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"good traders trade, bad traders teach"

  • #121
  • Sep 13, 2015 4:11am Sep 13, 2015 4:11am
In almost 11 years of forex trading and reading pretty much everything on most forex websites around the net, I can say that I NEVER found a trader to convince me to be the real thing.

In 11 years NOT EVEN ONE !!

I can't believe how much time I wasted going after megalomaniacs here on FF and all other websites just to find out they were fakes.

My advice is for you to do your homework and learn by yourself, you are ALONE in this forex world.

If I was wise enough to know it when I started I would be in the level I am today six years ago.
So, you think you have rights? LOL
  • #122
  • Sep 14, 2015 2:32am Sep 14, 2015 2:32am
Quoting Chace
"good traders trade, bad traders teach"
In think 99% of time this is true
  • #123
  • Jul 31, 2017 12:57pm Jul 31, 2017 12:57pm
Quoting ForexOracle
In almost 11 years of forex trading and reading pretty much everything on most forex websites around the net, I can say that I NEVER found a trader to convince me to be the real thing. In 11 years NOT EVEN ONE !! I can't believe how much time I wasted going after megalomaniacs here on FF and all other websites just to find out they were fakes. My advice is for you to do your homework and learn by yourself, you are ALONE in this forex world. If I was wise enough to know it when I started I would be in the level I am today six years ago.
you need to know how to split fake traders, liars and loser against real traders. you will see there is a big difference how they write or react. look for someone who wins any discussion, who has arguments, who knows what he talks about, and ask for being your mentor. then learn in 3 month all whats possible.
  • #124
  • Edited Aug 1, 2017 2:09am Jul 31, 2017 6:12pm | Edited Aug 1, 2017 2:09am
If you want a good mentor, find an (ex-)bank/institutional/prop trader who also operates as a coach (such people do actually exist!).

Otherwise, don't complain if you end up merely paying to learn much the same material that's already freely available on the internet...... no matter how profitable his track record might appear to be. In many cases, the same TA-based material gets repackaged and regurgitated over and over.

Also, keep in mind that trading is something like 20% knowledge and 80% dedicated experience in developing and refining your skills (both analysis and execution); so don't expect success to come overnight, no matter how good the mentorship; and always remember that ultimately the only person who can make you profitable is YOU!
  • #125
  • Jul 31, 2017 7:10pm Jul 31, 2017 7:10pm
Just because a trader teaches, it does not make them a failed trader.

You might think all you need is a profitable trading strategy and that's it. You simply trade your strategy and you're rich, right? Wrong.

Successfully monetising a profitable strategy is far from easy. Say you devise a strategy that earns 10% per month (which would be an excellent strategy). Even with an account size of $10k, that's still only $1,000 profit per month. Plus you'd want to re-invest about 50%, so that leaves you $500 per month.

Now you cannot live on just $500 per month, never mind the fact that you have a great trading strategy. So what else can you do? You can sell signals, or courses.

The fact that a trader sells courses, signals or subscriptions or whatever does not necessarily mean they are bad at trading, it might just mean that they don't have a load of capital to trade with. No shame in that.

That said, there are very many charlatans out there, so choose wisely.
  • #126
  • Jul 31, 2017 7:37pm Jul 31, 2017 7:37pm
Quoting Forex-Jedi
Just because a trader teaches, it does not make them a failed trader. You might think all you need is a profitable trading strategy and that's it. You simply trade your strategy and you're rich, right? Wrong. Successfully monetising a profitable strategy is far from easy. Say you devise a strategy that earns 10% per month (which would be an excellent strategy). Even with an account size of $10k, that's still only $1,000 profit per month. Plus you'd want to re-invest about 50%, so that leaves you $500 per month. Now you cannot live on just $500 per...
simple borrow money from friends and family! but this only for extrem good strategy. and with 99,9999% chance it is not this strategy! and thats the problem, this strategy sellers dont want trade their strategies, because they know they will lose over time.
  • #127
  • Jul 31, 2017 7:53pm Jul 31, 2017 7:53pm
Bald in the front - good thinkers
Bald at the back - Good lovers
Bald both in the front and back?
One think oneself is a good lover
  • #128
  • Jul 31, 2017 8:12pm Jul 31, 2017 8:12pm
Quoting RondaRousey
{quote} what a noob response. You really have no idea about trading. If you are trying to teach trading then you have failed maybe teaching english is your calling. You are the charlatan!
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  • #129
  • Aug 1, 2017 2:49am Aug 1, 2017 2:49am
Here's my opinion on the situation. All the truly great traders have had people seek them out. They don't advertise themselves. They have people literally banging down their doors begging them to teach them and they may or may not have the heart to teach 1 or 2 if they see potential, but they will NOT try to start a business out of it. If anything, the businesses that successful traders start are called "hedge funds" not trading courses. That being said, there's a ton of free information out there, which is one of the biggest problems. Information overload confuses traders and some opt to pay in order to get a structured educational approach and there are people out there willing to provide that service for a fee. It doesn't mean they are failed traders per se, but they are hustlers and not successful on a large enough scale with their trading efforts so they feel the need to supplement the trading income. This is kind of like a college professor who has worked in the industry, but not had enough success to become a fortune 500 CEO. Doesn't mean he failed in the industry, but if he achieved enough success to be a fortune 500 CEO, he would not likely be teaching a college course.
  • #130
  • Aug 1, 2017 5:28am Aug 1, 2017 5:28am
Quoting Madinvestor
Here's my opinion on the situation. All the truly great traders have had people seek them out. They don't advertise themselves. They have people literally banging down their doors begging them to teach them and they may or may not have the heart to teach 1 or 2 if they see potential, but they will NOT try to start a business out of it. If anything, the businesses that successful traders start are called "hedge funds" not trading courses. That being said, there's a ton of free information out there, which is one of the biggest problems. Information...
thats true, best mentors are not possible to find working as coach, this are 99% wrong person to learn from. the best coachs are people who dont work as coach and only by luck or because someone is impressing him, he will teach his knowledge. thats the truth. you cant find a good coach by looking for coaches. its unimportant if this person was in big bank, worked for big funds,.... if this person was good he would still work there or would have worked privat and had no time for coaching, only in very rare impressing moments, maybe 1 or 2 times in live he would invest time in coaching (and would never ever take money for this). if a coach takes money, he is simple useless, because he needs money and dont have good wins/job to do other way. i have never seen it different in my 20 years.

