How to choose a course/mentor

For those seriously looking for a forex trading mentor, I have found the way to qualify one. Its really very easy. Ask 3 questions. Frauds and scams will hide from these questions like cockroaches from the light.

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1..Can you provide me with an account statement proving profitability of the system.

2..Can you provide me with 5 referrals whom I can contact by phone.

3..Are you registered with the CFTC or NFA.

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Each question deals with honesty and validity of a trader. Any trader can take a statement, block out name, address, and account number, and forward it. If they won’t there is only one reason, and that is because they are not profitable. The 5 (could be 3) referrals are important as is being able to talk with them by phone. If there is one thing I have learned from TFF, it is that anonymity is easy on the internet, and aliases are cheap (free) and easy to generate. As for the NFA/CFTC registration, a valid mentor may not necessarily be registered, but I can guarantee that no scammer with a clean record or pending investigations is.

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Having been the victim of several forex training scams, I have put together a profile of what a forex training fraud is. These characteristics appear frequently.

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1..Claims of many years (typically >20 years) of trading experience. Make them prove it.

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2..Claims of “wanting to give back and help others”. Bullshit. This business is about money only.

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3..Indignation as a response to any challenge with respect to honesty, validity of the method, etc. This is the most common trait. Scammers are arrogant and are quick to anger in response to any challenge. Anyone who has read Van Tharp knows that this market crucifies over-inflated egos.

What happens if they aren't charging for mentoring? Should you demand all these things?

I have over 20 years trading experience. I have yet to make money trading.

I "give back" because of two reasons:

1) Because others have helped

2) Because when I "give back", smart people like Dial and Scott and others et al give me feedback of which I use to improve my system. So "giving back" makes others give back in return; and everybody wins.


I think when you've read enough about a subject, your start to gain a "BS detector". That's the secret.

When I started, the old folks that knew what they were doing; I didn't believe a word they were saying. Instead, I was mesmerized by the "get rick quick" schemes.

As I reread now old material I have read; I am now utterly shocked. Some of it is seriously good quality; the stuff I use to think was junk. The stuff I use to think was gold, turned out to be pyrite at best.

It's really about the BS detector; and the way to gain a good one, is to know the subject. Snake Oil sells, "new uber indicator!!" "New secret indicator combo that's like a kick to the groin!" All that is hype. The good stuff are the old folks who said "I don't care what indicator you use son, as long as it's got money management attached to it."

You can't seperate wheat from chaff until you know what each looks like...

if someone has been successfully trading for 20 years, how much money could you give them before it would show up on thier bank account hehe

[quote=twoblink]I have over 20 years trading experience. I have yet to make money trading......
With all respect twoblink, this statement is downright discouraging for any newcomers .I have to give you an A for honesty.I just don`t know why you bother to continue after 20 years?

Maybe it's because it's fun.

Like sports, win, lose or draw, it's fun.

It's probably harder, yet more likely, you'll draw in forex, assuming you use good risk management, and if you don't it's like doing sports without hydration.

(It's certainly not putting ot your fires!)

I'm not sure I'll make better money than working... it was hard work making Any money! But let us hope his balance was positive, if not enough!

I'm totaly new to Forex and have been bombarded with dodgy sales letters and phone calls from experts...If they are such experts at trading Forex for 20 years why are they making cold calls?

I hit them with a few of your questions and they run a mile..lol

I was considering using "shubert accuracy method" as an indicator but guess there is no substitute for writing a plan, understanding price, fundamentals, technicals and sticking to a sophisticated trading strategy.

Would anyone who has been tutored by either James16 or Jacko, on their cheap but seemingly well reviewed courses, care to give their two cents about their experience, learning, and profitability.

I only ask cos I'm considering doing both

Thanks