I was listening to 52 Traders(the mentor challenge one) I personally think he mainly interviews scammers but when there is nothing else to listen to while driving occasionally you may pick up a nugget or two. I bought the mentor challenge because i thought it was interesting that he put regular people with educators. I noticed most educators say that they don't need to show that they are profitable? I actually don't think an educator has to trade their strategy live if they are making sim money consistently assuming they are using reasonable size I think someone could learn from them the exception being when they are saying that they are making $x daily/yearly which most of them are saying they trade live.
Interesting question. If I'm a football or basketball coach, do I have to show I can play in order to teach drills and make plays?
I was thinking along the same lines, That's like asking every college professor to display success in the 'real world' as a requirement prior to teaching you, ...if they had to do that...97% of them would disappear, (kind of like the Rapture...the successful one's would be left behind)
There are a number of sides to trading. (This is not all of them..just an example) Find a strategy or edge Find the best way to execute that Manage risk Manage your emotions I'd say if the mentor is teaching #1, they need to show that it works and they can make money. If you are expected to do #1, they might be able to help with #2-#4 without showing profitability, I excel at #2-#4. #1 changes all the time. I have not been an active trader since 2010. I would never teach #1. I'd want to keep it for myself. Selfish, I know. Bob
In a free market - that choice should be left to the consumer. If enough people refuse to purchase trading courses unless they show proof of profitable trading, the market will move in that direction, as opposed to mandating it with more red tape regulation that will be hard to enforce. You also have to consider that even if a trader can show proof of profits, he could also be a rotten teacher. Well, if selling those services, it would certainly help if you provided a track record that showed you coached winning teams in the past- that would be similar to a proof of profitability.
In the interest of transparency, I do agree that there has to be some semblance of competency in the form of trading records. Like if I was a teen hoops player, I would'nt mind taking direction from a former d1 player, (doesn't have to be an ex- NBA player).I had,weeks back ,tutored some people in options and have 1099's , k1's and pnS statements from Spear Leeds at the ready for paying clients. Just figured, I can leverage my knowlege by making Amazon Videos instead which is what I am working on for the next months.
Good to see another old time trader. I cleared SLK too. However my P/L from being a MM does not relate to today, as customer. Maybe yours does.
Great point Bob. I would teach #1 and show track record if 1) the price is right and 2) won't dilute execution edge. In fact I saw a site that sold signals priced at $x an hour after seller traded on signal and $3x in real time.. or something like that.
interestingly, i did pretty ok with calendars at Brown and company at $10 per trade !!!! now what is it like ...70 cents/share..
My starting rate in 1985 as a MM was $0.90/options and $0.01/share. On the stock side, I had to use Instinet to hedge. That cost me almost $0.03/share.