A lot of people that I mentor initially want (or need) to learn the nuts and bolts of a trend following method (i.e. the entries and exits), but as time progresses they should gravitate more towards focusing on managing their emotions and the necessary risk control, both in terms of risk per trade and overall portfolio risk.
As far as I'm concerned, the whole purpose is to try and get people to think for themselves, within a set framework (i.e. their trading plan). As the old adage goes "Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime." The mentoring attempts to give them the necessary tools to do this.
Quite often when I'm asked about a possible set up with the words "What do you think?" I may say something like "Well, it can do one of three things - go up, go down, or go sideways". Other times I will simply say "What do YOU think?" and reverse the tables. We had one such instance last week. I will always try and point out the basics on the chart in an objective manner. I am always careful not to express an opinion. I try to deal in the factual side of a chart - namely price action.
I referred to this when talking about how Ed Seykota helped me answer questions. There are plenty of traders out there who just want to be told what to do. I don't do that.
This is also why I do not provide a signal service, which I talked about here. How does that help people to think about what they are doing?
Traders who look to others for entries and exits, or the opinions or predictions of others, are not thinking for themselves. If things go wrong, it gives them an easy target to blame for their inadequacies. They are not taking responsibility for their actions.
Trend following as a concept is pretty straightforward to understand. Trading is simple, but not easy. I'm not in the business of spoon feeding people or sugar-coating things. If people want to become successful, it takes time and a lot of work, both on understanding the technicalities, but also on themselves. Ultimately, if they don't have the desire, commitment or the discipline to adhere to certain specifics, such as good risk control, then I can't help them, and its a waste of their time and mine. Those things can only come from within. I just try to facilitate it.
The offer for access to the mentoring programme I have extended to the end of this month. This will give you 20% of the annual price, with membership extended up to the end of October 2015.
Those who do not have the desire to succeed, are not committed to put in the necessary work, or who do not want to learn to think for themselves need not apply.