A Free Ride Or A Smart Trader?

Is it me, or is there way to many people wanting the potential benefits from Forex trading without the prerequisites it takes to gain those benifits?

Besides the obvious “give me something for nothing” posts we all run across from time to time, I have picked up something else that may show the majority’s attitude towards the benefits of trading.

On the other big forum, you know the one with two f’s, they show news from so called analyst experts. Each report can be rated as useful or not useful. It’s funny how all the reports that give speculated price predictions always get voted the most useful while all the other reports
don’t.

Myself, some other so called experts prediction could be no more useful than a tit on a boar hog. I rather do my own trading and predictions. That is the best way to master this market. Yet, so many people find it sooooo useful.

Please share your thoughts.

Well that’s one way to put it :smiley:

I agree though, it’s better to do it yourself. That way if you screw up, there is only you to blame. Plus you know what is going through your head and at least you’ll know what went wrong if your trades go south.

You never know when the “experts” will

  1. Suddenly start charging money for their information
  2. Go nuts and purposefully give bad trades (okay, I’m paranoid :rolleyes: )
  3. Disappear entirely

Either of the 3 cases will suddenly leave you not knowing what to do… basically you’ll be screwed.
Think of it as if you were always swimming with a lifejacket on… you always have something holding you up. All of a sudden your lifejacket goes missing, but you are rather brave and decide to jump back in the water anyway… well… you are bound to drown.

Sure I like hearing “experts” share their information, especially why they make certain trades… that’s how I’ve learned so far. But I would never put my own money on someone else’s advice.

Reminds me too much of “hot stock tips” on penny stocks around the water cooler…

Very well put Yarcofin. I want to stress the topic of this thread is more about “free ride attitudes” and not analyst predictions. I may have mislead with my example given.

Absolutely–people see the high leverage options within trading, and the physical ease of clicking a mouse…combine that with a [I]potential[/I] to make a profit, and people everywhere start salivating like a pack of rabid dogs.

I’m also going to assume we are on the same train of thought in terms of prerequisites–taking the time to study and educate one’s self, and in term practice trading skills; and there I also agree with you. This is evidenced here on this forum by a consistent stream of new threads by individuals with (often times, it seems, but this is a generalization) little to no demo trading experience wanting to shell 5k in an account.

Why is this? The Fast Food Mentality–“It looks good and I want it NOW!” You could even go as far as to assume that this mentality is also responsible for the rampant debt in America.

Even as a new trader, I also have been astounded by this so called “experts”. However, I can tell you this, there could be a far more nefarious motivations behind the gurus–I know when I was doing internet marketing for a firm a year ago, there was a consistent battle with fraud, online (supposed individuals supporting a guru/expert/spokesman, which in turn caused individuals to either sign up/pay for courses, which are complete garbage), which were “competitors.”

I choose instead to adhere to advice by individuals such as tymen (much thanks for your selfless contributions), who freely give sound, researchable advice, and gain nothing in return. :slight_smile:

:slight_smile: Hello mytwopips, wow I looked at your profile just out of curiousity and just I though you were a woman! Sorry about that, by the way cute baby! Ok now you have me curious just by some of the posts of yours on here. Did you learn all you trading by reading babypips and trial and error or did you have expierence before? Like I said just curious, since I’m new I’m like a sponge or a baby trying to learn the ropes.

Why did you think that I am a chick? Do I shake my hips to much around here?:smiley:

Or replace the two p’s in my username with t’s:D
Ok, I might have crossed a line with that one.

I am new to live trading and to forex. I have been following the market very strong since my hitch with the Navy ended in 2001.

Edit: Sorry I forgot. Despite my prior knowledge, nothing can beat Babypips as a start. It is very well done.

Great post Kraven. Yes we are on the same track.

I would have to agree with MyTwoPips, Everyone wants the money but not the work… So do I but been around long enough to know better than that.

 I have been trading live for over a year, Still have some issues but am on the right track. In my search for what Fits Me Right.  Which I feel is the hardest part for most to get, The system or strategy you use MUST fit your personality. If your a slow analytical type, postion and fundamentals might be for you, If your a high energy can't sit still type, fast time frames and scalping might be a better fit.

 Sorry got off track there.. But I have been trading in a group for a good while and you can see the very thing you are saying. Most of the people in the room just want signals not education. I have pushed hard to learn Forex, 

Not try and cheat it. Without knowledge we are just sheep waiting to be scalped.

  So for all the new people out there, Take it for what it is, a new job that requires the proper training. You know like at your old job remember the ones who went to the semminaries and paid attention and asked questions and studied. They are the ones who moved up and make more money now. 

