Paying for a mentor vs. Elite Trader Forum

Have you ever paid for a mentor?

  • Total voters
    31
marketsurfer said:
Anyone who sells themselves or tells you ( they are a mentor) as a mentor is by default a phony mentor. Mentors are actively and succesfully involved in their craft -- not marketing to hook clients.

Avoid anyone who approaches you to be your mentor. This is the only signal you need to avoid.

You need to pursue your mentor and become the student. Theres a great thread on here called "how to bud fox" by readen metal that explains it.
http://www.elitetrader.com/et/index.php?threads/how-to-bud-fox-a-bsd-trader.267029/#post-3797205

surf
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What about people who try and sell their ideas on websites? You a fan of them ?
 
In my opinion this plan stuff is nonsense.

If your plan is flawed, following it perfectly will not lead to success-- this is feel good psychobabble.

Your plan needs to have an edge over everyone else. If not you WILL lose

surf
 
marketsurfer said:
Sellng a letter or calls is far different than selling "i can teach u how to trade". surf
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I hear you on that. 2 completely different things.

I'm not trying to be a wiseass, but with your site what exactly are you selling? Is it actual trades or is it your commentary on what's going on in the market. If it is actual trades do you have past records of previous trades? If not I think you will agree that really doesn't hold any weight if you can't show that these trades/ideas have worked in the past.

If it's commentary then that's a whole different ballgame. If people like reading your views on what's going on in the markets that's fine. But what separates yours from any other of the 1000's of newsletters out there? It could be something as simple as writing style. There is some research out there that I read mainly because the person writing it tells a great story.

Anyways...am just curious. I am in agreement with you that the "I can teach you how to trade" type letters/subscriptions are mostly garbage.
 
I actually went and looked at it Surf. I see you use "stops". Weren't you the guy who said that stops are for weak hands? That was a quote of yours. A bit of a contradiction of what you say on here no ?

So it looks like a stock/index call service.........do you have any proof that your strategy works? Any past performance records ? If not what is someone to base buying your calls on ?
 
Surf now I am completely confused. You are offering trade entries and exits/stops. Then I read this:

"Data presented is for educational purposes. This information is not designed to be used as an invitation for investment in any trade suggestion"


Am I missing something here?
 
EPrado said:
Surf now I am completely confused. You are offering trade entries and exits/stops. Then I read this:

"Data presented is for educational purposes. This information is not designed to be used as an invitation for investment in any trade suggestion"


Am I missing something here?
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The disclaimer is required of all financial publishers. It is mostly boilerplate-- talk to the regulators if u have an issue.

Any testing i have seen indicates that the use of stops degrades performance. ( theory)

In reality-- most of us are ( myself included) are weak hands so stops despite degrading tested performance are a must for survival

I hope this makes sense and i am sorry for the confusion.

surf
 
marketsurfer said:
In my opinion this plan stuff is nonsense.

If your plan is flawed, following it perfectly will not lead to success-- this is feel good psychobabble.

Your plan needs to have an edge over everyone else. If not you WILL lose

surf
More...



I’m not sure it has to have an edge over everyone else but it has to have a statistically proven probability of making money in the long run.


My strategy is a simple reversal strategy that only has a few criteria. It has a win rate of 40% but the wins are larger than the losses. Year after year it makes a profit. I consider part of my edge as having the discipline to take the next trade after having a series of losses. You know following my plan.


I’d hazard a guess that more traders fail from lack of discipline than from not having a defined edge.
 
EPrado said:
I hear you on that. 2 completely different things.

I'm not trying to be a wiseass, but with your site what exactly are you selling? Is it actual trades or is it your commentary on what's going on in the market. If it is actual trades do you have past records of previous trades? If not I think you will agree that really doesn't hold any weight if you can't show that these trades/ideas have worked in the past.

If it's commentary then that's a whole different ballgame. If people like reading your views on what's going on in the markets that's fine. But what separates yours from any other of the 1000's of newsletters out there? It could be something as simple as writing style. There is some research out there that I read mainly because the person writing it tells a great story.

Anyways...am just curious. I am in agreement with you that the "I can teach you how to trade" type letters/subscriptions are mostly garbage.
More...


Macro market views/ commentary-- stocks we think are about to drop, and economic commentary from our team.

Yeah. Some folks apparently enjoy reading my material. Not sure why, but i enjoy writing/research so it works
 
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