Who can you trust? | Forex Factory

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Who can you trust?

  • #1
  • First Post: Jun 5, 2011 1:32pm Jun 5, 2011 1:32pm
Who can you really trust to lead you down the right trading path and not down the garden path.The more trading books,articles and forum posts that i read the more i realise that the authors however good their intentions could be doing more harm than good to their readers.
For instance,how many trading books have you started reading only to get halfway through and the author starts going on about how you can visit his website where low and behold he happens to be selling a very expensive training programme or cant fail signal service.I dont know about you but as soon as i see the first telltail signs of a rip off i just want to throw the book in the bin!
Another bug bear of mine is the system forum.When i first start reading a thread the first thing i find myself looking for is the blatent contradiction,that can take the form of an outright lie about making x amount of money in a week or something like i dont trade during major news and then two weeks later publishing trade set ups just before major news.
One more thing,i cant fathom why people publish a set of rules for a system and when you ask them do you take every trade signal that you system offers,they answer something like"no i only take A+++ set up".That gets the alarm bells ringing to me,why dont they include the A+++ set up in the original rules?
Anybody feel the same?
  • #2
  • Jun 5, 2011 1:37pm Jun 5, 2011 1:37pm
Quoting DemoForever
Who can you really trust to lead you down the right trading path and not down the garden path.The more trading books,articles and forum posts that i read the more i realise that the authors however good their intentions could be doing more harm than good to their readers.
For instance,how many trading books have you started reading only to get halfway through and the author starts going on about how you can visit his website where low and behold he happens to be selling a very expensive training programme or cant fail signal service.I dont know...
you can trust books written by real traders of whom you know that they have a verified track history. Finding real traders who are profitable on a forum like this is incredibly hard, cause also the unprofitable ones are always stating that they are insanely profitable with thousands of percent growth a month.

The guys who have a tone of humility are more likely to be profitable traders, than the ones that say this game is easy.
  • #3
  • Jun 5, 2011 1:55pm Jun 5, 2011 1:55pm
Hi DemoForever,

There are a ton of trading or trading related books which dont push systems.

It depends what you are looking for.

Personally, I take most of the info in the trading world with a pinch of salt, the rest (usually easy to get concepts) I incorporate into my trading.

If you read enough you will soon see that all successful traders repeat the same sentences / philosophies and they never talk about systems.

Why is that do you think?

Anthony
  • #4
  • Jun 5, 2011 2:20pm Jun 5, 2011 2:20pm
I look sideways at everyone ..... until they can prove otherwise. Most of the time they can't prove otherwise.

It gets easier to spot the bullshitters the longer you have been in this game and/or hanging around forums like this. There are a lot of them out there.

As Marilyn Monroe once said "trust no one but yourself".
Nothing worth having is easy.
  • #5
  • Jun 5, 2011 2:30pm Jun 5, 2011 2:30pm
then again most successful traders dont spend that much time in forums b/cuz they are too busy being successful
  • #6
  • Jun 5, 2011 2:45pm Jun 5, 2011 2:45pm
Quoting DemoForever
Who can you really trust to lead you down the right trading path and not down the garden path.The more trading books,articles and forum posts that i read the more i realise that the authors however good their intentions could be doing more harm than good to their readers.
For instance,how many trading books have you started reading only to get halfway through and the author starts going on about how you can visit his website where low and behold he happens to be selling a very expensive training programme or cant fail signal service.I dont know...
Keep on reading free material that makes sense to you. Once you think the writer is talking no logic, move on.

Don't pay a single dime to no one for learning forex trading.
The Thief of Wall Street
  • #7
  • Jun 5, 2011 2:49pm Jun 5, 2011 2:49pm
Quoting antgal23
Hi DemoForever,

There are a ton of trading or trading related books which dont push systems.

It depends what you are looking for.

Personally, I take most of the info in the trading world with a pinch of salt, the rest (usually easy to get concepts) I incorporate into my trading.

If you read enough you will soon see that all successful traders repeat the same sentences / philosophies and they never talk about systems.

Why is that do you think?

Anthony
Anthony. Sorry,you asked me a question and ive thought about it and i dont know the answer.Could you please explain it for me?Thanks.
  • #8
  • Jun 5, 2011 2:51pm Jun 5, 2011 2:51pm
i'm quite new to trading...so i do't know how valid my comments might be..
However: from my first days in the factory i've listened and followed those posters that i could understand...the terminology i've had to study ...but i had a basic trust in where they were and still are coming from.
As far as absolutely trusting someone elses strategy, that would be foolish , to me, because the system we develop for ourselves is about our individual phychology and our risk/money management as individuals.
These two factors are more important than the system that you /we develop through learning from others.
We can trust and learn our technicals and fundermentals from others but only as individuals can we develop our individual systems. So, therefore, we only ever can trust ourselves.

Going back to the loony bin now.
All systems of divination, like music itself,work through patterns.
  • #9
  • Jun 5, 2011 2:52pm Jun 5, 2011 2:52pm
Who can you trust?

your P/L statement
Invincibility lies in the defence, the possibility of victory in the attack
  • #10
  • Jun 5, 2011 3:07pm Jun 5, 2011 3:07pm
A lot of people post up systems in the forum, and I would say some of them make consistent money with them. But for others to pick up someone elses system and start profiting is difficult. Often the strategy or system involves some discretion and it is impossible in my view for anyone to teach discretion, gut feel, or experience.

The trader has to develop this themselves, it cannot be found in books or on the internet.

Also those who post their own systems understand them better than everyone else because they built them. Again its difficult if not impossible to teach such understanding.

