Day trading is an ever-growing, exciting way to make money from the convenience of your own home. A lot of people, especially during the pandemic – when they were given a chance to learn more about it – have started their journey with day trading. However, for some, the idea of day trading can still be confusing.
Table of Contents
Thankfully, the internet is a great source of information to learn almost anything you want. Many beginner traders strongly believe that one of the best platforms that could be of help to any day trader is Discord. Discord is an instant messaging, and digital distribution platform that is an ideal place to find communities dedicated to day trading. This platform is a great starting point for anyone who wants to learn more about day trading.
If you’re interested in learning more about this amazing way of making money or have no idea how it works, then keep on reading. In this article, we are providing you with a guide explaining how you can find a day trading mentor in Discord. But first, let us give you a brief explanation of what day trading actually is.
What is day trading?
Day trading is a type of trading on the stock market that is done during the day. This form of trading focuses on buying and selling a stock within one day to make a profit. This, of course, is not the only method of trading. Some would hold onto their stocks for weeks, months, or even years, depending on how they want to play with the market. For day trading, however, you will have to focus on a quick turnover and avoid the stocks that you need to hold overnight.
Why do you need a day trading mentor?
While you can go on and start your day trading journey on your own, it’s better to get some guidance on how to get started and be more knowledgeable about the day trading ecosystem. This is especially more important because real money is at stake.
And while there’s no actual enough data anywhere on the internet that tells you how much a mentor increases your success rate on day trading, most people agree that it is around 10% to 20%. Of course, it ultimately depends on you and the market whether you’ll be successful at day trading or not, but with a good mentor, you’ll have better odds.
You also have to know that about 80% of traders fail in the first year. Some even believe it’s higher because day traders are notorious for not publicly disclosing the real outcome. In fact, even day traders who are working for trading companies end up losing money. Again, their failure rate is 8 out of 10. So, with these odds, how is day trading worth it at all?
You have to know that once you become good at it, you can develop innate skills to work around the odds and set them in your favor. After all, you have a 2 out of 10 chance to win, right?
But then again, it takes persistence, nerves of steel, proper tools, and the right knowledge. A good mentor will guide you to the easiest and least expensive way to become successful at day trading.
Mentors already have traveled the long, difficult road to becoming a successful trader, which means they have already done the costly experimenting and spent thousands of dollars and hundreds of hours learning to trade. So, you’re less likely to encounter the obstacles that cause most people to lose money and eventually fail as a whole. You have to keep in mind that a good mentor is worth much more than the amount of the fee they charge you.
Why is Discord great for day trading mentorship?
Chances are, you haven’t used Discord before to its full potential, or perhaps, you haven’t even used it before. No matter what the case is, it’s never too late to discover the benefits the platform offers.
Discord is a software that allows users to communicate with voice calls, video calls, text messaging, and share media and files in private chats. It’s a lot like Skype and TeamSpeak, except Discord is also designed for creating communities. While Discord is designed for gamers to let them speak to each other while in the game, it’s also useful to other communities like stock trading Discord. Not only does it allow them to find each other, but it also gives them a platform to communicate and start group discussions.
Although there are many free communication apps and software online, Discord stands out due to its wide array of communication options. It combines all the best features of more commonly used programs like Slack and Skype, with a user-friendly interface. Because Discord is designed for people who want to talk and play games at the same time, it’s good for multitasking on your computer. This means that you and your mentor can talk, while they are sharing their screen with you without slowing down the system.
This versatility has led large groups of users of different communities to make Discord a favorite place to meet and communicate with people with the same interest. It’s not only a communication software, it’s also a social media gateway to meet people. So, basically, you don’t need to be a gamer to make the most of Discord. It’s extremely useful for joining specific servers to find your community.
Tips On How to Search for Good Day Trading Mentors on Discord
While there are several ways to find servers on day trading Discord, here are the top three fastest ways to find a day trading mentor on Discord.
Read Reviews and Feedback
As you already know, the World Wide Web is the best source of information today, so there’s no better place to find a day trading mentor on Discord than the internet. Now, what you have to figure out is how to execute your research. One of the best ways to do this is to read feedback and reviews on forums like Reddit or articles written by reliable authors.
Join Day Trading Discord Servers and Ask for Mentors
There are many day-trading-dedicated servers on Discord that offer a day trading mentoring program. Join and interact with other people on the server and once you become comfortable, you can start asking for mentorship. Of course, you want to observe the community first and see how other students are doing. You may also want to see the tools and methods used by the mentor before you commit.
Ask the Right Questions
Once you become familiar with day trading Discord, finding the private forums hosted by mentors will be easier. However, finding the best day trading mentors is where it gets quite tricky. You can figure out whether a mentor is good or bad by asking specific questions. Most mentors will always have an answer for any questions you throw at them, so you have to focus on how they answer your questions. Keep in mind that they do this for a living, so they may use fancy words when answering your questions. So, make sure that when they answer your specific questions about the market, take note and focus on accuracy and consistency.
In general, people have more odds to fail than to succeed in day trading – but this is true only in cases where they don’t invest time in their day trading education. If you want to be successful, you should be willing to work harder than you have on any other job you have ever done in your life.
To improve your chances of becoming more successful with day trading, getting mentorship is the key. But getting mentorship doesn’t mean the job gets easier. You should still be willing to expand your day trading knowledge, boost your confidence by double-checking decisions with your mentor, use the ability to ask for any clarifications and questions and be open to learning new things every day.
To help you expand your knowledge in day trading, check out our free course today!