Hmmm. I’ve been seeing posts from newbies looking for mentors. And I know it’s tricky business cause there are a lot of scammers looking to exploit newbies. But I know a lot of experienced people here on the forums who are also very trustworthy and give very helpful and educational responses. It just got me thinking. What would it take to convince you to become someone’s mentor? Is it just all about the money or are you looking for something more? Thank youuuu!
Tough question. It’s not about the money but I know how it feels to honestly be trying to assist someone and things go the other way. I personally wouldnt want to knowingly go through that again, ESPECIALLY where money is involved.
Simple cost/benefit analysis. I know what an hour of my time is worth- so basically the incentive would need to be 1.5x-2.5x + some premium of what my perceived hour of worth is.
That’s based on opportunity cost, current salaried position, etc etc.
Friendship, like 20 years
That feeling when you see your student grow and doing good, is very satisfying. Especially cause of the bond you create with your student after having spend much time together. Seeing your student succeed just gives such a powerful feeling.
There is price tag of course, but that is for all the effort and time I put in my mentorship.
Why, if you’re making money would you get away from your trading to mentor someone. Lol there are people charging monthly subscriptions like $50-100. It doesn’t even make sense, why are you begging for 50 dollars if apparently you’re profitable trading?!
Then theres the people who say they do it to watch someone succeed. If you love teaching then you should do it for free. If you are worried about your time, then just trade, let’s see how much you make. People charge others because they cant make it trading.
I will mention here that for stock traders it’s different. They teach because they have a limit to how big they can trade before their trading is affected. People like tim Sykes, Ross Cameron I give them the benefit of the doubt. They teach their strategy for free anyway. Most in fx trying to charge are straight up trying to scam. If you are different, then give one month free and we’ll pay your next month with the profits. This normally shuts them up.
money would help
I am not a mentor and I am not qualified to be one but I believe mentors problems are… 1) limited time. 2) if they teach for free, students don’t get serious and just catching some new ideas. Sometimes they even think that they are better than the mentor. 3) If they ask for payment, people will say, if you are really a successful trader why are you asking for money to teach.
So it’s better to stay quiet.
If I may add, the best teacher is experience. Here’s a quote from the book Uncharted Stratagems, Unknown Depths of Forex Trading, Chapter 10 by fxfledgling. It says it better than I do.
In Real Life
The ultimate test of a true warrior is his ability to accept multiple defeats but still fights and demonstrates what he is trained for. As I have said already, stop-loss is for the lionhearted traders. Those who can withstand emotional tortures. Also, I have to repeat it here, “trust” is one of the best weapons you can have to fight emotional stress when trading. Especially, when you are trading with stop-loss. I’m not talking about “blind trust”. I’m talking about “smart, calculated and informed trust” acquired through experience. When trading with this scary method, you will experience multiple hits of stop-losses in a row. Even so, you will not be supposed to topple. Your focus should be rigid.
“Informed trust”, as it may sound easy, is difficult to master and can be built only with experience. An experience that starts with your trades’ observation. Then it leads to actual trades exposure, insights, awareness of details, familiarity about the real market, then true deep understanding that can not be acquired by just reading books or attending seminars of super mentors. Do you know the mistake of the 99% of new traders? They thought once they read a detailed instruction of a new strategy, they can already do it correctly in an instant. In reality, that is far from the truth. You need lots and lots of trading experiences with that new strategy. Hundred hours of doing it, even thousands of hours sometimes depending on how quickly the whole idea sinks in into your mind and subconscious.
When you trade, you should do it with expectation that you will learn something new every time. Expect to experience new situations. Learn how to learn from each situation. The chart tells you thousands of things that you can not just see in one sitting. Even without indicators, the chart still tells you a thousand things. Be curious every time you are in front of the chart so it will drive you to think and experience more.
May I ask what this means?
Information is abundant, more so than ever. Nearly everything you need to learn can be found online for free for most things. The issue is focus and eliminating the noise/junk that is out there.
Everyone knows how to loose weight yet more people than ever are overweight and Personal Trainers and weight loss programs are a legitimate business.
Alot of people people want to be part of a community going through similar things and to be hand held through the process.
I agree there are a lot of scammers and rubbish out there but I also don’t think everyone that sells forex education cannot trade - that’s a bit of a generalization in my opinion but I also don’t have evidence for the contrary… haha.
In saying that before you ask… I just trade and have nothing to sell.
Just my 2 cents worth.
Personally (and not saying I would or could be a mentor), I think someone looking for mentorship or help needs to show a massive amount of action and determination in their desire to learn.
Just by talking about trading on social media I have had over 100 people ask me to show them how to trade or asked for help… As I am not selling anything I have pointed every one of them to the babypips free education and told them to come back to me when they have finished it…
To date only 1 of them came back and told me he finished.
When I asked to send me a screenshot he admitted that he lied about finishing it because he ‘DIDN"T HAVE TIME’!
People in general are just lazy and want quick results. Show that you are different to the majority and I am sure alot of people on here would give you some of their time.
Literally this is the filter I apply to 75-90% of my interactions on the web w others r.e. trading. I’m going to match the effort, attention to detail, and professionalism. Come correct or don’t come at all. Anyone lacking those attributes typically doesn’t get any of my time bc in my experience, they’ve all been dead end leeches who want to be spoon fed.
It’s kind of weird how you can tell who’s gonna be a statistic and who actually has a shot based on how they communicate. This is a personal anecdotal perspective.
Omg that’s tragic. So that’s literally ZERO out of 100.
Exactly… Not even one of them could take the time to complete the free resources here.
@TraderEvolved, @FOREXunlimited, Ditto… The most common get out of jail free card in the real world is “I don’t have the time to do it!” I have been trading fulltime since 2017 and these days, anyone asks me what I do for a living?
“I’m a bum, just ask my wife”
The amount of friends and acquaintances that have asked me to show them how the markets work, how to trade, how can they do it while working… Ahhhh… If they don’t commit, I’m not interested.
I used to give them enough information to get started on a demo… Ask them how its going a few months later… and the answer was always…
“I didn’t have the time to do it!” Meaning: It’s all too hard, I shouldn’t have to think for myself…
Not much different to 85% of the questions asked in here… Should be called SpoonFedForex…
This is exactly true. Many people approached me too saying they’re “Account managers” but when I asked this, they just shut up. I’ve applied this same principle to Multilevel/pyramid marketing promotors and exactly the same happened.
This made me laugh!
Definitely a common problem with society and the reason why majority of people are fat and broke, and yes I hope this offends the fat & broke people into actually taking action and not blaming external factors.
@TraderEvolved, I just don’t get it… Most can put 8-9 hours a day into a job, occupation or activity they possibly hate doing to bring in an income… yet cannot be bothered to even spend 1 or 2 hours a day learning and/or developing a side hustle such as Currency or Share trading that effectively costs you bugger all (used to!) to get started, and the possibility of eventually turning it into a fulltime pursuit.
My Wife said to me “Watcha doin today?” I said Nothing. “You did that yesterday!” "I wasn’t finished…"
Do you trade FX solely?