I'll repeat the question again, Why are you unable to travel to NYC to be mentored by your friend??? Mark
I agree that, while rare, there are good traders out there that are good and willing mentors. Sometimes they do it to supplement their income, sometimes it helps them stay focused or grounded, etc. If you can make $250K per year trading, and another $50K-$100K per year mentoring and it won't negatively impact your trading results (it may even help), then it makes sense. I also agree that you should be able to work out something with your friend to help you learn how to trade his style. Why not try to find a sublet in NYC for a few months or even a hotel for a few weeks? Or, depending on the style, your friend can probably help you a great deal without your having to move. You can talk on the phone, e-mail, IM, PC Anywhere, Paltalk, etc.- you'd be amazed at how much you can get done remotely, especially if his style uses a little longer time frame. It all depends on what you mean by he can now trade successfully- if he makes well into the 6 figures, it's worthwhile. If he just treads water and makes the majority of his money off of the mentoring, it's not.
Completely agree. I remember a prior thread here at ET where someone was complaining about his losses and how difficult it was to trade ES Emini Futures. A few months later the same guy post that he has a new neighbor (someone in the neighborhood) that's a profitable trader and he didn't like the guy for personal reasons. Geeesh...its tough enough to find a mentor. Yet, when one is a friend or living across the street...its time to get off our butts and start learning as much as possible if we truly are interested in becoming profitable traders. Simply, the thread starter should be already booking a flight to NYC, bringing his laptop, audio recorder, notepads with pencil/eraser et cetera if trading is that important. Besides, his trip and expenses will be tax deductible as trader expenses. Mark
Sometimes those mentorship setups are just getting a piece of the commission that a new trader will burn. The new trader then evolves into a profitable or semi profitable trader and is encoraged to start a group of traders for mentoring and at the sametime supplements his trading (Or lives off entirely) the percent of the commissions. Lots of shady deals are cut on daytrading desks. Can actually be more profitable and consistent than trading profits. A few skells come to mind.
The OP said this: I have a friend in NYC who started trading about 2 years ago and learned to trade through a mentor. He currently has to pay some % to this mentor guy for a period of x years. Now that he is able to trade successfully he is teaching others how to trade, and making a pertentage off them, kinda like a period scam. Then you ranted this: Can you read? Don't blindly rant without reading. It's bad for you. Your next response that he doesn't get paid unless the trader makes money is exactly what makes the deal the way it should be. Go back in your hole now.