Becarefull of education coming from Brokers. Indeed, it depends all if it's a A BOOK broker (means the broker send all your trades, really, to the market), a B-BOOK broker or an hybrid ones (the majority of them are Hybrid). If they are playing in B-BOOK . Means that it's only a CASINO for you, are playing against them because your live account is no more than a 'demo account' - then the sales team of the broker will learn you to play bad. For example pushing you to play the news and/or to be a scalper. (yes) For other broker - pure A's ones - education...
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The bucket shop price action educator was teaching price action, lagging price action like stochastic price action indicator.
The forex bucket shop charlatan signal provider is giving free intraday signals , 99 % of day traders lose money, the bucket shop's signal provider has a record of 3,000 trade zero profit.
Bucket shop Broker's own charlatans are giving free scalping education, they know all scalpers get scalped.
The broker's own stooges told the sponsored forums to push the psychology section to the back or hide it. Psychology is 99% of trading success. On broker's own forum , the stooges told poster to stop posting the truth about psychology.
Broker's own traders/managers lost money, they shafted investors.
Doesn't make sense what you're saying. So your logic is, all the engineers and all the trades people that worked in their field, who are teaching at colleges and universities, according to you they are not good at their job so that is why they teach. They teach because they want to pass on the knowledge so others can learn and do a job. Same with trading. I agree that there are people that can't trade so they teach, but not all of them.
{quote} Doesn't make sense what you're saying. So your logic is, all the engineers and all the trades people that worked in their field, who are teaching at colleges and universities, according to you they are not good at their job so that is why they teach. They teach because they want to pass on the knowledge so others can learn and do a job. Same with trading. I agree that there are people that can't trade so they teach, but not all of them.
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95 % of engineers don't lose their money and stop trading , 95 % of traders lose and stop trading, but the most with their knowledge end up as teachers. Engineers spend 10 years on education educating themselves, in trading any charlatan can become a trader , as long as he can click mouse buttons and has margin deposit.
There is a profit gap with all traders & analysts , between the systems they have or the technical analysis they make , between analysis and actual profits from trading.Most traders fail the execution stage of their analysis. They can't make profit from their analysis.
95 % of engineers don't lose their money and stop trading , 95 % of traders lose and stop trading, but the most with their knowledge end up as teachers. Engineers spend 10 years on education educating themselves, in trading any charlatan can become a trader , as long as he can click mouse buttons and has margin deposit. There is a profit gap with all traders & analysts , between the systems they have or the technical analysis they make , between analysis and actual profits from trading.Most traders fail the execution stage of their analysis....
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The 95% of traders lose because they think they will make a lot of money quickly. Not because of someone wanting to teach trading. The 95% of engineering don't lose money i agree, but a lot of them do fail because they don't pay attention as to what their teacher is trying to teach them. Same with trading. The 95% of traders don't end up being teachers, that is a non sense. Engineers do spend 10 years of working and educating, that is the same with traders that are successful and want to teach. Most traders fail period because they never had a good mentor to teach them how to trade and manage their own capital. There is no successful trader that thought themselves trading successfully. It was traders willing and experience plus education from other successful traders that have been trading successfully for years or trading for other financial institutions. Look up Lex Van Dam also he has a very good experience in trading. As for your video about some guy talking about trading psychology or whatever, just another youtube video will not waste my time watching it, not interested.
{quote} The 95% of traders lose because they think they will make a lot of money quickly. Not because of someone wanting to teach trading. The 95% of engineering don't lose money i agree, but a lot of them do fail because they don't pay attention as to what their teacher is trying to teach them. Same with trading. The 95% of traders don't end up being teachers, that is a non sense. Engineers do spend 10 years of working and educating, that is the same with traders that are successful and want to teach. Most traders fail period because they never...
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The teachers in the trading industry come from the 95%, they learn a bit , but they found trading too difficult to make money.o teaching was easier risk free option.
