my 2 pips on the topic...
In the first 12 months of my FX adventure i spent nearly 9K on mentorship. In hindsight i am going to state that every penny i spent, and every moment in the live traning and study sessions were worth it. Would not trade my experiences over my first 18 months for any other. In my analytical, research oriented personality i needed such an environment to set the wheels in motion and get the light bulbs turned on upstairs.
I never really thought of asking my mentors for live statements as there were many of us trading in demo profitably, and i suppose it was also a matter of etiquette, I don't ask people about their income, and would not answer such a Q myself...that is how i was raised (and i was raised in a family w/lots of $$ and holdings; autos, yachts, vacation homes...you get the idea. I think it is a cultural thing not to ask such a Q in my sphere - all you've got to do is look at their obvious wealth...so i don't ask...).
On the gurantee thingy? IF someone were to state mater of factly that they "guranteed" YOU would make money, that would make them responsible for your success and/or failure. Most sane people would never place themselves in either the giving or receiving end of that arrangement.
That said, i am really no where in my thinking that what i'm doing is going to replace my income any time soon, and really, that is not my goal. I have set a time (now about 6 years out in time frame) that I plan on going full time trader and ditch the job. For my goal/plan, i am right on target. Even though when getting involved in FX in 2005 i was duped into believing there was "easy" money to be made, once i realized the error in that idea, i settled into studying (about 6+ hours M-F) and lots of forward demo trading and some live trading.
Don't get bumed out if this adventure turns into a journey that takes a lifetime. There was a great article somewhere here by Van Tharp that said something to the effect of being sure you stop and smell the roses and enjoy the ride along the way.
Cheers,
Thom
In the first 12 months of my FX adventure i spent nearly 9K on mentorship. In hindsight i am going to state that every penny i spent, and every moment in the live traning and study sessions were worth it. Would not trade my experiences over my first 18 months for any other. In my analytical, research oriented personality i needed such an environment to set the wheels in motion and get the light bulbs turned on upstairs.
I never really thought of asking my mentors for live statements as there were many of us trading in demo profitably, and i suppose it was also a matter of etiquette, I don't ask people about their income, and would not answer such a Q myself...that is how i was raised (and i was raised in a family w/lots of $$ and holdings; autos, yachts, vacation homes...you get the idea. I think it is a cultural thing not to ask such a Q in my sphere - all you've got to do is look at their obvious wealth...so i don't ask...).
On the gurantee thingy? IF someone were to state mater of factly that they "guranteed" YOU would make money, that would make them responsible for your success and/or failure. Most sane people would never place themselves in either the giving or receiving end of that arrangement.
That said, i am really no where in my thinking that what i'm doing is going to replace my income any time soon, and really, that is not my goal. I have set a time (now about 6 years out in time frame) that I plan on going full time trader and ditch the job. For my goal/plan, i am right on target. Even though when getting involved in FX in 2005 i was duped into believing there was "easy" money to be made, once i realized the error in that idea, i settled into studying (about 6+ hours M-F) and lots of forward demo trading and some live trading.
Don't get bumed out if this adventure turns into a journey that takes a lifetime. There was a great article somewhere here by Van Tharp that said something to the effect of being sure you stop and smell the roses and enjoy the ride along the way.
Cheers,
Thom