We’ve attempted to foresee any questions you might have in the various pages on the website, but sometimes it’s easy to miss something. Here are some answers to a few recurring questions.
Why a Mentor?
While it’s certainly not a necessity to hire a mentor to help you be a more effective trader, doing so can go a long ways toward avoiding common pitfalls that hamper the road to progress. A good mentor can also smooth the way toward moving you up the learning curve with a great deal less stress and pain. Books and the school of hard knocks are great teachers. A mentor can’t render them moot, but can certainly go a long way toward getting you more profitable more quickly, often with much fewer losses in the long run.
What does a Mentor do?
Each Mentor is unique, but their overall purpose is to teach you their trading and/or investing philosophy and methodology. Rather than the newsletters and advisories that offer you trades and investments to consider, a mentor teaches you how to analyze the markets and make decisions based on your own work.
How do I know if a Mentor is right for me?
This is a very legitimate and tough question. With this in mind, we’ve designed a questionnaire to help you narrow down your search. Because each of us have different sized portfolios, varying risk tolerances, goals, desires, time frames, time to invest, etc., the questions help prioritize your search according to your specific needs, philosophy and goals. Also, as a Member, you have access to our Trading Pits where Mentors interact with Members live. Often specific actions are discussed for the benefit of all. You might find that the interaction of a specific Mentor on the Trading Pits draws your interest, providing a possible lead.
I’m a very successful trader and want to share my knowledge, but I have a couple of questions. First, what’s a good way to go about finding interested people who’ll work at it? Second, this isn’t about making money, is there a way I could give my services away?
The answers to these questions are very much related. First, we have the answer right here. You can be a Premium Member and post your insights for free all you want. And if you’re a good writer, TIMM will publish your content so that the reach will grow. Second, TIMM offers Mentors the opportunity to help others learn what they’ve learned, often without all the hard knocks and heartache that successful traders have to navigate. But when it comes to charging, it can be difficult to know how much to charge. One dynamic that must be considered is the reality that we tend to invest more effort into that which we’ve paid for. If we try to help someone for free, then they often take such help for granted and don’t work as hard at it. However, if we charge enough to make them feel it, at least a little, then they recognize the value of what we’re providing in accordance with the cost. This leads us to the next question.
How much should I charge for my Mentoring services?
There really isn’t a stock answer for this question. You know the value of your service better than anyone else. You also know how many students you want to work with, how much time you plan on investing and how much effort your students will need to put forth to be successful. You want to make it cost enough to help enforce their desire to get their money’s worth. But you don’t want to chase potential clients away with exorbitant fees. Unless you really have a grasp of what you want to charge, we recommend starting small. If you’re a day trader spending all day with your student/s, then your fees will likely be higher. If you’re a long-term investor that might sell covered calls or use other such vehicles, then perhaps you could charge a little less, since it won’t require as much of your hands’ on time. By starting low, but limiting numbers, you can get a grasp of what it’ll take on your part, as well as your students. Then, as interest grows, you can raise your prices so that they result in just enough interest that you only have to say no to a few students. Or, you could simply have a wait-list and adjust the price in such a way as to keep the list just full enough to make sure you keep busy. You might check around for Mentors offering similar services to see what they’re charging as well. And our Mentor forums and chat provide an excellent opportunity to ask others about their fees. In other words, it’s up to you.