I've seen trading firms charging $4k - $5k for someone who wanted to learn trading. How much would you pay a firm or a good trader to learn the styles and techniques of trading? Would you prefer training from a trading firm or sitting next to a good trader?
Zero consider the prop trading method and those firms that teach to learn consider sitting next to someone, presuming an open desk is available consider working at one of those prop shops that have the vested interest in your (preseummed) success...as payment sufficient those $4,000 (US) - well over $6,000 (US) firms, that are located in one of the least cost states in the union (Alabama) and charge more than going to either Chicago or NewYorkCity are definetly not worth it see this post: http://elitetrader.com/vb/showthread.php?threadid=56365
The best way to do it is to have your mentor receive a portion of your profits, that way he is motivated to teach rather than collecting fees. Works well
$5,000 will get you a good foundation but not a system $100k-500k will get you the complete system with stops and entries $5k is good for the basics, many people lose much more then $5k and don't even end up with a good trading methology foundation they can build on.
Along with a complimentary "Kick me, I'm stupid!" t-shirt. Be sure to specify the size with your order. Operators are standing by.
If you know you can teach somebody to make $ then it is a sweet deal. problem is 99% of teachers are full of shit which sounds like the experience you have had. Any trader who has anything good to teach will not give it away. FACT!!!
I doubt that any legitimate "mentor" would engage in ongoing monitoring of all his proteges to make sure he's getting his vig. Do you know of any people who actually do this? I'm guessing that you do not. I recall that Larry Williams advertised this sort of thing some years ago. He claimed to be selling the method for "only" a (couple?) thousand or so, whereby the profit sharing component would be his "sweetener." And, he would rely on the honor system and your integrity. No doubt, he was speaking in hypotheticals when it comes to those attributes. Of course, it was just a marketing ploy to make the upfront price seem small with the implied promise of streaming cash flow. And of course, that man could heft more bullshit than a workhorse. Since you seem to agree that 99% of all such "teachers" are full of shit (I commend your unwavering optimism), then you are aware that some of their number may well decide to instruct their pupils to regularly swing for the fences. In so doing, they will share in the spoils of the few lucky participants while sidestepping any responsibility or financial loss associated with the majority who trade their way into the ground. I don't know if this sort of thing happens, but it is certainly possible with such an arrangement, and I think we all know the reptilian nature and the flexible scruples of most such vendors.
I will you give a complete system with stops and entries for $10... Nah, better still, here it is for FREE... What is shown is one of the strategies that I occasionally use, and half of ET, probably use... Even the idiots who blow up know how to play the trading game... the reason they blow up is cos they can't stick to the friggin' rules... that's the REAL secret of trading by the way: STICK TO THE GAME PLAN... ANY sensible system is fine, but you gotta stick with it... If you don't like buying breakouts, then buy pullbacks... Pullbacks and breakouts are the ONLY two ways to trade with the trend... Now for those of you who don't like trading WITH the intermediate trend, then trade trend reversal strategies like 2B M-top reversals, and continue to keep your stops as before... My point is simple... EVERYONE knows the rules of the game (be they trend traders or trend reversal traders), so ignorance cannot be the reason why so many fail... people screw up cos they can't manage their risk or can't stick to the rules... There you have it... the HOLY GRAIL of trading , and it has NOTHING to do with technical analysis or charts... In answers to the first post, pay NOTHING... just invest in a few books on trading, the vast majority of which should be about psychology... I recommend the books by Ari Kiev...
Hey way to share, good post. Since writing a written trading plan, my results have improved greatly. My realization is that sucessful trading is and should be boring. The days when I am getting excited are the days I usually lose, because I am gambling not trading. Trading isn't hard, managing your emotions can be though.