I am someone who has educated people online when it comes to trading. Its a long and boring story about starting a thread at FF and then it just kind of went from there. There are a multitude of reasons that mentors don’t work. It has nothing to do with trading or teaching trade setups. Any idiot can read a chart. I know a lot of them that do. I taught my 10 year old to do technical analysis. However, when it comes to trading real money - the stakes are much different.
I turn down offers monthly to mentor, because most people just want to know when to buy or sell. They don’t actually want to learn. Also, and this is the biggest issue: Its all about psychology. That is 90 percent of the game, and that is something that cannot be taught.
I have someone I know in this game that continues to try to bet against the overall trend in the NASDAQ. (Granted, its down 5 percent today, but its been up for months.) He keeps thinking ‘its expensive and doesn’t reflect the true economy.’ No duh. However, you have two choices: Be ‘correct’ or be profitable.
I am sure he is watching what could have been today, but he has blown up a couple of accounts since March, because he won’t let he idea go. Trading is like a gut punch daily. Not everyone can take it. In fact, that 80 percent can’t.
You can use almost any system and make money, if you have the mental strength. Most don’t, and that comes from within. Me, or anyone else trying to mentor that is a waste of time. It all comes form within.