Is there a successful and really profitable trader who is not selling courses, signals and EAs at all? There seems to be none, certainly not in online platforms such as YouTube. For those that are on YouTube, if they are that successful and profitable why do they need to sell these items???
Please don’t tell me they want to help. If they want to help, why don’t they do it for free or at very minimal cost???
I’m a new in forex, but I believe I will make money from the market one day. But at no stage will I start charging people for the so called trading strategies, indicators, EAs, etc. This is madness!!!
The way I learned in my early days was I read a lot of books. Especially books about the great traders eg Market Wizards series
But there are tons of books on different ways to trade.
I don’t mean this to sound disrespectful in anyway but it seems these days every one just wants to watch a few videos (for free) and they will have the keys to the kingdom.
Videos are great but you should have a rounded learning process incorporating many methods and lots of practice.
Again books are often better than the same rehashed video content.
I personally don’t have a problem with people charging for what they teach - however I will say that many ‘gurus’ out there do work hand in hand with a broker and take a kick back when you open up an account with a broker they recommend.
Also if they teach systems that get you to trade nearly all the time - again they’ll get a % of that.
I’d also be careful when they say they are professional traders. They might make money from trading but unless they have managed money and are licensed they are not a professional trader - they are a retail trader who is profitable - big difference.
It’s not difficult to find out if they are a pro and licensed - all can be revealed with a bit of digging
However if they say they are pro, when in fact they are retail - that’s a big red flag in itself.
Im sure others can chime in on this topic, but being suspicious in your early days is a good form of risk management.
Unfortunately there are a lot of ‘real’ traders who use demo or just fabricate results. You need to do your due diligence on forums like here and trust pilot. Forex Peace Army are good too for independent reviews. There are real ones out there its just about doing your own research to make sure theyre legit
Those who are doing good at trading and also don’t mind to use that knowledge to share with others in order to become famous on youtube and get paid for promoting different brokers
Traders who are doing good but don’t bother to spend time on anything else
Those who are not doing good, still promoting different brokers on youtube to earn money
And finally, those who are neither doing good in trading nor using youtube to earn side income.
So it is difficult to characterize any trader. It should be our intelligence to decide which trader is actually a genuine trader and sharing genuine knowledge, and this understanding only comes with experience.
Also, remember one thing, if these good traders had not shared their knowledge, we would not be here where we. So I am definitely thankful to those traders who took the extra step and shared their knowledge of trading with us.
I really want to say you get what you pay for, but that’s not exactly the case. Most that want freebies tend to fail and in general because they don’t pay attention to advice. Those paying can end up the same way but have skin in the game and tend to put in more effort. Nothing wrong with a good IB if your making money or being mentored. It basically cost you nothing while you learn.
I don’ t think there is something wrong with sharing information. More so if someone is an expert and knows a lot about something, specially in forex where expert advice could make a huge difference for some.