Mentoring by Market Wizard

mr_byte31 said:
I was going through the market wizards interviewed in Jack Schwager book and noticed that Mark Cook is providing mentoring !

reference : https://www.markdcook.com/mentoring/

It seems also that Linda Raschke was also providing mentoring but she stopped : http://lindaraschke.net/register/

sounds crazy to me that a market wizard is providing such thing !!!

any comments ?!
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Mentoring is great but the student needs to do the work (and most don't put in the hours) . Plus as mentioned many times in those books, building a trading plan that fits the traders personality and temperament is key. I would say choosing a mentor that has a similar style (or is open to helping you build your own style is key). Otherwise, the mentorship fails.
 
In current markets there exits many fraud.
They tell you that they are successful to sell their stuff but they arent.
Internet is full of those stories.
I started to question those wizards if they are real or not.
 
mr_byte31 said:
any comments ?!
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There is the possibility that they have lost their edge and need the money to pay the bills.
But assuming these wizards are still highly profitable and so the mentoring money isn't the main motivator, then its probably an indication they have a lot of free time available and that they enjoy mentoring to pass some of that time. Now you could say they should mentor for free and perhaps they should but if people are prepared to pay then why not take it and provide a more professional as opposed to a free casual service.
 
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By the time you do anything for 40 years, you actually think you want to work at teaching someone how to do what you do? ROFLMAO How do you lose your edge from trading 40 years? Maybe memory, I have a touch of losing new memories, minute later can't remember what it was I was trying to remember, but charting like glued on back of my hand.

You got to be real hard up to want to deal with losing people after 40 years. It wouldn't take long to find out what was a fleeting moment of thinking about doing it and get someone who asks "what if" questions all day long, cause you know they won't remember the answer end of the day. After 40 years, your either hate trading cause you realize what you thought you knew 39 years ago was so false now, or you don't have free time cause you keep getting ideas how to play the game better and love what you do. If I had a gun to my head of mentoring for money or eat a bullet, pull the trigger.

People lose for various reasons, and like losing traders fall in that 99% area of they are mind screwed, has very little to do with a strategy, they lose so well, their brain only happy and brain will aid in you selecting losing trades, and if they get ahead by three ticks their heart starts racing and yelling "Should I take it"? So the mentor better be talented in Psychology cause he has to overcome all the losing trades student taken. And in the end, unless student sitting next to the mentor for a year watching screens, doubt it will happen cause losing traders seldom put in 80 hours a week till they get it. IMHO

Problem if you do find someone who wants to train, they should know what works, and most likely going to go against what you been doing. So to say you want to be taught to fit your personality not going to happen much cause you don't have a clear idea how to be profitable, People like taking those feel good trades or breakouts with momentum, but most others got in before whatever was formed.
 
I feel that those wizards are limited to certain period of time when they got interviewed.
Many things got changed. high frequency trading and many things came to the game.
Trading programs became more complex. computers has more technology.
I don't think old people can cope with all this !
Making money became more harder.

I see the situation as they look like old football players. they were great when they were interviewed and now those players became old and life had changed !

this is my humble opinion but it is very strange that those people are giving education now !
 
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Ed Seykota mentors/consults for 10 grand per hour.

Vic Sperandeo did masterclasses in NYC for 10k.

Lunch with Warren Buffet costs a million or 2.

I don't see a problem with it.

I hope to mentor as well one day.
 
mr_byte31 said:
I see the situation as they look like old football players. they were great when they were interviewed and now those players became old and life had changed !
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Similar in the markets.

Lots of stories about "prior year's hero becoming this year's goat". You can look brilliant when what you're doing is in synch with the market. Not a permanent condition*. If you are to be "tops", you have to be adapting to changing market. Not many of those guys around.

*Example... the Paulsen guy... the one who made headlines shorting sub-prime mortgates 10 years ago. Seem's he's lost about 70% of his AUM over the last couple of years. Many more examples.
 