maybe there are some more "not so intelligent" coaches out there, that do it different and are good, but "not so intelligent" and good same time is also not best combination. you need to like one person and want to coach him, its a very time intensiv way, there is no money in. the most time i did see this way, the coach even payed the coached person monthly as private assistent, he needs to do all (not only trading parts learning, also project planings, buying things, helping saving time for the coach so he has enough time for teaching ) and was trained/coached all same time. this is the best situation you can have. because near all coaches cant do this, their teaching is near useless and you can learn same from internet by reading too. good coaching needs near all time teaching , in live and trading.
  • #131
  • Aug 1, 2017 6:13am Aug 1, 2017 6:13am
Quoting Chace
Some good points guys. Thank you for those who replied (even the sarcastic ones!), you've helped me get my answer. I now feel confident throwing down a couple of grand on a teacher/course knowing they will teach me to become as profitable as them. Obviously it relies on me putting in the hard work myself - which I certainly will since the rewards are worth it. All the best to those striving for the same, and congratulations to those who are already there. Chace Edit: obviously there are some bad courses out there so part of the work is researching...
Do not pay for a trading course, they are a con. They drag you in claiming they have a consistently profitable strategy but its all lies, if they had a strategy that consistently made them money they wouldn't waste there time on the pennies they would be making from selling courses. Think of it this way, imagine your a profitable trader making 50% of your equity every month and your current equity if 100,000. Do you reali think that you would waste your time making vidoes and teaching people strategies when your making potentially 50,000 a month. No you would put all your time and effort into your trading as anything else isn't worth your time. Its easy for these "traders gurus" to claim they understand the forex markets, its another thing putting that knowledge into practice. Please don't buy a course, it takes years to learn forex from studying charts, developing strategies and just like every other professions it cannot be learnt in 2 weeks.
  • #132
  • Edited 7:00am Aug 1, 2017 6:31am | Edited 7:00am
Quoting dukas_trader
{quote} thats true, best mentors are not possible to find working as coach, this are 99% wrong person to learn from. the best coachs are people who dont work as coach and only by luck or because someone is impressing him, he will teach his knowledge. thats the truth. you cant find a good coach by looking for coaches. its unimportant if this person was in big bank, worked for big funds,.... if this person was good he would still work there or would have worked privat and had no time for coaching, only in very rare impressing moments, maybe 1 or 2...
I've been a profitable trader for the past 3 years but still don't make enough for a full time income. In 2015 I managed over $460k for a personal friend and profited him 44% on the account before we parted ways. Currently I trade over $176k which $35k of it is personal funds. I rarely advertise training but I do teach selected individuals that reach out to me sometimes. I do charge but only for the time. I don't charge for my knowledge or systems as I don't think that's fair. I'm also a musician and have been for 29 years. When I teach music, I also only charge for the time. I see people paying thousands for courses but I just don't think that's a good way to learn. The best way to learn is hands on with another person so they can check your work and make sure you're on the correct path.

