Seeking Mentor - Will to pay right mentor Looking for real deal
- Thread starter zzz9999
- Start date
just do naked selling on E.T.F.s and INDEXES OTM CALL/PUT on the last month in a paper trading and you will understand how options work
It's like when you go to the carnival and try to knock milk bottles off a platform with a baseball, or tossing dimes into ash trays, or picking up stuffed animals with the claw machine - it's all bogus. Until you have enough $ to move an issue in the direction you desire, you are bound to dumb luck.
Would strongly suggest that whomever you consider, that you get REAL, LIVE brokerage account statements which confirm that the person is trading their own "system".
I've been there with mentors - never found a single one who could show a consistently profitable brokerage statement.
Most of them are scammers - they don't "do", so they "teach".
And they're all good salesmen - but remember, that's all they are!
I've been there with mentors - never found a single one who could show a consistently profitable brokerage statement.
Most of them are scammers - they don't "do", so they "teach".
And they're all good salesmen - but remember, that's all they are!
Yea, right
A truly successful trader, who:
-- doesn't need your money
-- is offered a pittance
-- is approached by a newbie he doesn't know, as opposed to a friend or family member
-- has the chance to mentor someone who is trying to avoid the pain, money loss and time required that HE went through
-- will have the annoying task of trying to quantify his success to a trader wannabe
-- will have to spend many of his hours trying to get the light to go on in the mind of someone who doesn't get it
-- may be losing some of his edge(s) if he operates in illiquid markets
And the trader wannabe has the nerve to ask him to furnish personal account statements?? Personally, I don't even want other people to know my brokers - I get statements online, so they don't sit in my mailbox!!!.
This is like approaching a rich man, and asking for a million dollars in exchange for a thousand, but wants to do a background check on you first!!
That's my point. If they are "successful traders", why do they need to mentor in the first place?
It would be the rare person who offers their time to someone they don't know and don't want to know.
None of these scammers can produce a brokerage statement.
So back to my original statement: ask for a real brokerage statement. If they can't produce one (and none of them can't) then move on.
Well, that's not entirely true. I know of a CTA who manages money and also runs an educational service. He is required by law to show his performance (not actual statements) to those who wish to invest with him. So that would be a back door way of learning how profitable he is but it doesn't guarantee he will teach his students exactly how he trades.
As long as your talking about someone that's trying to scam someone...
It's true.
They will not produce a brokerage statement because they are trying to scam someone.
In contrast, there as some that are not trying to scam and do produce a brokerage statement and other verifiable proof.
In fact, a few have shown up here at EliteTrader.com with their verifiable proof (use ET search and look for Tony Oz conversation and challenge with a few making blanket statements).
http://www.elitetrader.com/vb/search.php?s=
Now you know at least one if you use ET search to be more informed.
There's also a few annonymous mentors posting their daily results consistently in the Trader P/L thread here at ET and they do provide p/l statements.
http://www.elitetrader.com/vb/showthread.php?threadid=113193
Yet, if your lucky enough to get one that's willing to mentor as long as your not a problematic student...
They'll provide additional verifiable proof et cetera. Just be aware that they don't advertise nor promote themselves here at ET as mentors.
Also, they are mainly discretionary traders.
Thus, don't ask for a computer code of their method because they don't use codes nor any mechanical systems.
Regardless...nothing beats watching someone trade in person with real money...
Tough to fake or scam someone via that. Yep, a few will trade in front of someone that's worthwhile.
Mark
My point was, requesting a brokerage statement is going to really annoy successful traders. It is a huge favor to mentor a newbie. So, the newbie will insulting them by offering a few hundred or few thousand (chump change) and then demanding proof?
If a stranger asked me to mentor them for the pittance they would offer, and also demanded statements, I would tell them to jump in the lake.
So you are only LEFT with people who cannot trade. Thus the request for statements is pointless.