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Is forex education misleading or everyone is stupid?

  • #861
  • Feb 7, 2022 4:19am Feb 7, 2022 4:19am
Quoting captalTrader
{quote}
TimeTells are we not now confusing getting educated on how to programme computer code and getting employed to be a programmer?

Hi, CT,
I understand your viewpoint, you're a computer scientist looking at life from a computer scientists perspective.

Nothing wrong with that.

I often thought (thoughts, not proof), that a Computer Technician,
working with some ‘common fault finding’ techniques
might have more success in the realms of Forex,
than a code based Computer Scientist,
but who really knows?

all the best
Pete
  • #862
  • Feb 7, 2022 4:20am Feb 7, 2022 4:20am
Before we dwell too deep in education semantics.

What is the purpose of FOREX education?

Is it not to train you to be a speculator? A profitable speculator?

This education can be delivered in many ways other than theoretical reading. An already profitable speculator might show you the ropes, and you find yourself profitable without even ever set foot in any expensive forex seminar course

But sadly only 1% are profitable and that number doesn't seem to increase. Meaning there's no profitable mentoring going on
  • #863
  • Feb 7, 2022 4:23am Feb 7, 2022 4:23am
An encylopaedia can contain a lot of knowledge, but will it make you an expert at anything ?

In any endeavour or profession, we try to master one skill that we are good at / understand and then research, develop & excel in that.

Most forex traders end up being "Jack of all trades, master of none."
It never gets easier, you just get better
  • #864
  • Feb 7, 2022 4:25am Feb 7, 2022 4:25am
Quoting TimeTells
{quote} Hi, CT, I understand your viewpoint, you're a computer scientist looking at life from a computer scientists perspective. Nothing wrong with that. I often thought (thoughts, not proof), that a Computer Technician, working with some ‘common fault finding’ techniques might have more success in the realms of Forex, than a code based Computer Scientist, but who really knows? all the best Pete
I sense a very polite ridicule in here

I might be mistaken thought
  • #865
  • Feb 7, 2022 4:33am Feb 7, 2022 4:33am
Quoting Shabs19
An encylopaedia can contain a lot of knowledge, but will it make you an expert at anything ? In any endeavour or profession, we try to master one skill that we are good at / understand and then research, develop & excel in that. Most forex traders end up being "Jack of all trades, master of none."
You mean it in this way: if there were full time forex courses, like a college of some sort? Where students dedicate all efforts in learning forex?

Or you mean the changing of strategies thing?

Either way, 99.9% fail rate is too much to be justified by that.

South Africa have 70% youth unemployment. There's young people with no other options, with nothing to do, that pay crazy amounts for a forex trading course. Spend a lot of time, that they obviously have studying this course. They fail! They all fail!
  • #866
  • Feb 7, 2022 4:43am Feb 7, 2022 4:43am
Quoting captalTrader
{quote}
I sense a very polite ridicule in here I might be mistaken thought

No, not intentional lol.

Though I WAS a computer technician hahaaa.


To solve a problem. How do we approach it. Well, we all do it slightly differently I imagine.

I had once sent out 2 engineers to resolve an onsite problem with a corporate customer. Back in the late '80s.

They had a PC with an external Tallgrass Hard Disk (probably 25Mb lol) & Tape back up unit, but the hard disk was getting scrambled data at the end of each week.

We had already replaced one hard disk under contract (before the in house IT days) so I went to have a look.

Sitting back in chair, hands behind my head, thinking WTF when I looked at a whiteboard above the computer table (who remembers a whiteboard lol).

And the whiteboard was magnetised. And a few little magnetic blocks had fallen off the board onto the table.

So I picked up the Tallgrass unit and turned it upside down. And sure enough there were a dozen or so magnetic blocks attached to the bottom of the drive unit.

The magnetic blocks had scrambled the data, the Tallgrass unit was not at fault. Problem solved.

(I asked them for their most recent tape backup to restore their most recent valid data - you KNOW the answer lol. They learned two things that day)

Anyway. Education, retention & comprehension. Then putting it all into practice is another thing.


And if the Forex market was totally random WHAT possible education could be provided to any prospective student, other than GOOD LUCK.

Fortunately imo, our market is not random at all.

Else how could the following occur, daily.

I am NOT suggesting those profit TPs registered are MINE by the way.
AT ALL.
Just a view of how our market looks & works, on a bigger scale is all, giving an appearance of randomness.

