Yikes! That has to make for some awkward family gatherings.
Anyone one on one mentoring?
- Thread starter danielc1
- Start date
Mentoring anyone is hard because: 1) Those you are mentoring will not listen and follow instructions. Most are hard headed and stubborn 2) Money is their goal and they do not care if they just got lucky. They see the gains and think they are geniuses now. 3) Trading correctly, is work and most people will not work! They think erroneously that they can just wing it and get away with it. 4) Most people have no discipline and so, will not follow trading rules even you stuck it on a post it on their foreheads! Been there, done that and frankly, a huge waste of energies! Good luck to the original poster.
Because it sounds like phishing expedition for suckers, so we want to make sure none of ET members get taken. Transparency is the best way to attract people.
I have had a similar experience with a friend of mine. He saw me doing it, went home, opened an account, bought 1000 shares of a tech company and he made a fortune by luck. Never listened, did not understand why it should be so difficult because he had succes from day 1 and on the first trade he ever made. A year went by, lost all the money, pension savings, his house, his job, and got a divorce in the end. The first lucky trade hooked him for life of gambeling. That is one of the reasons I do not give someone a gun. A gun in trading is explaining an edge without knowing the person is ready for it. I do not care what anybody else says about it. I do not share anything with anybody, if I do not feel comfortable knowing that they can handle it. I feel responsable to what my friend had experienced because I thought he would listen first befor he took action.
I can do that. I also know what the next comment is going to be. "It's fake".
I agree about transparency but that is something is not going to happen in a public forum.
You probably should have done that in your first post of this thread (better late than never).
Yet, most are smart enough to know that a trading statement does not verify that someone is a good mentor. It only verifies that someone trades.
Someone would need to see the trading record of the student prior to the mentoring and then see the recorded videos of the mentoring sessions during the mentoring of the student and then the trading records of the student after the mentoring.
I do not think anyone has done the above anywhere online.
Regardless, to only look at broker statements of the mentor is a fools game.
That's why some will say its a fake after baiting someone into showing their broker statement because its the only thing you show (your statement) when in reality the trade records of the student needs to be part of the verification equation too.
Hopefully, you're not getting mentoring and inspirational speaker mixed up.
wrbtrader
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Good point, but I didn't get the vibe.
Trader Mentoring is often based in one of three motivations:
1. feed one's ego of teaching a newbie and confirming their "mastery". The newbie will never get it because this cannot be taught directly, you can guide a bit but a mentee will never learn to make money your way.
2. A means to another source of income only charging.
3. A truly altruistic act to teach others.
Since trading requires a lot of time and attention and distractions simply reduce earnings, #3 does not exist unless someone is ready to retire from trading and not do it anymore. #2 is the more common path. #1 sometimes can be true but again why distract from making money to teach unless it is also to make money.
After 25 years the discussion of mentoring always funnels down to #2.
1. feed one's ego of teaching a newbie and confirming their "mastery". The newbie will never get it because this cannot be taught directly, you can guide a bit but a mentee will never learn to make money your way.
2. A means to another source of income only charging.
3. A truly altruistic act to teach others.
Since trading requires a lot of time and attention and distractions simply reduce earnings, #3 does not exist unless someone is ready to retire from trading and not do it anymore. #2 is the more common path. #1 sometimes can be true but again why distract from making money to teach unless it is also to make money.
After 25 years the discussion of mentoring always funnels down to #2.
It does happen in a public forum...it has happen here at Elitetrader.com although not required.
Yet, usually when such does happen here at ET...they are not mentoring anyone. They are doing it in hopes of trying to stay in their trading plan to reach some goal they have after they realize there's problems in their trading.
wrbtrader