Why one to one mentoring is best
The single most important thing I gained from my own forex trading mentor was the opportunity it gave me to watch him call his trades LIVE in an online trading room and have him explain why he took the trade, where and why he chose his profit targets and his stop losses.
He would trade 10 full lots with a 40 pip stoploss, that meant he was risking $4,000 per trade to make between $8,000 and $20,000 per trade. That takes knowledge and absolute confidence in your methods. Not only that but he did it live in front of a group of a dozen or so of us.
My trading mentor did this day in and day out for more than a year.
I will teach you how to identify safe trading opportunities.
I will teach you correct money management.
I will be available for you to ask questions whenever they arise.
This is not the usual live room environment with a huge group of trader wannabes who are paying between $50 and $500 a month to get fed a load of BS.
I am a real person you can chat to on a phone or in person should you wish it.
Exclusive, quality, one to one trader mentoring in my unique and utterly unamiguous trading system.
Speak soon hopefully. skype traderteacher or email darryl@dgbwebdesign.com
Darryl
I took the liberty of cutting and pasting an excerpt from a live chat with a student I am mentoring. The chat was Friday March 18th 2011 and can be verified if necessary. Please forgive the spelling and grammar.
[09:05:04] Luke: I was tempted to put another position on when we pulled right back up but didnt want to get to cocky lol I know I say it all the time but you teaching me this is the best thing to happen to my life I think lol
[09:05:50] Dazzerb: haha yes i know what u mean about cocky, they are so tempting those pbs
[09:05:59] Dazzerb: i have done a few myself
[09:06:22] Dazzerb: i guess in time we will just treat them as extra discounted trades
[09:06:54] Dazzerb: the big boys trying to scare us out actually giving us fantastic entries lol
[09:07:24] Dazzerb: but that is how i understand orderflow
[09:07:45] Dazzerb: they are selling / buying against themselves to add into posistions
[09:07:51] Dazzerb: at a better price
[09:09:30] Dazzerb: does that make sense?
[09:10:44] Luke: haha it amazing. I am a bit more excited about this trade than usual as I usualy dint trade fridays as I am to scared to loss profits from the week but I made myself do this one. and yes makes perfect sense I love actaully understanding whats going on on the chart.
[09:12:04] Dazzerb: same here after a good week
[09:12:42] Dazzerb: it is just about practice now i guess
[09:12:52] Dazzerb: trends are what we trade and they never lie
[09:15:04] Luke: yes deffo nothing like it
[09:15:52] Dazzerb: tbh mate i think you have better discipline than me, you will do incredibly well
[09:16:43] Dazzerb: i wish i started this at your age omg you have a great future
[09:19:06 | Edited 09:19:57] Luke: yes i am really lucky to have got into it so young but also even luckier finding a great mentor to teach me this i think you can get lost easy in fx without a mentor keeping you on track.
[09:20:51 | Edited 09:22:55] Dazzerb: yes agreed, so easy to get sidetracked
[09:21:14] Dazzerb: kudos to u mate seeing this stuff was worthwhile
[09:21:28] Dazzerb: haha i was laughing to myself just now..
[09:21:43] Dazzerb: how crazy the world is in turmoil..
[09:21:53] Dazzerb: libya and japan, oil etc
[09:22:05] Dazzerb: we couldnt give a toss
[09:22:20] Dazzerb: now that IS COOL
[09:22:28] Dazzerb: ((rofl))
[09:23:39] Luke: hahaha after our fundi chat i was thinking the same.
[09:24:01] Dazzerb: hehe, just no need mate
[09:28:17] Luke: right i am off to get some breakfast quickly then we got some people viewing the house so be back in a bit speak soon! |
Do I need a forex mentor?My friend and Mentor also taught for a fee. Now first off, IMHO, being a Mentor implies more than just teaching a system.
My friend was often discussed on various Forex forums I visited. I often refrained from such discussions because I knew I would invariably lose my temper ( I became protective of my Mentor, I am loyal to a fault). There would be Pros and Cons. Eventually someone would chime in with:
WAH! WAH!> if he's such a good Trader, why does he have to teach?
Well my friend taught because he enjoyed teaching. He is a "people person".
But, he explained to me, if you don't attach a price, the students don't perceive a value.
( I found the same thing to be true when I was a Scuba Instructor, something I did not because I thought I could make a living at it, I just loved scuba diving. The friends that I taught/certified for free became casual, for the most part sloppy divers. The people I charged were more motivated, wanted value for their money and became better divers).
Now, here are the nuts and bolts of his teaching gig. ( and he will remain nameless )
class size was limited to 20 students at 2K a head. so a total income of 40K
Rental of a meeting room in a decent hotel. Cost? I have no idea, probably between $300 and $600 Bucks but I am just guessing.
Provide each student with Backtesting software, $75 a pop with his discount X 20 = $1500
Hire an assistant. The 4 times I did it with him he paid me $2K a day ( they were 2 day seminars) $4K
My airfare $800
My Hotel acc $440
His airfare ??? prob similar to mine.
His Hotel acc $440
Hire a video/Photographer for 2 days, airfare, Hotel, etc so the students would have copies of the seminar to take home with them $??? no idea.
Breakfast and Lunch for students and staff each day, $500 ????
During seminar, open buffet, fruit, muffins, tea, coffee, juice etc $ ???
And time away from his wife and kids. ( who knows, maybe that's a good thing once in a while )
Money is subjective, but all in all he didn't go home with a fortune. knowing what he could make trading during that time period.
Thanks for sharing your experiences. Perhaps you could share some of the things with the TL community that were most valuable from the time you spent with your mentor? I am also curious to hear your thoughts on whether you feel the same kind of value could have been achieved in a class like the one you described the mentor as offering.
I would tend to think that there is no substitute for the somewhat-extended one-on-one experience and I find it hard not to be very skeptical of any kind of group offering that involves a one-time experience with little-to-no follow-up individual time.
Cheers,
biegea
Hi biegia,
Absolutely Agree, there is no substitute for quality one on one time with a mentor.
If I wanted to learn to play guitar, and had a choice of 4 hours of face time with Jimi Hendrix, or months in an auditorium with the high school music teacher, My choice would be obvious.
We still maintain a private website accessible to every student my mentor has ever taught. Everyone is strongly encouraged to post a "My Week in Review". It contains the results of any trading for the week, What "I" did Right, and what "I" did wrong. Those that keep up with their "Homework" are the ones that usually find success.
Now, lets get to the core of what I think is the problem. When someone signs on with a mentor, whether or not the mentor is any good or not it's becuase thay want to make money, a lot of it, fast. If the mentor knows what they are doing, they have to present the student with something that's easy to learn and will produce some results. Because that's what the student wants, easy and money ( don't get me wrong, I like money as much as the next person).
In the old days if you were working middle class, and were lucky, a Master Carpenter might take someone on as an apprentice. You would learn a trade, develop into a craftsman. In some of the old brokerage houses you started in the mail room, or perhaps were recruited out of college. But you still did all the scut work in the office until someone thought you might be ready.
Sadly that's not the case anymore. Everyone reads too many books like "Liars Poker".
I am a big believer in the Power of Example. And I think that actually seeing a "normal" person do it, was what made the biggest impression on me. No mirrors, no magic, no special sauce, the guy sat down at his desk and did his job. Then just hanging around and picking up little bits of info that I may have discovered by trial and error. Prior to trading I had been a business owner, but had no financial backround whatsoever.
( turns out neither did he ). Such as how to play "The Carry Trade".
( sigh, when the carry trade ended it was like going to the barn and finding the Goose that laid The Golden Egg had died ).
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