.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1 maths and swings.png Size: 24 KB
  • #867
  • Feb 7, 2022 4:50am Feb 7, 2022 4:50am
Quoting TimeTells
{quote} No, not intentional lol. Though I WAS a computer technician hahaaa. To solve a problem. How do we approach it. Well, we all do it slightly differently I imagine. I had once sent out 2 engineers to resolve an onsite problem with a corporate customer. Back in the late '80s. They had a PC with an external Tallgrass Hard Disk (probably 25Mb lol) & Tape back up unit, but the hard disk was getting scrambled data at the end of each week. We had already replaced one hard disk under contract (before the in house IT days) so I went to have...
Play fair Pete…. Lines don’t work! Remember the mantra!!!
  • #868
  • Feb 7, 2022 4:53am Feb 7, 2022 4:53am
Quoting moodybot
{quote}
Play fair Pete…. Lines don’t work! Remember the mantra!!!

Hahaa, Andy, well it seems from your post earlier today that it is NOT lines that are an issue, but whose lines.

Each to their own, and I'm all for that
  • #869
  • Feb 7, 2022 5:16am Feb 7, 2022 5:16am
Quoting TimeTells
{quote} No, not intentional lol. Though I WAS a computer technician hahaaa. To solve a problem. How do we approach it. Well, we all do it slightly differently I imagine. I had once sent out 2 engineers to resolve an onsite problem with a corporate customer. Back in the late '80s. They had a PC with an external Tallgrass Hard Disk (probably 25Mb lol) & Tape back up unit, but the hard disk was getting scrambled data at the end of each week. We had already replaced one hard disk under contract (before the in house IT days) so I went to have...
What are the chances that 99.9% fail retention & compression is the question.

I don't understand what I'm supposed to see on that chart that would suggest that it was not drawn by random outcomes.

I see we're moving away from misleading education to random forex market.

Please note that I changed from random to chaotic.

Your question, what do you teach a student if markets were really chaotic? You teach them that markets are chaotic and charts don't and can't predict the future
  • #870
  • Feb 7, 2022 5:29am Feb 7, 2022 5:29am
Everyone teaches strategy but no one teaches psychology. Psychology has to precede strategy. To succeed at trading, you must first succeed at controlling your mind by sticking to strategy.
  • #871
  • Feb 7, 2022 5:41am Feb 7, 2022 5:41am
Quoting captalTrader
{quote}
I don't understand what I'm supposed to see on that chart that would suggest that it was not drawn by random outcomes.

Hi CT,

I get that exact comment of yours all the time mate, sorry, and I am not an educator (clearly).

The only thing I can really say to folks is .... when you 'see' it you will never NOT see it again.

(A bit like those swirly gifs I guess where the girl is dancing left, or is she dancing right, our minds at work.)


Forex is not for everyone. Indis work just fine imho, well they MUST for a guaranteed 50% of the time anyways - price either goes up or down.

It is when price goes both up AND down on the timeframes that traders get into bother.

And the market then clears out a percentage of both buyers AND sellers in the one action. Do they tell us THAT on these often wasteful courses. Some do.

Myself I have to wait for both confirmations AND confluences.
Sometimes up to 4 before I trade, which requires great patience
which I personally think is THE weakest link in MOST sensible trader's arsenals
ie I believe the problem is NOT stupidity at all.

All the best with it CT.
  • #872
  • Feb 7, 2022 5:52am Feb 7, 2022 5:52am
Quoting captalTrader
{quote} You mean it in this way: if there were full time forex courses, like a college of some sort? Where students dedicate all efforts in learning forex? Or you mean the changing of strategies thing? Either way, 99.9% fail rate is too much to be justified by that. South Africa have 70% youth unemployment. There's young people with no other options, with nothing to do, that pay crazy amounts for a forex trading course. Spend a lot of time, that they obviously have studying this course. They fail! They all fail!
Forex trading is a business that does not suit all types of people. Unfortunately people learn the hard way, by parting with their hard earned money on courses that sell dreams and then straight into trading Live thoroughly unprepared.

They do not have the patience to test & record, continuously until they have mastered one style of trading that suits them personally, not their tutor's personality but their own. There is no off the shelf course that gives you a licence to print money.

Then they start trading undercapitalised, trade with far too much risk and with far too much proift expectations and burn out quickly.
So the cycle begins, another new course / strategy, more high risk trading, more money down the swanee etc. etc.

