I have been (and continue to be) a successful prop trader for several years (yes I can prove it). I have trained several successful traders over the years who trade many different styles (again a verifiable claim). My trading style gives me alot of time off and I am considering different business opportunities. I have an idea of starting a what is going to be in effect a trader mentoring practice. For an hourly fee I will work with traders, do assessments, go over trades, and help identify and work on weaknesses. My question is do people think their is a market for this kind of business assuming that I charge in the area of 250 for an initial consultation and 100 an hour on an on going basis. I am not trying to promote or solicit anyone just want ideas about my plan.
most good traders could give a rat's ass about teaching other people stuff....you must not be that good of a trader afterall...since you're seeking supplemental income.
I heard WorldCo is looking to hire a part time salaried bathroom attendant to Prop trade 2 hours a day.
RichSohn You know I have conflicting feelings about this post. I just got off the phone with a friend who wanted to know about some aspect of trading. Of course, I don't charge anyone, and I don't have an ongoing relationship where I mentor every day, but I kind of like to help people out if I can. I think I like to do this because I remember how difficult it was to get to this point, and how much money it cost me to learn. The other part of it is that there are so damn many con artists out there that I hate to think that some of my friends are going to get taken advantage of. Anyway, odds are you are probably right to be suspicious, but I just want to say that there are some folks out there who actually know what they are doing and just like to help others. Regards, Steve46
Bottom line: You can't teach someone how to trade. Sure, you can talk to them about discipline and basic fundamentals...but all this can be found in books at your local Barnes and Nobles and can be read at the store for $0.00. You need to trade to learn how to trade. I think anyone charging for "the secrets about trading" is a con-artist.
Richsohn: I agree about the issue of teaching people "secretes of trading". That kind of approach smacks of carnival barkers trying to lure folks into the tent. As I said before, you are probably right to be suspicious. I think everybody learns at thier pace, and in their own way, but one thing I am sure of is that to really learn to do this you need to take time and (again I agree with you) you have to actually trade. Too bad it is so expensive to learn that way. Best Regards, Steve46
I have no intention of getting into a flame war with anyone. Rick and Steve are correct, there are no shortages of carnival barkers and con men in this business and it is proper to be suspicious. Rick seems to have two main arguments against me. 1 that he sees nothing that I can do that as a mentor or a coach that a person can not gain on his own through trading books and 2 that if I were a successful trader why would i want or need to do this. As far as his first objection you would also agree that their are plenty of books about golf in the library. Yet many people including successful professional golfers hire golf instructors to hone their game. Where I add a value that books can not is in my ability to interact and personalize training and to analyze a trader"s patterns to find flaws. as far as why a successful trader would want or need to train or mentor for extra money. I have two answers. First I happen to enjoy training and have done so for some time now. Secondly, if a successful trader opened for example a bar that was open when the market was closed no one would think he was not a good trader because he had another business. I am looking for a new challenge and this seems to fill a need without affecting my trading.
There is absolutely nothing wrong with getting someone to guide you in all aspects of trading. Good luck landing the golden goose EVEN IF you pay for it. nitro