Never pay for advice or education

Beginner Questions
1

There are countless threads where new traders ask similar questions about a forex course which was marketed to them or one-one coaching by a forex ‘guru’. I always give the same response: Never pay for anything when it comes to forex; it is not worth the money.

For starters, all the information that you may learn is the same information you can find online for free. It is nothing more than basics, and sometimes the wrong things anyway. Additionally, you will never have access to a guru and every self-proclaimed guru is nothing more than a retail trader who managed to make a few dollars at best and often does not even make any money trading at all.

Think about it, if your favorite guru is such a good trader why would he take the time to teach you for some small amount of cash? Why would he go out of his way and market his course or service rather than spend the time trading and then enjoying the benefits of his successful trading?

Your forex guru is nothing more than a marketer who give you basic knowledge which you can find for free and if you honestly need a guru to make it through that stage than I love to tell you that you should not bother as you are not cut out to make it as a trader.

1 Like
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just said exactly the same as you in another thread!

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I saw it, but I had planned to write about this for quite some time as I hear more and more asking questions about this and I have to give it to the marketers, they do a nice job feeding of the insecurity of new traders.

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[QUOTE=“TheLastBear;520463”]There are countless threads where new traders ask similar questions about a forex course which was marketed to them or one-one coaching by a forex ‘guru’. I always give the same response: Never pay for anything when it comes to forex; it is not worth the money.

For starters, all the information that you may learn is the same information you can find online for free. It is nothing more than basics, and sometimes the wrong things anyway. Additionally, you will never have access to a guru and every self-proclaimed guru is nothing more than a retail trader who managed to make a few dollars at best and often does not even make any money trading at all.

Think about it, if your favorite guru is such a good trader why would he take the time to teach you for some small amount of cash? Why would he go out of his way and market his course or service rather than spend the time trading and then enjoying the benefits of his successful trading?

Your forex guru is nothing more than a marketer who give you basic knowledge which you can find for free and if you honestly need a guru to make it through that stage than I love to tell you that you should not bother as you are not cut out to make it as a trader.[/QUOTE]

Agree 100%… Everything you need to learn can found for free. Paying someone under the expectation that they will hold your hand is a huge indicator of lack of aptitude… As well as demonstrating a large degree of naïveté and lack of common sense.

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Shhhh… Give the guy a chance. He probably have a very unique and special strategy that we haven’t seen before :wink: You just never know…

Yes, I agree with you 100%…

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where has that thread gone that he was in?

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Was deleted due to advertising.

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Lol… Did someone reported it? …Too bad

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Lol… Maybe

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ah dear, kinda funny

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Two more posts and you become “FX-Woman Honorary Member”

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Thanks! I though I already Am… :slight_smile: well I guess they deleted it …

Okay… Here’s 1

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[QUOTE=“PipNRoll;520547”]

Thanks! I though I already Am… :slight_smile: well I guess they deleted it …

Okay… Here’s 1[/QUOTE]

They deleted the thread … So your posts got deleted with it… Lowering your post count.

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Baaaaam - now you can join the pathetic group, ha!

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Lol… I know Iknow… pathetic And psycho path…lol…

Thank You!

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Pizza reported it. No worries

I am fine with the decision.

Best of luck to everyone

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So if I want to learn how to play the piano, its not worth having a piano teacher because I can find out how to play on youtube FOR FREE?

Or its not worth me going to Mandarin classes because everything I need to know can be found out on the internet FOR FREE?

How about hiring a tennis coach? Surely redundant because I can find videos on ehow which tell me just as much, if not more than a tennis coach - and whats more its free!

How about singing lessons? Lots of online singing videos for free, and I can sing all I like to One direction and hope I sound godly - don’t bother with the singing lessons of course because they cost money and are just a waste of time.

In fact, lets take it further - medical school? Bah - emedicine.com. Want to pass the bar exam for law? Don’t bother with law school - go for wikipedia.com. ITS FREE, and education is expensive these days. (I know that medical school and law school require you to to have the degree, but I think I make my general point.)

