My guess is no. But the really funny part is that there will be 50 people emailing WorldCo about the bathroom attendant/prop trading opening.
I suppose a good rule of thumb is to charge per hour what you average per hour in trading... and of course, you can mentor after hours, so there need not be any trade offs... Lets suppose you are averaging $1500 a day profits over the long run... lets further suppose that even though you make this in the 1st two and last 2 hours on average, you still stay at your monitors for the entire trading day (6.5 hours)... so you are averaging $230 an hour... therefore charge around $200 per hour, assuming you are mentoring outside of market hours... it then simply becomes an issue of whether you wanna give up your after hours lifestyle for yet more money... if you are only getting 3-4 hours worth of mentoring a week, its probably not worth doing, as it would constitute a disproportionate encroachment on your leisure hours in my view i.e. $800/(1500*5) = only 10% of what you are making anyway, for giving up 4 hours of your leisure time... Another thing: I note that you only intend to charge $100 an hour... you gotta achieve serious a volume of clientele to make this worthwhile... I would suggest either increasing your price or telling clients that the minimum requirement is 3 hours per session... but even then, it may not make very much, if you aint getting in the clients regularly and are restricting youself to hours not too late after the market... which brings up the point about cost-effective marketing... perhaps you should consider taking out an advertisement on Elitetrader, given that its become the net's trading forum of choice... I know for a fact that ET has proved to be a very profitable investment for other advertisers... Let me know how you get on...
I think market is there but there is a lot of competition and you should somehow separate yourself from average peddler of a rehashed materials . How to do it ? You have to show that you can profitably trade . There is virtually no one who sells a "knowledge " who has trading track record. Walter
There has been a market in this area since I started in the futures and equities business in 1978. At the merc there was no shortage of coaches - other successful traders - that would lend a hand for a fee and more often just out of kindness - particularly if you were just starting out. Like any other type consulting, making a successful business of your advice services require a world class pedigree and excellent connections. Usually these types of businesses build by word of mouth - referrals. If you dont have top of the industry connections then building your consulting business will take some time and you will most likely be starting out very slow. One caution: dont be tempted to mimick a lot of the self-proclaimed gurus. You will need to offer truly valuable advice and coaching with superior customer skills to build such a practice.
If you want to do this, review your trading records and determine what results you have performed on a yearly and monthly basis, each year, month individually and average. If the results are good, it should help sell the services If the results ae not good, you have no business charging $100/hr
Hello mrmoose, Welcome to EliteTrader. Would you consider starting a trading journal and posting your trades? It would be interesting to watch your trades. Thanks, gotta_trade
If you're not a "name" then you may have a bit of an uphill battle. Do you have a plan on how to market your services? Will you be able to offer clients something to make them want to work with you? How will you differentiate yourself from others who offer trading consultations? Lots of additional questions that you've hopefully considered. Like someone else posted, I too like to help others learn to trade without charging money for my services. I get a lot of satisfaction when someone calls me up and says something I helped them with has improved their results.