How Much Would You Pay to Learn from a Veteran Trader?

[brownsfan019]

I had an interesting discussion today with a trading friend/colleague and the question posed to me was - how much money would it take for you to teach what you know?

I wasn't quite sure how to respond. In my mind, the hours and thousands of dollars spent is priceless. His reply to me was - but for the right price, wouldn't anyone consider an offer?



I asked why he was asking and he was approached by someone willing to pay what I would consider an offer with entertaining if he would mentor him...

I guess it's the age old question, right? Would you sell your trading 'secrets' for the right price? If so, what's the right price? And why?

I told him that to gauge the seriousness of the offer, that the offer would need to be substantial to begin with - money up-front and some sort of % of profits or something.

After thinking about it, it's a great way to annuitize your business if your pupil(s) make money. There's my broker side coming out - the important of annuitizing your income stream... those were the days.

[CandleWhisperer]

Well, BF, you have given away a few nuggets in these threads so I hope no price is enough. LOL

What if you could pay all your bills and all your externalities through mentoring one or more traders, while simply growing your account through trading? The price in this case doesn't have to be that much. It merely has to keep food on the table and you living the life you are accustomed too.

The real age old question is: Do you believe that there are really any trading secrets? And if so, do you believe that sharing them to a limited amount of people will render them null?

[brownsfan019]

	Quote:	CandleWhisperer
	Well, BF, you have given away a few nuggets in these threads so I hope no price is enough. LOL What if you could pay all your bills and all your externalities through mentoring one or more traders, while simply growing your account through trading? The price in this case doesn't have to be that much. It merely has to keep food on the table and you living the life you are accustomed too. The real age old question is: Do you believe that there are really any trading secrets? And if so, do you believe that sharing them to a limited amount of people will render them null?

Yeah, I don't know. Seriously.

I would enjoy mentoring a few up and comers to be honest myself. But it would have to be on my terms and my conditions. For example, I would WANT face-to-face time. I know the internet is great and all, but there's a lot be said to face-to-face time.

Almost like a mini-prop shop type thing really. Of course, the issue then is how long before these people jump ship b/c they don't want to pay me... And how long before I have competition? How long before the trading plan is floating around the internet...

I am a skeptical person, so from my point of view, not sure it could work even for some serious money.

I don't know... a thought provoking question that's for sure. As my appearance in the VSA thread showed, I'm ok with asking those tough questions. It may not make everyone happy, but it's good to have someone asking those questions.

[brownsfan019]

You know what the b*tch of it all is too CW? I love working with people and helping others out. I would actually enjoy the teaching aspect of trading but as my above post mentions, there's too many ways for something like this to backfire on me (or the person doing the mentoring).

That's why I think the price would have to be such that at the very least, I am compensated for the work that took me years to do...

It's a tough pickle. And probably why my work will die with me or be passed on to my yet unborn son(s).

[james_gsx]

Heres what you have to remember, you have to charge as much as the customer is willing to pay. This is intellectual information we are talking about, which is a very valuable commodity.

I have had a few people tell me I could charge for the face-to-face meetings I have with them and teach them things I know. But in reality, I'm not as great as I want to be nor am I nearly as good as those I learn from. But to them, I am almost like a God.

But heres the other problem, in reality your trading style should theoretically only work with you. It's designed to fit your personality, and no two personalities are the same. So you could charge someone $20,000 to teach them for 6 months and they could walk away confused as hell - simply because your style doesn't work with their personality. Yet I could charge them $5 and teach them more, because my system works with their personality better. Even though you are the better trader at the end of the day.

I would never pay a veteran trader to teach me his system or anything like that. I would pay to have someone watch over my shoulder and point out things that I don't pick up on myself during the day. Things such as emotions, impulse trades, failure to see the opportunities present, etc. That is something that would be valuable to me, but not to others.

Just my two cents.

[BlowFish]

Tough question. Trouble is 'trading' can not really be taught there are certainly very few 'secrets'. Most people would spend a lot of mullah to be 'mentored' by Tiger and would expect to get top advice and even have there game improve. I don't think many would be under the illusion that they could turn pro in a month or six.

Having said that I guess the journey can be shortened by a good mentor. Of course the mentee has to believe what he is being told. Early in my education I spent quite a bit of time and money on tuition however just could not accept much of the stuff I was taught.

Nihabashi has written in great detail about what to expect from a mentor and what a mentor should expect from a pupil. It's on ET somewhere. Personally I would certainly not enter into any business relationship with someone who's expectations where not congruent with mine.

[Nvesta81]

I'd be willing to pay 5% of my trading account. The way I see it, I'll lose that 5% if I don't get the proper education anyway, so might as well hand it over to a professional who can point me in the right direction. However, I would 'shop around' before I select a mentor.

[brownsfan019]

Interesting posts.

James brought up an interesting idea - more of a 'look over your shoulders' type thing. Quite interesting actually.

[Sledge]

Brownsfan-
I went in the opposite direction. I started a Trade Show Consulting business and worked and worked to gain customers, I knew they needed the help- they ASKED me for the help. They even asked me what I charged to help. Telling them the "average hourly fee" never phased them- until they realized that I couldn't build them a marketing direction, pre-show training, boothmanship training, etc. etc. in say 1 hour! Hit them with a proposal that is LESS than they would spend for 1 more BAD show- to learn it for life. 95% of them caved and said "Whoa that is way too much."

I was working to teach them "how to fish" rather than "be given a fish." I got so frustrated at their short-sightedness that I gave it up all together. I moved onto trading. I control when I pull the trigger, I take my wins, I take my losses- but I don't rely on anyone but me to do it.

Sledge

[brownsfan019]

	Quote:	Sledge
	Brownsfan- I went in the opposite direction. I started a Trade Show Consulting business and worked and worked to gain customers, I knew they needed the help- they ASKED me for the help. They even asked me what I charged to help. Telling them the "average hourly fee" never phased them- until they realized that I couldn't build them a marketing direction, pre-show training, boothmanship training, etc. etc. in say 1 hour! Hit them with a proposal that is LESS than they would spend for 1 more BAD show- to learn it for life. 95% of them caved and said "Whoa that is way too much." I was working to teach them "how to fish" rather than "be given a fish." I got so frustrated at their short-sightedness that I gave it up all together. I moved onto trading. I control when I pull the trigger, I take my wins, I take my losses- but I don't rely on anyone but me to do it. Sledge

Good points Sledge. If I ever embarked on something like this, it would be on my terms. Problem is, not sure my terms could ever be met to be honest.