Is Forex4Noobs Legit?

CP, you are very welcome here, we are all learners, even Nick, see the way he talks of commodities.

Btw, I know you mention Forex specifically, but it’s all just one market.

In the earlier part of this week I was trading the S&P, but I had WTI, USD/CAD and USD/JPY on the screen - the OPEC guys were jawing and Reuters were reporting, by watching those 3 I could get a sense of the talks and the likely outcome on stocks.

There’s a guy called Mark Douglas who wrote a book ‘trading in the zone’ - for me that zone is risk, often personified by fear or greed, get to sense that risk, via whatever instrument that is prevalent at the time (e.g Deutsche Bank on Friday) and I get into the zone - it’s a fantastic place.

There are two major forex forums out there, this one, and forexfactory. This one is better than forexfactory, that forum is horrible.

Here’s my late reply to NickB,

Firstly, thank you for taking your time trying to help me both on the forum and skype, I appreciate that. And yes, for free!

You should know I’m pretty sensitive and when things aren’t going as expected I tend to question if I’m doing it right.
Naturally one of the questions were if forex4noobs is even legit and because I couldn’t find much information on google, besides the refund issue thread which had those fake looking course reviews from first time posters which made me even more suspicious, I decided to necro this thread and see if there’s new information about your website. Keep in mind it happened before our first skype conversation.

Asking people to post reviews on forums is a great idea in a perfect world. Unfortunately forex is filled with scams and faking reviews is one of the easiest and most effected methods of attracting naive victims.

Another issue, which isn’t directly related to you Nick, is that I don’t know anyone irl who is successful in retail trading. Is David Druz real? Yes I do believe he’s a real successful trader, but just look at his results. With many decades of experience, team of analysts and probably access to information which we as retail traders will never have, he can only pull an average 16% a year with a max drawdown of over 40%. And I don’t expect to get anywhere near as good as him. I always thought big boys don’t make much return percent wise is because they are forced to risk very little, but even with a such small risk the best traders still can experience such massive drawdowns. 40%… Jesus…

I was pointing out a successful trader with results that go all over the place from month to month. Not all traders trade like David Druz though, I would never been in a position that I have 40% draw down. While his results are an extreme case, they do illustrate a reality of trading. You wont be making a consistent X% per month. Some months its 30%, some months its 1%, other months it’s -5%. You either need to accept that, or stop trading.

And you wont be turning £2,000 into £2,000,000 in a few years. That is not how it works.

You came in with very high expectations. Probably fueled by bull**** ads and scams. What you thought was Forex clearly wasn’t. This is a hard business, it takes work, patience, and a lot of perseverance. It also takes a sensible and well thought out approach…

And I have been nothing but honest to you about that fact… even to the point of stopping you from buying my course. I honestly feel like your expectations are way too high. You need to take a more realistic approach to trading.

Here is a plan for you to follow if you want to actually make a go of trading.

[B]Your Plan[/B]
I suggest you stop trading live as you are not ready for live trading. Real traders protect their capital, and you are currently losing yours by trading it before you are ready. I also suggest you create a bank account for your trading capital. You set up a monthly direct debit of whatever you can afford.

Let’s say you start with $2,000 in the account. Set a direct debit of $100 a month, and stop live trading. Switch to a demo account for 3-6 months. At the end of those months you will have more trading capital for a live account, and you will be better prepared.

As for your demo trading, I suggest you take a systematic approach to demo trading.

  1. Pick a strategy and set a trade goal
    If you go with my strategy set a trade goal of 50 trades, and demo trade until you hit 50 trades. Record every trade in detail in a trading journal. Your journal should include every detail you can think of about the trade, including your feelings towards it, your confidence in it, and your mood at the time of entry and exit.

The point of setting a 50 trade goal is to give you something to work towards. But also because 50 trades is a nice amount of data to analyse.

  1. Data Analysis
    In a few months when the trades are done, comb through your trading journal, and see if you can find similarities between your losing trades. For example, a large percentage of your losing trades were on JPY pairs, you may want to stop trading JPY.

You should use risk management throughout this 50 trader period, keep your risk at 1% or lower. Use a position size calculator to make sure your risk is within your limit.

Your first few months of trading should not be about making profit. That is a pointless waste of time. It should be about data gathering. You need to gather data on yourself and your strategy. The data you gather is powerful, it can be analysed to figure out what you can improve.

Or you could keep doing what you are doing now… but that does not seem to be going well for you.

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First of all I would like to say welcome you and then I will say that forex4noobs is the best after babypips in order to learn. It is also mentioned here that there are also several books available in order to learn forex efficiently.

Forex4noobs is great to learn price I ve been follow his strategy and it works for me. Daily time frame for life

Says [I][U]yet another[/U][/I] brand new, first-time poster.

