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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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  #1 (permalink)
bavan666
Mumbai, India
 
 
Posts: 19 since Dec 2021
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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?

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  #2 (permalink)
 kevinkdog   is a Vendor
 
 
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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?

You mentioned in another thread that you don't want to pay for a trading course, as most would be out of your budget. I would think one-on-one mentoring would be even more expensive, so I'm confused why you are looking at something more expensive than you can afford. But I'll answer anyway...

If you go this route, make sure:

1) the mentor trades in a manner that you want to trade
2) the mentor trades the markets you want to trade
3) the mentor is actually making money trading


#3 is the hardest to determine. There are many "sim" mentors out there, masquerading as actual traders. There are also many fakers who will show you photoshopped brokerage statements, photos of sports cars they really don't own, etc.

I would bet 90% of mentorship programs you've been browsing are scams. Look for reviews on this site, or ripoffreport.com or tradingschools.org.

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  #3 (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?


kevinkdog View Post
If you go this route, make sure:

1) the mentor trades in a manner that you want to trade
2) the mentor trades the markets you want to trade
3) the mentor is actually making money trading


#3 is the hardest to determine. There are many "sim" mentors out there, masquerading as actual traders. There are also many fakers who will show you photoshopped brokerage statements, photos of sports cars they really don't own, etc.

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.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #4 (permalink)
bavan666
Mumbai, India
 
 
Posts: 19 since Dec 2021
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kevinkdog View Post
You mentioned in another thread that you don't want to pay for a trading course, as most would be out of your budget. I would think one-on-one mentoring would be even more expensive, so I'm confused why you are looking at something more expensive than you can afford. But I'll answer anyway...

If you go this route, make sure:

1) the mentor trades in a manner that you want to trade
2) the mentor trades the markets you want to trade
3) the mentor is actually making money trading


#3 is the hardest to determine. There are many "sim" mentors out there, masquerading as actual traders. There are also many fakers who will show you photoshopped brokerage statements, photos of sports cars they really don't own, etc.

I would bet 90% of mentorship programs you've been browsing are scams. Look for reviews on this site, or ripoffreport.com or tradingschools.org.

Thank you for the response, It's true I'm not currently looking to buy a course as of this moment, but I've been saving money for a while now and should be able to afford something in a few months from now, I was looking at Uc trading coach, they provide training as well as 1 on 1 coaching for 1250 euros, which is pretty expensive but still cheaper than the other alternatives that I've seen, they have pnl screenshots on their website and more on their Instagram and it's visible that they were on a non-sim account, still, I won't really pay for anything until I first exhaust the free resources, but for paid mentorship, these guys look genuine, and they also trade using volume profiles and order flow charts which is a style of trading I find interesting too, what do you think?

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 kevinkdog   is a Vendor
 
 
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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?

I'll try to answer this...

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."

James Patterson is one of the best selling writers of all time. Yet he sells a course on how to write fiction.
Martin Scorsese is a world famous director. He sells a course on directing.
Steph Curry makes $45 million a year shooting a basketball. Yet he teaches a course on shooting.

I'm sure their primary career makes a ton more money than teaching. So why do they do that?

More money/fame/brand awareness is better than less money/fame/brand awareness


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."

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 kevinkdog   is a Vendor
 
 
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bavan666 View Post
Thank you for the response, It's true I'm not currently looking to buy a course as of this moment, but I've been saving money for a while now and should be able to afford something in a few months from now, I was looking at Uc trading coach, they provide training as well as 1 on 1 coaching for 1250 euros, which is pretty expensive but still cheaper than the other alternatives that I've seen, they have pnl screenshots on their website and more on their Instagram and it's visible that they were on a non-sim account, still, I won't really pay for anything until I first exhaust the free resources, but for paid mentorship, these guys look genuine, and they also trade using volume profiles and order flow charts which is a style of trading I find interesting too, what do you think?

Since I sell trading education myself, it is not appropriate for me to comment on another educator.

It does sound like you are convinced though, hopefully you've done due diligence on them, which should be a lot more than just reviewing screenshots on their website or Instagram. (that holds for any educator)

Good Luck!

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  #7 (permalink)
bavan666
Mumbai, India
 
 
Posts: 19 since Dec 2021
Thanks: 33 given, 20 received


kevinkdog View Post
Since I sell trading education myself, it is not appropriate for me to comment on another educator.

It does sound like you are convinced though, hopefully you've done due diligence on them, which should be a lot more than just reviewing screenshots on their website or Instagram. (that holds for any educator)

Good Luck!

oh didn't know you were an educator! do you have a website?

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  #8 (permalink)
 kevinkdog   is a Vendor
 
 
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bavan666 View Post
oh didn't know you were an educator! do you have a website?

The forum names in green with the big $ sign tells you who the vendors are.

I do have a website. Can't mention it here because of forum rules. My profile page has contact info.

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 bobwest 
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bavan666 View Post
oh didn't know you were an educator! do you have a website?


kevinkdog View Post
The forum names in green with the big $ sign tells you who the vendors are.

I do have a website. Can't mention it here because of forum rules.

Kevin is correct about the rules, in that he can't do anything to promote his own business, but it's OK for me to point out that he is highly regarded among traders who design their own automated systems, a very specialized and technical type of trading. Not a recommendation -- I haven't used any of his material, since algo trading is not my thing -- but people who do it tend to like his stuff. I also know him since approximately forever from this forum.

So yes, there are those who are good. But not that many, really.


kevinkdog View Post
I'll try to answer this...

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."

Despite the fact that he produced examples, I still think it is generally true that most sellers of systems and services probably do better with their selling than their trading. There are of course going to be exceptions.


kevinkdog View Post
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."

Right. There's the point. If you're going to take the route of looking for paid help, be very careful.

On the other hand, most traders have had the extremely educational experience of paying more money than they should have to get something that they never could put to use, and I think it's something of a rite of passage a person often has to undergo. It clarifies the realities a little. Usually they don't do it twice.

I hope you spend your money wisely, and that it turns out well for you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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 AllSeeker 
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bobwest View Post
On the other hand, most traders have had the extremely educational experience of paying more money than they should have to get something that they never could put to use, and I think it's something of a rite of passage a person often has to undergo. It clarifies the realities a little. Usually they don't do it twice.

Bob.


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

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