The Story Behind the Trading Buddy Project.
Louise Bedford here. When my little guy first started school, he was a bit scared about getting lost, and not having anyone to play with during the lunch breaks. He felt a bit unsure of himself, and confused about where to begin. Then, something wonderful happened. The teacher teamed him up with a ‘big Grade 6 buddy’, and it was like a load had been lifted from his shoulders. He gained confidence, felt nurtured, and as a result – focussed on his school work.
Learning to read and write is a lot like learning how to trade. It can seem like everyone knows more than you do, and this can be disconcerting. There’s a whole new language to get used to, and new people to meet that could seem a little ‘weird’.
After talking with one of our fabulous past Mentorees, Colin Simpson, he suggested that we should apply this same type of idea to the Mentor Program. So, now, thanks to Colin’s brain-child, you will be teamed up with a more experienced Mentoree, and this will ease your transition into our world.
Keep reading to find out more about this exciting part of becoming a member of our Mentor Program…
The Mentor Program ‘Trading Buddies’ project has been a substantial leap forward in providing support for new traders as they move through the course. The idea behind this project is that each new Mentoree will choose a more advanced ‘Trading Buddy’ who has completed the Program previously, often located in a geographically convenient area. You’ll be provided with a list showing the buddies who have completed the course before you so you may find a brand new buddy just around the corner. Other times, they will be a little further away.
Because it’s impossible to know what instruments you’re going to ultimately end up trading, matching buddies based on location seems to have the most usefulness. Over time, if you’re really keen on meeting other traders who are keen on trading options, for example, you’ll be able to set up your own catch-ups on this basis.
Your buddy is there for moral support for the first 6 months of the Program. If you repeat the Program, you will not be able to choose a new buddy, so make sure you take advantage of the support, particularly within the first 3 months. It is up to you as a new Mentoree to make contact with your buddy, and remember to get in quickly, because if you don’t – your senior buddy may have too many requests so they may not be able to take you on as a new buddy.
This is available to full Mentor Program members, as well as members who are on our Mentor Program Preparation Course (i.e. those with ‘read-only’ membership access).
You may be wondering…
“Can they tell me which trade to take?”
Keep in mind that any trading knowledge that they impart will be a bonus, but not necessary at all to fulfil the Program’s aims. The bulk of your trading knowledge will come from the interactions on the forum, the meetings and the Resource pages.
Also, keep in mind that your buddy is not permitted by law to provide trading information specifically or even generally related to your situation. Chris and Louise are licensed to provide general advice, so that’s why we are allowed to show you charts for discussion etc. Please don’t put your buddy in an awkward situation as if you ask for trading advice, they will be forced to refuse to provide it.
Your buddy will be your ‘mate’ as you go through the Program, telling Chris and me when they need to get involved with you specifically. They will be your first contact point in terms of someone who cares for you and your progress, and someone you can turn to for ideas if you are feeling overwhelmed, or need a little extra help along the way.
Your buddy may have only just completed the Mentor Program, or alternatively, have many years of successful trading under their belt. Regardless of your buddy’s background, you will benefit by emailing with them, chatting with them on the phone, or even meeting for a cuppa every so often.
Each trading buddy is a volunteer, who wants to help you achieve your goals as fast as possible. They will be devoting their time to you, so I’m sure you’ll realise what an asset this is as you progress on your trading journey. Remember – the emphasis is on you, as a new Mentoree, to locate and contact your buddy. Once you do, a new world of support may very well open up to you.
How you, as a new Mentoree, will benefit from interaction with your buddy
Trading can be a lonely game. Sometimes you can feel like you’re the only one with the vision for your family, particularly if you face a few losses in a row, or if you’re struggling to grasp a particular concept. Your trading buddy will help you realise that you’re not alone and that there is another person (at least), who has been where you are right now.
How to Interact with Your Buddy
Within the first week of the Mentor Program kicking off, you will be given full details of a webpage listing all of the senior buddy’s details. Choose a buddy in your area, or one that you feel matches the experience level you are seeking. Email them and say ‘hello’, to start your interaction. Your buddy may also let you know if there are any other traders from the current Mentor Program that they will be looking after.
The onus is on you as the new Mentoree to contact your buddy. Even though they will be there for you for support, take it upon your own shoulders to take responsibility for your relationship with them. If they have tried to contact you a few times and you don’t respond, this can be very disheartening, so think of it from their perspective. Do everything you can to show them that you appreciate them being there for you. They are volunteering to help you, but if you need or want more support from them, you’ll need to stick your hand up and say so.
Some ideas from past Mentorees about how to get the most out of your buddy
- Remember to show your appreciation for their moral and emotional support. The buddies are volunteers and need to be thanked for their involvement.
- If you’re in the same area as your buddy or your buddies other new Mentorees, suggest an afternoon tea catchup to get to know each other better.
- Some people have used Google Talk or iChat (Apple) which is a real time free internet chat service, or they’ve used Skype to phone each other if they’re at a distance.
- Use the Personal Messaging system on the forum to stay in touch.
- Share your own email/phone numbers/contact details with other members in your buddy’s group.
So, why would they want to help you?
You get addicted to the lifestyle. You get addicted to the choices that trading provides. That’s the buzz. Also, they’ve realised that we have assisted them, and now they want to give back to our thriving trading community.
As a very minimum, these buddies deserve a big fat ‘thanks’, but the odd bottle of red wine, or pressie wouldn’t go astray either! The more you ‘give back’ to your trading buddy, the more you’ll get in return.
What people say about their trading buddies
As you could imagine, creating and running the Trading Buddy project is a huge undertaking. It makes it all worthwhile when we hear about the impact it is having on our new traders and what they think about the project. Here is what some people had to say about their buddy:
– Greg McAloney, part-time trader, Vic
– David Horkan, Offshore Oil Rig Officer, Newcastle
– Stephen Down, IT Architect, Melbourne
– Bob Mitchinson, Engineer, Melbourne
– Matt Forster, bookkeeper, Port Lincoln
As a New Mentoree – What should you do next?
If you want to milk the most out of the Program, remember that you have support available to you. It’s up to you to get in touch with your trading buddy and utilise this resource to its full potential. Suggest a cuppa, or schedule time to phone them. Set an appointment first so you’ll make sure you’re not interfering with their ‘life away from the Mentor Program’.
As a minimum, send an email and make a concerted effort to get to know them and to draw on their experiences as someone who is just a little further down the track than you are.
If your buddy doesn’t live within ‘meeting’ distance, consider catching up with some of the current Mentorees in your area. Just because trading can be lonely, doesn’t mean that it has to be. The collective think-tank of other like-minded people can lead you further than you ever thought possible.
It’s up to you, as a new Mentoree, to draw on their support and stick up your hand if you are running into trouble. Contact your buddy today and kick off a great relationship where you will both benefit.