My Good Advice For Newie's Name And Shame

[pippingtoddler]

Groovenator,

It seems that you are on both sides of the this debate. In other threads, you repeat how you abhor mechanical systems (I dont know what you call Mechanical, but to me it is set-ups based on certain parameters), and then here you arguing for how fantastic the Siganl services are and how you rely on them when you are away!!!!

Quote: These are your statements in other threads

"Beware of mechanical systems I am not trying to dissuade you from trading but trading just mechanical is difficult in the long term and you have a big chance of failing."


"Just be careful trading a mechanical system, any good trader knows they need to know fundamentals, geopolitical news and they need to keep an eye on the stock market. I made 700 pips in 3 hours on one trade a few weeks ago because I was watching stock market prices."


Now, what servcies do this Signal Service provide you other than telling you that you buy/sell based on this and this...... To me that is mechanical system that was relayed to you and then you jump off the bridge based on the signal. Right? UUUUUUUUUm, you even mentioned that your favorite signal servcies has a guaranteed 200 pips. Whenever I hear gauranteed performance in the Trading/Investing world, I say Run and run fast.........

Here is quote from the School of Pipsiology "Don’t spend your money on a company that promises huge returns; even if they show you their track record. It might look pretty and colorful; and I’m sure that the line on the graph that seems to keep going higher and higher makes it look like there is no way you could lose money, but don’t let them fool you. In fact, I could take my broker statement right now, touch it up with Photoshop and voila! – I have now just become the most successful trader on the planet. Pretty impressive huh? I know I’m laying it on pretty thick, but I really want to prevent you from falling into any traps. Instead of giving your hard earned money to someone else, you could put that money aside into a trading account and take the time to educate yourself. "

In another line, you talk about how you are defneding the intention of the Signal Provider not the quality of the calls (e.g. someone making $150K by signing up with 500 subscribers.) The successful traders that I know pull in about $2M a year and can retire happily by earning 4% (repo sweep accounts) on their save investments without bothering to milk some $300 from rookie traders. Only and only average Trader can bother to devise such an scheme of generating income, in my opinion.

Of all your bold statements , this is the most troubling... "I may think differently to most traders here but notice I am not the one asking for help..... they are!" If trading has not taught you humility, well so be it but save your bragging rights to yourself. I beleive there are many more successful traders in this pages who are freely sharing their ideas and thoughts without talking about what a good run they had over the Shanghai meltdown few weeks ago!!!!

Cheers,

[leroy1]

The world needs more people like James. This bloke has shared so much with us and as a newbie I owe James a lot. You answer all our questions and help out on varying levels.
Fingers crossed your blog is succesful; but even if it turns out that the system does not do as well as expected, I am sure that all of us (Especially the newbies) will learn a lot more about the market.
Thanks James

[groovenator]

Now, what servcies do this Signal Service provide you other than telling you that you buy/sell based on this and this...... To me that is mechanical system that was relayed to you and then you jump off the bridge based on the signal. Right? UUUUUUUUUm, you even mentioned that your favorite signal servcies has a guaranteed 200 pips. Whenever I hear gauranteed performance in the Trading/Investing world, I say Run and run fast.........

Mechanical means based on an EA or solely on tech analysis I know these guys use fundamental analysis, stock & commodity prices, and geopolitical news along with some tech analysis. They do not have a few MA's and tell you to buy whenever they cross it is researched, explained and accurate. A mechanical system is one by which you enter when a line crosses but they actually analyse a whole lot of things to pick some good long term trades. That to me is not mechanical because they research trades.

If you weren't so wrapped up in your 'make myself look superior' post you would have noticed they do not guarantee they will make you 200 pips they guarantee that if they don't you get a refund. They do not promise returns they just promise your money back if they do not make profit.

What I said “If the calls they make do not end in at least 200 pips profit you get a refund.”

This shows just how stupid you are not once did I say guaranteed performance. A money back guarantee is a whole different thing. What have you got to say now man? I'll give you some time to think it over.....

In another line, you talk about how you are defneding the intention of the Signal Provider not the quality of the calls (e.g. someone making $150K by signing up with 500 subscribers.) The successful traders that I know pull in about $2M a year and can retire happily by earning 4% (repo sweep accounts) on their save investments without bothering to milk some $300 from rookie traders. Only and only average Trader can bother to devise such an scheme of generating income, in my opinion.

Made a fool of yourself again, if with a signal service you make $150,000 per month at the end of the year that is $1.8m a year without sitting at your PC trading. Of course there are expenses $100k or $200k per year for the person you higher to make the calls. That is still $1.5 million over the course of a year while you can be out partying and getting laid. You do not need to even retire on 4% you can just keep earning $1.5 million a year for the next 20 years.
If you wanted to retired at a young age through trading and you eventually reach that $2 million a year return after working your ass off when you retire you have to live off 4% of $2 mill, $4 mill even $20 mill. 4% of $20 mill is only $800,000 yearly. That is what the signal service guy makes in under 6 months by doing nothing.

