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Mentors & Tutors for new traders

  • #1
  • First Post: Aug 8, 2010 2:18pm Aug 8, 2010 2:18pm
Why do so called trading mentors and tutors only target new traders? Are they taking advantage of ignorant people to trick them that they will make them profitable traders on a day course. Why do they teach new traders using historic charts...i dont know of a broker who allows customers to trade historic charts.

Why dont they step up their game and teach the new traders in real time...live trading not historic charts. Every trader knows where they could have bought and sold and taken profit when looking at historic charts...but it takes guts for a mentor or tutor to trade with his/her students LIVE. New traders can you be careful when it comes to chosing mentors/tutors...if he/she cant provide you with some live trading statements, why would you part with your hard earned cash. You are the customer...its your mny on the line, so the least the mentor can do is show you some proof that they are teaching you a profitable method and they are worth your hard earned cash.

A mentor/tutor cares about the success of his/her students...not these so called tutors who take your mny and send you some stupid stuff to read, show you some historic charts and ask for more mny from you. Most of the stuff yu dont even need to pay a penny for it coz its readily available for free on the internet. So choose your mentors/tutors wisely...dont pay for stuff that yu can find on the internet and do your own research before you decide to pay for help.
  • #2
  • Aug 9, 2010 12:46am Aug 9, 2010 12:46am
Good post! If only everyone thought the same way then these snakeoil sellers wouldn't be in business!

Not sure about asking for statements and proof but certainly asking for demonstrations in a live market in real time is reasonable, in fact most genuine mentors and tutors will offer without being asked, they know themselves how many scams there are in this business!

  • #3
  • Aug 11, 2010 11:00am Aug 11, 2010 11:00am
Quoting pipmutt
Good post! If only everyone thought the same way then these snakeoil sellers wouldn't be in business!

Not sure about asking for statements and proof but certainly asking for demonstrations in a live market in real time is reasonable, in fact most genuine mentors and tutors will offer without being asked, they know themselves how many scams there are in this business!

Novice traders are lured by tutors adverts promising them to make millions in a year or make $500/ day by trading only for 5 minutes...with pictures of traders on the beach. I know a couple of successful traders but i havent seen one who trades on the beach and a laptop and sand dont get along anywhere.
  • #4
  • Aug 11, 2010 12:12pm Aug 11, 2010 12:12pm
Hah, I want to see adverts with the 95% of traders who just blew their account in the first five days ripping their hairs out and losing sleep over a loser!
  • #5
  • Aug 11, 2010 12:37pm Aug 11, 2010 12:37pm
Quoting Fxtrader
Why do so called trading mentors and tutors only target new traders?
Because experienced traders don't need mentors and tutors. And most experienced traders got to where they are now by having a mentor or tutor when they were starting out.

I fail to see why you guys thinks it's more honorable to blow your account then it is to get some help when you are starting out.
  • #6
  • Aug 11, 2010 1:50pm Aug 11, 2010 1:50pm
Ah Phil, an FF veteran. Great to see you back here again (if you've never heard of him before, read his back posts).

I'm guessing you must have spent time with Rob Booker when you started off?
  • #7
  • Aug 11, 2010 1:55pm Aug 11, 2010 1:55pm
Quoting philmcgrew
Because experienced traders don't need mentors and tutors. And most experienced traders got to where they are now by having a mentor or tutor when they were starting out.

I fail to see why you guys thinks it's more honorable to blow your account then it is to get some help when you are starting out.
You should look around the web and see how many scammers are there pretending to be mentors and tutors...that's what i was talking about.
  • #8
  • Aug 11, 2010 2:26pm Aug 11, 2010 2:26pm
Quoting triphop
I'm guessing you must have spent time with Rob Booker when you started off?
Good one! The only thing I learned from Booker is that there's a lot of fraud and deceit in the forex world.
  • #9
  • Aug 11, 2010 2:31pm Aug 11, 2010 2:31pm
Quoting Fxtrader
You should look around the web and see how many scammers are there pretending to be mentors and tutors...that's what i was talking about.
I know what's out there and I agree with you. That being said, forex scammers don't "target" and specific type of trader. You either go to their site or you end up on some email list and you are contacted by them. They don't care if you are experienced or not.

Ultimately, it's up to the consumer to make smart decisions. No matter how fraudulent a vendor is, he cannot force you to purchase a system. If their claims seem too good to be true then they really are.
  • #10
  • Aug 11, 2010 2:55pm Aug 11, 2010 2:55pm
Quoting philmcgrew

I fail to see why you guys thinks it's more honorable to blow your account then it is to get some help when you are starting out.
Catch 22. Inexperienced novices get taken in, some of those sellers are very plausible.
  • #11
  • Aug 11, 2010 3:25pm Aug 11, 2010 3:25pm
The interesting thing is that people almost demand to become a victim of fraud in forex. Look at the titles on the first page of this rookie forum. These people aren't saying they've been to a website or read an unsolicited email, they think these things are simply possilbe:

 

  1. News Trading
  2. 10 pips a day can make you rich
  3. Holy grail
  4. 2 indicator system
  5. Predictable pairs
  6. 97.5% accurate breakout system
  7. Almost can't lose martingale
  8. Help creating a 1 pip system
  9. Amazing strategy
  10. 38 consecutive wins

These all sound like scams but these are posts from this forum!

