Why do "profitable" traders take the time to train people remotely and for a fee?

[austinp]

Quote from Roman Candle:

Well lets here from someone here who has become a winner from one of these teachers.

I learned from reading books. Trading for a living,Trading in the zone. Technical analysis from A-Z,Japanese candlestick charting techniques.


I spent 10 years in front of a monitor, watching chats dance. There is no short cut in this business, unless you’re Goldman Sachs and you get the government reports before there made public. In that case you always win.

With all due respect, the sheer odds of probability state that any individual here is a failed trader, unprofitable. That broad-based law of large numbers includes you.

Secondly, public message boards have an unusually high population of frustrated, flailing traders. Heck, that's the very nature of an anonymous board... hiding behind alias' to take random potshots at others. Helps quell the insecurities, I guess.

Now those are just large-number facts. It is possible you are consistently, maybe even wildly profitable. It's probable by pure statistics you are 100% full of s(tuff), and those books never helped you one whit.

The only way ET would collectively know is some type of proof that you trade, profitably. Any posts in the P&L thread, by chance?

You have something to sell: a concept that self-taught is painless, cheap and easy. Others are ready to base their trading career decisions on that thought which you foster and support. Are they truly taking advice from a wise man? Or just another anon-board loser?

How are those whom you sell that concept to supposed to know?

 

[TraderZones]

Quote from monty21:

This has been the best answer thus far..

I still don't understand why you would charge people to listen to you if you're consistently making $30,000 a day. Doesn't seem like a good enough incentive for some extra income... but I could be wrong if it involves passion.

I think one aspect that takes me aback is when traders advertise and solicit their training.

Plus running a website and chat rooms is hard work... unless you have a programmer.

As I said, these are the same answers provided many times before, to the same question on ET

Again, why don't you do research before over-repeating this??? Seriously. Use the search box - it is not hard

 

[monty21]

Quote from TraderZones:

As I said, these are the same answers provided many times before, to the same question on ET

Again, why don't you do research before over-repeating this??? Seriously. Use the search box - it is not hard

The 9 pages in this thread on a single day testify that some people are interested in new/updated information.

 

[illinimatt81]

I think some of the remote teachers do it for a handful of reasons:

1) Creating a steady extra income stream can help normalize their income for those months you don't do so well.

2) Keeping themselves accountable to practice what they preach and adhere to their rules.

3) There isn't a lot of good quality teachers out there and they want to give something back. Believe it or not some people think of others and giving back!

4) If they don't charge something it diminishes the perceived value.

 

[MandelbrotSet]

The main reason people will help other traders (assuming they are legitmate) for free is because they are successful traders, they are hapy with their trading, and they want to give something back.

I did it for a while after one of the traders here gave me a lot of help with his sytem, but I found that it was:
***
a) very time consuming
b) there was always some new trader who came along and wanted to be <strike>spoon-fed</strike>, um, taught the system.
c) the best training takes place during a live market (not with static charts), and it's very difficult if not next-to-impossible to monitor other traders and take care of your own trading at the same time.
d) the more you work with a method, the better you get at it. So there developed an imbalance where, after putting in 80 or 100 hours in a system I had developed a new approach to it which allowed me trade it even beter, and other traders would want to know what I was using to get the better results. But that was based on my own insight, not the original system.
***
All-in-all, it was not my cup of tea, and I have no interest in playing Guru for money or for free. There aren't very many traders who have the desire or patience required to do it for any length of time. And if you find one who does and you end-up being net profitable, more power to you.

 

[kiwi_trader]

This is one of those forever discussions.

I have in the past attempted to help one or two traders remotely and stopped. Mainly because, when you can't look over someones shoulder, you need a lot more systematic work to sort out issues. Too much for me. I agree with Mandelbrotset.

Why did I do it. Because trading alone is pleasurable and profitable. But its not everything in life.
Helping others is enormously rewarding if the downsides don't outweigh the rewards. I will still help those who I can meet personally but not in depth - hints and discussion, some of which helps me too.


