Topic: What Reward for a Trading Mentor - page 4. (Read 794 times)

Mentor is there to teach you and to guide you, and not to feed you so this is the biggest difference between a mentor and a trading signal. So having a mentor can be a big help as long as he’s a legit mentor and just asking for something based on what you have agreed on. If you are willing to pay for a good mentor then expect to receive the best knowledge that you can get and you don’t have to bring anything to your mentor, not unless it is stated on your agreement.

If you do have a friend which is a good trader then offering money or some sort of fee then it would really be that important since they could really be able to make easy money out of their trades.Its true that you would really be that lucky if ever you would really be taught by someone who does have that right knowledge and would really be able to guide you on the right way on learning things specially on trading.
Honestly we wont really be that needing a mentor since we could really be able to learn by ourselves without the need of someone but it is really that normal that there would really be people who are really just that too lazy on learning things by themselves and this is why they do much prefer on having someone that would really be able to guide them because if your not then for sure you would really be that needing to do by yourself
on which it isnt a bad option either.

Be careful on trying out to join some groups and have those so called experts on which having those kind of offering that needing to pay up something for you to be able to access the group or being mentored
simply with trading. Im not saying that its bad but most of them are shit and useless. Information and analysis been made arent really that spectacular or something that would really be
worth on what you had paid for.

While finding a mentor is probably the fastest and the most convenient way to improve your trading skills, they are hard to find, and this is because they know that information too, so for the most part they only share their knowledge with those that are close to them, so any monetary offer that you make to them will fall on deaf ears as they can generate that amount of money on the markets, so I think your best shot is simply to become their friend and then ask nicely about the possibility of being mentored by them.

He said "when I met" so I think he doesn't have any mentor yet. But if the mentor is like you said (the people we already knew) it was actually easy to negotiate with them and it's also easy to learn because we are already comfortable with them.

We are lucky if we have such people because we don't need to put in much effort to look for a legit mentor and may be most of them can ask an expensive fee for their service. It's normal that the people we know can't decide if how much is the appropriate fee for their service when we ask them. They can even accept it even if you won't pay them but of course that will be shameful for us so we still end up giving them something.

Not all mentors require some kind of reward, Most mentors are in better position than their mentee's so they know that their service to you in form of mentorship cannot really be rewarded. Some just need to be appreciated every now and then with little gestures of appreciation like gifts etc. They do not need to demand it of course before you act.

The best reward for some other mentors for their mentorship is also you their mentee striving to become better and more independent enough to mentor another person, so they can be proud of you.

While getting a mentor for trading is a good idea, I don't think it'll be worth to pay for that mentor who is only getting some insights also with other people. I agree, real traders don't need to add a hustle and mentor any one who wants to be taught. Perhaps they are your friend, or relative then you can hand them some money from your profit. Trading + Teaching + facilitating someone is very time-consuming, I mean I would just trade on exchange instead of teaching someone like I'll be doing the same trade I am teaching him and see myself win. OP can just like join as many signal groups as he likes, follow the majority of it and see out results.

I think it depends on the level of knowledge and experience and the track record of the mentor about how good he has been doing himself in his trading career. It also depends on what kind of guidance and mentorship you are looking for. If you are okay with someone with not a lot of expertise but are doing okay themselves, you will probably need to pay less to them for mentorship. However, if you want someone who is an expert in the market and can also educate you about fundamental and technical analysis and all other important things, you will obviously need to pay a higher amount.

Having a mentor is obviously a good thing if you are serious about your trading and you have tried everything but aren't able to grasp the ideas by learning yourself. There are a lot of people who tend to understand things more easily if they are taught by a person in a one-on-one conversation instead of watching videos or reading different material.

If you want to learn the complete trading knowledge, you should hire a person who has a good reputation in trading. As you said, theoretical things could be said by anyone without proper experience but only with knowledge. And when it comes to the live market, you need experience with knowledge. Not only knowledge but both.

In order to get the best out of your learning, you should make a contract. If you pay that guy monthly or let's just say weekly, then there's a chance that guy may stop midway and not put his best effort to teach you. I don't know how much should you pay that guy but whatever it is, make a contract that you will only pay after you learn everything. So that he won't stop teaching you the midway. Many won't agree with this but you need to make this work. If you can then you are good to go.

I also learned trading and crypto guided by a friend who volunteered to be a mentor for me. When I will repay him for all the guidance he has given me. It turned out he refused because he had volunteered to teach me. But I forced him and finally he accepted. There was a reason behind him refusing my gift. Because he is a reliable trader and many people want to learn from him. But he said he refused payment from me because he didn't want other people to hear that he was back teaching other people. Because it seems he really doesn't want to teach other people anymore. He taught me at that time because I got to know crypto and its trading from him through a chance meeting. And yeah we became friends. But because I'm busy working. so it's been a long time since I visited it.

In my opinion, mentors are very necessary. Because I felt directly the benefits of expert guidance. But the most difficult thing is to find a mentor who is truly professional in that field. Because there are also many fake mentors who only provide basic guidance that we can find even through free videos on YouTube. So be careful in choosing a mentor. Because real professional traders sometimes don't even want to open study classes. Because they always want to focus more on themselves. Because the profits from the trade they carry out are enough for them.

But in my opinion there are times when we also have to join trading groups to share experiences with other traders. and take lessons.

They're different, real mentors won't make you dependent on them because that sucks. Teaching other people is time-consuming, professional traders very rarely take on the profession of mentor too, because they don't want to squeeze money from beginners.

