There’s a lot of talk in the trading industry of hacks and get rich quick strategies and we all know that the majority of this talk is hot air. One thing that doesn’t get talked about quite enough however is how one can legitimately speed up their progression and stride towards consistent profitability and capital funding in a faster, more efficient manner. In this article we’re going to deep dive why having a community of traders and coaches around you drastically increases your likelihood of success and the difference between going this route vs. trying to figure everything out on your own. If you’ve been attempting to go it alone, this article may just be your wake up call.
What Should One Look Out For When Selecting A Group To Join?
The first thing any group should have is a mentor or team of mentors who are currently trading at the level you want to be trading at. It’s important to find a program / group where you’re learning from someone who’s already walked the path you’re currently walking. You want someone who has first hand experience doing what you’re trying to do. It’s also important that this person was once where you are in your trading journey… whether you’re brand new or you have some prior experience under your belt. This person needs to understand the journey end to end… otherwise how could they possibly understand where you’re at and coach you to the level you want to be playing at? The more years of experience under this person’s belt the better.
Aside from that, you want to find a community where others, once in your current position, were able to get results learning from your chosen mentor(s). You want to look for testimonials, case studies, similar success stories to what you too could accomplish. People who were, when joining, in your same situation… and over the following months or years under this program’s mentorship, able to achieve the level of success you’re wanting to achieve. In this case the result being consistent profitability and capital funding through one of the various prop firms available to you. The more success stories coming out of this program, the better. This is an important step in the decision making process.
We’ve found that a lot of traders tend to join overhyped communities only to find out that its members don’t actually get results. They focus on the flash that the mentor(s) promoted across social media, only to realize that his/her members don’t actually get results following his/her advice. Case in point, make sure that the students themselves are getting results in the program. This is most important as you’ll be walking this same path when you decide to join and you want to make sure it’s proven to work.
How To Get The Absolute Most Out Of Being In A Trading Community
This one’s important! We’ve found in the past that most traders will buy courses and attend live events only to utilize a small percentage of the information / resources available to them through these programs. A big part of progressing as a trader is being resourceful. It’s about using the mentorship programs you join to the fullest extent. At Phantom Trading for example, we offer a comprehensive video course that breaks down our strategy in full detail, we offer live group coaching calls with our coaches multiple times per week, we offer text chat in our Discord group 24/7, as well as countless downloadable resources, chart feedback channels, mindset and psychology trainings etc. Those who realize success with us over the 6-12 months they’re with us, are 9 times out of 10, those who used everything available to them in the program. They’re the ones asking questions. They’re the ones showing up to live calls. They’re the ones who go through the content numerous times to drill in the concepts. It’s oftentimes those who engage more frequently with what they have available to them who get the results they’re seeking.
So, regardless of which community you decide to join, make the most of it. Get involved. Ask more questions. Show up to more group calls. Make notes throughout the training and get help whenever you feel stuck without hesitation. You have to make full use of what’s provided if you’re ever to see results. It’s like those who read a book end to end but don’t apply any of what they’ve read. It won’t be long before that information is forgotten and you’ll have wasted your time. It’s important to use the information available to you and to apply it right away. Engage with it. You’ll find the training sticks and you’ll progress much faster as a trader.
What To Avoid When Being A Part Of A Trading Community
This point’s a little bit less obvious but key nonetheless. It’s about comparison and maintaining healthy expectations while being surrounded by others who are on the same journey as you. When you join a community of like minded traders, undoubtedly there will be traders who are behind you experience wise and there will be those further along than you experience wise. It happens regardless of which group you join and how long you’ve been at this for. One important thing to keep in mind is to not get swept up in your emotions by comparing yourself to others while you’re learning. Seeing other traders win when you lose. Seeing others lose when you win. It can become quite subconscious over time if you aren’t actively protecting your energy and attention.
It’s crucial to get feedback from others when you’re learning and to ask questions as to what others are doing and how they’re doing it, but it’s equally important to not compare yourself in a negative way thinking that you’re further behind or you’re not progressing fast enough just because you see others around you winning. Seeing others achieve success should only act as a reminder to you that it’s possible. If others can realize big wins and acquire capital, leave their jobs etc… so can you. Period. There is nothing special about them.
Always remain mindful of this when you’re scrolling social media, when you’re monitoring trading chat rooms regardless of the platform you’re on, wherever there are other traders posting their results, remember that you’re on your own journey and the only person you should be comparing yourself to is who you were last week, a month prior, last year. Everyone progresses at their own pace. You are no different. Remind yourself that you’ll get to where you want to go eventually. It’s simply a matter of time. Show up and put in the work.
What Are The Benefits of Being In A Community That Going It Alone Does Not Provide?
The most obvious point here is feedback. Having a mentor / group of likeminded traders on a similar journey as you review your work and answer your questions as you grow is key to progressing faster. When you’re alone on this journey it can be challenging to know what you’re doing right and what you’re doing wrong as you learn and begin taking positions in the markets. You’ll win and perhaps not know why. You’ll lose and perhaps not know why. Without proper feedback and guidance as you develop, you’ll be headed in all directions rather than one clear direction. It’s important to have someone review your work and reinforce your decisions along the way.
Another challenge that comes with attempting to find one’s own way in trading vs. following one clear cut path, is that strategies and trading styles get blended which leaves most traders confused and wondering why what they’re doing isn’t working. You’re much better off following one blueprint that’s worked time and time again for many traders before you… and to simply do as they do. We live in a noisy time right now where there are endless opportunities pulling at your attention. New strategies, new tools, new softwares, new ways to make money online. More now than ever it’s important to learn how to choose one thing and to focus and commit to it for an extended period of time. Drop the shiny object syndrome and stick with one thing for at least the next 12 months. Watch what happens!
When Is The Right Time To Join A Trading Community?
As the common saying goes, “the best time to plant a tree was a year ago, the second best time to plant a tree is today.” We couldn’t agree more with that statement. As soon as possible is the answer… especially in trading. It’s important to get in with a community that’s proven to support traders through to consistency regardless of their level of experience. It will shortcut your learning curve and provide you with the confidence to stick with it when the journey gets tough and you have moments where you feel like giving in. When you’ve got mentors there to help, and you’ve got a community of traders on the exact same journey as you going through the exact same challenges, you’ll feel less alone and far less often you’ll question whether what you’re doing is correct. This certainty is what you’ll need to keep at it long enough to realize results. When you start getting those wins under your belt it becomes addictive and you won’t want to stop. Once you’ve got that momentum behind you, your success becomes inevitable… and only a matter of time.
Here at Phantom Trading, community and support is our primary focus. We understand the value of having a strong and stable mindset throughout your trading journey as at the end of the day, you will be the only person who’ll ever make the decision to throw in the towel. No one makes that decision for you. By surrounding yourself with others who are winning every single day… and following a clear trading roadmap of success using our strategy and approach to the markets… we know you’ll succeed, it’s only a matter of time. Your hunger + our process is what will make consistency + funding a reality for you. You just need to decide and commit to making it happen.
Ready To Join A Trading Community Filled With Like Minded Traders?
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FX Trader & Analyst
Writer & Editor
Rob is a funded trader from Toronto, Canada, and has been trading currencies, commodities, stocks, and cryptocurrencies for over 7 years. Outside of trading, he enjoys making music, boxing, and riding motorcycles.