When it comes to sleezy pitches, they usually start with unrealistic promises, the promise of the land of honey and usually the snake oil pitch would end up with an offer of discount.
Just got a email that does that and much more, no wonder we keep getting many of the “should i pay for the course?” threads in the forum…
To all the noobs, do not pay for anything, paid courses are for the more experienced traders who can (allegedly) spot a con a mile away…
And the last few posts did make for some interesting reading, thanks for the entertainment guys.
Actually I have found some really good information, other than this site about Forex. I haven’t paid for a guru, and I haven’t paid for any courses, they are expensive, not cheap, in the thousands of dollars. I have also bought some books, not to bad as far as price, maybe spent a couple hundred dollars for them. They have also been invaluable. But, a lot of information can be found by searching the internet, and it is free. It takes work, on your part, that no guru can give. I wouldn’t dismiss a mentor or teacher, they can really put you over a learning curve, but it is going to cost. So, if you can do it on your own, the better, it is cheaper, and most information can be found here or other sites. Just do your homework, search and you will find, guru or no guru. I agree about these Forex courses, in my opinion I believe these sellers of these courses probably can’t make any money as a trader, or they have found a better way to make money, and that is by selling Forex courses. I mean, if I wanted to I could just sit down come up with a dozen systems that can make money or at least I think they can, then pitch them on the internet, and probably make a lot more money doing that than actually trading. I might have to actually come up with some real trades to show I can make some money, but I don’t see a problem there. But, I am honest, so I won’t do that!
Yup! That’s the formula…jokes aside, have you ever wondered why these so called “holy grail” run into thousands, just for enrolling for the first series - the answer, everyone’s wiser by the time the first series gets over and no one wants to fork out $$$$ any longer…
I guess if we did s study to see how many of these so called gurus are backed up with real trades and knowledge, we would find that only a small % would actually have made any money out of a live account…
What really gets me is the justification they offer in the end, on any sales page. It usually goes like this
" You can ask if I am that successful a trader why am I wasting my time teaching courses? Well, I believe knowledge should be shared and that’s why I am taking the time out of my busy schedule to teach you all…"
snort
And here is why you never pay for trading “training” or “training material”…
In “theory” it probably seems like a good idea to pay someone to “teach” you instead of just going online and finding the resources yourself for free (easy to do by the way)… Instead you are more then likely going to be subsidizing a bottom feeder like this guy.
i wouldn’t say never… i would pay for quality trading books. 
I strongly agree with the thread/statement. If it’s ok with the rules, here’s a website I really enjoyed learning from and it’s totally free. Babypips is obviously also a great example, but I think that as a trader you gotta diversify your sources of education. Anyways, yea, don’t pay!
Ha! Nothing better to lure noobs into trading than to promise them a 100% fail-proof system. It’s actually pretty easy if you think about it.
I agree with this thread… I would also recommend not to spend any money on Forex Courses, but i would recommend to spend time on Babypips.com first learn the basics, Find a Good Book about Fundamental/Technical Analysis (Again Basic) and work your way up…
Unfortunately, their’s no overnight success, at-least not in forex… So take your time to learn… Do it once, so you don’t have to do it again…
Happy Trading…:5:
hello all , i think there are so many forum and books for how to become a successful man in forex , so no need to pay .
That school of pipsology is incomplete education and won’t turn any losing trader into a winning one. However most things from there are things a trader must know but it won’t turn him into a winner if he’s already losing.
There are 2 threads on another forum that turned me into a winning trader (I don’t trade exactly like the people from there though and there are still things I don’t agree with) but no such threads on babypips. It’s hard for a newbie to find good quality informations for free (there are a lot of strategies that don’t make money available for free on forums).
As for forex teachers, I’m sure most of them are losers. If you find one that proves he is a winner I find no reason to don’t buy his course though.
Being a succesful trader doesn’t mean you can make a lot of money if you’re risk aversed. For example I am a profitable trader but I only trade dailies charts (which means I don’t have so many opportunities to trade and I have a very small account). I’m not profitable with my strategy on smaller TF but on dailies it works very good ( I also made backtesting). I think if I would have been a better teacher (I’m not) I would have considered to open a course to teach traders my strategy. However I think being an account manager (trade for traders who have more money than I have and receive a comission) is a better idea.
It’s tough for me to make much money from trading my account because I’m also afraid of risking many money (even if I know I am a winner in the long run in the short run anything can happen).
Edit: I don’t want to say there are no profitable traders on babypips and good threads (I haven’t read all of them). My point is only that it’s hard to find good informations on forex strategies if someone is newbie.
[QUOTE=“str8;525349”]
It’s hard for a newbie to find good quality informations for free (there are a lot of strategies that don’t make money available for free on forums).
[/QUOTE]
No it’s not… It is extremely easy to find good information… But what you have to realize is that there are no holy grails… There are no “systems” to find and discover that provide a recipe for profit if you only take trades that match a provided set of rules…
This implies discretionary trading is the only real sustainable way to profits. And discretion is something that only the trader can develop through putting in the time of actually trading… There is plenty of good free information that is easily found online… But good information doesn’t make a trader profitable… this is only useful if the learner puts in the time to develop his trading discretion… No one else can do that for him.