I agree with you about having a good mentor, but there are none qualified to make successful traders, except for Mark Douglas (the very person you dismissed as youtube video). Mark Douglas is the most respected author of all the trading book authors , he is more respected than the technical books authors .He would be the only person I rate as a serious coach.
Lex Van Dam would not need to be on TV and teach. There are better shows like quacks on BBC , that give a better idea of trading quacks.
Most of these mentors are quacks.
It is unlikely any mentor ,of any value will teach & coach. Simply because teaching is harder than trading for these successful mentors. Any successful trader can become a billionaire by making 30 pips a week , within a few years.
{quote} The teachers in the trading industry come from the 95%, they learn a bit , but they found trading too difficult to make money.o teaching was easier risk free option. I agree with you about having a good mentor, but there are none qualified to make successful traders, except for Mark Douglas (the very person you dismissed as youtube video). Mark Douglas is the most respected author of all the trading book authors , he is more respected than the technical books authors .He would be the only person I rate as a serious coach. Lex Van Dam would...
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You calling Lex Van Dam a quack is a laugh. Thanks for the laugh. Lex Van Dam is a successful hedge fund manager. Enough said for everyone on FF here. Mark Douglas may be respected but no use for my trading. His one hour speech will not make me money that's for sure. Lex Van Dam was on tv BBC called"million dollar traders". I don't remember seeing Mark Douglas doing anything like that. Lex Van Dam is a very successful trader. Anton Kreil is a very successful trader. From my experience I am glad that i found these two. My trading and my investment are in a right place making me good money. Lex Van Dam and Anton Kreil are both great traders and teachers. There is no trader that can make 30 pips a day everyday, nonsense again.
{quote} . There is no trader that can make 30 pips a day everyday, nonsense again.
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It is possible to make 30 pips a day on average , 7500 pips a year is not difficult at all. Trading forex alone can make 20,000 pips a year on average.Dow and Dax are much more volatile, these can make another 20,000 points a year.
Most of you will learn , after losing a lot of money, that psychology is the most important aspect of trading. Mindsets dictate success , risk taking and all the flaws of the human mind. You see all the negative wiring of the human brain in trading.Most traders 99% are likely to fail, not because they did not have a technical mentor, but because they did not have a psychological mentor.The vast majority of traders when questioned about the best trading books, came up with a book written by a psychologist and coach "Mark Douglas". They get value when they read Mark Douglas.
As regards the quacks , one of the quacks says psychology is not important at all, listening to Anton was like watching an episode of quacks.$3,000 seminars and $10,000 education from these charlatan educators , is not going to make any one a successful trader.
Van Tharp hid a lot of trading psychology from his books, so he could sell his courses for $60,000, the truth he never told was 99% will fail due to mindsets.
{quote} It is possible to make 30 pips a day on average , 7500 pips a year is not difficult at all. Trading forex alone can make 20,000 pips a year on average.Dow and Dax are much more volatile, these can make another 20,000 points a year. Most of you will learn , after losing a lot of money, that psychology is the most important aspect of trading. Mindsets dictate success , risk taking and all the flaws of the human mind. You see all the negative wiring of the human brain in trading.Most traders 99% are likely to fail, not because they did not...
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I don't think you took Anton Kreil trading course or Lex Van dam Course. I am going to stop talking about this because you have not experienced it. Have a good one.
Why does Van Tharp sell education and not trade for a living?
Van Tharp "Most people are not successful when it comes to trading. Why?"
I can answer that question on a number of levels. At the most basic level, people must trade by processing information. Unfortunately, we're not very efficient information processors. We have a lot of biases that enter into trading decisions.
In other words " 99 % of humans will under perform or fail or lose money".