123 Volume But OR 321 Volume with Higher Preceeding Candle (123 Increasing Size Candles with the 2nd Candle Bigger Than 1st Candle (Ok if 1st & 2nd Candle Both 3-Ticks & 3rd Candle Bigger BUT Not OK if 1st & 2nd Candle 1-Tick on Higher Volume But OK if 1st & 2nd Candle 1-Tick on Lower Volume BUT Not OK if 1st & 2nd & 3rd Candle 1-Tick on Lower Volume) - 1st Candle Cand Be a Flat (But Not if High/Low on Both Sides OR If Flat Has a High on a Buy Signal or a Low on a Sell Signal) with the 2nd Candle 1-Tick & 3rd Candle 1-Tick) (30-Minute Grace Period) (If On Buy Signal (Can't Be Buy Signal Following Previous Buy Signal Unless 2nd Buy Signal Retraces 3rd Candle of Previous Buy Signal - If Low Volume Then No Impact) Candle Before 123 Has Lower Volume Than Previous 123 Signal (If 123 Signal Retraces All of 3rd Candle of Previous 123 Sell Signal (Unless Buy Signal Starts Within 3 Candles of Previous 123 Sell Signal Then Higher Volume Acts as Buy Signal) Then Lower Volume Acts as Buy Signal (Higher Volume Acts as Sell Signal) - No Retracement) - Then Retraces Previous Low Before Resuming Higher (Resumes Higher After 2 Consecutive Green Candles After Retracing Low Where The 2nd Candle is Bigger Than or Equal to the 1st Candle) - BUT - If 123 Sell Signal During Retracement Regardless of Whether Volume on Candle Before 123 Sell Signal is Higher or Lower Then Selloff Ensues BUT if Retracement Already Complete and Trading Higher Post Retracement Then Volume Matters if Subsequent Buy Signal/If On Sell Signal (Can't Be Sell Signal Following Previous Sell Signal Unless 2nd Sell Signal Retraces 3rd Candle of Previous Sell Signal - If Low Volume Then No Impact) Candle Before 123 Has Lower Volume Than Previous 123 Signal (If 123 Signal Retraces All of 3rd Candle of Previous 123 Buy Signal (Unless Sell Signal Starts Within 3 Candles of Previous 123 Buy Signal Then Higher Volume Acts as Sell Signal) Then Lower Volume Acts as Sell Signal (Higher Volume Acts as a Buy Signal) - No Retracement) - Then Retraces Previous High Before Resuming Lower (Resumes Lower After 2 Consecutive Red Candles After Retracing High Where the 2nd Candle is Bigger Than or Equal to the 1st Candle) - BUT if 123 Buy Signal During Retracement Regardless of Whether Volume on Candle Before 123 Buy Signal is Higher or Lower Then Rally Ensues BUT if Retracement Already Complete and Trading Lower Post Retracement Then Volume Matters if Subsequent Sell Signal) (If 123 Starting with a Flat Tick - Does Not Count if Flat Has High & Low on Both Sides of Flat Tick OR If Flat Has a High on a Buy Signal or a Low on a Sell Signal) (Also High Volume Flat or High Volume Candle with a Big Tail Where Tail is Bigger Than Candle - Followed by 5-Tick Candle in Opposite Direction Starts New Trend) (A 123 Green Signal Not Connected Within 3-Minutes to a Previous Sell Signal - Where the Preceeding Candle is Red & The Net Movement of the Preceeding Red Candle is Bigger Than the Net Movement of the 3 Green 123 Candles - Acts as a Sell Signal/Likewise a 123 Red Signal Not Connected Within 3-Minutes to a Previous Buy Signal - Where the Preceeding Candle is Green & The Net Movement of the Proceeding Green Candle is Bigger Than the Net Movement of the 3 Red 123 Candles - Acts as a Buy Signal)
 
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