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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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  #21 (permalink)
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Nasdaq1517 View Post
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"

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I get this opinion.

Thing is - in prop firms - bigger traders will fund and mentor others.

Trading is rewarding financially - but humans aren't driven by a single need. You will find that older traders are a bit bored with waiting to see if it's going up or down and then clicking a button. In all aspects other than financial.

You will find this yourself if you reach your trading goals. You will remain unsatisfied in many ways and you'll end up looking for outlets. One of those is mentoring.

Check out Maslo - https://www.masterclass.com/articles/a-guide-to-the-5-levels-of-maslows-hierarchy-of-needs.

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  #22 (permalink)
 qsceszwasdx 
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If you saw these money as tuition fee, and market as mentor, then it would worth it.

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  #23 (permalink)
 Nasdaq1517 
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Jigsaw Trading View Post
I get this opinion.



Thing is - in prop firms - bigger traders will fund and mentor others.



Trading is rewarding financially - but humans aren't driven by a single need. You will find that older traders are a bit bored with waiting to see if it's going up or down and then clicking a button. In all aspects other than financial.



You will find this yourself if you reach your trading goals. You will remain unsatisfied in many ways and you'll end up looking for outlets. One of those is mentoring.



Check out Maslo - https://www.masterclass.com/articles/a-guide-to-the-5-levels-of-maslows-hierarchy-of-needs.

My point is that if the person is making so much money and unfulfilled I just doubt they would charge some arbitrary number to someone who wants to get better at trading.

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  #24 (permalink)
 bobwest 
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bavan666 View Post
Is paying for 1 on 1 mentoring worth it? I've been browsing a few mentorship programs and I think having someone point out all the mistakes you make should be a pretty good thing, at least in theory, what do you guys think, is it worth the money?


bobwest View Post
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?


kevinkdog View Post
I've seen a lot of people say "oh, if XX was such a good trader, why does he sell signals/courses/mentorships?"

I've always thought that to be a strange argument - as if "since you are really good at something, you must focus on that and not teach others."
...

The problem in trading is that success is a lot harder to prove, and a lot easier to fake. So I would not necessarily question the motives of the trading educator - BUT - I would do as much due diligence as possible to verify any claimed success. That is what most customers do not do. They get sucked in by the sales pitch.

@bobwest says it better than I can: watch out for those who "don't know how to trade, but do know how to sell."

This is an old, old question. I made a strongly-worded post earlier in the thread that came down to, don't do it, because if the mentor is any good they won't be in the mentoring business, because it wouldn't pay them to mentor instead of just to trade.

It was pointed out that this is not necessarily always true, and I think that is right.

As a moderator I sort of have a role here that includes warning the innocent new or struggling traders against vendor scams, which are rampant in the trading world simply because the pickings are so easy and the rewards are so great (and because selling for money is easier than trading for money). So I will sometimes overstate what is a generally good case, and say that there is no way to benefit from someone else's help, and that no offer for paid help can be trusted.

There remains the fact that scams are an easy way for some to make money at the expense of new traders. So the better way to put the point I was making is that great caution should be exercised.

Unfortunately, I don't have very good advice to give about finding the good ones. In general, a high price and a big promise are red flags, but it is also true that if the help is actually any good, it is going to be worth a lot.

So the only real suggestions I have are to be very skeptical and wary, to look for other evidence of competence such as books that you have read, posts in forums like this one that have value, reviews by others, and any other way to evaluate the person's offer that does not depend on their own sales pitch. And generally, be wary of any sales pitch, which probably is the best giveaway.

It's sort of like trading: there is a definite risk and the outcome is not assured, and you won't know if it's the right decision for sure until you've put your money at risk. So to be very, very cautious is about the best advice anyone can give. And never risk money you aren't OK with losing if you're wrong.

Good luck.

Bob.

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-- Cervantes, Don Quixote
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 deaddog 
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bavan666 View Post
Is paying for 1 on 1 mentoring worth it? I've been browsing a few mentorship programs and I think having someone point out all the mistakes you make should be a pretty good thing, at least in theory, what do you guys think, is it worth the money?

Have you considered being your own mentor.

Review your trades. You have a trading plan. (you do have a plan don't you?)
When you vary from the plan ask yourself why? That's what a mentor will do?

Don't expect a mentor to show you a method, expect a mentor to point you in the right direction to develop your own method.

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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 Tymbeline 
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kevinkdog View Post
I would counter that teaching others has made me a MUCH better trader, since I have to understand things well enough to teach others.


I think that's probably true of most (maybe all) non-trading areas of education and indeed everyday life, too. I've certainly ended up (in my various careers) doing much better myself the things I've had to teach others to do.

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  #27 (permalink)
Symple
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Of course it's worth it as I speak out of experience and by my self was strongly mentored by a pro who made numbers in the 7. Only a few essential aspects should be taken into account.

1. Is it me who asks for help or is it offered to me, and if so, under which promises that can be factually verified however.

2. Do I know the person (mentor) very well, preferably personally.

3. Was the person (mentor) recommended to me and by whom. Is this person, who recommends the other (mentor), a person of integrity and how far can this person be verified as credible who makes this recommendation?

4. How far the person (mentor) has already helped me in the past without asking me for money when I had questions to him.

5. Are the motives clear why this person (mentor) wants to help me to become successful in business?

6. What legal guarantees of recovery exist for me since to take the mentor into custody in case of wrong advice.

7. Are the goals around it in the Mentoring clearly in writing specified and attainable.

8. Which clear agreements have I as a pupil with this agreement clearly to keep.

9. Which additional costs, beside the Mentoring, come on me like e.g. special Charting programs, option analysis programs etc..

10. How long will the mentoring last and when will I be made aware that the agreed time will expire and new costs will be incurred if I do not cancel the agreement. If the goals are not achieved, then go back to point 5 and 6.

11.And even before anyone can teach others, he must understand himself what to do

Symple

By the way: I am not interested in mentoring as I am not a spoon feeder.

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