[QUOTE=“JackMarkets;527355”]
One point Ilovepizza - I notice that you are assuming what is being said in our theoretical one to one session (ie: verbally summarising what you can find online for free) whereas this is not necessarily the case - they could be saying something very different.
Anyway, you are assuming what a teacher teaches in his sessions. What if a teacher taught something radically different from perceived notions of trading? As you know ‘price action’ is the big thing these days so much so that indicator trading techniques are looked down upon - what if a teacher taught an indicator based technique or other unfashionable technique that was no longer emphasised and it was a good technique? Although they could be found online, they are swamped by mastergunner type techniques and constantly rubbished on forums so a reader would not think to use them.[/QUOTE]
There is nothing new under the sun… Until you get to the PhD level quantitative type of trading (which you will not find an instructor for)… The only way to be long term viable is with a discretionary method that encompasses all the key components of trading… These components are well known, unchanging, and well described. They are going to be the same whether you are a new trader at Citibank hearing it from a senior trader or a new retail trader in his home office reading it off of investopedia.
Sure you could get an instructor hawking a methodology like master gunners… But those aren’t viable and certainly not worth the time or money. If you are paying just to learn a “system” then that is money down the drain… Turning yourself into an biologically based computer script is not going to provide long term success.
“What about the turtle traders?!” … These were traders trading a “system” (one that could have easily been traded with a computer script) that got lucky trading in a specific market (mostly inflationary commodities) and market environment (one without algorithmic trading by computers) that lasted for about a decade… This system has since flatlined at best in the current market environment… If you are trading a system that can be turned into an EA, eventually you are going to be trading an obsolete system.
There are new ways of emphasising techniques and teaching people, not new techniques. There are ways of getting messages across that are new. I think (this is an assumption but I think I am pretty safe to make it because of my observation of education) that people learn faster and more accurately with education and feedback - of course with the proviso of the right teacher.
Learning to learn a ‘system’ you noticed that I put system in quotation marks in this post and the previous post was just a description of methodology to approach markets. Some people will approach markets in an incorrect manner - these people can be corrected by either a) the market and thereby losing money, or b) a teacher and losing less money. Losing money to the market can be passed off as ‘bad luck’ and people can repeat the mistakes. A good teacher will really emphasis the difference between luck and bad technique.
There are systems that can be turned into EAs, and yes they become obsolete but these systems are updated - and a good teacher will teach you how and when to update, rather than letting the market teach you which if you are trading a reasonably sized account will lose you money.
As for your example of information from citibank vs information from investopedia: lets talk about a theoretical teaching session of the option expiry at 1.3000 for EURUSD. Investopedia might talk about ‘interest protecting and attacking the expiration’ and give no concrete details. The trader at citibank might give you pertinent clues on how to find out how much money is defending the expiration, and how to trade it, and when conditions change what to do about it - THAT information is not on investopedia and is worth the teaching price (if it is valid and not just make believe stuff by an unproven trader). Here feedback would be invaluable - if you went wrong - did you check X or Y factor asks the Citibank trader? Investopedia asks you no questions and gives you no feedback.
I will agree that THEORETICALLY if you can find a trader who is averaging at least $75,000 annually from trading for the last several years, with fully audited results, and references from previous students, and who is offering live one on one training in person… then that would be worth spending money on… However, my argument is that they don’t exist. In their absence, free material online is entirely adequate.
I agree with you that they don’t really exist. But there are a few traders on the forum who pretend they are (2ndskies, Jonathan Fox, ICT etc). With the addendum that references from previous students are kinda rubbish because its easy for a trader character to buy a few Indians off odesk and say that they made millions (for instance the hilarious testimonials from the ICT students - top recommendation from Aaron).
I agree with you that they don’t really exist. But there are a few traders on the forum who pretend they are (2ndskies, Jonathan Fox, ICT etc). With the addendum that references from previous students are kinda rubbish because its easy for a trader character to buy a few Indians off odesk and say that they made millions (for instance the hilarious testimonials from the ICT students - top recommendation from Aaron).[/QUOTE]
Lol… Indians… I was talking references… Like somebody you would actually call and speak with. That is common when searching for piano teachers and other coaches… Yes testimonials are worthless.
Yeh… I wouldn’t consider the gurus on here charging for training to be worth anything over $5 (being generous).
It’s not about popularity but about credentials.If a not profitable and bad trader writes a book do you think what you learn from there will make you profitable? Or a guy who never made a real trade in his life writes a book about trading ? It’s like learning forex trading from a janitor or a blacksmith,no offence. And i’ve seen many low quality books for which i would not give a penny.Some of them are misleading,confusing or just a crap with no useful information,while some of them are pearls.If a succesful businessman like Warren Buffet writes a book,then he has all the rights for it since he proved himself to be a good investor,but if a local icecream man writes one after reading a few forums on the internet and with actually 0 experience,thats worthless.
Besides the Humbug teachers out there, I believe it’s time for Harry Lorayne. I think memory is probably the best teacher in Forex or any market. I mean I read and read and the more I read the more I forget. Babypips should include a memory section on there web site, like maybe some mnemonic memory aids.
I am only kidding. Harry Lorayne is a memory expert. You probably saw him on TV several years back selling a memory course. Mnemonics is what he uses or word association, which you can do yourself, you don’t need babypips for that. Anyone can learn it, I use to practice it a lot and I actually had a photographic memory. If there is such a thing.
Absolutely right or any other word point of view for whatever reason out there, I do not really see what is going on there or how it should happen to whatever reason. All these gurus not worth money they are asking for their courses anyway. Don’t do that.
There is no person who can train you 100% for trading. If you are really want to be a trader then you have to develop yourself, never ask for any help.
I agree that some things you learn with a teacher, while others you can learn on your own. But the fact is that when you have a teacher in what you are trying to learn, you will be more efficient and methodical.
True, these big scammers who ask for bundles of money to give you the so called trading education, won’t be of any use. According to me, practice is the best teacher. You will try, fail, again try and eventually success will find its way.
A forex person will help himself, he did not need help for any other person. You should develop yourself in such a way that you can manage it strongly.
You are right scammers say you tou make a big amount with your investment. All it is fraud. One needs a mentor to learn forex trading but no one willmake money for you . It is your own effort alent and passion that can make you a good trader . It is your skill which makes money inforex makret. Advices and more here but real application is rare.