There is a holy grail… you just need to discover it 
+1 The problem is not that there’s no free information, but before you can take advantage of the free info, you have a basic understanding of forex so you can decide whether the info you’re looking at is good or not. For example you’re trying to decide which is a better trading strategy for you. Indicators; no indicators. scalping day trading or trend trading, what kind of return can you expect. One trader tells you indicators are junk, I only trade naked charts. Another one says, the person that said that is crazy no such thing as naked charts. Indicators can tell you the trend momentum and they’re never wrong. How do you know what info is good and what isn’t maybe neither is good info. Here’s great simple strategy. Use the 40ma & 30ma when candles close above you buy below you sell. Someone says you don’t need 2 ma’s ether one does the same thing. If you don’t understand what moving averages are how do you know which one is good free info or bad free info. The free information is right here. “baby pips school” Will completing that school make you a profitable successful trader and lead to unimagined riches. . .no. But here’s what it will do. It will give you a basic understanding for forex trading, so that when someone says hey check this site out, it’s the best. You can go and check it out and draw from your baby pips school knowledge to make a good decision based on relevant facts, options and evils.
I think this a fine post (though it could use the odd paragraph break here and there). I was once staunchly in the “never pay for trading” camp because it is all available for “free.” Now, I am not so sure.
Is it free? Books cost money. A lot of books cost a lot of money. Not free.
The internet has plenty of free content. Some of it is good, most garbage. It takes a lot of time to wade through the muck to find the good stuff. Time is money. If someone can present the good stuff in a decent enough format in a few weeks then it will save the newbie time and remember, time is money. A LOT of time saved is the equivalent of a LOT of money. And the complete newbie, wandering around in the muck of the internet, has no idea what is good and what is garbage.
As for successful traders teaching instead of trading: The amount of $75,000 was thrown about. A decent enough living from trading, most would agree. Why teach then? Well, $1,000 per student X 100 students = $100,000. And that is the first course of the year Do that every quarter and you are making $400,000 a year. I have seen many courses offered for $3,995. Yes, some of those million dollar traders are actually million dollars teachers of trading, not traders who teach.
So, technically, yes, a profitable trader can make more money doing less work through teaching than by actually trading. Smart move if you ask me.
The one and only problem I see is that most courses are (mind you, I have never taken a course) as worthless as the majority of the content found on the internet. How to know which is worthwhile and which is worthless?
The answer to that question is: I haven’t a clue.
I agree that discretionary trading is the only way to profits.
Many informations are about indicators or price action signals like pin bars or inside bars.
My opinion about indicators are they’re lagging and are not of much help.
My opinion about price action signals is also that 90% of them are lagging because you don’t enter at the source of the move (the source of the move is the support or resistance levels).
For instance the majority of pin bars form with only the nose touching the support or resistance level. I want to enter the trade very close to the source of the move not after 100 pips.
I think touch trading the important levels is superior to both indicators and price action signals but I don’t find too much free information about this strategy. I don’t say this is the only way to profitable trade but it makes the most sense to me.
Totally agree with this part, it is profitable, and spending half as much time on finding these levels as apposed to learning various indicators does make you money. I have some stats from a non-discretionary approach which finds these levels by using rigid rules and rigid filters, and it does work. Three years of history and counting and it fails to fail.
[QUOTE=“Jezzode;525381”]
Totally agree with this part, it is profitable, and spending half as much time on finding these levels as apposed to learning various indicators does make you money. I have some stats from a non-discretionary approach which finds these levels by using rigid rules and rigid filters, and it does work. Three years of history and counting and it fails to fail.[/QUOTE]
The last three years has seen a relatively unchanged market… Test from 2002-2005 … 2008 …Then from 2009-2012 … In 2008 a major market shift occurred that creates a huge hurdle for rigid systems to accommodate… It’s pretty easy to find systems that work for the last 4 years… One that works for the last ten years (accommodating the market conditions pre 2008 AND post 2008 ) is a different story… Eventually the market will shift again making all the systems that are profitable in the current environment obsolete.
Sure and i agree with this. This is why the filters adapt to different market phases by adjusting to volatility, average daily ranges and single sided momentum so that in 2008 for example you would be given a sell only approach in the pairs which i trade. Of course it’s not bullet proof, and I will always be acceptable of losing trades.
[QUOTE=“Jezzode;525405”]
Sure and i agree with this. This is why the filters adapt to different market phases by adjusting to volatility, average daily ranges and single sided momentum so that in 2008 for example you would be given a sell only approach in the pairs which i trade. Of course it’s not bullet proof, and I will always be acceptable of losing trades.[/QUOTE]
Have you tested it pre 2008 and 2008…?
Sure, spot tested 2006 and 2008 and then consistently from 2010,2011,2012 to now