My Good Advice For Newie's Name And Shame

Hi Everyone

BECARLFULL OUT THERE

When you are new to Forex its wow loads of money, this is possible but becareful.

SIGNAL PROVIDERS

Give me $39.50 or $300 per month and i will once in a BLUE MOON give you a good signal.Also

BUY MY SYSTEM

Give me $2,000 and get the holy grail.

There is lots of good stuff out there and lots of rubbish and scams to. Do your research well dont fall for the sales pitch.

In the next 2 weeks i am starting a blog for free signals , free systems and free anything else to do with forex any contributions most wecome .
If you are good at what you do Share a little , I will pass on any Info i find free of charge? . .
JUDGE FOR YOUR SELF .

Here is a free Signal Serivce. Now you can make you own

forex trading software

Good Luck

James

Sounds great James, I would love to have you mentor me and be more than happy to pay for it, so anything FREE is awesome. Thank you…Joe:)

Hey James- I have enermously benefited from your free-spirit sharing of trading prowess and look forward to your new blog. I would have been more than happy to pay for your mentoring. like you said, if you are good at what you do (trading,) then you don’t need to sell systems and mentoring, bla, blaaa…as many sharks out there are doing it!!! Only if you are losing or may be an average trader, then you will need to supplement your trading income with extra services…

Cheers,:slight_smile:

hi james

good to know that , i look forward to it. i just saw ur 45 pips euro blog, will start to use it and keep in touch with you about its result

One side that is clear as day to me but that people like you never bother discussing James is the fact that a good signal service can bring in money over the long term. Some people do not want to do Forex their whole lives and rather do nothing while living off the profit a Forex business like a signal service makes. They hire a good trader to make trades for the signal service; they make their customers money and retire to a beach somewhere never having to do any work again in their lives. If you charge $300 per person per month and have $500 people that is $150,000 per month $100,000 after expenses. I would think it better to sit on a beach in the Bahamas making $25,000 per week than sitting in front of your computer 4-45 hours a week.

You also need to consider people with busy lives that would rather get good signals than trade full time. You need to think about new traders who rather be in a chat room full of traders receiving signals so they can learn at an accelerated rate.

You make out the service provider to be a bad person scamming innocents. The reality is what you seem to miss, most people that sign to a signal service are good trader. They sign because it can simplify and improve their trading. The service provider themselves can be failed traders trying to get rich or they can be honest people wanting to retire from retail trading.

In life and especially in Forex it is best to look at every angle before making a rash decision. This is something you have failed to do today by writing this post.

You may ask why am I defending signal services, I am not I am defending a man I respect and admire greatly. That is my mentor who has turned me into a successful trader, he runs a signal service and while I have no idea about the quality of the calls yet I do know his reasons for running a call room. He wants to retire from trading Forex and a good call room equals good income.

I hope this post has opened your eyes to the different situations and possibilities. Now I would like to offer something, calling trade from a Blog is hard because people need to constantly check the blog to get the latest info. I would be more than happy to provide everybody here with a chat room to use. Everybody here can learn from each other in the room and James you can give your calls.

Everybody has an agenda for some its money, for others its ego. Nobody ever truly does something for free.

Hi There grooventer

You state in your post

while I have no idea about the quality of the calls yet ?

I think you are putting the cart before the horse spring’s to mind

Good luck to you hope you do well

Regards
James

You seem to miss the whole point, I am not arguing the quality of the calls I am arguing about the intentions of the signal services. You know I am right because you edited your post after you read mine.

I do not need luck I trade well enough without luck. I am just annoyed at the ignorance you display when you say ‘if somebody is that good why would they charge?’ (A line that you removed when you edited your primary post).

I have no disputes with anything else you do that line just really made me think ‘what the …?’.

There

I did’nt quite mean it like that

And I don’t happen to think your right i edited the post because i had a party last night and had a few to many so i went over what i had written.