  • #12
  • Aug 11, 2010 3:50pm Aug 11, 2010 3:50pm
Quoting philmcgrew
The interesting thing is that people almost demand to become a victim of fraud in forex....
You just made me laugh
  • #13
  • Aug 12, 2010 12:27am Aug 12, 2010 12:27am
Quoting philmcgrew
The interesting thing is that people almost demand to become a victim of fraud in forex. Look at the titles on the first page of this rookie forum. These people aren't saying they've been to a website or read an unsolicited email, they think these things are simply possilbe:

 

  1. News Trading
  2. 10 pips a day can make you rich
  3. Holy grail
  4. 2 indicator system
  5. Predictable pairs
  6. 97.5% accurate breakout system
  7. Almost can't lose martingale
  8. Help creating a 1 pip system
  9. Amazing strategy
  10. 38 consecutive wins

These all sound...

Good one Phil
  • #14
  • Aug 12, 2010 2:40am Aug 12, 2010 2:40am
Quoting philmcgrew
Good one! The only thing I learned from Booker is that there's a lot of fraud and deceit in the forex world.
I saw him on your buddy list so put 2+2 together. And clearly came up with 5

Second you on the fraud and deceit... the levels some people go to are mind-boggling.
  • #15
  • Aug 13, 2010 7:58am Aug 13, 2010 7:58am
Quoting pipmutt
Catch 22. Inexperienced novices get taken in, some of those sellers are very plausible.
look what has happened to traders who thought Jacko was the man...now some people might even lose their life savings.
  • #16
  • Aug 13, 2010 8:50am Aug 13, 2010 8:50am
Quoting Fxtrader
look what has happened to traders who thought Jacko was the man...now some people might even lose their life savings.
Yeah I know, I was reading about that fiasco.

S/he is a good example of what we're talking about, literally dozens of gullible novices right here on these forums were taken in by what they thought was an experienced trader and they paid him money. A few less inexperienced traders realised a lot of what he said rang alarm bells loud and clear but novices don't want to hear that stuff, they're buying into a dream and need to keep it alive.

$700 is an expensive lesson but probably sustainable for most people, but losing substantial amount of money to some scam investment can be devastating and often life changing, I hope they catch and prosecute the lowlife!
  • #17
  • Aug 13, 2010 9:41am Aug 13, 2010 9:41am
Quoting pipmutt
Yeah I know, I was reading about that fiasco.

S/he is a good example of what we're talking about, literally dozens of gullible novices right here on these forums were taken in by what they thought was an experienced trader and they paid him money. A few less inexperienced traders realised a lot of what he said rang alarm bells loud and clear but novices don't want to hear that stuff, they're buying into a dream and need to keep it alive.

$700 is an expensive lesson but probably sustainable for most people, but losing substantial...
I hope new traders will listen and do their own research before they pay someone to trade for them or buy signals...or even pay for tutoring.
  • #18
  • Aug 13, 2010 10:09am Aug 13, 2010 10:09am
Quoting Fxtrader
Why do so called trading mentors and tutors only target new traders? Are they taking advantage of ignorant people to trick them that they will make them profitable traders on a day course. Why do they teach new traders using historic charts...i dont know of a broker who allows customers to trade historic charts.

Why dont they step up their game and teach the new traders in real time...live trading not historic charts. Every trader knows where they could have bought and sold and taken profit when looking at historic charts...but it takes guts for...
I know a two guys who mentored a few novice traders and it went well. However, it was done in person and he took a % of their profits that they made after he trained them, as opposed to charging them for his valuable time. He had an office so they simply traded from there. They've all been friends to this day, and help each other out.
I think it is safe to say you won't find a paid-service mentor on the internet that is legit. Their is too many snakeoil's in this business. Networking to find a tutor/mentor is a better route, if that is the route you want. A legit trader will make more money trading than he ever would for his time spent mentoring / selling books. Food for thought.
As far as watching a guy trade live...I don't think that is needed. I know personally I'd get annoyed if someone was looking over my shoulder as I traded.
  • #19
  • Aug 13, 2010 10:13am Aug 13, 2010 10:13am
In my opinion, it seems clear that if your prepared to do the homework/ research, all you need to get to a level of profitability is available on the net.

I started my journey 20 months ago and the learning has been great not just for the trading lessons but the life lessons also. Helps to have my other half keeping me grounded. She's also responsible for me not parting with $700 to Jacko.
  • #20
  • Aug 14, 2010 8:50am Aug 14, 2010 8:50am
Quoting Fxtrader

I hope new traders will listen and do their own research before they pay someone to trade for them or buy signals...or even pay for tutoring.
Unfortunately they probably won't, that's why snake oil sellers like Jacko stay in business for so long, they leech off gullible novices with money to burn. Sad really but I guess that's life, there's a sucker born every minute and plenty of lowlife scum ready to take advantage!

To be perfectly frank I don't have an awful lot of sympathy for them. Disregarding due diligence for a minute, who in their right mind hands a bunch of money to a total stranger without having any sort of protection from being scammed? They were kinda asking for it really!

Harsh perhaps but we all learn from our mistakes hopefully.
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