I was talking to my brother-in-law and he just told me he finished a trading mentorship a few months ago. I was asking how he liked it and he seemed really happy, said he learned a lot (he is new to trading). He started telling me the details about it and showed me some of the material from it. It was basically all stuff he could have learned by reading 3 books that would have cost less than $100, but he payed somewhere around $2800. I have never been through anything like it so I didn't know what to expect. Does that sound normal for trading educators? I didn't have the heart to tell him he could have learned all of that at the library or youtube for free, I guess if he is happy that's all that matters since it was his money, what do you think?
Not matter what anybody else thinks. It is up to you. If you go to an educator you can change your alias to "Bogey5 or Double bogey 6" The additional strokes are added for the amount of money you will lose. You said it yourself what the remedy is. Why ask?
That all depends...if it comes with some form of mentoring " a coach" guiding you mentally, then the 2800 is very cheap- for those who are ready to bash my "words" are the ones who are losing. Good education comes from "scholarly" traders, not youtube.
This is NOT education. This is simply giving your money for hope. He got scammed, big time. Good for the "educator," he has cash to spend on anything. The entire goal is to make them happy, but not rich. They make them poor, that is the true objective. Hopefully he got sold into chat rooms, and more crap. You should have told him about ET and searched on this scam. 2800 spent for maybe a $100 book(s). Good deal. Grade: F
If you pay for education, and get a real trading setup, then its worth it. If the teacher did not have a real setup to teach, then not worth it.
Two traders in the same family that don't communicate until long after the fact...geeesh. You also said "he is new to trading" and stated "he could have learned all of that at the library or youtube for free" as if to implied you're a veteran trader. First, tell your brother-in-law before making his next purchase (e.g. education, broker, data provider, trading computer and so on) to contact you for your opinion or advice (seriously). To answer your question...there are some educators out there selling old information, information they've copied from someone else and then re-named it or information someone could have pieced together on their own in a few months of heavy duty research. There's also educators out there that sell info so that a trader doesn't need to spend the time & energy doing it because some folks want it now as if the market is going to vanish in a few days. Yet, not all educators are mentors. For example, some educators to do not teach trading whereas mentors do teach trading. The thing that really caught my attention was that you used the word mentorship. Mentorship usually implies the educator is working directly with the trader (in person or online) as in one on one in some sort'uv mentor/student relationship. It's normal to see such services charge several thousand dollars or more. Yet, if its worth it is a different story. My point, there's something else going on that you didn't mention considering you called it mentoring. For example, maybe you didn't disclose your brother-in-law is getting real-time help while trading, someone is reviewing his trades to find out what he's doing right and wrong, access to a trading plan that's customized for him, maybe the mentor showed verification of his/her own success to merit such a cost (e.g. who do you think will charge you more money to teach you basketball - Michael Jordan or the kid down the street that plays basketball every day ?)... Thus, if it's really a mentor and success is verified...the service won't be cheap even if you can find some common sense education info in the mentorship that's already discussed in books at your local library. Simply, usually mentorship involves a lot more than just information he could have gotten via 3 books for less than $100 bucks. Yet, that information he could have gotten from the library must be included in the mentorship because maybe it involves first teaching the basics that all new traders should know prior to the mentor getting into the education information you ain't going to get from the library (e.g. real-time trading guidance, customized trading plan). You should now tell your brother-in-law to talk to you first prior to his next big education purchase and highly recommend he buy a plane ticket or drive to go watch the mentor trade in person prior to coughing up another $2800. Thus, if Michael Jordan is going to charge me $10k to learn how to shoot one of those sweet turn-around jumpers...I want the class to be in person (not online or mailed material) and some guidance in a few real games even though I could have easily gone to my local library and got a book, video on how to shoot jump shots.
Absolutely. Finding a legitimate mentor is next to impossible, considering that 90% or more in this field are con men who bring nothing of value to the table beyong regurgitating what others have said already. I`m sure legitimate mentors and even paid-for-courses exist, but I do not know of anyone personally.
A first-post alias who starts such a topic is nothing more than the same old topic-trolling attempts to stir a moldy subject pot here. Unfortunately for them, a majority of the former flamers have long since flamed out of this profession and no longer exist here. That's mostly because they followed the same recipe of "learn on my own" and indeed accomplished that real well. They eventually learned that the "fade, add, reduce, fade, add, reduce, fade, add... puke it out and busted account" experience on their own is not how pros really operate. But by the time they learned that lesson of contrarian = broke loser, it was game over for them.