I think the babypip bloggers here need to step it up a little more as mentors. They’ve been here all along and since I presume they get paid somewhat to be here with some having established reputations, they should be a bit more trust-worthy. I know MG doesn’t think they’re very good traders…lol…but I’m sure they’d help clarify all the stuff in the school that’s all fine and dandy in theory. We still see a lot of “now what?” type threads when newbies have finished. The site has pretty much gifted the scammers with a pool of eager followers easily to be led astray.
I’m surprised they don’t take a more active role. I can’t recall the last time I cared to read one of their blogs. And yes, they are horrible as traders. The nice thing is that they don’t try to hide that fact.
I think a mentor should be polite,helpful and willingness to help. A mentor should lead by example and provide as much training or advice as possible to new comers
I think that this is a very poor analogy. Your geography teacher was preparing you for EXAMS, not to travel the world. A better analogy would be an expedition guide - you would certainly hope they have been to the mountain/jungle you are going to, otherwise you would be in trouble.
A forex teacher is not teaching you for the purpose of passing forex exams, he is teaching you to make money in the REAL world.
A mentor needs to have a proven track record (over at least a year), be able to communicate why he traded the way he did, and it needs to be consistent.
a mentor is a good coach that helps you improve. you dont expect football coaches to hop into the field and play.
so if you gain nothing of value, then you have a bad mentor. if you dont know what you want, you cant even find a mentor.
There are coaches, teachers and mentors.
I have a mentor. It goes beyond conversations of just business. It encompasses my faith, my personal goals, and my relationships with others. This person has my overall best interest in mind and guides me along the way. This person also has a lifestyle that to some capacity i aspire for myself.
People who teach science, maths, or what ever else teach theories and facts based on evidence. You can follow the evidence back to it source if they are talking about population or geophysics it’s always based on evidence. In this trading there is a lot of bad material and people talking about ideas that are just not based at all on reality.
If I was ever to believe a person and what they are telling me to do I would need to see proof of that idea working either on my own or their account.
No proof no truth.
Also as MG99 has pointed out above a teacher is different from a mentor. I agree, although I guess my point applies to teachers.
to go in-line with this post- a mentor teaches you how to be a better trader than before, he doesn’t teach you how to trade. That’s what teachers do. Now if you want a teacher, expect to pay if you want proof, because with you offering nothing, you can’t expect to get the cream of the crop. Why should a successful trader want to train someone for free when he could be using that time to **** around, play, go on vacations, or trade?
The most important roles of a mentor is [B]serving as a teacher[/B] to the novice.
[I]A good mentor is someone who:[/I]
- Leads by example.
- Has seasoned experience in your field and willling to share skills, knowledge and expertise.
- Has integrity.
- Shares similar values.
- Gives advice based on experience.
- Has good contacts (a network).
- Helps you learn what they didn’t teach in school – or the practical aspects of your career/business.
- Desires to help others succeed.
- Has positive experience.
- Has a good reputation for developing others.
- Has time and energy to devote to mentoring.
- Has up-to-date knowledge.
- Has a learning attitude.
- Knows your strengths and abilities.
- Wants you to succeed.
- Wants you to be independent.
- Is a continuous learner.
- Communicates hope and optimism.
- Provides guidance and constructive feedback.
- Is respected by colleagues in the organization and the professional community.
- Sets and meets ongoing professional goals.
- Values the opinions and initiative of others.
- Motivates others by setting a good example.
Let see what else…hmm…thinking
A mentor should encourage a student to let go of the need for a mentor.
Ultimately we have to think for ourselves.
I disagree. My mentor has a mentor.
Wherever you aspire to be, find someone already there. Someone willing to help you get there.
We are social beings. On your own, you simply won’t reach your full potential.
Read my post again.
I didn’t say we shouldn’t have mentors.
I am saying that we should (eventually) learn to let go of them.
And I’m disagreeing. You should always have one.
