I have a friend of a friend (I’ve never met him) that wants me to teach him how to trade.
I’m a little hesitant to do it, since I’ve never mentored anyone before, so I told him to go to Babypips, Forex4Noobs, etc and that he could learn for free, but this guy really wants an in-person teacher and he’s willing to pay for it.
What’s the going rate to charge for something like this? He would be coming to my house so I really don’t have any expenses. It is a slight hassle so I want to charge him something, but not rip him off either.
For a moment, think that you want the same knowledge, how much are you willing to pay to learn forex? or think this way, how much money you make in the forex in one month? Charge a % of that money, so he can double the money that his paying in education.
You should decide your compensation based on how much time and effort and sacrifice you are making to teach.
I personally would tell him the same, like you did, to learn as much as he can. If he’s still interested, a bit down the line, and willing, then you could consider training/teaching. Because teaching him from scratch would be a pain in the ass, a major pain in the ass.
Let him build his interest by going through his own learning process here on Baby Pips, and so forth.
So many people come and go in this business, or, dumb money, and, it’s hard to take people serious. And it’s a huge hassle man, he’s at your house, a million questions, you have to share your insider information, etc.
I wouldn’t charge anything less than $25-$30 an hour, with a minimum of two hours, maximum of 8, and no more than 2-3 days a week, $20 seems too low.
But, that’s just me. I would make sure he is serious first though as stated above. And I would also get the agreements and terms in simple writing with signatures to protect myself. It is a business transaction, friends or not, Trading is very risky, I would get everything signed so nothing can backfire on you.
But realistically if you believe what you are teaching him is that valuable, you could charge whatever you think is proper compensation.
But don’t mentor a guy from scratch, you will regret it.
You will have much more fun if you let him learn on his own, so he can build his interest, so if he comes for mentoring, it will be like two traders instead of a trader/teacher and an idiot asking a million questions.
I ended up meeting with this guy over the weekend. We agreed on $50 per hour and after 3 hours he figured out that forex required a bit of time and intelligence to learn so he changed his mind about trading.
Apparently he was under the impression that trading was a get-rich-quick scheme.
I made a quick $150 bucks doing the same thing I do here on Babypips for free, so I’m happy!
Trading is religious and obsessive and a life long skill that is constantly being enhanced and brought to a higher level. I mean the potential to make as much money as we want is there so why would it be easy?
Hopefully he left with the right thought in mind, that if he is interested he can go after it himself through Baby Pips, Forums, Books, Videos. And so forth.
Oh and he could get free training from you online, haha.
Trading is sooooo personal, you can teach the market but not to trade�
I think that first he has to understand that and then start trading�
If u ask me, I don�t think he is going to be successful: he is lazy!!!
He wants the easy way out; he didn�t sit to read books, see an event on the tv and run to the computer to see what was that about, what took part of it, he didt look in the internet for a glossary�
Trading depends on your own and what you feel comfortable with and look for it, practice, and he seems very dependent him self already�:(
Just be wary of not getting the blame if he then fails as a trader in spite of your efforts.
With some bad luck you could get the same bad-mouthing that brokers (mostly undeservedly) often get from people who have blown their accounts
Don’t let yourself be pressured into something you’re uneasy to do.
About the money part I have no idea, but how about a one time fee and then agree that he pays you per week instead of per hour.
I think teaching quality would be better that way without counting hoyrs and minutes.
Plus, I’d reserve the right to say bye bye after the first day or so if you discover that you two aren’t gonna work out. In that case I’d refund for my rep.
Don’t know if that helped at all
edit: I just scanned forward through the thread. Case closed i guess.
I think you are so right in what you say, and if he is a newbie he�ll probably will do that.
People with no experience or previous knowledge tend to blame it on the ones that tech them since they don�t know how the market really works because all the trades ideas would have come from u, so it would be because of u that they failed (we know it wouldn�t be your fault, but when he/she tells the story it will looks like it is because of you)
I will charge him/her a little less than you:p
