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Is paying for 1 on 1 mentoring worth it?


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Is paying for 1 on 1 mentoring worth it?

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  #11 (permalink)
bavan666
Mumbai, India
 
 
Posts: 18 since Dec 2021
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AllSeeker View Post
I feel the same, its something that one has to experience than read or told about by others.

By the way @bavan666 I'm just curious, for 19 year old you seem to have fairly good starting point. This is just a suggestion and a fairly decent way to learn about market, just use INR 10k accounts, and trade equity for time being, Given how much you have saved up for mentorship, I think you could really benefit from making market your real teacher.

Just a thought, after all you can make about 10 accounts with what you have saved up for 1v1 mentorship. Fyi, while its a good amount in our eyes, a real profitable trader might not consider it so. So, either you keep saving, spend on legitimate education and wait for it or make small accounts to blow them and learn from markets. Afterall, swimming is best learned when you dive in the water, with some safety gear, point being you have to dive and drink the pool water few times

My dad is an investor and occasionally swing trades (well he's not particularly good at that, but he likes to dabble) so he has been pretty supportive of the entire thing, he gave me a few lakhs to invest when I turned 18, so I bought shares on dips during the crash, also kinda funny, but including me, my sisters, my parents and grandparents, every time there was a good ipo allotment, we had 7 accounts applying from our house, (mostly me and my dad did the applying since the rest of the family isn't interested), so I made some lucky money from that as well. I don't really want to spend the money he gave me for investment purposes on buying trading courses, but I was thinking if I came across something worthwhile, I could buy it from the profits I've made and some other money I've saved on my own.

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  #12 (permalink)
 kevinkdog   is a Vendor
 
 
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bavan666 View Post
My dad is an investor and occasionally swing trades (well he's not particularly good at that, but he likes to dabble) so he has been pretty supportive of the entire thing, he gave me a few lakhs to invest when I turned 18, so I bought shares on dips during the crash, also kinda funny, but including me, my sisters, my parents and grandparents, every time there was a good ipo allotment, we had 7 accounts applying from our house, (mostly me and my dad did the applying since the rest of the family isn't interested), so I made some lucky money from that as well. I don't really want to spend the money he gave me for investment purposes on buying trading courses, but I was thinking if I came across something worthwhile, I could buy it from the profits I've made and some other money I've saved on my own.

Kudos to your Dad! Every parent should help their children invest.

I opened stock accounts for each of my kids, and let them pick the stocks and trade. Taught them the basics.
In the past 3 years since they started, the worst has averaged 42% annual return, and the best 62%.

Not bad for 3 teenagers.


One day you'll really thank your Dad for doing this for you!!!!

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  #13 (permalink)
Symple
Zuerich / Switzerland
 
 
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bavan666 View Post
My dad is an investor and occasionally swing trades (well he's not particularly good at that, but he likes to dabble) so he has been pretty supportive of the entire thing, he gave me a few lakhs to invest when I turned 18, so I bought shares on dips during the crash, also kinda funny, but including me, my sisters, my parents and grandparents, every time there was a good ipo allotment, we had 7 accounts applying from our house, (mostly me and my dad did the applying since the rest of the family isn't interested), so I made some lucky money from that as well. I don't really want to spend the money he gave me for investment purposes on buying trading courses, but I was thinking if I came across something worthwhile, I could buy it from the profits I've made and some other money I've saved on my own.

I had contacts for years with traders from India from any level and income. Such kind of story I never have been told, even heard of. Sorry, not sure if I should even believe one of your words.

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  #14 (permalink)
bavan666
Mumbai, India
 
 
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Symple View Post
I had contacts for years with traders from India from any level and income. Such kind of story I never have been told, even heard of. Sorry, not sure if I should even believe one of your words.

hmm, not sure what's so hard to believe about that, we had quite a strong bull run in 2021, buying and holding any of the major stocks would have made anyone profitable, which is what I did, or is it about getting multiple family members to apply for IPOs? that's also a pretty common strategy that pretty much everyone I know uses, it's not like I've made a million dollars or anything, I've made some profits and was looking to spend it to further my own knowledge so I don't have to rely on strong bull runs in the future to make money.

It's surprising to me that you've never heard of anyone making money in bull runs, which is pretty much where most retail investors make their money.

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  #15 (permalink)
 ZviTradingCoach   is a Vendor
 
 
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Your question is important, and I'll try to point out a few things about it from an insider perspective.
While in full disclosure I do mentor traders, I'm not currently taking on new clients to I figure it's OK to respond under forum rules - moderators, if I need to delete or rephrase something just tell me.

1. WHAT IS IT YOU EXPECT? What is the "IT" that should be "worth"?

Many traders have the unrealistic expectation that a mentor will "teach them how to trade": teach them his system, and turn them profitable in a given period (say 6 months).
Now let's say you were seeking a basketball mentor and happened to get Micheal Jordan to mentor you (and let's assume he can teach). Would you expect to be a professional ball player thanks to that??
Even if he shows you everything he knows in a methodical fashion - it would still take you years of shooting hoops and hard practice, and you might succeed or not. and if you don't (or it takes longer than you expected) - is MJ to blame?
It's a little bit the same with trading: a mentor can SHOW you things, he can DIRECT you in a useful direction, and he can FEEDBACK your progress. But at the end of the day, it's about you mastering a difficult technical+mental skill - and that's a very long, non-linear and non-deterministic journey.
I would say that this issue of expectation management is the single biggest cause for disappointment in mentoring processes (as well as trading courses). Be sure to discuss this with anyone you consider for mentoring and see how you both feel about it.

