The Rich Dad site is offering a 6 hour Forex training for $79. Anyone have any experience with this? Seems inexpensive enough…if I take it I will be on my guard for an upsell to something more expensive. Is it worth 6 hours of my time? Thanks in advance for the advice.
Don’t know anything specific about the Forex course, but Rich Dad has a very poor reputation in Canada as a bunch of high pressure sales people trying to hype their product with a brand that once upon a time was reputable. I had a look at one of stock investing manuals (wasn’t supposed to, since I wasn’t registered) and it was just a bunch of anecdotes and trading psychology. There is better stuff on investment forums or brokers for free . Do a Google search for Rich Dad, Poor Dad Scam.
While i cannot comment on the forex courses that they offer, the only thing i can say is that i have read through quite a few of the 'Rich Dad Poor Dad" books. While i cant say i learnt strategies or techniques directly from the book, i think the best thing it did for me (as i initially read it quite young) is changed my mind set on money and how i want to go on to acquire my wealth… While i am a big fan of the Rich Dad Poor Dad books and the whole story behind it, again cannot say whether the courses will be helpful to you or not…
That said, $79 is pretty cheap for any course such as this… I’d say take it and go for it… Even if you come out learning one thing it may prove worth it… At the worse case scenario, you blew $79 on potentional education and your back to where you are now, possibly learning something about the experience, if not from the course itself… There are far worse thing you could spend $79 on…
Please post back if you decide to take the course and let us know how it went…
Sanj
Wait Rich dad now poor dad?
The guy who has to run around and do all those shows and promo’s just to make money?
I’d browse around there are plenty of free things around.
Forget about the Rich Dad, Poor Dad books - that was a previous incarnation by a Canadian author. The newest outfit is American and bought the rights from the Canadian. Then they put together their own (useless) materials and added new streams to the basic mortgage / real estate investment one (never heard of forex before) and hit the market with the hard sell.
The worst part of attending a six hour session is that most of it will be spent on the psychology of success and playing on your emotions to break you. Don’t say you weren’t warned.
A million pounds says the original poster works for Rich Dad. Only 2 posts, a weird random looking name and no doubt he will never make another post.
Someone mentioned we were getting the fallout from Forex factory so i assumed it was some schmo trying to peddle his crappy system. Like this smonds guy I saw the other day in the chat. Can prove that he can read historical price but can’t prove his legitimacy of taking those trades.
its just a personal opinion, If you can acquire knowledge for free then why pay for it. all you have to do is spend a couple of hours reading, but of course there are things that you might learn better by attending trainings, but 79$ is a bit too much from where i come from. another benefit you might acquire from actual seeking that knowledge your self is self discipline. all the best!
Thank you all for the advice. It just seems too good to pass up, but you are right if they are only going to stress success and play on emotion then it will do more harm than good.
I don’t work for Poor Dad and my name is a logon I use because it is easy for me to remember. Hope that answers that question.
Best…Judy
I too, am trying to learn forex and ideally would like a course with practice lessons and testing… to see how well I really am “getting” forex. I am finding most of the “Free demo accounts” and online training to come with strings attached i.e. opening an account with some forex broker- which I am not ready to commit to yet. It leaves a bad taste in my mouth for the whole thing. Would love some legitimate training though.
You should realize demo accounts are in a small sense fixed. Oanda for instance quotes you at a different price, margin calls are 50% for live accounts I think the demo gives you a 70% lenience or around there, plus there’s the misconception that this isnt real money so I have no worries.
I don’t think that the people who pay for trading knowledge realise just how much free information there is on the internet.
As a general rule, nobody knows what you think they know; nearly everything is rehashed information that you can find for free if you learn to Google first.
Every course I have ever taken from $3,500 to $5,000 and up has left me feeling like I was taken advantage of (& I was).
If you want to grow as a trader then seek these things:
Mastery of Basic Ideas:
a) there is only one highest high in a trend
b) if price is closing higher then it is going higher
c) plan your exit & then size your trade as if your stop were twice or thrice as big
d) the best entry on a chart is a candles wick; target trades from higher TF extremes
e) price travels hundreds of pips per week & with a positional advantage (wicks) you can achieve these gains
Mastery of the Psychology of Others:
How would others see this chart?
Where would they enter?
Where would they place/move their stops?
From where is a trader likely sitting on a fat profit?
Mastery of the Psychology of Self:
Fear is your body telling you that your trade is going to be wildly successful.
Greed is not the enemy, it just comes with a price tag.
The Free Flow of Information:
Years ago, I thought that I who was doing others a favor by sharing information. I was surprised to see just how much was
returned that had a major impact on my growth.
-Don’t be a fool and pay for trading knowledge.
I would say, instead of paying them $79 dollars for the training, save your $ and add it into your Live trading account…You can find the training that you need here in Babypips website alone. Also, I’m sure most (if not all) brokerage firm provide some basic training as well…I use Forex.com and they do offer training for the beginner and advance. Most of them are free.There are some you need to pay but I don’t need it…
Most definitely, you are not just spending 79 bucks with them because when you go to their training, they will sell all kinds of product and or services that they have…you will be trap. I’ve been to one so called “investment” training and ended up costing a thousand more than what they initially offered.
It’s all sales pich and nothing else…
JAS0441, Did you ever take this training and what did you think of it?
I don’t know about them, but in general who ever offers you any kind of help for money you should avoid it. Becoming a good trader means a long term education and there is no short cut, so if you really think that in those 6 hours you will find the holy grail than go for it.