Forums and books are more for gathering ideas and learning new things that you can add to your own trading methodology.

I would not spend huge sums on courses or even buying loads of books. And be very careful of people trying to sell you "secrets" because once two or three people know the secret it wont be long before everyone knows it.

I think the best way to learn is through practice over a long period of time, and also finding a few people who have similar ideas as you who you can discuss ideas with and help each other out.

My opinions of course....

h2
  • #11
  • Jun 5, 2011 3:16pm Jun 5, 2011 3:16pm
Quoting kaspopsicle
As far as absolutely trusting someone elses strategy, that would be foolish , to me, because the system we develop for ourselves is about our individual phychology and our risk/money management as individuals.
These two factors are more important than the system that you /we develop through learning from others.
We can trust and learn our technicals and fundermentals from others but only as individuals can we develop our individual systems. So, therefore, we only ever can trust ourselves.
This is 'THE TRUTH'everyone has different strategies,and systems,leverage,risk factor,initial deposit,(you can afford to lose),etc.

I have a system,strategy that does work(for me) and that's what's important for (me),it may however not work for you.

Only 'YOU' can determine what you're happy with and no-one else.

Hope that helps

Regards

Ken
  • #12
  • Jun 5, 2011 4:10pm Jun 5, 2011 4:10pm
Quoting kendeb57
This is 'THE TRUTH'everyone has different strategies,and systems,leverage,risk factor,initial deposit,(you can afford to lose),etc.

I have a system,strategy that does work(for me) and that's what's important for (me),it may however not work for you.

Only 'YOU' can determine what you're happy with and no-one else.

Hope that helps

Regards

Ken
thank you
All systems of divination, like music itself,work through patterns.
  • #13
  • Jun 5, 2011 4:14pm Jun 5, 2011 4:14pm
No problem,people just need to realise this

Regards

Ken
  • #14
  • Jun 5, 2011 5:36pm Jun 5, 2011 5:36pm
Me, Myself and I.
  • #15
  • Jun 5, 2011 7:27pm Jun 5, 2011 7:27pm
Generally speaking you can trust long time forum members who have proven themselves, such as Jacko.

We've had a few rocket scientists descended from British royalty. Certainly such people can be trusted.
  • #16
  • Jun 5, 2011 7:35pm Jun 5, 2011 7:35pm
Quoting billbss
Generally speaking you can trust long time forum members who have proven themselves, such as Jacko.

We've had a few rocket scientists descended from British royalty. Certainly such people can be trusted.


  • #17
  • Jun 5, 2011 7:39pm Jun 5, 2011 7:39pm
at your stage you cant trust no one, not even the charts, because only experience will show you the charts never lie.

Regarding the members with 1000v, deserve no more trust than book writers, and charlatan (most) analysts.

The only true is the reality.

Here in the forums 20 years kids, with demo accounts, are super star traders, teaching all how good they are, and how you can win millions (but they cant).

Most books are a piece of sheet (just paper) and dont worth the trees killed to print them, even if these trees are from reforestation.

And the charts? They never lie. The problem is, you need years (not days, not months) to understand their language, there is no shortcut, there is not a system composed by 2, 100 or no indicators that will make you CONSISTENTLY profitable until you become a Trader.

Said that, you need to learn, and study. See what people here tell you things that make sense for you (there are yes some very good traders around FF), the same with the books, etc.

Good Luck

Pepe
  • #18
  • Jun 6, 2011 2:29am Jun 6, 2011 2:29am
Here's a situation where two traders want to tell us(for whatever reason) about their new trading systems.The first trader says that his system involves watching the market for ten hours a day,five days a week.When he gets a signal to trade he takes it and every trade his system generates.It is very important you take every trade because the one you miss could be your profit for the week.Trader one says you will be lucky to make 1% growth on equity per week.Trader two says his system only requires 1 to 2 hours of chart time per day.Each trade requires a 50 pip stop,risking 1% of equity.Trader two says his system will generate at least 500 positive pips per week.Which trader will have the greater following?
  • #19
  • Jun 6, 2011 2:46am Jun 6, 2011 2:46am
Trust no one until you yourself can verify their track record (which they wont show you) or you can verify it by thorough back/forward testing.

Careful what you read and what you believe to be 'truth'.

Dog eat dog world and 'truths' arent always spoken, why would they??

Your own testing + experience + perseverance will eventually get you there.

Im not profitable and frankly if i was i wouldnt shout it out either. no need for ego stroking there and i certainly wouldnt be selling 297 // 497 "systems"...
  • #20
  • Jun 6, 2011 8:51am Jun 6, 2011 8:51am
Quoting DemoForever
Here's a situation where two traders want to tell us(for whatever reason) about their new trading systems.The first trader says that his system involves watching the market for ten hours a day,five days a week.When he gets a signal to trade he takes it and every trade his system generates.It is very important you take every trade because the one you miss could be your profit for the week.Trader one says you will be lucky to make 1% growth on equity per week.Trader two says his system only requires 1 to 2 hours of chart time per day.Each trade requires...
So along comes a new trader with £1000 pounds in his account.He thinks to himself to follow the path of trader No1 i will have to spend fifty hours a week following the market for 1% profit?Thats £500 a year,not too appealing.
What about trader No2?He said i only need 1 or 2 hours a day looking at my charts for a weekly profit of at least 500 pips.He works out that 500 pips equates to 10% a week,500% a year.His account would grow to £6000 in year one,compounded over ten years he would be home and dry feet up drinking cocktails through a straw.No brainer!
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