What you are saying is true. I had a group of eight people who I was teaching for free. Only 1 person from that group remained, cause the other ones were slacking. Paying for such a mentorship also motivates yourself to actually put in the work as a student I noticed.
After continuing with one person I got a message from someone else who had a hard time with money. So I let him into my group for free…same story. I thought he would be motivated, to better his situation. I was wrong lol.
In the end a lot my time and energy was wasted. I am not going to make that mistake again.
Wouldn’t say I’m qualified to be a mentor yet but I’d like to in the future. With forex and stock investing I had to do it on my own, so I’d like to help people out so they won’t have to do that
Yeah. So this is what I understand. There are stock traders turned mentors who charge for course or monthly subscription. But the difference is they clearly explain that trading penny and low cap stocks has a limit. For eg you can make a couple of 100k a year but when you start taking larger positions your trade actually moves the stock which takes away from the strategy and you start making less. After that, he’ll need to find a different strategy for mid cap or larger stocks. So instead they teach their strategy and make money from subscriptions.
The ones who still trade split into 2. Some are happy to make less money and dont swing for the fences. The others, if they get a good following, the stock will be pumped from their signals so they continue making money and now have the liquidity to close a larger size lol.
That’s why I said I’m not against stock traders who mentor. It’s pretty clear why they teach. But in fx you dont have this problem.
I hope that made sense. I researched this a while ago.
I don’t understand this. As you’re on babypips I’ll give you the benefit of the doubt and ask you. Why was it a mistake? If you like teaching you enjoy it then why was it a mistake? Even if 1 out of 10 changed their lives was that not enough satisfaction?
You say time and energy was wasted. What were you hoping to achieve? I answer dms, emails, messages all the time. I’m just happy to try to guide beginners. I’ve posted on babypips loads but I would never say my time and energy was wasted because I was happy to answer someone.
How hard did you try to find people to teach. If you write a post here saying you are interested in teaching people, I’m sure people will join you.
I enjoy teaching yes. I found traders in different Telegram groups. I put my heart and soul in teaching all of them. I was not just answering messages or guiding them. I was really teaching them and setting them up, so we could trade as a team. So my intention was for them to be on my level. Everything was discussed beforehand. That is why I was let down, when I noticed how lazy many of them were.
On the other hand the one that did stick around, told me my teachings and feedback did really help him. To hear that was very satisfying.
My most recent student who paid for the mentorship does show more motivation. Mentoring him is no problem. I see a clear difference.
So I do not teach for free anymore. I trade live with my student and teach live as well. It is a serious program, hence it does take a lot of my time. So there is a price on it. This is my decision.
You’ve generally said the same rubbish I read online. Lol, not sure why I was expecting something different.
But what did you expect from teaching? Ofcourse teaching takes time, didnt you know that? You mustve known that some people will understand and others wouldnt. It’s like your teacher at school. Some students listen, some dont. But good teachers keep teaching for the ones that do listen.
Anyway sounds like you’ve made up your mind. You enjoy teaching but now you only teach for money.
Honestly cant see what the problem is with mentorships/communities etc. If I was capable of doing it then damn right I would if the return vs hassle was worthwhile. Its a viable and profitable business idea and theres clearly a demand for it.
I don’t mean to be mean, but it’s naive and rather vacuous to sign up on a website populated by nameless, faceless avatars and immediately say, “could somebody be my mentor?”
When you’re online and don’t know anything, you have no way of knowing who’s legit, unless you already have a personal connection with or reccomendation from someone you trust (presuming they’re actually trustworthy).
But I digress. To answer the question that was asked, I would not want to be a formal mentor if I were qualified to be one. I would enjoy having a dialogue with someone who is sincere about learning, but mentorship brings with it a certain degree of responsibility. As if the success of the “mentee” is dependent on the performance of the mentor. I don’t want that or need it. I don’t like any of you that much.
I am not even going to continue discussing this. The way you talk is very generalizing and you are not even properly reading what I said. I talked about laziness, not that people are not able to understand or I do expect them to understand something very fast. I even said I continued teaching the one who was willing to put in the work for free. I do not know what your aim is here buddy. If you want to make others look bad for your own good, go ahead. I am not playing this game. You do you and I do me. If what I say sounds like rubbish to you, that is not my problem.
I think part of the reason some of these mentors charge is that it offers diversification in markets that are highly correlated.
It’s another stream of income. Just because you enjoy something doesn’t mean you should do it for free.
With that said - I think the term mentor is bounded around far too much by the community. As if there is some one guy (or gal) who is going to save you in trading.
When famous traders talk about their mentors, they are usually referring to the older guy on the trading desk next to them, or the guy running the whole operation.
Soros was a mentor to Druckenmiller for example.
Finding a true mentor is often the result of a stroke of luck, coincidence or right place right time.
As for myself ever becoming a mentor - the test would be this.
I would tell the student no I’m not interested and tell them to go learn on his or her own.
If after a year of them getting beaten up by the market, and they ask me again… yes I’d probably do it for free.
I’m taking this thread a little sideways here… It’s in the same realm as Mentorship, Easter Bunny and possibly even the Tooth Fairy… So, bear with me!!
Signal Services and FX Education providers… 99% charge the client a fee before even providing the first signal. This is such an unintelligent business model… And one that screams “Our signals are rubbish” before you even get started. Taken that many have a Website or even a YouTube channel that provide some content without having to pay a fee or sign a wavier.
IF, IF, IF the service was to operate on some sort of professional level, why wouldn’t you give new signings to your service maybe 5 (even up to 10!) fee FREE signals… Your actual cost to fire off an email or notification (any communication) is effectively zero… It’s bits and bytes people, data, nothing physical, no postage, no packing…
Add to the Email/Notification list… Delete from the Email/Notification list… it’s that simple.
Almost non existent from our Signal Slaying, Mentoring Brethren is the “Try before you Buy” experience. Which would give the client/buyer an opportunity to decide with some relative assurance that they are getting value for money…
We all (most of us!) know that not every signal will generate a profit, and every trader will interpret and trade each signal their own “distinct way”, but at least a percentage of success or failure can be gained by offering this concept as part of any mentoring, signal providing enterprise.
Just to confirm, are we talking about mentorships in a blanket sense? I.E communities like say mentfx, proficient fx, or even ICT mentorship etc,etc. Or are we talking about a mentorship in the sense that John Scott was talking about like more up close and personal like a padawan/master type scenario? @ria_rose
@Pipds problem with that is, that apparently recently some trading communities have been stung for giving out signals (entry/tp/sl), as this is percieved as giving out financial advice. Im sure one of them got a hefty fine for not being licenced to do so.
