How much to pay for a mentor?

1. Find out how much money the mentor makes using only the strategies and systems they are willing to teach you.

2. Find out if the mentor thinks you, personally, can net (after taxes and fees) that kind of money after perfecting your execution of that same set of S&S, <i>in the first year</i>.

3. If the mentor wants more money to train you than he expects you to net in your first year out of his training, he's not worth it.
 
Still, nothing beats real experience. Someone who wants to learn should find an old guy who has 30 years experience on the floor and beg them to teach some little tricks. Some of these online guys, I take with a grain of salt. That's what I first did 28 years ago when I showed up totally green in the wheat pit.

I know a kid who has a real interest in markets, has a healthy respect for risk, and wants to learn how to trade. After bugging me for a year and a half, I finally relented, and showed him some tricks of the trade. He was at first bored by the grain spreads I trade, but after hanging around for awhile, he learned some valuable market lessons.

My kid at college wants to trade because all his friends are paper trading and posting on boards like this. There is no way I'd ever teach my kid to trade, as he would be a loser. He just doesn't have the gamesmanship. One of my tools has always been to find a loser (a separate skill in itself) and fade his trades. This little skill added 20% to my bottom line in the pit.

One little predictor of success at trading is finding out how many games such as chess, checkers, poker, and other things the newbie played as a kid. If he made a good, honest living at 16 playing poker, or was a good chess player, there's a good chance he will find an edge in the market and become a net profitable trader. When you get to the nut, trading is just a game.

http://masteroftheuniverse.wordpress.com/about-me/
 
Quote from nokomisjeff:



One little predictor of success at trading is finding out how many games such as chess, checkers, poker, and other things the newbie played as a kid. If he made a good, honest living at 16 playing poker, or was a good chess player, there's a good chance he will find an edge in the market and become a net profitable trader. When you get to the nut, trading is just a game.
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I'd say that's a pretty good indicator as well.
 
Quote from nokomisjeff:


One little predictor of success at trading is finding out how many games such as chess, checkers, poker, and other things the newbie played as a kid. If he made a good, honest living at 16 playing poker, or was a good chess player, there's a good chance he will find an edge in the market and become a net profitable trader. When you get to the nut, trading is just a game.
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Poker, yes, a good indicator.
Chess, no, absolutely not.
These are two different games, very different.
 
Quote from austinp:

<i>"Why does a real succesful trader need 30K? I can understand maybe a great trader wants to teach someone in a special situation, but in that case he probably wouldn't want or need the money."</i>

As usual in ET, the same old question being asked from the wrong direction. The real question is, why would any experienced trader want to work with everyone for free? I can understand maybe a great trader wants to teach someone in a special situation, but in that case he probably wouldn't devote as much time, effort or energy.

If a trader in question made $1mil trading stocks in 2007 and decided to mentor someone(s) in 2008, it takes x-amount of time, effort and energy to do so. What successful trader wants to expend those limited, precious resources (time is much more valuable than money) for nothing in return? The "feel-good" aspect will be there either way, money or free.

Show me someone who made $1mil doing anything last year that would dismiss $50k out of hand. If that seems an insignificant sum, just gather up five hundred $100 bills of your own, push them into a pile on your front lawn and light the whole thing on fire.

What the heck... it's insignificant, right? Why not burn it up and have some fun in the process. Make it rain c-note ashes.

*

"Mentoring" is one word for a pretty broad-based spectrum. A student who doesn't know the first thing about trading demands a lot more resources than a trader who has crippled their way to consistently break-even or sporadically profitable. That trader may require less nuts & bolts but more mental = emotional aspect support.

**

I saw a disturbing thing on television today. There was Tiger Woods, flogging Buicks in a commercial. Can you imagine? I highly doubt he actually drives a buick... how hypocritical is that?

But, I could be wrong. Maybe he blew up on the golf circuit and needs the money. After all, why else would he stoop to vending for Buick? Real shame, the kid seemed like a good golfer once upon a time. If he were still a great golfer, we can be sure he wouldn't want or need that extra piddling amount of money for hawking your father's automobile.

Damn shame, the way his career has seemingly ended.
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Hello,
I'd ask you an additional questions:
- why successful traders spend their time to partisipate in this forum???
- why some people give people for cherity???

Obviously therer are more than a dozen of reasons for that.
In any case the personal motivation is a very complex thing and for everione is diffrent. For example why the turtle traders were thouth how to trade? For money? Not at all. The reason was diffrent this time too.

There are benefits for the mentor, too.
Cheers.
 
Quote from Motoking55:

Online trading academy will do it for around 6 grand for life! They offer a great mentor program where you trade together everyday for three months, then you can watch him trade everyday after that if you choose.

http://www.tradingacademy.com/xlt.htm
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but you can get jack hershey or stock_trad3r much cheaper. They are broke, and will work for food...
 
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