My own opinion will be different from other people's. Why I said that is because I don’t think a mentor is necessary in trading, and I won’t advise you to get one. The reason you lost money for the first time is due to your ignorance, which means you don’t have sufficient knowledge that is needed, and you went and started trading.
That is why knowledge is very important; you need to be knowledgeable about everything you are about to do.

However, a mentor is not necessary since you want to go back to your trading journey. Why don’t you just calm down and learn the entire trading process, including the technical analysis and everything needed, so that you can confidently trade bitcoin by yourself and not wait for another person to guide you through anytime? Because if you mentor, you may be too lazy to learn other things, and you won’t have any strategy on your own because the mentor will give you the method he also uses.


Exactly. There is no difference between trading signals and having a mentor, since both will be the ones controlling you. You will not have your own decision about the market until you wait for the decision of your mentor, which I think is quite wrong. And what if, incidentally, the mentor is not around? Are you going to wait for him until he comes back before you continue your trading? I believe you will want to trade, and there are no skills you may lose, so you can see that all that is needed is knowledge so that you can do everything on your own.

Is your trading mentor someone you know before or someone close to you? if yes then this will be more difficult. especially if your friend or mentor doesn't set a fee to become that mentor. In fact, in some places, mentors for trading are paid and have fees. However, usually they already have a list of individual fees according to the package taken.

However, if there hasn't been any discussion regarding this matter beforehand, then you should just give him something he likes. or if not, just send him Bitcoin. When you want to find it, maybe they or maybe your mentor will reject it but just say it as a way to thank.

I agree with you, but because there are so many mentorship programs available, the fees are affordable. However, this does not imply that they are poor mentors; there are some mentors who simply want our money despite the fact that they are aware that they cannot foresee the price of bitcoin and do not know how to trade. So, as you mentioned, the most difficult step is selecting a mentor. If you have any friends who are successful traders, ask them which mentorship programs they recommend. That is my method of selecting mentorship.

You will have a problem even at the stage of choosing a mentor. Where and on what principle will you choose it? I think that someone who could really become a good mentor will not waste his time teaching others, since his services will be very expensive and there will be no newcomers who will be able to pay for them.

If you think that hiring a mentor will improve your trading skills, then go for it. But it's hard to look for it on some random strangers that you only find online. Of course, they will surely claim that they have been successful and profitable in all their trades which I think is not true at all since even professional and expert traders still lose in trading. I suggest that you find some personal friends that are into trading, at least the chances of not to be scammed is still high.

However, I must say that not everything in trading is learned through mentoring, because some are self-learned just like managing your own emotions in trading, dealing with the high risks in trading, and making yourself at ease and calm with the high market volatility. And you can only develop all of these not by reading or listening to some crypto traders, but by letting yourself experience the real scenario in live trading. Know that there are some things that you need to learn from your mentor, and there are some factors as well that only yourself can help you to develop that. 

Everything could be taught but except a few, which is risks management/emotional handling/discipline/risks tolerance. You could really be that able to know on everything sample in theories but there are things
which cant really be that be taught or be teached up on whose mentor or teacher you would really be having since these things could really be acquired just through real experience and dealing and this is something that would really be just that normal that everything could really be applied on the time that you would really be personally dealing up with things on your own. There are really things which cant really be known or would really be learned up on just simply watching videos, watching other peoples analysis and hearing out some mentors advises. As i have mentioned earlier that its not bad on having a mentor since it could really fasten things up a bit
when it comes in overall learning but sooner or later you would really be that be able to find out their irrelevance in overall learning that you would be having.

Fees vary from one mentor to the other and  It is not in our capacity to decide what you should compensate the mentor with. What you should be concerned about is getting a dedicated mentor. While you are in search of a mentor,  it is important to note that you do not rely on  the mentor 100% . You can still do your findings/research on your own. This will help you know where exactly you need clarity.  Will also help you know when the mentor is being cunning or digressing. Most self acclaimed mentors do not give full disclosure on how to trade effectively and efficiently.  If you are lucky to get someone who will teach you whole heartedly, then good for you. But remember this, do not rely solely on the mentor's advice.

But I think a Mentor is like a teacher who teaches how to trade, how to do technical analysis, fundamentals, and how to manage trading psychology.
Maybe it looks more like that than like a trading signal or like Copy Trading.

A mentor who teaches his student how to trade well and correctly will not give a trading signal instantly, or copy how he enters and exits the market, but he will prioritize how they analyze before trading.

I also agree with your opinion about benefiting from the experience of other traders rather than having to imitate.
Because the experience of each trader will allow us to improve ourselves on what is wrong and what to improve.

Copy trading is a thing now, I hear that Binance started it with 10% return for the leader. That means you do not have to explain anything and if you think you are as good as you think, like good enough to mentor anyone, then you should be able to make a good return too right? Then you could just start a copy trading at binance, get enough people there, and make great trades and get 10% of their profits too. That should be the most important thing, not a lot of people realize that but that's what you should be doing.

I personally believe that the best thing to do is just show your worth, if you can do that then people would flock to you and you could make a great return from that, it doesn't have to be quick, but do not expect anyone quickly in that case neither.

If that mentor is a sales man he will ask for payments weekly or monthly but if his sole intention is to educate some people then money will not be his first priority. It is not advisable to look for a paid mentor instead learn from YouTube and create your own strategy. You will not need any mentors for the rest of your life. However I don't think anyone should have taken investment decisions from others.