Is a mentor necessary to have success as a trader

[OPTIONAL777]

Brandon Fredrickson has made the following claim regarding trading for a living:

Ask anyone living the dream of trading for a living to list the most important factors in their success and nearly every one of these men and woman will list having had a mentor as one of the most- if not the single most important factor in their success.

The link to the quote is here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=19717&perpage=6&pagenumber=13


Here is my question:

Do you agree with the above statement as being true?

When you list the most important factors in your success, do you list having a mentor as one of the most, if not the single most important factors in your success?

 

[bubba7]

For learning it is the most important; for maintenance it is not important.

I looked at the reference. I would not call that mentoring because it is not done in situ during real time trading.

My recommendation for mentoring (futures indexes only) would be:

8 weeks duration

20 hours real time trading (10, 2 hours max sessions)

60 hours debriefing (3:1 ratio of trading to debriefing)

Results would be that the account would be about 60% up net.

This is a normal performance between two people where the beginner would have a high school diploma and a job that makes about 30K a year or more. Occupations of carpenter or topless dancer or above have qualified nicely. Any person with completed military duty (successful) is also a type of job that works. For people who are lawyers, accountants, psychologists or enforcement types there is an initial hardship to get past.

 

[Brandonf]

Thanks for the plug Optional

Brandon

 

[OPTIONAL777]

Quote from Brandonf:

Thanks for the plug Optional

Brandon

We will see how the poll goes. Right now, you claims appear to be incorrect as to how traders view the importance of mentoring.

So far the value of mentoring as determined in the poll is 50/50, not one of the most important or single most important factors.

You had better get on the horn and get all your followers to vote.

 

[thetraderprofit]

I think the most important aspect is NOT a mentor, but an IDEA that makes money. Implementing that idea is important. For instance, a trader friend gave me the idea of trading risk arbitrage situations---that's where I made most of my money---but he didn't mentor me. You have to expand on that idea, as I continue to do.

 

[omcate]

Quote from OPTIONAL777:


Here is my question:

When you list the most important factors in your success, do you list having a mentor as one of the most, if not the single most important factors in your success?

IMHO:

It depends on the traders. Different people have different habits. For me, the answer is "NO". I am too old and stubborn to have a mentor. Something has to be learned; it cannot be taught...............

 

[marketsurfer]

it all depends on how the individual learns. some people can read and learn, others need to be shown, still others need to be shown again and again and again. as you know, 777, there is a difference between a "mentor" and an "educator". an "educator" teaches someone to do something so they can do it themselves. a "mentor" ,at least in the way the term is being used here , seems to indicate dependence on or never ending tutelage. it also seem to be condescending to those who are seeking true education but end up with a "mentor". i support educators but question mentors.

best,

surfer

 

[bubba7]

Quote from OPTIONAL777:



We will see how the poll goes. Right now, you claims appear to be incorrect as to how traders view the importance of mentoring.

So far the value of mentoring as determined in the poll is 50/50, not one of the most important or single most important factors.

You had better get on the horn and get all your followers to vote.

There are many different kinds of people in the world.

You strive to be like most people.

There are not many people who mentor and almost all of them inmy experience aren't critical of people who fall into the category of being like most other people.

No one here could imagine you as a mentor even for a moment. People who mentor would hope that you didn't ask to be mentored. The reason is that there would be no payoff for the mentor. Whiners are very difficult to mentor because they have so many AGM's that have to be satisfied.

 

[chasinfla]

no.

you can always reinvent the wheel instead.

 

[funky]

Quote from thetraderprofit:

I think the most important aspect is NOT a mentor, but an IDEA that makes money. Implementing that idea is important. For instance, a trader friend gave me the idea of trading risk arbitrage situations---that's where I made most of my money---but he didn't mentor me. You have to expand on that idea, as I continue to do.

a great point. i have had people who i will consider my 'mentors' who simply kept me on the right track. ultimately, you, have to be the one who figures it out. the light bulb has to switch on in YOUR head. but i will have to say i agree with brandon; in that those people who kept me on the right track are very responsible for where i am today.

the difference between having someone to guide you and doing it on your own is like the difference between knowing which path to take in the beginning, and knowing with path to take later on because it is the only one left.