A comment on the thread and the OP. When you ask "why?" in this case, and then in the first pages are given good reasons why, but still say "I don't get it" then this says a huge amount about you. There is a big opportunity to explore that and grow a little.

Best of luck everyone, in trading and, more importantly, in life

 

[teasinggtara]

My ex. taught a few traders for free. It began as occasional help to a trader that developed into a friendship that became mentoring that caught the attention of some others who asked to be included.

Why did he do it? It just kind of snowballed and he still has daily contact with the guys to see how they are doing.

Sometimes they meet up on a private forum for live trading together but he says he wouldn't do it again as it's too time consuming.

It's fine now as the guys are at a very high level of proficiency and a losing day is a shocker, but the time and effort was a one-off for him.

He did it for the fun of watching losing or just above B/e traders become hot traders and now it's more of a friendship thing.

He says part of his motivation was watching Jack Hershey make trading such a mysterious fog of confusion rather than a fast track to big profits.

He honestly believes Jack can't trade so he decided to take a small group and see how fast he could do it.

People learn fast when you show them exactly what to do. The more precision you claim to have, the more exactness there is in the technique and that is what makes for a very efficient learning curve.

Jack threads exhibit the exact opposite.

 

[asiaprop]

;-)

let me tell you what the pay out is in sell-side prop groups (varies with each group obviously): 10% of what you make is yours!

Quote from monty21:

50% payout if you make < 100,000
55% payout if you make from 100,000 -150,000
60% payout
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80% payout if you make over 1,000,000

These payouts are pretty low in the industry. That was the tradeoff for no initial contribution, no commission, etc. His interest was to make us profitable though. Better than those firms that give 99% payout, but are in business for your commission dollars.

Unfortunately the desk failed.

 

[Spectra]

Quote from monty21:

Post the link...

(I'm tired of reading all the PureTick garbage.) Need other examples

You are tired because you are lazy.

I have a question for you.

Did you go to High School?

Were your teachers complete morons?

I guess they were since:

They tried to teach you.

And they must have been losers, because by your reasoning if they were successful they would not be teaching.

I will give you a couple of names of pretty successful traders/investors who have taught trading/investing at one time or another.

Warren Buffet
Lewis Borsellino
Linda Raschke
Van Tharp
Mark Fisher
John Carter

Do any of the above qualify as people who have some money?

Congrats.

You have asked one of the dumbest questions I have ever come upon.

Oh.

And I teach trading also.

Yes it adds to my income. I am not allowed to make more money?

And no.

I do not have enough.

When I have more than the first person on the above list I will stop working (somewhat).

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 ( 1-877-465-6641 )

I also love trading and I love seeing a beginning trader start to make money.

 

[Spectra]

Quote from Roman Candle:

There not profitable traders, they say they are, but there not. That’s why they sponge off new and frustrated traders.

Have you ever seen a 1099 from any one of these so called professional traders charging $400.00 per month to tag along with there great wisdom.

Show me a 1099.

I will show you mine.

But I guarantee that will not make you trade like I do.

The reason you want to see my Sched C (1099 is if I were an independent contractor for someone) is because you do not believe it is possible to make money trading.

That is the only reason.

I show traders who take my mentorship my statements, if they need to be convinced I know how to trade. If they feel it will rub off perhaps. But they believe before they see---otherwise they would not have forked over the more than $7,000.00 to train with me.

But not one of my statements have ever made a dime for anyone.

Sorry to tell you this. They only make money for me.

For some it is intimidating.

Then I get the "Well no wonder you make money---you have so much."

In the Suzzypig contest I put $2,500.00 into a trading account.

Last July.

And I blew her away.

Why do you think she got so pissed at me.

I demanded the bet be paid off. She reneged.

I still have the statements.

That would be the only way I could prove to you what I have done.

You would not believe the results if I told you.

But all it proves is that "I know how to goddamned trade."

Does not prove that you can learn.

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 (1-877-465-6641)