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 Post subject: In Person Mentoring versus Online Mentoring
PostPosted: Fri Feb 19, 2010 7:32 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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Location: Canada
ImageWhich aspects of trading can only be taught in person?

Reposted from @

Mentors are suppose to be educators or teachers or coaches...which ever analogy you prefer to use. Some aspects can be taught online which is why I stated such things can be used as a supplement (follow-up) to in person mentoring. This like any decent class...there's the book reading part (student responsibility) and then there's the application of what was taught/learned in the book. That application must be monitored by the mentor in person and it will tell the mentor if the student has read/understood the book.

Quote from wrbtrader:

Chemistry Class Analogy - You have the book part of the class and you have the laboratory part of the class. There's always an instructor or teaching assistants (known as TAs) to ensure the students apply correctly what was taught in the book along with ensuring nobody kills themselves. In addition, someone of experience needs to be there in person to prevent chaos when something goes wrong. By the way, I've never had a chemistry lab class where something did not go wrong.

That's why I mention in those links that there's a critical first step involved that must occurred prior to actual mentoring in person. The mentor must visit the student in the environment the student will be trading within to determine if the student has an adequate trading environment. For example of many things, to ensure equipment is setup properly. That's just one thing and you'll be surprise how many traders aren't properly setup to trade prior to the first trade.

The key is that it's a two way street. Students want to verify that mentors are legit and mentors want to verify that students are suitable to be mentor. That's the point of those prior links and using my recent chemistry analogy above...this ensures the student is eligible to take the chemistry class in the first place. For example, you can't take the laboratory class until you've read the book or you can't take Chemistry 201 unless you've pass Chemistry 101.

Quote from wrbtrader:

Most online mentors takes payment and don't give a damn about a student that's not ready to trade or not suitable for trading.

There's other aspects that can't be taught online or accomplish via online. Mentor is watching the student in person as the student prepares for the market. The mentor can make corrections or suggestion in the students market preparation as it occurs along with ensuring the student has made the corrections to be properly prepare prior to the first trade.

It's impossible to ensure something has been corrected via online and that's why students hire mentors in the first place or in most have someone enforce a habit that's suitable for trading prior to the appearance of any trade signals.

Quote from wrbtrader:

Boxing Analogy - You read a book on how to jab or read an online article on boxing techniques but you still need to get in a real ring with an training partner and practice that particular type of jab while a coach is standing nearby making corrections whenever he can see problems in the jab as it occurs. All of this is done many times, day after day, prior to real competition with someone that wants to knock you out if your jab is ineffective.

My point with the chemistry and boxing analogies is that someone is there to make corrections, recommendations, keep the focus and prevent major problems as it occurs. For example, I remember when I switch brokers in the middle of being mentored. The first day of using a new broker and new trading mentor sitting next to me told me to use the simulator for a few days until I've learned and gotten use to the new (different) trading platform. I responded via saying something like I've been profitable most trading days with real money since the mentoring started...I can handle a change in trading platform. My mentor responded by saying show me you can trade normally with a new platform but you'll do it via a simulator. Well...I didn't trade normally on the simulator and was clumsy in some trades as I was learning/adjusting to the new trading software. In fact, my trading results was poor on the simulator of a new trading platform versus my real money trading in prior days on the other trading platform. However, as soon as I felt comfortable with the new trading platform, I went back to real money trading and my profit level was simular to my profit level on the other trading platform.

That's something an online mentor could not have enforce me to do (use the simulator for a few days) after being cocky that it wouldn't be a problem in real money trading.

Here's another aspect of in person mentor that has an advantage over online mentoring. Mentor in person can stop the trading of a student that's on the verge of overtrading, having emotional or discpline problems, revenge trading et cetera. An online mentor cannot stop via the belief it's the student responsibility alone when a student is about to do such or has just started doing such which is a huge problem for newbie traders especially considering most newbie traders are not going to be honest with themselves nor with an online mentor about such until after the fact when the student see their own broker statements.

It's that process of stopping and showing a student problems as it is occuring by an in person mentor that will build that routine/habit within a student so that they have good experience on what to do when such occurs when the student is on their own without a mentor.

* Important Mentor/Student Related Topics

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002

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