Quote from riskfreetrading:
I have thought of a model to mentor options traders, that I would like to share for the purpose of critique and sharing. Instead of charging for mentoring time, the idea is to share profits as a compensation for time/expertise. The model is most likely new, but would be interested to know if you know of anyone using it.
The process goes as follows:
1. First make contact with potential client via Google Chat during the day where I would give trading orders live. It is first tested without money from the client (but using my money to show that I am doing what I issue in real-time).
2. A second step, if potential client becomes client, is to trade live where the client places his trades in his account. Profits are split, until a given level of tuition is reached.
3. If client, during or after step 2, wants that I also consider managing a part of his capital, then I could consider it.
Benefits:
1. To the client it will be education with a proof, and a payment from return on trading capital.
2. To mentor: income from mentoring and the satisfaction that he has earned his money because it is earned from profits. Mentor may also be able to manage funds, and/or later teach the clients more methods as they would then know that the mentor is for real and they would have the money to pay for the education.
Tests:
I am testing this with a friend, and also applying elements from the above process with an ET member and friend and business partner. In case of the ET member, it is not for teaching purposes but for making money for both of us.
Your input:
What do you think of the above model? Please provide critiques, additions, etc.
Do you know of anyone who is using this model?
Updates:
So far with the ET member, we traded the market since last Thirsday (Five days in a row). We made money on each day---Five days in a row.
Thank you!
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