Her question was answered, by me, in my first post, which was the second post on this thread.
And you don’t know what you’re talking about.
May I now suggest that you go have another watch of your No Nonsense Forex videos that you’ve recommended so enthusiastically to others. Even your friend at No Nonsense Forex knows that there’s a difference between Equities and Commodities and retail spot FOREX.
There are so many reasons why trading Equities and Commodities is a whole different ballgame from a technical point of view that it’s not even funny. And given that I probably have ten posts around here on this very topic: I ain’t repeating them here.
And while Van Tharp there may well attempt to prepare you from a psychological point of view: all that’s going to do is prepare you psychologically for your coming losses.
But hey: you wanna trade FOREX knock yourself out. It ain’t my money.
dpat your Honorary Member of FX-Men is in jeopardy
we should ask the admin to demote you 
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come to the dark side my friend, we’ve been waiting for you, we got beer and pretzels for you!
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No popcorn???
Thanks for the invite. But no thanks. Been there, done that, got the t-shirt (and the losses) to prove it.
Chat in the morning (which I will wager is going to be a rather interesting morning).
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Yes there are scams out there. Fortunately, the school of pipsology teaches you what to look out for. There is never one system that you can set and forget, and start raking in the dough. The market has too many variables for that. You can succeed here if you are willing to put in the time and the work. Study diligently and practice frequently and you should reap the rewards. Many people today expect success and big rewards but are not willing to earn them. They are usually the ones who try to discourage you.
“The dictionary is the only place where success comes before work”, Vince Lombardi.
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Cookies…?
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I think the first part of the query is what nobody seems to be referring to - “my Facebook feed and pop-ups”… This is the real trading scam.
All the pop-ups offering training that will have you trading successfully in 5 weeks, days even minutes (yes, I did see an pop-up offering to teach trading in 5 min).
These guys are not genuine nor qualified educators, they charge a small fortune just to introduce a few indicators and then try connect you to broker/s where they make commision
Forex itself isn’t a scam but the odds are stacked against the reatil trader.
& from a personal view, the no-nonsense forex is the most negative trading site I’ve ever come across, could get no value out of it…
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Before I even begin here @mark157foley I want you to know that I am NOT picking on you at all i.e. that is not my intention so please don’t take anything that I now post the wrong way.
And now with my above in advance apology in full force and effect and from the bottom up:
The ones who try to discourage you are the exact opposite. They are actually the ones that have been doing this for a very long time and are well aware of the pitfalls and the reality. Not the other way around I’m afraid to say.
I disagree totally with the notion that there is no one system that can make money consistently over time. I’d not use the term “set and forget” because there is usually SOME work involved but such work is mainly limited to nothing more than having to place orders and manage trades. This notion that a new comer has to spend months and years learning how to trade is nonsense. Most will go through the school here and be none the wiser by the time they’re done. They may know what a pip is etc. But they will certainly not be in a position to begin trading and making money. So the only way that’s going to happen: find somebody to hold their hand and guide them through a profitable trading system on a step-by-step basis until they’ve got the gist of it and are able to carry on themselves no longer needing guidance. There is no other way. I have been at this since 2005. Do the math. I know what I am talking about. And quite frankly: if that’s going to cost somebody some money for the privilege then so be it. Call it the cost of doing business.
Unfortunately there are probably more scams out there than there are traders and brokers. That is 100% correct unfortunately.
Hey.
Again: not sure I agree with most of your post to be honest (well at least insofar as what I’ve just posted above is concerned anyway). But I get the basic idea.
You do make one good point (at very least anyway and to a certain degree):
MANY scams actually don’t involve the ACTUAL business of trading AT ALL. Matter of fact and for reasons unbeknown to me: some of the biggest fraudsters in history were SOMEHOW affiliated with the financial industry and/or trading in general but the actual frauds perpetrated had nothing at all do with trading itself. Now I don’t know why that is. Maybe this business just simply attracts a certain type of personality type. I don’t actually have the answer.
No Nonses Forex. I’m indifferent really. Only thing I got out of watching some of that stuff: at least he knows enough to know that there’s a big difference between trading Equities and Commodities and spot FOREX and vocalizes this more than once. In addition: he is quite correct when he notes that most indicators are useless for spot FOREX. Because of the way that a spot FOREX pair moves: indicators that were developed to be used for trading Equities and Commodities fall short more often than not. And there are a few things worth their salt in his videos (in particular the use of what is ACTUALLY the COT data and which he obtains from IG and his take on stops being hunted). But hey: if you think HE is negative then don’t read MY posts on the topic that’s for sure!!! LOL!!!
It’s s mostly due to ignorance coupled with a willingness to accept the “testimony” of others without any facts to support the position.
As I recall, W.D. Gann said to study the charts every day for 1 hour for 5 years before beginning to trade. Translation: get a significant amount of education, including YOUR perspective, before attempting a new endeavor.