2. WHY TEACH rather than just make $$$?
SERIOUSLY? I'm always surprised by this question. First of all, it's my only form of professional interpersonal communication, with like-minded people - a basic human need which is rarely satisfied in the lonely business of trading. Listen, man - these are in fact my most fun hours of the day. I love teaching (I even taught high school for a few years when I quit the technological industry). Just because I don't do it for free (nor would you expect me to, or would you be as commited to the process if it were free) - doesn't mean anyone doing it has no better alternative for his time. Besides, it's well known that more screen hours does not translate to more profits... There are more than enough hours in a day to do both.

Most genuine mentors have a mentoring personality, love it and do it (or did it) in other areas of life as well. Some traders possess it, some don't.

Think about this: PRACTICALLY EVERY good professional I know, in every field, has had the good fortune of being mentored by someone (usually a very proficient someone, and more than one). Why would trading be any different?

3. FEAR OF SCAMMERS.
This is the direct extension of the distrustful state of mind from the previous question...
Yes, some are scammers. But most aren't. Maybe it's just my positive view of the world... but that is my experience.
The solution is easy: Just talk to the guy: If you can't tell if a person is a legit, honest, try-to-help-as-he can person or if he's a overqualified hardened salesman within 15 minutes of an introductory call, just move on. Don't work with someone if you don't click. After all, this is a 1-on-1 long-term endeavor, built entirely on good communication and trust.

4. Is it worth the money?
Well, that depends. The balance of "how much to spend on education" in this business is tricky. Easily enough, If your account is 5000$ it makes no sense to pay a cumulative 6000$ to a mentor... but if it is 100,000$ it makes no sense not to - Time is money in this business. Personally I chose to pay a lot of money to good mentors and for me it was worth every penny. I acknowledge others may think differently.

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  #16 (permalink)
 bobwest 
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ZviTradingCoach View Post
Your question is important, and I'll try to point out a few things about it from an insider perspective.
While in full disclosure I do mentor traders, I'm not currently taking on new clients to I figure it's OK to respond under forum rules - moderators, if I need to delete or rephrase something just tell me.

Hi @ZviTradingCoach,

Thanks for your input on mentoring.

Since you are in the business of mentoring traders, I have marked your account as a vendor account. In order to complete your profile, we will need you to to give us the name of your business also. You can simply reply to this post with that information.

You will also need to become familiar with the forum rules governing vendor posting. Please review the section titled "Vendors and Self-Promotion" in the Terms and Conditions, here: https://futures.io/disclaimer/

Essentially, you are free to post on the forum, so long as you post nothing that promotes your business or service. If you are in doubt about whether something is suitable, feel free to ask. You can use a Direct Message if you like, or just ask in a post.

Please reply with your business name so we can complete this change.

Thanks.

Bob.

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  #17 (permalink)
Flash Gordon
Burlington, North, Carolina/USA
 
 
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No

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  #18 (permalink)
 Nasdaq1517 
Honolulu Hawaii
 
 
Posts: 27 since Oct 2021
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Don't do it any trader and I do mean any trader making big money from the market would be to busy to do this or just recommend some market and psychology books... the mentor thing is just another function of the "holy grail" grasp. Save your money and pay the tuition to the market instead of a "guru/mentor"

Sent using the futures.io mobile app

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  #19 (permalink)
BRAINFREEZE02001
Houston, Texas
 
 
Posts: 3 since Apr 2018
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bobwest View Post
I agree with Kevin.

Basically, why would you think that someone who can make a lot of money trading would want to spend their time making a lot less, teaching you? Where is the benefit to them?

On the other hand, if they don't know how to trade, but do know how to sell, that's another story. Then the profit motive is obviously to sign you up and get paid by you.... since they don't get paid very well by trading.

This really is only common sense when you look at the economics of it, but no one likes to do that.

Is it possible that there are good mentors out there? Sure, why not? But if they are any good, would they be cheap or extremely expensive? And if a good mentor can charge a lot of money, why wouldn't bad ones do the same? It's easy money for them, after all. Easier than trading, and less risky.

Don't chase rainbows would be the best advice. No one is selling the way to vast profits. Why would they?

Bob.

It's like the old saying, "Those who cannot do, teach."

First off, teaching someone takes time away from your own improvement/ trading time. Secondly, what meager amount could they pay that would make it worth your time. Any amount could easily be offset by just trading your own system. Third, by watering down your system in teaching others you up the probability the market will phase out any system your edge had to begin with as more people use it.

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  #20 (permalink)
 kevinkdog   is a Vendor
 
 
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BRAINFREEZE02001 View Post
It's like the old saying, "Those who cannot do, teach."

First off, teaching someone takes time away from your own improvement/ trading time. Secondly, what meager amount could they pay that would make it worth your time. Any amount could easily be offset by just trading your own system. Third, by watering down your system in teaching others you up the probability the market will phase out any system your edge had to begin with as more people use it.

I would counter that teaching others has made me a MUCH better trader, since I have to understand things well enough to teach others.

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