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trador mentor for hire?
- Thread starter mrmoose
- Start date
My guess is no. But the really funny part is that there will be 50 people emailing WorldCo about the bathroom attendant/prop trading opening.
Quote from mrmoose:
I have been (and continue to be) a successful prop trader for several years (yes I can prove it). I have trained several successful traders over the years who trade many different styles (again a verifiable claim). My trading style gives me alot of time off and I am considering different business opportunities. I have an idea of starting a what is going to be in effect a trader mentoring practice. For an hourly fee I will work with traders, do assessments, go over trades, and help identify and work on weaknesses.
My question is do people think their is a market for this kind of business assuming that I charge in the area of 250 for an initial consultation and 100 an hour on an on going basis. I am not trying to promote or solicit anyone just want ideas about my plan.
I suppose a good rule of thumb is to charge per hour what you average per hour in trading... and of course, you can mentor after hours, so there need not be any trade offs...
Lets suppose you are averaging $1500 a day profits over the long run... lets further suppose that even though you make this in the 1st two and last 2 hours on average, you still stay at your monitors for the entire trading day (6.5 hours)... so you are averaging $230 an hour... therefore charge around $200 per hour, assuming you are mentoring outside of market hours... it then simply becomes an issue of whether you wanna give up your after hours lifestyle for yet more money... if you are only getting 3-4 hours worth of mentoring a week, its probably not worth doing, as it would constitute a disproportionate encroachment on your leisure hours in my view i.e. $800/(1500*5) = only 10% of what you are making anyway, for giving up 4 hours of your leisure time...
Another thing: I note that you only intend to charge $100 an hour... you gotta achieve serious a volume of clientele to make this worthwhile... I would suggest either increasing your price or telling clients that the minimum requirement is 3 hours per session... but even then, it may not make very much, if you aint getting in the clients regularly and are restricting youself to hours not too late after the market... which brings up the point about cost-effective marketing... perhaps you should consider taking out an advertisement on Elitetrader, given that its become the net's trading forum of choice... I know for a fact that ET has proved to be a very profitable investment for other advertisers...
Let me know how you get on...
Quote from mrmoose:
[ My question is do people think their is a market for this kind of business assuming that I charge in the area of 250 for an initial consultation and 100 an hour on an on going basis. I am not trying to promote or solicit anyone just want ideas about my plan. [/B]
I think market is there but there is a lot of competition and you should somehow separate yourself from average peddler of a rehashed materials .
How to do it ? You have to show that you can profitably trade . There is virtually no one who sells a "knowledge " who has trading track record.
Walter
Quote from mrmoose:
For an hourly fee I will work with traders, do assessments, go over trades, and help identify and work on weaknesses.
My question is do people think their is a market for this kind of business assuming that I charge in the area of 250 for an initial consultation and 100 an hour on an on going basis. I am not trying to promote or solicit anyone just want ideas about my plan.
There has been a market in this area since I started in the futures and equities business in 1978. At the merc there was no shortage of coaches - other successful traders - that would lend a hand for a fee and more often just out of kindness - particularly if you were just starting out.
Like any other type consulting, making a successful business of your advice services require a world class pedigree and excellent connections. Usually these types of businesses build by word of mouth - referrals. If you dont have top of the industry connections then building your consulting business will take some time and you will most likely be starting out very slow. One caution: dont be tempted to mimick a lot of the self-proclaimed gurus. You will need to offer truly valuable advice and coaching with superior customer skills to build such a practice.
That's really the only way to go.Like any other type consulting, making a successful business of your advice services require a world class pedigree and excellent connections. Usually these types of businesses build by word of mouth - referrals. If you dont have top of the industry connections then building your consulting business will take some time and you will most likely be starting out very slow.
If you want to do this, review your trading records and determine what results you have performed on a yearly and monthly basis, each year, month individually and average.
If the results are good, it should help sell the services
If the results ae not good, you have no business charging $100/hr
If the results are good, it should help sell the services
If the results ae not good, you have no business charging $100/hr
Hello mrmoose,
Welcome to EliteTrader.
Would you consider starting a trading journal and posting your trades?
It would be interesting to watch your trades.
Thanks,
gotta_trade
Welcome to EliteTrader.
Would you consider starting a trading journal and posting your trades?
It would be interesting to watch your trades.
Thanks,
gotta_trade
Quote from mrmoose:
I have been (and continue to be) a successful prop trader for several years (yes I can prove it). I have trained several successful traders over the years who trade many different styles (again a verifiable claim). My trading style gives me alot of time off and I am considering different business opportunities. I have an idea of starting a what is going to be in effect a trader mentoring practice. For an hourly fee I will work with traders, do assessments, go over trades, and help identify and work on weaknesses.
My question is do people think their is a market for this kind of business assuming that I charge in the area of 250 for an initial consultation and 100 an hour on an on going basis. I am not trying to promote or solicit anyone just want ideas about my plan.
If you're not a "name" then you may have a bit of an uphill battle. Do you have a plan on how to market your services? Will you be able to offer clients something to make them want to work with you? How will you differentiate yourself from others who offer trading consultations? Lots of additional questions that you've hopefully considered.
Like someone else posted, I too like to help others learn to trade without charging money for my services. I get a lot of satisfaction when someone calls me up and says something I helped them with has improved their results.