So while your friends work their asses off reaching the point where they make $2 million that signal guy is out partying earning as much as your friends are. Who comes out on top? definitely not your friends working the next 10 year and retiring on 4% when that signal guy can retire before he turns 25 and make as much as they can.

What I have noticed is that successful people always try to better themselves while the rest stick with what they have. Your friends stick with what they have and retire at 30-40 with $800,000 per year. The signal guy retires before 25 with $1.5 mill per year, so let’s rethink this, who is the average trader?

Also when you say scheme you imply scam if the service is good and provides a nice return or your money back it is not a scheme. It is a legitimate business that provides a valuable service.

Of all your bold statements , this is the most troubling... "I may think differently to most traders here but notice I am not the one asking for help..... they are!" If trading has not taught you humility, well so be it but save your bragging rights to yourself. I beleive there are many more successful traders in this pages who are freely sharing their ideas and thoughts without talking about what a good run they had over the Shanghai meltdown few weeks ago

Do I even need to touch this one? Most people here share generic ideas that just about every Forex trading ebook from free to $2000 says. The books all say the same thing and so do most of the people here.

Lets ponder this fact for a moment, if 95% of traders fail and 5% succeed why would you do the same as the 95%. You can bet that a huge part of the failures are reading a trading ebook this very minute. A trading ebook filled with the regurgitated crap I see on this forum. Are they winning by reading that? NO! next week they will go back to trading lose more and find a new ebook.

There are people here like jcarrier I am not picking on him but he private messaged me yesterday and I checked his post. He has been asking for help ever since he joined. You can bet that he has read every regurgitate post here and he is still asking for help.

I bragged about my 700 pips a few weeks ago and I will brag about my 400 pips this week. You know what though? I can brag about that and that is something 95% of people here can’t do. They are being blinded by this generic regurgitated material that the 95% of failures consider biblical. Biblical I love that word.

[genghisclown]

I see a great many indicators on this site that contradict the great truths you seem to believe yourself to hold. It is your right to hold these things dear in your own conscience, but really... is all the name-calling toward those who do not share your views really necessary?

Originally Posted by groovenator

Do I even need to touch this one? Most people here share generic ideas that just about every Forex trading ebook from free to $2000 says. The books all say the same thing and so do most of the people here.

Lets ponder this fact for a moment, if 95% of traders fail and 5% succeed why would you do the same as the 95%. You can bet that a huge part of the failures are reading a trading ebook this very minute. A trading ebook filled with the regurgitated crap I see on this forum. Are they winning by reading that? NO! next week they will go back to trading lose more and find a new ebook.

Interesting. How is it that you go on about how everyone seems to be spewing the same generic ideas from the same e-books, and yet your most favorite quote is a statistic quoted just as often by the same people you are deriding? If your own sources are so much different and so much better, why are you spewing the same statistic I see everywhere else?

I refer to that bit you keep quoting about 95% of all traders failing and 5% succeeding. You quote that as biblically as you accuse others of quoting their 'regurgitated crap', and yet I don't see you bashing yourself as one of the failures you insist the others are being. You are guilty of at least some of the very Forex heresies of which you complain. Perhaps it's time to get down off your high horse and stop condemning others as wrong because they don't agree with your view of things.

And as for your observation that everyone except for you seems to be asking for help, it seems to me that there are as many people offering help as there are asking for it. True, some of those offering advice could very well do with a bit more of it themselves, but to hear them tell it, a great many people on this forum are making a great deal more money than they are losing.

[groovenator]

I am talking a Forex statistic I am not talking Forex education. Regurgitating Forex education is useless and this forum has only a few people giving genuinely good info but the good info is ignored because it is not the collective view of many. A statistic is a statistic I am not reading ebooks and giving advice based on what I just read. I am not copying and pasting from some generic articles concerning trading education.

Do you even have a point? can you see the difference between quoting a statistic and quoting and ebook. I am not telling everybody 'the way to success is to buy high and sell low'.

I didn't start an argument I pointed out something James said wrong and he realized it was wrong too by editing his post and removing what he said. I called the other guy an idiot based on factual evidence not on opinion. He was wrong about the guaranteed performance I never said that. He was also wrong when he said that professional traders do not open Forex businesses because they make enough through trading. I presented facts and called him an idiot for opening his mouth without thinking and for not reading properly.

The last part of my post was an opinion and if you do not agree with it I do not care. As far as the 95% goes quoting a statistic and quoting/plagiarizing from articles+books is something else.

I am sure people here are profitable but the advice I see given here that is actually listened to is advice that does not work. The proof is the fact that these same traders after months of taking that advice are still here asking for it. It annoys me to see things like this all these guys clambering for advice and the most listened to guys here are giving pearls of wisdom from some $50 ebook. While the posts that actually say something good get to the bottom of the list in a few days.

