One of the common questions that gets asked is “if traders are successful, why do they teach or offer courses?”

Fair question and before I answer with my thoughts on that, let me ask you a

question.

If you enjoy working with children and enjoy sports, would you:

Turn down a request to coach a kids t-ball team with little time

commitment?

Agree to coach but ask for compensation?

Coach because you enjoy it and love the look on their faces during the

game?

I am with number three on that list. It is something I get pleasure from,

requires two hours on a Tuesday night and I love watching progress.

Let’s look at it from a different angle.

If you were a retired professional athlete, had the skill to coach a pro team and were asked, would you:

Do it for free?

Realize you had a coveted skill and want to be compensated?

With trading though, as soon as someone charges for their expertise,

they are labelled scam artists.

Let’s take out of the equation those who clearly do it to feed their own

ego. Generally, they don’t offer anything of any value and from my

experience are not successful anyhow.

I know a few educators and as you can see by my many posts, I like to add to

the mix.

So why do it?

They enjoy teaching. Trading can be extremely boring and

enjoy the interaction

Repetition breeds familiarity leading to confidence and hopefully

greater success.

It’s not all touchy feely because another reason is….money.

Robert Allen is an author who wrote a book called

Multiple Streams Of Income. In the economy of today, if you are

able to, adding another income stream is smart.

After all, many who take up trading are looking to do just that (add more $$$) so why is it suspect if a trader wants to

do the same?

Trading is an extremely valuable skill, a commodity, which can aid you in

having a more comfortable lifestyle. It would be ridiculous to think someone, anyone, should just “give” you value

for nothing.

What about those who ask “how about I pay you only if I succeed?”

Expecting that type of arrangement ignores a true fact about trading…..

and that is that trading is a meritocracy. (basically it is all on you) Meritocracy: 1. an elite group of people whose progress is based on ability and talent rather than on class privilege or wealth. 2. a system in which such persons are rewarded and advanced. 3. leadership by able and talented persons.

Your progress in trading has little to do with systems and more to do with your emotional and psychological make-up.

It is based on your understanding of and following rules of money

management.

The truth is hard work is foreign to many and the get rich quick mentality

rules many who enter trading.

Most have difficulty sticking to one method of trading and system jumping

is the norm.

So this leaves many in a difficult position.

How do you get training from a

reputable coach or get a profitable trading system?

How do you sort through the marketing slogans and scams that litter

the internet?

Is hype a red flag?

Here are a few pointers

Look for longevity in the trading education business you are

researching. Although this is not a guarantee, blatant scams are usually

short lived on the internet.

Anyone who offers you trading services through a forum is a red flag.

One popular forum had one member named “Jacko” who swindled a lot of money from trusting people thinking

he offered something viable.

Do the educators trade?

Sometimes this is tough to ascertain however I have found real traders

“talk” differently than pure marketers. It is hard to explain…it’s just a gut feel.

There is a slickness to the marketer which you don’t get with the trader.

Where I find myself now is a culmination of years of different

influences in my trading. It is a never ending evolution and I don’t think you will learn all you need to in one place. It will also be through experimentation

and hours of chart time.

Don’t be put off by someone wanting compensation to teach you a skill that can last a lifetime. Due diligence and

gut feel is what you must depend on to ensure the information you are

receiving is worth the cost.

I personally had a mentor starting out and it was Netpicks that hammered home the consistency and trading plan aspects that are required for

success.

While I may have lost a few dollars on worthless “education”, it is all part of

the journey.

There is never a better teacher than experience.