If you can learn something from a worthwhile teacher who is a good tennis player/coach, or learn from a good mandarin speaker, or a good singing coach then its worth paying for. Try learning mandarin online and see how good your speaking is, or turning up to America’s Got Talent after learning how to sing for free on the internet and seeing how much abuse you get from Simon Cowell.

Of course, forex is full of charlatans because most of them are not proven to be good tennis players, good mandarin speakers etc and simply quote ‘price action’ and draw a candlestick. Again, I know you were criticizing that Lone Wolf Trader guy, but at least he was willing to demonstrate that he can ‘play tennis’ before attempting to ‘coach it’ through the demo myfxbook (although it had no history).

That is a lot more than can be said for the likes of Chris Capre, Jonathon Fox, DNB price action, Nial Fuller, Petefader etc who do not provide myfxbooks (probably because what happened to ICT and eremarkets when they tried to prove themselves) and try to teach.

The issue is not that all teaching is worthless, but people fall for the most unqualified teachers - ie: trying to learn to speak Mandarin from someone who cannot speak it, or trying to learn tennis from someone who cannot manage a proper serve.

If you find a decent trader who can teach, then it is worth a lot of money, just like learning to sing from a proper singing coach is worth years of trying to sing by yourself.

If you say that you should not be paying for anything that is free on the internet, that is a bit overboard. Good teaching, from teachers who can teach and trade is worth the money. MoneyNVRsleeps states he spent 4000 hours trying to teach himself - and he still hasn’t earned anything. He could (as could many others) benefit from paying for a teacher but not one who does not practice what they preach.

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Best of luck to you too! Take Care…

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[QUOTE=“JackMarkets;520557”]So if I want to learn how to play the piano, its not worth having a piano teacher because I can find out how to play on youtube FOR FREE?

Or its not worth me going to Mandarin classes because everything I need to know can be found out on the internet FOR FREE?

How about hiring a tennis coach? Surely redundant because I can find videos on ehow which tell me just as much, if not more than a tennis coach - and whats more its free!

How about singing lessons? Lots of online singing videos for free, and I can sing all I like to One direction and hope I sound godly - don’t bother with the singing lessons of course because they cost money and are just a waste of time.

In fact, lets take it further - medical school? Bah - emedicine.com. Want to pass the bar exam for law? Don’t bother with law school - go for wikipedia.com. ITS FREE, and education is expensive these days. (I know that medical school and law school require you to to have the degree, but I think I make my general point.)
[/QUOTE]

Not really a good comparison…

Trading is entirely a money generating activity… So if you know how to do it well. Then you have access to all the money you can ever need. PERIOD.

So anyone who wants the extra hassle of taking on teaching members for money and essentially having a JOB is admitting they aren’t making enough money trading… If they aren’t making enough money trading then they aren’t worth the money they are charging.

It is not the same as a tennis coach… Piano teacher… University professor… Not even close. Playing piano, playing tennis, and speaking a foreign language are not inherently money generating activities… I.e if you are good at them that doesn’t automatically mean you are making money or can make money off of those activities. Trading however is…

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Unless you walk into a forum with a proven extensive track record of results and try and advertise teaching then you’re going to get shot down.

As you suggested nobody has done this, so what do they expect.

I don’t think anyone suggested that nothing should be purchased if it can be obtained for free from online sources, it’s just that trading is almost all theory based and text book. The point im trying to get across is this, even if you pay to join a trading room via a online website you still receive all advice and material in text form, just as you would from a text book or free forum. So why pay for the same material?

The only time I would consider paying for education is when you have a physical mentor, as I suggested in another thread. Trading hand in hand with a proven successful trader sat next to you makes far more sense.

I don’t know, this type of question repeats every few weeks here, but as someone who has learnt it all off my own back I will never agree with paying for this type of education.