I tried searching, but I did not find any results. How much would you pay for professional trading classes and a professional mentor? $0, $10,000, $30,000. Ideally I would like to find a mentor. There is this company that is offering 8, three day trading classes, and 6 months time with a mentor, plus software, for $36,000. I do not believe you have to take all the classes, so costs can be lower. Some of the classes take place on the floor of the CBOE. (You probably can guess what the company is now. It is supposedly the only one that can do this) How much should one spend on you trading education? Is your education worth more or less than what you pay in computers and software and data feeds? I have read a lot of books, and I am still making a lot of basic mistakes. Over time I will learn from them and improve my trading. Probably losing some money in the process. I might be able to avoid the mistakes and learn within a faster time period by taking some classes. I am not looking for a get rich quick scheme, or trying to shortcut the downfalls of learning. But would paying for an education from professional traders be beneficial? And at what cost? Any thoughts from the career traders?
I don't believe in retail mentors. The real/only way to get a mentor is to work with a good trader in a firm.
Good mentor should give you long term access, couple of months should be ok. I would ask first for a free trial to see how much You could realisticaly make .
Those who can, DO. The others TEACH for a living. That said, you might search for Dan Zanger's Chartpattern. He provides much information if you dig for it on the website and email newsletter, and occasionally he has a seminar for subscribers.
And you don't even have to attend all the classes! Such a deal. How 'bout the student guarantees an initial account size of say 250K. For 1yr after "graduation" a 50/50 profit split. If the lessons and mentors are worth salt, they should jump at 50/50 profit split for a year, times x #students. If you drop out, 15% of your initial guaranteed account size. All parties are on the line. Oh yea, you must pay transportation and lunch fees for field trips. Cash only. Just offering a different take, not entirely bashing the idea.
I guess I did not write that correctly. You only pay for the classes you take. If I paid all that money, you better believe I would show up. Also, the way they are selling it is that these people are traders that are mentoring. Not teachers that do not trade. If I put $30,000 down would I put more effort into learning as opposed to not investing in it? So far the opinion seems to be that I should look for a non retail pro.
I might pay a couple of hundred dollars for a 1-time professional trading class. Most of these people teaching trading classes are teachers not traders themselves. Why would they be wasting so much of their time teaching when they could make a fortune trading the markets?
Usually the deal has several more components. 1. A minimum residency requirement (6 months in my experience) 2. Limited POA's from day one for two accounts (one for commodities and the other for the capital surplus from the commodities account). 3. A requirement to let profits run for both parties 4. A guarantee of capital by the trainer (your words) 5. Trainer cancelation clause if student integrity becomes an issue. 6. An end date settlement (you are off the mark on this as well) specified before day one that terminates the following: a. The deal. b. The limited POA that was acting as an override. c. The guarantee of capital. d. The account(s) is closed and distribution is made. In effect, it is a free ride for the student if there is an integrity issue. The 250k is way off the mark just because of trainer time available and how such experts are dealing with amounts of capital they usually have running.
I think you can take all the classes that online trading acadedemy offers for $12,000. It is only worth something if you can make money afterwards.