[B]Who are the more Successful FOREX Traders? What they read to get there? [/B]There are so many FOREX books, so many courses, so many systems, so many styles, but I don’t find any financial information about those writers, teachers, gurus, they seem to be [B]selling[/B] all those materials to make a living, they never show their balances in their bank accounts, are there any of them, the so called gurus, that have a [B]million dollars [/B]or more from their profits trading the FOREX? If so, did any of them started with a small account?If any of them have achieved [B]$1,000,000[/B], what did they read, what classes did they take, who were their mentors? So far I have read, that Jarratt Davis started with ForexMentor and he has a few millions, what about all the other famous writers, gurus, etc?
I would predict that you will get a pretty common response on this one. Which is that those who can’t, teach. In saying that, where as there’s a lot of evidence to substatiate this claim, this is not the point. There is a small subset of material that is useful and a few people who do have something useful to say. I think in saying that how useful each piece of information is subjective and dependent on your trading style.
There are price action threads on here that are good. There are cheap self published e-books by Anna Coulson and Laurentiu Damir that are worth reading. There is a 3 volume expensive set of books by Al Brooks which are hardwork but also worth a look.
It doesnt matter if 99% of what you read is total ****. You just need to trawl around for a while and eventually you will find enough of the 1% that you can piece it together into something useful.
The truly profitable ones are probably too busy trading or are reluctant to share their trading edge. The best you could do is to read up (try the School of Pipsology) and find out which trading style is most suitable for your personality.
How much money the people participating in the action threads, have generated to themselves?
I think the amount of money made would be an [B]accurate gauge[/B], in order to follow them, even [B]Tony Robbins [/B]suggest to [B]model[/B] [B]after successful people[/B], why waste the precious time learning from the 99%, when you could zero in the 1% who are outstanding among the crowd. What’s in the bank account of [B]Anna Coulson[/B]?
Is [B]Laurentiu Damir[/B] a millionaire? Is that the reason why he is selling ebooks on Amazon for [B]$0.99 each[/B]?
And what about Al Brooks? He has written four books and he sells a price action video course for [B]$249[/B], he even offers [B]interest free financing[/B] to buy this course? [B]Is he a millionaire from trading Forex or what?[/B]
I agree with you [B]BigPippin[/B], the truly profitable ones are probably too busy trading and don’t have the time or inclination to reveal their secrets or techniques, the rest are too busy writing books or making videos so they can pay the rent.
I would also add that the profitable traders may have a degree of humility and not waving their willies (bank accounts) around, lol. I don’t think arrogance is a good personality trait to have when trading.
If you go to some of the signal providers sites, some of them have verified real accounts that have shown good history. Some of them will also display their actual balance rather than just pips. There’s one on the front page of mql5.com that went from 2500 to 97000, then he withdrew his money. It was a real account too.
You’re asking the wrong question. It’s not always about total amount of capital, but rather annual returns.
Honestly, the majority of traders are losers - they only lose money. Of the profitable ones, most earn 50% annually or less. There are a few who can consistently return 100% or higher annually. They are few and far between, and most are not sharing their secrets.
Those who do share will not hand out the answers, but they will guide you. You can find a couple of them on here.
That is the kind of answer I like, backed up with facts, like the guy on mql5.com you just mentioned. Thank you.[B] The bottom line here is money, money talks[/B]. There is a saying I read in a book once, it goes like this: [B]“If you want to know about money, talk to a banker, not to a bricklayer”[B],[/B] [/B]on the same theme if I want to know a bout how to make money in the FOREX market, I would like to learn from somebody with a strong financial record not from the bunch of losers you are referring who form the majority of the traders in other words the bricklayers.
Hmmm. There are a few things it’s worth bringing up. I would avoid very cut and dry statements as it sounds clever when you say it but reality is often complex and the subtleties are important.
There are a couple of things about rating people just by how much money they make. One has already been raised the other I don’t think has been. Total amount someone makes is less important than risk adjusted returns. This is even more important when you are running a smaller account.
The other thing is that not all strategies work for all people. Some use complex mathematics, some use a lot of coding and speed, some use raw account size. I can give a specific example of this. I went to a conference hosted by bloomberg in which 3 different successful hedge fund managers spoke about their views on trading etc. Each of them was highly successful and worked for large funds with a good reputation. This talk was of little to no use to a retail trader as a lot of the techniques discussed only really work if you are managing $25m+ AUM. They were managing in one case $2.5bn AUM.
So my point is that it’s not quite as cut and dry as you might like it to be. Your personality/skill set might be suited towards, algo, swing, scalping so even if you can find someone that is awesome at x it’s not as helpful to you as you might want it to be.