Admitting that you need help is a step in the right direction. At least that tells me that your ego is not a major hinderence to your trading career. I believe that the way you trade the markets has to fit your personality, or that you can change your personality to fit a certain style of trading. The mentor you find should understand this. I REPEAT: The mentor you find should understand this. Although your mentor will teach you his style of trading that is profitable for him, you have to honestly communicate with him if you like it. If you feel uneasy about it or you do not think it will work for you, find another mentor. You should note that a mentor is very much like a coach in athletics. Not only should he be a source for technical knowledge, but also a source for motivation and inspiration. If the person who approaches you to offers his service, make sure you get his services for free at the beginning. I agree that you should never pay a mentor up front for his services. If he is already a successful trader, he will not need your measly $5000. This is a way to weed out the people who think they know their stuff but don't have the discipline to trade profitabably themselves. You NEVER want someone who can talk the talk but CAN'T WALK THE WALK. I for one, would fit into this category along with a lot of ET posters here. I've learned a lot, know what to do, but can't do it yet. I freely admit it but there are those here who do not. If there is a mentor who is genuine and has confidence in his own teaching skills that wants monetary compensation, make an arrangement that you will pay him a percentage of your profits. Best of luck finding a suitable mentor. DNAJ65000
You're correct that this is the approach most mentors take, but it is exactly the wrong approach. Adopting someone else's style, whether one likes it or not, is a mistake. Because they have spent a great deal of time and effort winning their success, most successful traders come to believe that they have found the best and simplest way to make money. A few, however, will understand that the success lies in the dynamic between the trader and the methodology, not in the methodology itself. If the newbie can find one of the latter, he'll be in luck. If the mentor-to-be shows no interest in what the newbie has done, is doing, and why he's doing it, it's unlikely that the newbie will be happy.
Yep. When I started with my mentor, I was sent a very specific 100-odd questions questionnaire, which I had to answer, before commencing anything.
when we talk about $25K for mentoring seems to be a lot of money in united stat. Why? Because of all available resources like prop firms, mentors, many pro traders around, expos, free seminars, articals, news and so on....where you can learn on your own and some time needed on your side and might make it even without a mentor. Where i live in South Asia & south East asia, peolpe are less knowledgeable and lack of trading enviroment. In the meantime you need to have reputation in order for people to trust you with their money, it's not the trading experties that can bring you business. I remember in 2001, investortoolbox.com came to dubai hosted a seminar for one day and charged 2500$ for some useless materials and info given to 150 participants and i was among one of those participants. This is just one example to confirm my beliefs and ideas.. No, no money refund as i will be explaining everything to them staright foreward with regard to risk and failture.
A mentor can be a very successfull trader, but not neccessrily a good teacher. Some guys just don't know how to teach. I remeber an articals that said, trading becomes part of the trader that despite he wins most trades, some parts are purly by "feel" that he can't explain reason for his actions. Btw i don't think most mentors agree on percentage of your profit, because your have puten so much effort in teaching the guy, but he never makes it as a trader.
Are you saying they will be coming after me? Why that has to happen?, since i informed them that they may never succeed as a trader, in a brotherly manner. I think selling signals is another way of doing it, and better for the student and without any quarantee for making money, if they satisfied they will continue, as many live chat rooms are giving daily calls on trades intra-daytrading nowadays