I have watched several videos of this idiot along with the ones from sky high rise buildings and hotel rooms. It is all a perception game of selling life style. Every so called wizard had success from being in a corporate/structured environment wit insider access to information. We retail trader minions simply cannot judge or relate to their success within the likes of GS or Salomon Brothers. We must put them on a level playing field which is not possible to do so I just don't bother reading such books or videos. But I must say, he does share some good points about IB. There are many out here being nice and "advocating" unregulated brokers to US based traders with their sneaky affiliate id in the url to scam the unsuspecting. Now you know why I am taking out my rage in recent posts with idiots here at the factory... simply immoral and unethical b*ast*rds who will all rot in hell very soon. Karma gets to everyone!
Read this if you're thinking of becoming a 'JUNIOR TRADER' at a London firm.
Forgive me if I sound bitter, but I am. I have been scammed and I do not wish the same for you.
If you're interested in a career in the highly lucrative business of professional speculative trading in financial markets then let me tell you a story about a self proclaimed prop firm located in the UK.
So, you've been trading a while and you decide you want to seriously pursue it as a career, you decide you want a job in prop trading, but after a little research you learn that it is in fact a lot more difficult to land a position than it is most other jobs. These days prop shops are few and far between, often highly selective with their candidates, and the places with low barriers to entry are often selling a grossly overpriced training course, normally valuable, but overpriced nonetheless.
You begin looking on the usual job hunting websites and come across an ad for a so called prop shop with a vacancy for a 'junior trader' position. So you send in your CV and a letter with details of how passionate you are blah blah blah. They get back to you and tell you they'd love an interview. Excited about this new career path you head to the interview and are told by the interviewers (one of whom is the HR lady, who looks a little out of place) that you're perfect for the role, but before you're released onto the markets you need to supply a year's worth of broker statements demonstrating your ability as a trader (an acceptable request), or failing that, you can simply sit the training course which follows through to a 'guaranteed investment'. You rationalise it as paying for your education before you go on to a successful career. £1200 for the 2 week course, but it's all good - you'll make it back in no time once you learn the strategies the pros are using, this firm has the formula for success...right?
You pay up.
Now you're getting ready to attend the course you paid your hard earned cash for, two weeks of solid education from professionals- none of that online scam rubbish, look at their offices, these guys are the real deal. You get to the end of day 1, things seem a little basic- but they're probably just bringing everyone up to speed, the next few days should be where stuff gets interesting. After making it to the end of the first week, you learned about support and resistance, trendlines, rsi, and moving averages... really? That's it?! To round it off you have a couple days with the in-house psychology expert who bares a striking resemblance to the company founder who happens to be a trading whizz kid (more on that later). You learn that the secret to bad trading is your self-limiting beliefs and your own psychology, nothing to do with the necessity for a proven edge, but fear not-with the magic of hYpnoThEraPy [no I'm not kidding] we can cure your psychology in just a few short hours.
Nothing on journalling, nothing on self management, nothing on backtesting, nothing on statistics, nothing on the importance of edge or even the mention of the word expectancy. You just had a crash course in babypips but the difference is that you paid £1200 for it... and then they kick you out. They failed to mention that the 2nd week of the '2 week course' actually takes place out of the office, and consists simply of you trading on a demo account (with the firm's preferred broker of course) and demonstrating your ability to apply the concepts you learned in the bogus course. There's no support from the firm from this point onward and you're expected to be profitable despite the fact that there was absolutely no mention of the techniques necessary for improvement during your 'education'. Oh and by the way, you can't request to trade in the offices during week 2 because they'll be having important meetings (aka they've brought the next batch of suckers in)
Even if you decide that trading isn't for you, just buy one of the many indicators and algorithms that the company love to shill during the training. One is a martingale grid strategy EA robot that will make you tonnes of money... until it blows your account up! The others will give you trading signals based on a variety of indicator inputs like the RSI, Moving averages and envelopes, because we all know that's exactly how and why price moves- because the rsi said it should!
