Just out of interest how many of you have paid someone to teach you how to trade?
I think that would be one of the dumbest things a trader can do.
I would have agreed up to yesterday when I forked out $1000 to advance my trading. This was to a prop trading firm which gives me access to their resources etc and a prerequisite to being able to spend a month in a “hot” seat along side their seasoned traders and even trade their money. Which is then in turn an “intership”. Its about having a vision, daring to dream and committing with actions.
Would never pay for these internet “guru’s” but. It took a long time to find this particular firm.
That’s like saying I never by anything online because I don’t trust “them”, but always go into a shop to buy something. Who says you’re going to getting any better information from them than from an online guru?
I’ve never paid anything specifically for trading…other than funding my trading account, which is exactly how I viewed it when I started.
I’ve paid for and completed a vmware course, etc. and yet I don’t even know exactly how that’s benefited me in the past (i.e., I’ve had contract jobs where I’ve used it, but was never specifically hired for having that skill). So, in hindsight, it’s an educational investment where you can’t always see the future benefit.
However, at least with my trading experience, I feel I’ve been learning as I go. Training myself into limiting exposure, controlling risk and holding onto profits/capital.
I know I’ve spent far more than I expected to spend ‘learning’ forex trading, but at least at this point I’ve now gotten past the break-even point and can hopefully look forward to building my trading capital.
It’s a process called due-diligence. Heard of it. Let’s hope so.
Indeed. If you have, that’s good. And good luck with the process. Hope it helps you get what you need out of it to help you succeed in trading.
As with trading, any way you do it that works, is good. So I guess the same goes for learning how to do something - if it works, then that’s good as well.
I’m hearing you bro. I think it comes down to perspective. I spent $1000’s as a young fellow to get my golf handicap down to scratch. In business the company I work for has invested $1000’s in my personal development. So to me, as an arm-chair speculator, it makes sense to invest in myself. Trust me bro, I didn’t find this firm by typing “super secret fantastic fun ultimate forex training guide” into google lol. But an opportunity to spend a month on a trading desk. That’s priceless to me.
All the best bro
I think a lot of people confuse cost with value. As Bob said due-diligence. In my opinion start with babypips school; it’s free and if applied will give you an excellent understanding of the basics. Once you have a basics, in most cases it will be easier to make a good decision, based on the information in front of you, the options available and should be easier to pick the least of the evils.
We’ve all come across these offers that offer a trading method, and if you buy the product or service we’ll include at no extra cost "x which has a retail value of $$, and if you do it today, we’ll include “y” which has a value of $$$ addition and so on so you have a total of several hundreds or thousands of dollars that you can buy for a quarter of the price. With a good understanding of the basics you can see for yourself if the offer has value or just cost.
Lets say you want to learn how to trade using a PA strategy. You don’t learn well by only reading and you’re one of those people who need someone to explain parts of the method to you. There are two services that you think will be a great solution for you. One offers a complete pa course for $500 and another one offers $300 for the same type of complete course. The $300 course is just that, no other type of support after you pay for the orginal or they do offer a forum where you can talk to other traders and the person who sold you the course. When you check out the forum you see no one has been on it for over 6 months. The $500 offers a private forum through Skype and no matter when you go on it, there is someone talking about PA. As well you have email access to the person that sold you the course. I think tht the more expensive one has much more value than the cheaper one.
For me I look at everything that comes my way, but for me to go any further, I’m looking for after sale support. Depends if you’re one of those people who needs a lot of support or you’re self taught. Anyway my opinion.
Absolutely not. Why would anybody do that when there’s a wealth of education online for free?
If you were taking a university cource at a university would you expect to study there for free?
would you also not buy any books your teacher reccomends too because you have to pay for them?
no wonder so many people fail at forex.
yes, there is an enormous amount of information available for “free” on forex.
but there is also valuble knowledge/teaching available out there which is not available for free.
It is upto YOU as a trader to work out which bits you can get for free off the net, and also work out the people who try and sell you “free” stuff for a price.
it is also upto you to identify those diamonds in the rough that you cannot get for free, and then ask yourself …“will this likely improve my trading skills?” and “it is worth the money”
bobbill’s purchase sounds like one of those things that are not availaible for “free”.
i can’t comment or not weather i would personally go for it though as i don’t have enough details. $1000 sounds like alot though. but if these guys are profitable and decent teachers then hanging out with them for a month is likely to do him more good than harm …
I agree, there are plenty free online education for trading, and also free webinars, and they are good.
I think there is a course in Groupon less than £20, if anyone interest to take a class for trading education.
£20 only? I wonder how good it is?
I would say you pay for value you receive.
When I started my journey through trading I didn’t know where to turn to and the first thing I paid for was a strategy to trade synthetic indexes rather than currencies, it was going well till I had losses and my eyes opened to things I didn’t know when I asked about the reasons for my losses.
Six months later, I’m sponsored to take forex classes where I’m not only taught to trade currencies but to create EAs, trade cryptourrencies and a lot of other extras like having close mentors and signals (they explain why you’re taking the trade) for the price of all I lost and spent when I started.
The value is worth it, I mean they don’t just stop at teaching but they follow up and keep you in check while you’re at it.
Guilty as charged. More than a decade ago a lot of the resources available online today werent around then. I paid US$2500.00 for a course. I have been going over the course these past few months and things are beginning to fall into place. Turns out the course was well worth the cost after all because I am finally getting it. Incidentally today that same course is being sold for just under US$8000.00. I’ve been approached to sell my course for half what I bought it for but I am still considering, lol.
It appears I fall into that category, lol. Quick question though…If you could pay an experienced trader US$1500.00 to teach you something that would make you earn US$85,000.00 you woudnt pay the US$1500.00 then? Just wondering.
That sounds like a bargain but most people dont think of it that way.
Because they can learn it for free and (probably) fail.
There are no guarantees either way really but with the former the value is immense if the trader is consistently profitable…
I mean seriously, Lol. There is a lot of Forex trading websites these days, so why do you wanna pay unless you’ve a lot of money that you wanna spend that’s another fact. I’m not going far, take baby pips as a example. You can learn everything regarding to trading here. So, no I didn’t pay.
yes information so accessible now, though tradings one activity that been enthusiastic and a thirst for knowledge dose nt necessarily mean success ,that why people sell these course its easier
If I were to follow your line of reasoning I would come away with the impression that anybody who went to a brick and wall school today to get a degree or go to high school is wasting money because all the information they will be getting is free online. We need to lift our level of reasoning my friends.