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Trading mentors are like gym coaches. You end up doing the heavy lifting.
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That's the big debate. Mentor/Coaching is interchangeable. If you paid for college, I guess they're a vendor of the most useless information. You might end up with a job by getting that piece of paper if someone likes you.
I haven’t used my damn degree for anything other than putting it on my resume or employment background checks.
It's all the same. You might be stuck with good information in both circumstances, that you can't use. You're right, you can't buy trading success, but you sure can get pretty damn close.
That piece of paper gets you in the door. It shows who ever wants to hire you that you have the ability to get thru however many years of schooling by whatever means.
Sounds familiar. The piece of paper got me in the door. My ability to adjust kept me there.
Where the mentor came in is the experienced guy who for whatever reason took a liking to you. He didn't tell you how to do your job, he guided you through the corporate maze and pointed you in the right direction.You might get the same situation at trading desks or in prop shops, I don't know. It is not something you can buy.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
You can't buy the mutual platonic relationship, correct, but you can buy the time of someone that can show how to successfully trade and coach through the process to becoming successful. You're talking about the platonic connection without compensation, that's the ideal situation.
One thing this thread has shown is that there are mentors who only want to help, and there are "mentors" (who may in fact know something) who "mentor" for pay, or offer to.
The second may or may not be helpful, but it's not what mentoring is:
I am not against someone getting paid for rendering a service, but if they are, the service is not mentoring.
A "trusted adviser" is not a paid consultant. All the usual cautions apply to the one who wants to be paid. We're talking two different things here.
I have gotten a lot from posts here on FIO that have been freely given by more experienced traders who never thought of being paid (and who would have been banned if they had.) I can see this kind of role expanding, for someone who wants to do it, and that would be mentoring in a real sense.
This thread has somewhat changed my understanding of this whole thing.
Bob.
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Update: flipping back a few posts, I see that @teamtc247 beat me to it, as did @deaddog and a bunch of others.
In the business world, mentorships are not free. In many cases people will work for someone without pay in order to get the experience. In my case, I have a mentor in my day job. He gets paid to help me succeed. It has been well worth it.
I don’t have issue with paying someone to teach me. Kinda like college. If they have the experience I need to succeed and are willing to teach me, why shouldn’t they get paid for what they know? Does getting paid make the knowledge they have not equal to the person who hands it out for free? An A is an A.
Not making a argumentative point, just stating there are two sides to this coin. Mentors are betrayed in the movies, books etc as this unselfish person wanting to help someone succeed by passing on unworldly knowledge. In the real world, and in my experience, that is the exception rather than the rule. Yes I have met these types of people, but the majority have no desire to be a mentor. I will concede that the people who do find the unselfish mentor who is also their friend tend to more successful than those who are not.