So let's say you're a consistent trader and your demo stats show stellar performance, then woohoo you made it. Time for a £20,000 trading account and a trading environment full of winning traders- time to go to the next level. Except they still don't offer you support in your trading, oh and you have to pay a £200 desk fee. Now desk fees are standard in a prop shop since you get access to the squawk, data feeds, charting, and a whole other myriad of tools that will improve your trading. What do this company offer you for your desk fee? Diddly squat (you use MT4 with a retail broker). Okay, okay, the desk fee is a bummer, but it's only representative of a 2% monthly gain on the 20k account (after the 50/50 profit split), I can do that easily, the rest I get to keep! Yeah, but theres another thing, your 20k account only gets 1:3 leverage. Oh. Making money is now a lot more difficult than you thought it was going to be, huh?
So let's add this up, assume you stick with the company 1 year:
training one time fee = £1250
monthly desk fee = £200 x 12months = £2400 Grand total: £3650
Remember the 50/50 profit spilt, meaning to just break even, you need to make an annual gain of 36.5%
Ask yourself if you think 36.5% gain on 1:3 leverage with 1% risk per position is realistic? It's possible sure, but does that sound like the business model of a prop shop with elite traders who are making massive returns each year, or does it sound like the business model of an introducing broker company that doesn't care about your trading, and cares only about wearing you down day by day with fees while generating broker commisions? You decide.
The next thing to be wary of is the marketing techniques used to deceive naive and optimistic kids.
The CEO of the company claims to be a trading whizz kid on instagram and youtube with the classic clickbait titles and lifestyle marketing- cars watches and exotic holidays- we've seen it all before and we know better than that. This guy has a private banking background (no he doesn't, he worked in software department) and he turned his student loan into almost £200,000 (no he didn't). He will bash all the other scam artists out there and rip on their lifestyle marketing techniques, meanwhile this guy is deceptively doing all the same things. He's the pickpocket pointing at the thieves while he lifts your purse. This individual is always talking about the importance of 3rd party audited stats, and should you ask him, he's happy to show you his myfxbook, except it's not his, it's his grid strategy, (remember the one that blows peoples accounts, yeah that one), oh and it's with the broker he has an IB contract with... nothing fishy there at all.
It turns out his degree wasn't in finance... no, it was in MARKETING, as in 'selling garbage courses and showing off your cars to instagram' marketing. I bet that's come in very handy.
Some other things to be aware of:
The lady from HR (for whom a car was bought- all documented on youtube to play into the 'we look after our employees' narrative) is the CEO's mum, but he wont tell you that.
The hypnotherapy guru is his dad, he'll tell you that but only because it's glaringly obvious.
The parameters for the prop trading account have a striking similarity to those of BluFX, how peculiar?
The guy that mentors you claims he's a trader- he works a second business and spends 3 week days from 9-5 every week 'mentoring', unless he has godly time management skills and only trades 2 days per week/ asia session, one might suspect this is also a lie and that the mentor does not do any trading at all.
CEO also developed a scam ICO
There's a telegram channel operated by this company- should anyone bring any of the above points to light they are immediately removed from the group. Nothing to hide = nothing to fear. Sounds like these guys are pretty scared of their secret getting out.
Their glassdoor page is full of fake reviews made by the staff.- Don't trust it
The message. Please, please, PLEASE do your due diligence. You think you've done it enough, do it again and dig dig dig for dirt. If they're asking for your money and you can't see a third party verified record (that means the record must NOT be from a broker with whom the educator has a conflict of interest) then RUN.
If it seems too good to be true and they're asking you for money, RUN.
A single bad review can tell you a lot more than a sea of good ones.
I got scammed. Don't be like me. This industry is full of sharks and they will not hesitate to bite you.
{quote} I don't think you took Anton Kreil trading course or Lex Van dam Course. I am going to stop talking about this because you have not experienced it. Have a good one.
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I have followed the Anton course,and i 've made all the G10 currencies Endos,Exos and Cot reports and now i'll try to test the strategy on the market!
Can you give me some advices please on the strategy ,I would be infinitely grateful to you, I have been taking the course for over two years and it is really frustrating, for this reason many do not complete it, even testing the strategy requires mastery
