I have a fair knowledge about Bitcoin and cryptocurrency. I can hold down a good conversation in it however when it comes to trading, I have come to the point where I need to up my game. After using a mock trading app for some time, I stopped and tried the live environment. I lost money. Since then I have done some trading again. I feel I need to get back in the game. Right now I am coming in with a different strategy which is a mentor. Yes, I need a mentor in this renewed trading journey who would teach me the practical aspect of it. Because any of us can easily quote the theoretical knowledge of trading.
What is the best reward for mentorship? How do you think I should reward the mentor when I have one? And how often should this be?
In my opinion there are two ways to pay a possible mentor that is going to help you with trading. It's either going to be a fixed flat fee that you agree upon before the mentorship starts and that you would likely pay in instalments over time as long as the mentor helps you. Or a second approach would be to give him a percentage from your first trading profit. It comes down to how much time and effort the mentor invests in you. For example, if you meet in person a few times per week and have long conversations where you discuss possible trading strategies in detail than letting him participate on your profits sounds fair to me. Especially when the trading strategies are being developed together with a lot of input from the mentor, than giving him a percentage of your return would be a nice incentive. A 10-20% profit participation gives a good incentive for the mentor to develop the best possible strategy together. Whereas with a flat fee there is not such a high incentive for the mentor to get you the highest possible return. You could also combine the two payment models, agree to a smaller flat fee being paid per month and give him a bonus at the end if your trading have been profitable and successful.