If you had a good method, one that you have been studying and refining for four years, how much would you charge someone that wanted to pay you to teach it to them? I have put probably 10,000 hours of study into this and and have complete confidence in it. An acquaintance needs some help and is willing to pay for it. What is a reasonable rate for a week of face to face training?
First of all, I would never teach my method to anyone. Not even for a price. Second of all, if I ever did that.. It would be for someone who I'd do it for free.
when I started out didn't have lot of money I would ask for 12-15k but now I would ask for 20 mil so its all about, what do you think its worth it. it also depends how much blood and sacrifice you put into to I sacrificed a lot for a method how about you ??????????
Same here, that's just the way it is. So if they're a friend, you'd better make sure they're a damn good friend, otherwise, just keep it in the family.
Is this daytrading or swing? Scalable? Futures, stocks, forex? Does it work on multiple markets? How long profitable? Technical only? How consistent? Is this something you can really teach in just a week and they can seriously expect to make money with or just if they are good or get it or maybe, etc, etc..... Are you consistently refining this or has this been a finished method for a long time? Learning from a great trader his/her methods doesn't guarantee success due to many factors. I would just want to have some sort of non disclosure agreement signed if I were you. I don't know if that counts for anything other than making the person take it seriously not to share the info w/ anyone else but I'm no lawyer..... The price tag is very hard to say you probably know better than anyone good luck.
i prefer to do it over the internet vs face-to-face. with skype, file sharing, etc. it works fine that way. 1k per week is what i've charged. face to face would be significantly more. it works out to be abot 20 hrs per week of training, along with homework and other assignments that are researched by the trainee. you have to REALLY enjoy training for this to be worthwhile, from the teacher angle. the one thing that many people do not understand is that being good at X does not make one a good TEACHER/Mentor of X. teaching is a skill and of itself. the nice thing about skype is that you can train 2-3 people at a time with the same or even better efficiency in most cases, since the students learn off each other's questions and problems posed. you have to have students with the same basic level of background for that to work, obviously. the one thing i am consistently amazed at is how people who have been trading (or trying) for months/years have COMPLETELY missed basic aspects of trading that can signficantly increase their edge. most people do not do the legwork. as an example - businessplan, extensive recordkeeping, trading manual, continual self-assessment, rulebook, etc. every trade is a business decision. teaching traders to run their trading as a business is key. at least as important as the mechanics of the setups.
Also it depends on how much the student is willing and/or able to pay. Let's say your system makes 100% annually and your account is 100K. If your possible student has a 1 mill account and he could be copy your system perfectly, he would be making 10 times more money than you do, thus you might want to charge him "slightly" more than a newbie with a 20K account.
Good posts... Hard to quantify what you are asking here. As others have said, it better be a great friend that you can trust or forget about it. A profit sharing arrangement would be a great deal for both parties as well. If your system can make money and this person has money to trade, I'd much rather teach them to trade and take a % of the profits. It puts you both on the same 'team'. And if it happens to be a bad idea, you can both walk away easier. Yes, you want to get paid for your time, but if this is a close friend you may not want to hound them for the $10k they owe you for the training they are not using...
Not once did you mention that you actually trade your method with real money. That info has an impact on how much you charge. However, if this other trader is a friend... Do it for free. Yet, if this person is not a friend and you do trade with real money, you can determine how much money to charge via using your average profits per week as the basis for your mentoring fee. Simply, never charge more for mentoring than what you yourself are averaging per week in real money profits. You should also include a clause that if he/she is unable to be profitable during your one week of mentoring with real money on the line while mentoring in person... You give a 100% refund. Also, I highly recommend anyone to read this link to avoid problems if someone is considering being a mentor or a student... http://www.elitetrader.com/vb/showthread.php?s=&threadid=32793&perpage=1&pagenumber=7 Hopes this helps. Mark