I think most of us have a passion in the markets, bought a few books to increase confidence, experimented with a few different trading "systems", and made some/lost some money. The bigger question is : OK, i've taken 25k and turned it into 26k after the account went from 45k to 15k, now what? Should I get a "guru" and pay a few thousand? A seminar? Buy DVD's for $500? What will take me to the next level? I really want to take this seriously, and I would like a mentor who I trust. After reading this: http://www.cftc.gov/opa/enf04/opa4977-04.htm I decided to use it. So, I have "called out" many, many "gurus" who offer $5000 seminars, $500 DVD's, one-on-one master training skills... and after telling them that I needed to see results for a few years before I gave them thousands, NOT ONE actually did it. WOW. All likely frauds. It's amazing how many of them don't even trade, lost a ton, trade with about 10k maybe, etc... Here is what I would do before you give the Youtube or online "gurus" your money: Tell them, "Hey, I think you have a great system, I've been burned before (lie or not), and I would like to see some results for a few years just so I know i'm with the right person. Thanks for your time." (response is usually convoluted, or they want to send you testimonials, explain to you why results don't matter, etc.....) Then ask once more. Then they get mad. Then move on until you find someone that you feel comfortable with AND SHOWS YOU THEY ACTUALLY MADE MONEY. It's a business......do your homework. If you want to be a great baseball player, do you hire someone with zero references? No, you need to know he (a) plays baseball, and (b) can play well. I've seen and met people who spent $10,000 with "gurus" that confided in me that they really don't trade at all, have less than 10k in an account, and that the people that pay them are "suckers." Don't be a sucker.
I just figured out that I must be a Guru. I've made money every year since 1985 and I can prove it. Of course the majority of my money is always in treasuries or cd's.
Take a second to examine the logic. A person who is trying to sell a product that can make people fortunes is indirectly saying this: more money is to be made and time better spent in selling this product as opposed to not selling the product and implementing it instead.
OP: you seem not to realize that you have paid or would be paying another guru (his name is Mr. Market). You seem to have already paid him $20K. Mr. Market (the teacher) teaches ina special way. It is up to the student to learn, and lecture himself. He just gives grades. I do not think that learning from Mr. Market is good route, but hey it is your money. But here is a model I like for education of traders: Profit sharing. I teach you, and you pay me from the profits. Do you have the courage and money to be involved in this model? It is one of the model I like to adopt to educate others. But flat fee is also good. If you want to learn, try to beat the Monkey Trader (he is smarker than 1/2 the humans, but he still loses). Check it here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=144845&perpage=6&pagenumber=11
Well Said mynd66 Take a second to examine the logic. A person who is trying to sell a product that can make people fortunes is indirectly saying this: more money is to be made and time better spent in selling this product as opposed to not selling the product and implementing it instead.
I have a track record as of this AM. That's about as good as it gets on ET: http://www.elitetrader.com/vb/showthread.php?threadid=149095
I like that model. It's fine. It goes back to the premise: you have to PROVE you have made money over the last few years -- if this is your business, please get results audited. If not, then I will offer the entire universe a Profit Sharing model of my own. I teach you crap, if you make money, i get a part. if you lose, well, you lose.
What about if there is a guarantee? say a given % of (first) losses taken by the teacher. And frankly, I am not sure whether you have the desire, the money, and the ability to learn. You still have to prove the three. Remember, it is not because you want to learn that every teacher will take you. You have to pass the admission process. Did you read the Monkey Problem?
What about if there is a guarantee? say a given % of (first) losses taken by the teacher. --------------------- Even better. This goes back to the fact that most "gurus" avoid the "here are my results, audited, end of story!!" and gets into the convoluted nonsense of "Let's talk about everything else BUT results". -------------- I like what you're saying, BUT YOU have to PROVE results, period. If you want to be a TRADING teacher, you first must prove you can make money. end of story.