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Forex tipsters?

  • #1
  • First Post: Edited Dec 12, 2005 12:33pm Dec 9, 2005 5:34am | Edited Dec 12, 2005 12:33pm
I would appreciate any input regarding Forex tipsters.

There is one out there called xxxxxxxxxxx.com, just wondered if anyone had first-hand knowledge of them actually profiting from trading or like most tipsters in life make money from subscriptions etc.

Being new in the Forex arena I have been trading live now full time for 3 weeks with very limited success.

Basically finding it very tough.

I am looking for the so called edge any help in the right direction would be a God send.

Is there such a thing as a successful day trader, speculator maybe?

Cheers

TB
  • #2
  • Dec 9, 2005 3:09pm Dec 9, 2005 3:09pm
how strange, I posted a reply to this thread and to some others, and they have all disappeared !

: S
"Always bet on black"
  • #3
  • Dec 11, 2005 5:50pm Dec 11, 2005 5:50pm
top banana, I wouldn't recommend signing up to any FX tipster or system seller. I have never used these and never will...well, at least not until they can answer the question of why aren't they making money themselves by trading their views/signals instead of trying to sell them to others?

As far as I can tell, its all snake oil. I wouldn't look to buy the 'edge' but to grow it from within. Provided you apply half decent risk management the greatest expense is time and committment. Slow and steady wins the race.
"Always bet on black"
  • #4
  • Dec 11, 2005 7:28pm Dec 11, 2005 7:28pm
Quoting abobtrader
top banana, I wouldn't recommend signing up to any FX tipster or system seller. I have never used these and never will...well, at least not until they can answer the question of why aren't they making money themselves by trading their views/signals instead of trying to sell them to others?
.
I never can understand this logic - if your system is so great why don't you trade it and make squillions from it?

What if I developed a trading system that produced say 5% consistently per month. I traded it for a few months and it worked just as well in realtime as it did in backtesting. I have a $10k float. So I am going to make myself $500/month on this system.

What if I could get 100 people trading this system and charge them $100/month. Then I could make $10,000 per month from selling the signal on top of the $500/month I was making from trading it. I could add $5000 to my trading float, live off the other $5000 and I will be able to grow my trading float far quicker than if I just traded the system myself.

Where is the problem with that?

Simon

PS I am not talking about all the snake oil sellers who claim 100% per month type stuff. I am talking about quality sytems of which there are a few out there.
  • #5
  • Dec 12, 2005 1:19am Dec 12, 2005 1:19am
Many thanks for confirming what I thought ABO And DR ROCK

Cheers for your time and look forward to hearing from you soon in the near future.

Adios
  • #6
  • Dec 12, 2005 7:35am Dec 12, 2005 7:35am
no probs banana, all the best in the future.

Dr Rock, I'm still a non-believer. I think if anyone can make 5% consistently a month, then they really wouldn't be wise to sell the product. If I was generating 5% a month, I would not box up the system but would trade it and keep it a closely guarded secret. Its a money machine. It would only give you 500 in month one, then a bit more in month two, and so on. Indeed, 5% a month gives you 80% a year when compounded. Subscriptions or sales are not compounded, and there is a risk that the system it loses its effectiveness once it becomes widely available.

The only reason I can see a person selling the idea is if they have no cash to start with and have been bankrupted, and so don't have access to the loan market. Personally, if I was printing 5% a month, I'd rather go to the mafia for financing rather than sell my system.
"Always bet on black"
  • #7
  • Dec 12, 2005 11:19am Dec 12, 2005 11:19am
Quoting abobtrader
no probs banana, all the best in the future.

Dr Rock, I'm still a non-believer. I think if anyone can make 5% consistently a month, then they really wouldn't be wise to sell the product. If I was generating 5% a month, I would not box up the system but would trade it and keep it a closely guarded secret. Its a money machine. It would only give you 500 in month one, then a bit more in month two, and so on. Indeed, 5% a month gives you 80% a year when compounded. Subscriptions or sales are not compounded, and there is a risk that the system it loses its effectiveness once it becomes widely available.

The only reason I can see a person selling the idea is if they have no cash to start with and have been bankrupted, and so don't have access to the loan market. Personally, if I was printing 5% a month, I'd rather go to the mafia for financing rather than sell my system.
at 5%/month or 80% a year its still several years to make good cashola.. selling a service provides a more consistant income, free from trading risk.. at the least the income from selling signals can help hedge cashflow against losing trades or drawdown.. also who knows how long the "system" will maintain profitable performace.. market dynamics change, who knows how whether the lifespan is long enough to reach the good cashola years ..
  • #8
  • Dec 12, 2005 6:10pm Dec 12, 2005 6:10pm
sorry, still not feeling it. Still a good few years to make decent cashola at 80% pa? If you start with just 10k, that grows to over 3.5 million in just 10 years! I nevertheless agree there is a risk that the system breaks down before then, and that risk may act as an incentive to the seller to cash in quick while the going is good, but I view this as extremely poor form.

Maybe its a personal thing. If I believed in a system so much that I thought it was good enough to sell then I would also believe it would be good enough to leverage up on and just trade it myself. I would do the latter. Alas, I will never have a system that good, so this is all hypothetical.

Knowing that a fool is born every minute and that people have an innate desire for others to divine the future for them, I believe most buyers of systems are suckered in and end up as net losers. I could never bring myself to selling a system knowing I am contributing to this grand, ongoing prophetic con.

I am yet to read of any Market Wizard type stories about traders who minted it by buying somebody else's system.
"Always bet on black"
  • #9
  • Dec 24, 2005 3:13am Dec 24, 2005 3:13am
i think 5% a week is a very attainable goal on average.
Same Whore .... Different Dress
  • #10
  • May 21, 2019 10:57am May 21, 2019 10:57am
I also don't believe a trader is always profitable. there must be a loss.
  • #11
  • Feb 24, 2020 6:28am Feb 24, 2020 6:28am
Of course, there are successful traders and there are not so few of them, it is more influenced by the fact that there are many, if not all, of those who have lost enough. Plus, those who make good money in the market usually do not scream about their income, especially given the fact that this business, as well as the profit from it can be kept secret and never voiced. I always recommend to everyone not to look for simple ways and try to be guided by the result that suits you. Only in this case, you will make every effort and generally act as thoughtfully as possible in order not only to save your capital, but also to multiply it. You just have to tune in and not feel sorry for yourself.
  • #12
  • Last Post: Feb 24, 2020 7:58am Feb 24, 2020 7:58am
Getting ideas and inspiration from other traders is great as a starting point, but at some point we have to go it alone and become 100% responsible for our own trading decisions.
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