Hi guys, I have read threads on here stating some of the members have mentored newbies. I want to understand how the mentoring is done ? 1. Do you guys happen to be in same city and meet each other for mentoring sessions or do you do it online ? 2. Do the newbies and the mentors know each other well before the mentoring happens or is it like you have mentored people you don't know well at all and only met by way of the mentoring ? 3. What does mentoring involve ? Is it technical strategy or is it Tips and stuff like that ? 4. How useful has the mentoring been for the newbie ? Has anyone here been mentored and found it really useful to the point of being profitable ? 5. How does one find mentors ? Thank you
think of it like a coach..... If Tiger Woods coaches you would it be reasonable to assume that you would play like him? rhetoric question! but you could find out a lot about golf. 12 years back someone told me about a market movement....it took me 12 years to see it and trade it.....in live conditions. if you do not put mentoring in the correct perspective, you are in for a lot of frustration.
Does anyone notice more and more are asking for mentoring every week? If you don't know how to program, go to school and learn, this way you have another profession cause you did not become one of the 3% who profit.
discussing with fellow traders-unfortunately,in my 25 years i have yet to come across even one profitable trader who discusses- is as good as a good teacher. But there are some things which cannot be taught but must be learnt...golf is one of them, trading is another....
Join a local investment meetup group. Critique members, listen to what they have to say. Ask questions, potential mentors will bubble to the top. Some charge a fee, some don't, you get what you pay for. No one will blue print their 20+ year winning strategy and spoon feed you. Unless you're there polishing their yacht and providing wingman duties. It helps if you have a hot girlfriend with lots of friends. Kidding aside, it helps if you have a skillset a mentor needs. For example, your an ace programmer, ace diesel mechanic etc. Worst case scenario, they'll share what works for them. You will need to figure out the rest on your own.
Since we are on the topic, there is this question that has been popping up in my head ... What is the minimum qualifications to mentor or even give advice to someone? Most people are looking for "successful trader" and I do see why - you don't want blind leading the blind situation. On the other hand, I am thinking about multi level video game. Let's say the game has ten levels and you are at level five. Would it be appropriate for you to mentor someone trying to get through level one? Is this really a valid analogy when it comes to trading? For the purposes of this discussion let's assume that the person is not looking to simply copy what the trader does.
I've come across so called mentors with small accounts, some with simulated accounts, making a living mentoring others. Obviously they can only regurgitate textbook theory and make belief strategies. Avoid this type, they have no skin in the game and lack real experience.
Most people 'mentoring' for free on ET are not successful themselves, but get a kick out of being perceived as a guru and having followers and getting likes. On ET, you'll generally find that those what talk the most and 'teach' the most know the least, while those who know something tend to be more secretive about their approach. This may very well be true for life in general as well.