The courses don't give you the practical day to day trading routine or help you gain the mental capacity to handle success & losses as part & parcel of trading.
The switch from strategy to strategy, parting with more money, is compelling enough, until they conclude one day, that it had all been a complete waste of time & money.
It never gets easier, you just get better
  • #873
  • Feb 7, 2022 6:15am Feb 7, 2022 6:15am
Quoting TimeTells
{quote} Hi CT, I get that exact comment of yours all the time mate, sorry, and I am not an educator (clearly). The only thing I can really say to folks is .... when you 'see' it you will never NOT see it again. (A bit like those swirly gifs I guess where the girl is dancing left, or is she dancing right, our minds at work.) Forex is not for everyone. Indis work just fine imho, well they MUST for a guaranteed 50% of the time anyways - price either goes up or down. It is when price goes both up AND down on the timeframes that traders get into bother....

Careful now. You don't have to tell us about you and what you do because that will implify that you're part of the 1%, that you're profitable.

And me to prevent this thread readers from spamming your private messages asking you how you do it. I'll then have to ask you to prove it that you're profitable.
  • #874
  • Feb 7, 2022 6:20am Feb 7, 2022 6:20am
Quoting Shabs19
{quote} Forex trading is a business that does not suit all types of people. Unfortunately people learn the hard way, by parting with their hard earned money on courses that sell dreams and then straight into trading Live thoroughly unprepared. They do not have the patience to test & record, continuously until they have mastered one style of trading that suits them personally, not their tutor's personality but their own. There is no off the shelf course that gives you a licence to print money. Then they start trading undercapitalised, trade with...
Does this mean forex education is useless. Profitable forex trading is a skill that cannot be taught?
  • #875
  • Edited 6:55am Feb 7, 2022 6:41am | Edited 6:55am
Quoting captalTrader
{quote} Does this mean forex education is useless. Profitable forex trading is a skill that cannot be taught?
Forex education is only a starting point. It can be whatever you want it to be, useful or utter crap, it's your own perspective here.

A skill takes a particular type of person, I think most trading prop firms have these to analyse personality types.

https://www.myersbriggs.org/my-mbti-...cs/home.htm?bh

Take the test: https://www.16personalities.com/personality-types

Another test: https://similarminds.com/jung.html

More here: https://www.forexfactory.com/thread/...makes-a-trader

https://www.daytrading.com/trader-personality-types
It never gets easier, you just get better
  • #876
  • Feb 7, 2022 6:58am Feb 7, 2022 6:58am
Quoting Shabs19
{quote} Forex education is only a starting point. It can be whatever you want it to be, useful or utter crap, it's your own perspective here. A skill takes a particular type of person, I think most trading prop firms have these to analyse personality types. https://www.myersbriggs.org/my-mbti-...cs/home.htm?bh Take the test: https://www.16personalities.com/personality-types Another test: https://similarminds.com/jung.html More here: https://www.forexfactory.com/thread/...makes-a-trader...
So forex education is not misleading, it's just not important? It's just a starting point you say?

What is it then that 99.9% don't do right? What is after the not so important forex education they're supposed to do that's is so scarse to come by. And why this information is not readily available as does forex education?
  • #877
  • Feb 7, 2022 7:19am Feb 7, 2022 7:19am
I must really be a rookie. Or Forex Factory must have its own language. This thread confuses the hell out of me. I'm not even sure I understand what the discussion is about to be honest.
Focus on what DIDN'T happen
  • #878
  • Feb 7, 2022 7:23am Feb 7, 2022 7:23am
Quoting captalTrader
What is it then that 99.9% don't do right? What is after the not so important forex education they're supposed to do that's is so scarse to come by.
The "education" addressing directly this question how to make real money from buying and selling forex as a retail trader.

Quoting captalTrader
And why this information is not readily available as does forex education?
Most of this "self-taught education" comes from investing "thousands" of hours of screen watching, private research and so on..... Example, RickM and Ryuryu with their volume delta scalping strategy.
Know what you trade
  • #879
  • Feb 7, 2022 7:35am Feb 7, 2022 7:35am
Quoting FourBarsBack
I must really be a rookie. Or Forex Factory must have its own language. This thread confuses the hell out of me. I'm not even sure I understand what the discussion is about to be honest.
It's about why 99.9% forex speculators fail.

I says it's the forex education that's misleading.

Others says, no it's people who are stupid. 99.9% of them.

You're welcome
  • #880
  • Feb 7, 2022 7:38am Feb 7, 2022 7:38am
Quoting BWilliam
{quote} The "education" addressing directly this question how to make real money from buying and selling forex as a retail trader. {quote} Most of this "self-taught education" comes from investing "thousands" of hours of screen watching, private research and so on..... Example, RickM and Ryuryu with their volume delta scalping strategy.

You mean RickM is profitable?

How do you know?
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