   Plus with  knowledge comes less stress. WHEN you have losing trades it is better to know why than just blame dumb luck. 
 

                     That is all I got...   Happy PIP hunting..   Ken;)

Wow! My congratulations on a well thought out and meaningful discussion on the requirements of good trading, rather than just another new system or indicator thread.

Trading has always been promoted in a “get rich quick” fashion, but never quite so aggressively as with forex. There are a lot of people getting sucked in by the marketing pitches appealing to the greed in us all. The ones that succeed are the ones who figure out that trading is not a path to overnight riches, but instead is like anything else, something which requires effort and diligence.

An enlightening and entertaining thread. Me thinks in the final analysis, only principles endure in this life. What you put into life is what is you get out of it, it can’t be any other way. It is the expectation based on knowledge that gets fulfilled; forex trading is no exception. great trading to you all.:slight_smile:

There are a hell of a lot of “sheep” on the 'net, also the type
who want “something for nothing” the, “lottery chasers”, as I like
to think of them. Ask the question, get the answer or not, then
off they go onto the next question.

A little bit of reading through these forums will produce a mine
of useful information.

Of course this thread will fall on deaf ears (blind eyes) because
you are basically preaching to the converted.

PS This does not only happen on forex forums, it happens all
over the 'net.

I gotta believe that the large majority of people who get into trading think that it will be an easy way to make lots of money. I know when I started looking into this about 2 months ago I had some of those thoughts in my head.

Thought --> “Wow! huge leverage control hundres of thousands of dollars all with a ~5k investment? Where do i sign up?!”

I then did my due diligence and realized what I was in for.

I think the ones that stick around and go from being noobs to seasoned traders are the ones that realize (hopefully sooner rather than later) that this is a business and a damm hard one. Once that realization is reached they don’t just say “Oh well” and throw in the towel looking for next easy money maker, they take that realization and act on what it tells them.

Buckle down, learn from the more experienced people who are willing to share and really put in the time and effort to make a real go at being a trader.

I highly doubt anyone here got into Forex trading with the full knowledge of how difficult it truly is unless they came from some other type of trading backgound. :slight_smile:

Thanks for all the comments so far. It was nice hearing from the vets too.

I don’t believe there is anything wrong with getting the most you can out of life. Even if that includes pulling every dollar that you can. That is an instinct in all of us.

If just blows me away how so many think it would be handed over with no effort at all. Where is the self pride of being the master of your craft?

Thanks everyone. Keep em coming!

Hello Mytwopips, I’d like to ask you something in private but I can’t mail you since you don’t allow reception of mails …
how can I get in touch with you ?

I too had visions of the $$$s rolling in, in this easy FX market. I almost bought one of those late night tv adds, get thousands a day kinda thing. So yes FX is the most hyped market i think, and thats partly in fact to being mostly unregulated.

I can only thank that somehow i got up from watching TV, put down the phone to order my get rich quick Fx program, and stated surfing the net to see what i could find out about FX.

With-in 5 or 6 clicks i was like wow, this is some shady business and then eventually ended up on Babypips. Still lured by the vision of easy money, i basically spent hours reading just about every thread on the board (not all at once ofc).

Then something happened, instead of easy money visions, i was more thinking hows does the market work where can i learn more and since then, that is exactly what i’ve being trying to do (6 mos or so now and im sure i’ve only uncovered the tip of the iceburg).

I do believe i owe a big thanks to quite a few members here, who either answered one of my posts or provided the simular answer in a related thread to what i was looking for!

PM feature of Babypips. I have not used it before, but sure it works. I will be away for a while. So I will check again in a few hours.

well when I try to pm you, it says: this user has specified that he does not wish to receive any e-mails …

But when I try to check on my own account, it says the same even though I never specified that :confused:
and I see nowhere how to “allow” emails. I guess it’s cause I have not posted enough posts

bah, nevermind !

michaelkirk1
at
yahoo

I hope a bot can’t pick that up.

well actually it is regulated by the NFA. but like in anything, including stocks, option, and futures, you get scammers. every industry has them.

do a search for penny stocks or options trading, etc… you’ll see hundreds of sites offering buy/sell services or newsletters with phenomenal results, blah blah blah. “make 100% buying this stock thats trading at .02/share” haha.

as in any investment/business, you have to do your proper due diligence.

Your funny!:slight_smile: mytwopips just sounds like something a woman would make up! no offense (you know a woman always has to put in her two cents! It’s cool) your reply is funny! Thanks for your response.