And for what its worth good traders dont use signal services.None i no and i no plenty and i am talking about bank traders but then it depends what you call good.if the company your trading with give good signals great and if you feel its value for money great also, your entitled to your opinion and I mine.This post is geared to new forex traders just coming into the market for the first time and they need to no some of the pip falls in my opinion signal sevices good or bad are a waist of money and thats my opinion its far better to learn for your self how to read the market and make predictions for your self if they were so good why will none of them offer a free service for a short period of time, the reason is simple they not consistent or confident enough but there monthly fees are.

I will give you one eg i Phoned a very big signal company about one month ago i will not name them but they are one of the biggest They wanted $3,000
which gives you upto 80% accuracy the salesman was on the phone for more than 1 hour telling me what it did i asked if the company has been going 26 years and its that good you should offer a free 7 day trial because veryone will buy this.No was the reply we dont that because we are so good we do not have to. Sounds good here you go there is my credit card $3,000 1 hour chat on the phone 80% accuracy . YER RIGHT Then i went to a few forums and the post’s of people that have used the serivce very one was moaning them what a rip it came as no suprise.

All this system was is a couple of moving Averages and a fancy graph

I do not have a problem with people charging for services as long as they work and work well however it’s best to learn to do your self.

Please feel free to post your results of your service when you use it

Regards
James

I know the service you are talking about and I agree they are useless. Bank traders do not sue signal services because they work in a bank surrounded by people. They have a job like other people but some of us do not want to be tied down with a job. I am a good trader but I see so much more in life than a computer screen and charts for a few hours a day.

I joined a signal service with a chatroom for a few reasons.

  1. A chatroom allows you to socialize as if you had a real job, it is like standing around the water cooler at work. Forums do to but they do not provide the same comfort as direct communication. Sitting at home trading can be monotonous as I am sure everybody here knows. So the trade call room chat allows me to communicate with other traders and yes sometimes even bounce idea off of each other. Also in a chatroom every person that runs it has their place it significantly cuts down my work load, somebody monitors oil prices, somebody the stock market, others the news headlines. It is invaluable having all those people working together updating you. It allows more freedom I could look at the stock markets to help trade GBP/JPY 4 hour my self but why not let somebody do it for me.

  2. The freedom of getting good trade calls, I learned how to trade and now I am good but there are times when I rather be out at a movie with a girl. There are times when I want to be watching sports with my friends and sometimes I want to be playing sports. I rock climb down steep cliffs, I enjoy it a lot the freedom of being alone for hundreds of miles around suspended hundreds of feet from the floor just by a rope. It is exhilarating, now imagine having a PDA in your pocket whilst rock climbing you get a message pull it out connect to your broker and take the trade. That is the freedom a good signal service can provide.

I will still take my own trades but at least I know I can go rock climbing or I can go get laid without worrying about GBP/JPY rushing up 500 pips and me not knowing about it.

II willt ell you why they do not offer a free services, because people exploit that. Make a new email every week and you can join for free indefinitely. You are wrong about the consistent monthly fees though, the service I am with has a 200 pip guaranteed. If the calls they make do not end in at least 200 pips profit you get a refund.

You gave me one example of a bad service I can give you twenty but that does not mean I have to group all of them together and say they are all bad.

You are saying you didn’t realize you were wrong you definitely changed your tune. First you said all bad now you say some are good!

It is best to learn yourself I do not doubt that and giving free signals is definitely admirable. I am not arguing that I am arguing that I am arguing you saying that all services are bad. You said that and you changed the wording yourself so what is it?

I was mentored by the owner and just got through my first week in the room with not much profit. We ended with 20 pips not surprising seeing the lack of market movement this week. Last month was 400 pips what I like the most is that they explain every trade they take. It is not just a signal they tell you why they are in.

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, :confused:

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:)

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.

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?

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.

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.

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

jake

James,
Is the blog on this site or another ?

thanks,

jake

The “james” posting on this site is clearly [U]not[/U] 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”.]

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…

From where, then, did you get the statistic?

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

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?

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

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.

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.

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.

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.