And I’m not surprised that you are disagreeing.
Good for you.
im disagreeing with the way MG is disagreeing with the way you are disagreeing with him.
Yes, it is great for me for I surround myself with great people.
To me a mentor should be some one who would able to find out our problem accurately so that we would not do the same mistake over again and again.
I agree, it is hard to find out such a mentor but those who are our mentor, we should expect this type of behavior from them. It is not our fault or too much expectations.
I always seem to come back to the same age old question. If a mentor is so good at trading, why waste time mentoring?
I realise that’s probably a bit naive
For me, there would have to be a direct, personal relationship. At some point, any student of trading is going to have to place their own money on the line. If that is to be done following trading advice from a mentor, then there has to be trust there, both in the person and in the strategy used.
My own view, as an extension of that, is that a largely anonymous, international Internet forum is the wrong place to fund a trading mentor in the pure sense of the word, as there will always be a detachment in the relationship.
I had a coach/mentor, he still mentors me in a less formal capacity. I know him personally, all of our 1-1 coaching was in person, we know a lot of personal detail about one another’s lives, we’re friends and we trust one another. In terms of the trading, I have seen him place trades live countless times, he has critiqued my trades, I have seen his live trades play out, have seen him both win and lose. I have seen a lot of his trading for years. We’re friends, and I know for 100% fact that he can well, knows what he is talking about, and makes money.
Any mentor relationship that is restricted to Internet discussion can never really have that 100% certainty to it. There can be belief, there can be videos, whatever, but in terms of knowing someone in the round, in terms of seeing them sit down for a few hours in front of the charts and look for opportunities, then take the ones they like and see the good and the bad trades play up - for me, that can’t be replicated on BP.
That is not to say that there is no place for the guru threads: many on here offer great advice and a cohesive, contextualised trading approach. But there is no true, rounded personal relationship, so there will always have to be an element of faith on the part of the student. There will always be grey areas, unexplained areas, limited oversight of the host’s own trading, ultimately it is a collection of ideas and advice but not a true mentoring relationship. Without that personal connection there will always be an element of faith, and limited consequences for the mentor should they not convert their mentees into successful traders. Even videos etc can be open to interpretation. Context is everything in life. Is £50,000 a lot of money? Depends whom you ask. Is person A justified in punching person B in the face and repeating that when they try to get up? Depends on the circumstances. Is a 5% win in one day indicative of a good trader? Depends what he or she posted for the other 364 days that year.
My mentor proved himself to me, in person, one on one, over a period of years. I know that he can trade, I have replicated his style, added some of my own preferences, and I know that I can trade. I’ll do it forever more, as will he. Could I give anyone that level of knowledge and proven belief over a BP thread? No, that’s why I don’t have one.
For me, this site is great for having virtual colleagues, making some friends, sharing ideas, and exploring generic aspects of trading. But would I expect to come here and form that one key relationship that, on its own, could give me a skill from a standing start that would give me the ability to earn good money forever more using just an Internet connection and some stake money? No.
There is a difference between knowledge and belief. I know that my mentor is a good person and can trade. Followers of people like ICT - and, even, supports of, say, Lance Armstrong, Oscar Pistorius, Tiger Woods etc - believe them to be everything they claim to be, without actually knowing. I’ll go on faith in some areas if my life, absolutely, but this is serious. It’s business. It’s my house, my kids’ futures, my wife’s investment in sharing her life with. So I don’t muck about, I don’t go on blind faith, I man up and take it seriously. Which means going beyond doubt before I advocate someone. Going all in on some guy I can’t properly research on an Internet discussion group? Not enough.
I want to be a billionaire, so frickin’ bad - with stakes that high, I need to know, not believe.
Because trading can be very solitary and some people enjoy the process. I put time into others for no gain. If I can teach you something that you use to pay for a holiday for you and your entire family to wherever you want, then I’ve had a great day.