This is in no way a pitch for trying to get more students. Just trying to give my input on the matter. It should be up to the trader if he/she decides to charge for training. I do feel that many traders that train should NOT be training. Trading stats should speak louder than anything! When looking for a mentor, make sure he/she has a good long profitable trading history. This doesn't mean they will be a good teacher but chances are, you'll at least be working with someone that knows how to trade.
  • #133
  • Edited 6:57am Aug 1, 2017 6:41am | Edited 6:57am
Quoting Cubbybgood
{quote} I've been a profitable trader for the past 3 years but still don't make enough for a full time income. In 2016 I managed over $460k for a personal friend and profited him 44% on the account before we parted ways. Currently I trade over $176k which $35k of it is personal funds. I rarely advertise training but I do teach selected individuals that reach out to me sometimes. I do charge but only for the time. I don't charge for my knowledge or systems as I don't think that's fair. I'm also a musician and have been for 29 years. When I teach...
so this "friend" cheated you? or is 30% from the 44% of 460k not good starting capital for next trades?

you need a mentor you can see by his work all the time. thats a mentor, when you learn how to do work and living in correct way, learn not only trading, learn also how to live with it and enjoy live. its not only done with trading. 1-2 hourse coached per day is like you need coaching 20 years against 6 month correct coaching, and because market change sometimes fast, you even dont have this possible to compare. you need always correct teached in all mathematic backgrounds and basic market knowledge and structure, you would need many months with only some times coaching per day. for me i have never seen one sucessfull coach doing it other way, but i am only 1 man with my knowledge what i hear and see and do.

for music it will work , but trading is a live style project, you cant compare it as job. its a choosed way to live, trading is only one part of it. ofcourse you can do it other way, but i prefer always doing what possible to do and whats best possible.
  • #134
  • Aug 1, 2017 6:49am Aug 1, 2017 6:49am
Quoting dukas_trader
{quote} so this "friend" cheated you? or is 30% from the 44% of 460k not good starting capital for next trades?
Well, unfortunate story really. My buddy used BelforFX. A broker that went scam. Check them and you will see. I told him that I was getting worried about the broker and he posted a full $466k withdraw. He was able to remove over $300k from mt4 but the funds were never sent to his bank. They simply removed them from the mt4 account to stall him out during their big scam. The account originally started at just $10k and my buddy gradually added more to the account till it exceeded $400k.

Here's the account I traded for him but NEVER got a chance to see the profit.

http://www.myfxbook.com/members/lilr...t-scam/1282344
  • #135
  • Aug 1, 2017 7:02am Aug 1, 2017 7:02am
Quoting Cubbybgood
{quote} Well, unfortunate story really. My buddy used BelforFX. A broker that went scam. Check them and you will see. I told him that I was getting worried about the broker and he posted a full $466k withdraw. He was able to remove over $300k from mt4 but the funds were never sent to his bank. They simply removed them from the mt4 account to stall him out during their big scam. The account originally started at just $10k and my buddy gradually added more to the account till it exceeded $400k. Here's the account I traded for him but NEVER got a chance...
thats bad.

this is 1 point in correct market structure, you need always to take a look for save you balance inside the broker, so you have all money outside the brokers bankrupt risk. and you need to be sure, not to trade with a broker who is your counterpart. this are the 2 biggest points needed to at least have the basic to win.
  • #136
  • Aug 1, 2017 7:06am Aug 1, 2017 7:06am
Quoting dukas_trader
{quote} thats bad. this is 1 point in correct market structure, you need always to take a look for save you balance inside the broker, so you have all money outside the brokers bankrupt risk. and you need to be sure, not to trade with a broker who is your counterpart. this are the 2 biggest points needed to at least have the basic to win.
My friend insisted on using this broker even though I was against it. I traded the funds for him none the less. Luckily, I didn't go empty handed as he paid me a fair monthly salary when I was trading the account. It all just unfortunately went badly for him because he chose this scam broker.
  • #137
  • Aug 1, 2017 7:08am Aug 1, 2017 7:08am
Quoting Cubbybgood
{quote} My friend insisted on using this broker even though I was against it. I traded the funds for him none the less. Luckily, I didn't go empty handed as he paid me a fair monthly salary when I was trading the account. It all just unfortunately went badly for him because he chose this scam broker.
yes, paying you and same time getting lost all money is a big 120% minus. i hope it was not all his money.
  • #138
  • Aug 1, 2017 7:23am Aug 1, 2017 7:23am
Quoting dukas_trader
{quote} yes, paying you and same time getting lost all money is a big 120% minus. i hope it was not all his money.
He was the owner and CEO of his company. I'm not sure if the funds were company money or personal. To him I think they were all the same thing.
  • #139
  • Aug 1, 2017 7:52am Aug 1, 2017 7:52am
Quoting Cubbybgood
{quote} He was the owner and CEO of his company. I'm not sure if the funds were company money or personal. To him I think they were all the same thing.
if its company money he saved company taxes at least. its always difficult trading others money. if its family or friends and you dont plan it perfect by market structure, that money cant be lost by broker , you will have trouble with family and friends, thats not worth. because it was his choosed broker, you are fine in this part and he learned something.
  • #140
  • Aug 1, 2017 11:05am Aug 1, 2017 11:05am
Quoting Cubbybgood
{quote} He was the owner and CEO of his company. I'm not sure if the funds were company money or personal. To him I think they were all the same thing.
It sounds like his mistake was trying to compound all the winnings in the trading account. Withdrawing profits is actually an understated risk management strategy. Not only for risk of unexpectedly bad trades, but against broker risk! I withdraw my profits weekly, as I do not trust any broker.
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