follow my instincts as it is part of my psychology, some of them is not entering a trade less than 1:3, others like leaving trades till they tp and not break even but rather lock profits instead. I believe if you have your own plan it will help in building your psychology if you learn to stick with them