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It is definitely genuine but it is not easy, not at all.
I certainly wouldn’t depend on it as an income until you have been trading successfully for many years.
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Yes going full time is very hard
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hi,
life would be boring if we all agreed with each other…
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This.
I have successfully mentored quite a few. I never exposed them to such nonsense as elliott wave theory, or Bollinger Bands. (Hey if you use these things successfully keep it up!! Its all about being profitable.)
Just taught them how to trade the way I do and those students that stuck to it, had an ounce of patience, and could handle the psychological side of it have become profitable. For those that couldn’t… well they blew their accounts long ago taking impulse trades and/or overleveraging.
And before anyone says I’m trying to sell a mentoring service. I’m not accepting any students and don’t see myself accepting any students anytime soon.
Don’t over complicate your trading. Find a successful mentor. It’s not necessary to know about every indicator or trading strategy out there.
Best of luck to all!!
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A quadruple “Like” from me.
Great post.
And the only way to go.
People get upset with me of late because of my comments re: regurgitation of the same old same old. But it’s of use to no bugger. And I’ll bet that a huge proportion that post these inane posts (which may or may not be posted with good intent) don’t even know how to implement the regurgitation in a practical sense.
And let me add:
My self righteous attitude to this business of everything must be for free or else is nonsense and it has become all too clear to me since being back here. So you know what: if you know what you’re doing and are not a scam artist and can help even a few trade profitably by coaching them on specifics (and by that I mean to follow a trading system or methodology that you yourself trade profitably on a daily basis): then go for it. Mentor and charge for it and there you go. Job done. I for sure am now working on something like this.
And you are quite right about something else i.e. you’re not going to save everybody. You can take ten people and coach and mentor and train on a specific trading system or methodology and I’d wager that at least five will STILL fail for the reasons you’ve mentioned. And that’s just unfortunate. And that is EXACTLY what happened with the Turtle Experiment. A more clearly defined trading system or methodology you could not find even if you looked hard. Some went on to make a lot of money. Others wiped out. It is what it is.
And of course there’s the age old argument (which unfortunately I myself have spent years perpetuating in error): if you’re making money trading well then why not just share for free (conversely the belief is that you cannot be making money from trading hence the charges). Nonsense. I trade for a living. Consequently I have to withdraw money every month from my trading account to live and pay the bills. With additional income from training and mentoring: I’d not have to do that and could simply grow position sizes. And something else I’ve noticed is that this issue of charging for training and mentoring seems to be a far bigger issue in the FOREX market as opposed to the Equities market. I don’t know if that’s just because there’s more budding FOREX traders around or if it’s because the scam artists know that for the most part your budding retail spot FOREX trader isn’t quite as switched on or is more gullible or what. But I can tell you that there are professional (well known) Equities and Commodities traders that charge FORTUNES for this and nobody has issues with THEM. Some sell indicators in the hundreds and even THOUSANDS of USD. But alright: they’ve been around for a while and have proven track records of course. And maybe therein lies some differences. But that being said: you can SEE them trade. And they give SPECIFICS not pie in the sky regurgitated BS that nobody can understand or that leaves so much to interpretation that there’s just no point.
And before I start a riot or become inadvertently complicit in some scam or the other: the above is not an invitation to you budding signal providers (you know who you are) to start your BS on these forums. Even IF your signals are good: you’re still not helping anybody i.e. nobody is being taught or learning anything from taking or being given signals. And let’s face it: anybody that’s happy to just get signals isn’t serious about learning to trade and is just trying to take a shortcut.
So there you have it i.e. the new world according to me. For now.
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haha it would
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I think that everything in life is your personal decision. If you decide to gamble with your money on any financial market, then you should be prepared to lose all your money. However, if you treat this market seriously, then you have chance to make huge profits. Your choice
On the contrary. FOREX trading is wonderful. I derive about 70% of my income from trading (if you probe most professionals, they will admit that they have some sort of side gig). It’s as natural now for me as working any other job.
The absolutely hardest part starting out is being hand-off. We are taught that you must “work hard” at your job. The more you do, the better. You analyze and over analyze. You trade and over trade. You’re petrified of losing your grocery money, so you roll up your sleaves and “get to work” managing the living hell out of your trades. You say to yourself, “I just know this thing is going to pull back any time now. By golly, I’m ready!”
And then, when you are fried to a crisp from burnout and you’re completely exhausted, you wake up 30 hours later. At that point you have an epiphany. You start trusting the education you’ve built up over the years. You start to relax and say, “Ayh! I’ll wait on that one.” You enter when you are ready. At that point you trust yourself so much that you will actually walk away from your computer for a few hours and find something interesting to do. You’ll finally start to accept the small losses and expect the larger profits. You’ll get satisfaction paying all your bills on time.
At that point, you’ve become a professional trader.
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Nice post.