<i>"so you'd give him 50% of what you make; and what happens when you lose the money even though he mentored you??? 50% is absurd..mentoring doesnt gaurantee shit....if someone could gaurantee me that I would make money, hell they could have 100% of it all for the first year...peace"</i> My thoughts exactly. Here in this thread you have a trader who is proven to earn six and seven figures annual in the past. He mentioned having mentored before, and what those terms were. Knowing back then what I do now at this stage of my career, if that offer were extended to me in the early days I'd have moved the +/- 2,500 miles and next country over to reserved my spot in a chair next to his for however long it took me to learn those ropes. Seriously, does everyone realize how much broken glass it takes to crawl across before reaching that type of finish line? I'd happily have paid the whole $100,000 <b>I was shown how to make in the first place</b> (aka free money) playing the odds I could repeat the process again myself. After all, what is the cost = price of education to reach success? I value the time spent reaching that point (opportunity cost) and money lost in exchange for lessons learned a higher price than 50% or even 100% of profits from an abbreviated learning curve. In my beginning, I'd have been stone stupid to pass up an offer like that. Can't speak for everyone else, but that's what I know at this stage of the game today. * I have an aged relative who is easily net-worth more than 98% of the 100,000 aliases who ever passed thru this place. Last year he needed a utility vehicle to get around his property with. So he went down to the local John Deere dealership and bought what he needed. Highest end model? Best one they offer? Nope. He bought the prior year's leftover which was a demo model to begin with. Negotiated lifetime service (at his age) and talked the salesman into splitting the sales tax on his invoice. Total savings? Maybe $2,500 for haggling. He has antique toothpick holders worth several times' that sum, each one. Perhaps there is a lesson to be learned in there somewhere
<i>"He makes more money annualy from endoresements then from golf"</i> I didn't say Nike. Look up approx how much he makes from Buick alone. Why would he even bother? It's the exact-same scale percentage of his net-worth versus payment as $1mil versus $50k
<i>"Once again like the other person said, if you're for sale, you're not worth buying."</i> If the other person spent more time exploring this site for knowledge than lamenting the same old drivel, he'd already have seen what lescor has done in historical P&L threads. If not, I strongly suggest both of you spend some time back in history there. You'll recant that prior statement afterwards.
I have been presented with opportunities in the past to teach someone one of the methods I use. It still isn't perfect but it produces DAMN good returns. I don't think I could put a dollar amount to it. All the hours, blood, sweat and tears (Lets not forget money, LOL); I have too much pride to give it up for money. However if someone wanted to pay me to teach them the basics of trading, I would probably do it. At the end, I don't know if i would even take money for it. Here is my thought. Teaching others is how a good thing gets ruined.
I've heard a lot of people say that and never understood why, isn't the opposite true, ie the more people who trade at certain levels in the same direction, the better?
I first learned a bunch of nuggets of wisdom starting as a runner. Later on, I learned how to trade from old guys who had been around since the 1930's. Although the grain business is pretty tough, the older grain crowd is usually willing to teach worthy young guys how to trade. I've passed along a bit of knowledge to younger guys over the years myself, charging nothing. Someday, I hope they'll pass it along, as it was passed to me.
In this situation, I am specifically talking about my earnings method. The more people that would know, I believe it would actually dilute the returns. There are a few key factors I use when determining my decision, if everyone knew it may change the outcome of the play. I do understand what you are saying.
<i>"I have been presented with opportunities in the past to teach someone one of the methods I use. It still isn't perfect but it produces DAMN good returns. I don't think I could put a dollar amount to it. All the hours, blood, sweat and tears (Lets not forget money, LOL); I have too much pride to give it up for money. However if someone wanted to pay me to teach them the basics of trading, I would probably do it. At the end, I don't know if i would even take money for it. Here is my thought. Teaching others is how a good thing gets ruined."</i> I'm on record in here from year's backward saying that true trading systems, i.e. verbatim entry - management - exit parameters can be overwhelmed and ruined. Absolutely true, and there is no price that can value such a black & white product. Teaching others how to read tapes, identify direction correctly, where to enter and generally how to manage trades is a different shade of gray. There are 1,000s of stocks to target, and ES / NQ emini futures offer more size in each trade entry zone (it's never a precise spot to the tick) than any group of retail traders can overwhelm. There is also an old adage that states, "when one teaches, two learn" The time and effort involved teaching anyone anything requires in-depth study and research on the teacher's part. Aside from trading, I learned much more about honeybees than a person ever needs to know. All from mentoring others on the art of lifting heavy boxes while dodging most (not all) annoying stings in the process and calling the endeavor fun, relaxing and stress relieving. Go figure
I would not mentor anyone for less then 25k and I only after market hours. I would also screen that person for IQ level because working with a fool is not worth any amount of money. I taught my ex to trade a few years back and it was a nightmare not to mention she makes great money now and I haven't seen a dime of it in gratitude.