Is It Practical To Pay For A Private Trading Mentorship?

The cryptocurrency market is filled with endless opportunities in the keen eye of an expert trader. However, a vast majority of those who are looking into trading cryptocurrencies don’t possess the same skills and edge as a highly profitable trader who has been refining their skills for years. With the cryptocurrency market known for its extreme volatility and uncertainty, the majority have lost funds through wrong trades or picking the wrong coins to hold. This has prompted beginners and those who are hesitant to trade on their own to consider paying for a private mentorship.

Risks in private mentorships

Is it practical to pay for a private trading mentorship? Before opting to pay for one, consider knowing the risks associated with private coaches.

Poor quality of courses: As coaches and mentors have their lessons in private, hidden behind a paywall, there is a certain risk of not knowing the legitimacy and the quality of the trading lessons provided. Beginners who are baited by a pretend-coach’s luxurious lifestyle whilst persuading viewers that they can attain a similar lifestyle by purchasing their trading courses, participants end up consuming mediocre content that can be easily found on the internet for free.

Ponzi Schemes: Ever heard an eccentric-looking coach or mentor advertise that they provide guaranteed returns with minimal capital? It is most definitely a scam. Those posing to be a trading coach that claims to provide guaranteed returns are operating a ponzi scheme where profits are given to early investors from the funds of late investors. Beginners who are led to believe in a false dream of passive income will then be led to having their capital lost due to a ponzi scam. These are one of a few scams to avoid that are rampant in cryptocurrency.

“VIP” Signals: In paid groups providing signals, coaches will send trade signals that members can attempt to participate. By chance, it may be a profitable way to earn in cryptocurrency trading. Coaches will send an entry point, take profit level, and stop-loss level to spoon feed members to take a trade. However, there is a higher chance of risk to loss as members will blindly take a trade without knowing the reasoning behind the trade. Coaches may deliberately send trades with poor setup for the sake of providing a signal, causing members to lose money in the long run.

There are many downsides to purchasing a private mentorship as there are many risks associated with it due to a beginner's vulnerability in navigating the cryptocurrency world. Bad actors and false coaches may leverage this by luring in beginners into becoming exit liquidity. 

How to navigate crypto without coaches?

While navigating the cryptocurrency seems like a daunting task, beginners are most likely going to progress further if they relied more on improving their edge as a trader, immersing themselves in the market, and reducing the reliance on trading coaches. Here are a few tips to become a better trader:

Understanding Technical Analysis: Understanding how and why markets move the way that they do help beginners navigate the harsh movements in the cryptocurrency market. Taking notes on different definitions such as trendlines, fibonacci levels, moving averages, candlestick anatomy, and many more help provide reason to a pair’s volatility. While technical analysis doesn’t guarantee predicting the next movement, it provides a new perspective that isn’t baseless speculation.

Self-development: The cryptocurrency market is a cutthroat frontier that is merciless to everyone. Those who are unable to control their own emotions may lose profits by being greedy in a winning trade or revenge trading after a loss. While it is impossible to accurately predict the movement of the market, one is able to control their emotions by developing discipline as a trader. Reading books, observing the market, and journaling trades through paper trading are effective ways to increase your edge as a trader.

Immerse into the market: Braving the unknown of the market is a fearful step into being a profitable trader. While paper trading is a good way to take a trade without the risk of losses, risking capital for realized rewards immerse traders into the markets. Losses are inevitable. However, losses also result in knowledge gained due to experience.

While these help beginners develop an edge to become profitable traders, not everyone has the luxury of time to invest the efforts into becoming a trader. Luckily, centralized exchanges like Bitget offer options for beginners to be immersed in the markets in the hands of a profitable trader.

One of Bitget’s strongest features is its copy trading platform where users are able to have a wide selection of traders to copy trade from that meets their trading strategy. Bitget is one of the top copy trading platforms with Bybit and eToro closely competing, offering both spot and futures copy trading. Whether you’re looking for one with high profits or exceptional win rates, Bitget is a safe bet to trade smartly with copy trading. 

The difference between private coaches and copy traders is the transparency in their trades. Copy traders are required to provide their win rates, trade history, and profit-and-loss for the public’s review while trading coaches lack the transparency to provide the same details. 

A beginner would have the liberty to freely choose a copy trader of their choice and allocate any amount they wish. Copy trading is not just limited to futures trading as users can copy trade through spot trading where a copy trader would purchase a cryptocurrency, whether it is BTC, ETH, BGB, or any other coin of the copy trader’s choice. While there is an inherent risk to losses through copy trading, it abolishes false promises provided by private mentorships or coaches.

The world of cryptocurrency trading is a harsh and complicated market to navigate in. The fear of missing out on the opportunities in crypto has prompted beginners to dive head-first and grab any quick chance to participate in the market, even if it is through questionable means. While there may be a few private coaches that legitimately make their students profitable, it is a needle in a haystack which is something people don’t want to risk.