[pipjake]

This has to be one of the best threads i've read so far !! Hey, James....r u Jimmy young ??

jake

[pipjake]

James,
Is the blog on this site or another ?

thanks,

jake

[toptick07]

Originally Posted by pipjake

This has to be one of the best threads i've read so far !! Hey, James....r u Jimmy young ??

jake

The "james" posting on this site is clearly not Jimmy Young, CTA. This is a link to Mr. Young's site: Jimmy Young :: Forex Bank Trading Education & Training

I do not know the real Mr. Jimmy Young; nor am I familiar with his work. He has many articles published on several forex related sites. If you are so inclined, you may check out his site and decide the merits of Mr. Young's work for yourself.

Each time you see a thread that includes an academic article and was started by our poster "james", I encourage you to search for the text elsewhere on the web. To date, every such post by "james" that I have read has been borrowed and posted here without credit to the author. It is at the very least disingenuous of "james" to post someone else's ideas and respond to readers as if those ideas are his own. [Any comments in your own self defense would be appreciated, Mr. "james".]

[toptick07]

Groove and Genghis: This is an interesting debate. I think there is some value to outsourcing some of your research. Suppose you look for trading opportunities in stocks, bonds, forex, grains, and meats. Is it reasonable to expect to be able to follow so many diverse markets with the degree of detail necessary to be profitable? I'm not saying "yes" or "no", I'm suggesting that there are many ways to generate potentially profitable ideas.

That doesn't mean I agree with blindly following calls made by a "signal service." I think you need a firm grip of trading basics and a thorough understanding of the markets you trade so that you can decide for yourself if a signal is "good" relative to your trading style and financial plan. Just something to think about...

[genghisclown]

Originally Posted by groovenator

I am talking a Forex statistic I am not talking Forex education. Regurgitating Forex education is useless and this forum has only a few people giving genuinely good info but the good info is ignored because it is not the collective view of many. A statistic is a statistic I am not reading ebooks and giving advice based on what I just read. I am not copying and pasting from some generic articles concerning trading education.

From where, then, did you get the statistic?

Originally Posted by groovenator

Do you even have a point?

Yes, and it's a point I've already made. Do you have the power to read for comprehension?

Originally Posted by groovenator

...can you see the difference between quoting a statistic and quoting and ebook. I am not telling everybody 'the way to success is to buy high and sell low'.

What's that got to do with anything? You're talking against people regurgitating used information, something you cannot avoid doing yourself. Concerning the intrinsic value of the information being repeated, what's it matter whether the information comes from a statistics page or an ebook?

Originally Posted by groovenator

I didn't start an argument

I never said you did; I'm responding to your better-than-thou attitude toward certain other traders here.

Originally Posted by groovenator

I pointed out something James said wrong and he realized it was wrong too by editing his post and removing what he said. I called the other guy an idiot based on factual evidence not on opinion. He was wrong about the guaranteed performance I never said that. He was also wrong when he said that professional traders do not open Forex businesses because they make enough through trading. I presented facts and called him an idiot for opening his mouth without thinking and for not reading properly.

Okay, so you quoted some facts. Funny, a lot of the 'facts' you submit read exactly like opinions to me. Looks like you might be confused as to which is which sometimes.

Originally Posted by groovenator

As far as the 95% goes quoting a statistic and quoting/plagiarizing from articles+books is something else.

And arrogantly stating your opinions as if they were fact is again something else entirely. So? Plagiarism is wrong, I'll agree with that entirely. That doesn't mean attacking legitimate ideas is right, and yes... some of the ideas that you attack as useless are actually legitimate and helpful ideas.

Originally Posted by groovenator

I am sure people here are profitable but the advice I see given here that is actually listened to is advice that does not work.

Some of the advice that you claim isn't good and doesn't work has proven itself very helpful to other people. Again, I think you sometimes confuse fact with opinion. What doesn't work for you may really actually be working for someone else. Insisting the contrary is arrogant and narrow-minded.

Originally Posted by groovenator

I am sure people here are profitable but the advice I see given here that is actually listened to is advice that does not work. The proof is the fact that these same traders after months of taking that advice are still here asking for it. It annoys me to see things like this all these guys clambering for advice and the most listened to guys here are giving pearls of wisdom from some $50 ebook. While the posts that actually say something good get to the bottom of the list in a few days.

Sure, I can agree with that. Plagiarizing from e-books is cheap and annoying. Mr. James ought to be citing references to any material he copies that isn't is own. Seeing impatient people clamoring for get-rich-quick advice even while claiming they aren't looking for a get-rich-quick scheme is both alarming and annoying. Seeing good advice get ignored, yes. That's annoying too. But you know what else is annoying? Seeing people like you automatically taking a contrarian position toward cut-and-pasted advice and talking down to others like your position on the matter is the only one that can possibly be right is also extremely annoying.

Not all conventional wisdom is wrong, and not all of your ideas happen to be right.