If you actually read the whole of the thread that you’ve just posted in, Janvusim, you’ll see that there’s quite a bit of conversation in it about the way that Nick encourages his members to spam forums with comments like yours, and how that might be to his discredit, overall, rather than to his credit.

But welcome to the forum, anyway - I just hope you’ll also have some other input here, in addition to further promoting a well-known forum-spammer. :wink:

This thread is 4 or 5 years old, how many first time posters in that time?

I think your comment is harsh, I do not agree that he is “a well known” spammer - the evidence on this thread doesn’t back that up, actually the opposite.

I’ve no love for spammers, but cannot see the evidence on BP, unless there is another thread.

It [B][U]is[/U][/B] harsh, yes.

I feel harshly towards forum-spammers, and even more harshly towards those like Nick who (by their own admission) encourage others to do the same. And judging by the speed with which other members “thank” such posts, that’s a [I]fairly widespread perception[/I] around here, too. I’m “just saying”. :wink:

Yep, agree re the spammers, still don’t see the evidence on Nick, still figure he is one of the good guys.

It’s always right to call out spammers, especially from members since the mods enjoy their sleep, but Nick is def not one of those - imo.

I can remember a guy who sells his stuff starting up a dedicated thread, allowed by the mods, on the Island - you were not allowed to link outside of the thread, he was into yoga, cant remember his name, he was offering ‘free’ help so was permitted to continue for 100’s of posts.

Now that’s spamming how it should be done :slight_smile:

Hi Nick:

When will you show your MyFxBook?

I am very interested.

Very few forex educators, mentors, trading-roomer have shown their verified accounts (I know only 5; two of them deleted their account; one stop updating it few months ago).

If you show your MyFxBook with consistent good performance, you will gain great reputation.

Thanks!

With all due respect lexys you are a pompous. Does your lofty “honorary fx men” status really give you the right to pass judgement on every lowly newbie who dares to tread on the hallowed ground of the “honorary fx men”. Who gives what you think you narcissistic Richard cranium.
And as far as peterma’s demad for account data…I think Nick should show his account when BP shows it’s annoying ad revenue receipts. What is the difference. I rue the day I revisited this forum just to see you lexys flaming another newbie like you did me.
Just for the record… I never paid Nick a dime. I learned a lot from his free stuff online but in the end I went another direction. And I could care less if the fx men here believe that or not.
lets see your fx book peterma!!

Ähm…what the hell is a fx book? :47:
Everyone is speaking about…give me your fx book…show me your fx book…i have the super pimp fx book…can someone explain fast?

About the topic…to bad its turning into a flame thread where everyone looks like fighting everyone.

Wish you all good Pips.

Rosi

LET ME GOOGLE THAT FOR YOU

.

I’m not one for entering into discussions on threads like this because my experience is that there are too many on these forums who are ready to flame anyone who disagrees with them. Having said that I simply must stand in defence of forex4noobs. I’m a complete noob. I’ve studied half of baby pips course so far, and tried to download as much info as I can from the internet. Problem is that once these “gurus” have your email address they just don’t leave you alone. Possibly the info they produce free of charge is useful but I get sick of their constant emails. Even when I “unsubscribe” the more determined ones continue to plague me. However, a few weeks age I spotted a thread on here which referred to forex4noobs and I decided to take a look. Since then I have spent many hours going through all the FREE information, watched countless videos and gleaned a HUGE amount of information. More importantly the only email I received was for confirmation of my email address followed by a welcome message. I haven’t spent a penny and neither have I been asked to. I am grateful to baby pips for steering me toward this site and I am grateful for all that forex4noobs has taught me FREE OF CHARGE over the past few weeks

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I do not know that website. It seems interesting to follow.

Same here…

I’ve been using this methods from the beginning ( 2 months newbie here )…and contrary to most “Gurus”, Nick Bencino Gives FREE videos of what he thinks is going to happen in the COMING week …and how to trade that week…

He then resend another video of how things are developping…and how to adjust.

( He doesn’t teach with old screenshot charts of the 90’s…!!! ) :wink:

So…it’s “almost” Live…and Free !!

So far…so good !!

I can tell you this, trading support and resistance can give you very high probability set ups. If your money management is right you don’t even have to win the majority of your trades to make money.

From what I have seen that is what forex4noobs teaches. The strategy looks fine if you are a disciplined trader.

maybe forex4noob is legit because so many members join with it.

Thanks for sharing those book ideas. Can I ask, after reading the 5 books what trading strategy did you come up with? Did it dramatically change the way you trade?

I find the more I read the more confused I become. I am just trying to make sure the outcome is worth the journey. Again, appreciate your comment and list of resources to review.