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How much are you ready to pay for Forex Stuff?

  • #41
  • Aug 12, 2011 10:20am Aug 12, 2011 10:20am
Originally Posted by hayseed http://www.forexfactory.com/images/buttons/viewpost.gif
just in case someone missed it.....
some thoughts are worth reading twice and some of the best advice is free..... ....
nothing has done me more good than 20,000 micro lot trades in live accounts....hayseed


agreed.... actual experience , you can't replace that...
  • #42
  • Aug 12, 2011 10:43am Aug 12, 2011 10:43am
Given that most folks consider their system of trading "priceless"; it amazes me how willing some traders are to fork out $3000 for a course they barely know anything about. Amazingly, I bet there are people taking courses somewhere who probably know more about the market than the person giving the course. The course giver probably has 100 times more confidence than the students and about 1/10th of the trading experience. Crazy stuff.
  • #43
  • Aug 12, 2011 10:55am Aug 12, 2011 10:55am
Like any profession, there is an investment in time and education. And like any profession, your results will vary based on your level of commitment and degree of education. It always surprises me that folks expect to pay tens of thousands of dollars for a college degree toward any other profession, but expect insights, systems and indicators for free when it comes to trading. If you expect to become a professional trader, get out your check book.

From a previous post of mine . . .
[To get to the level of professional, you must resolve yourself to the fact that your education will cost money – either in the form of substantial losses, or fees charged for a worthwhile course curriculum. Pick one on or the other or both. Do not think for one second you are going to get the amount of knowledge required to train professionally from any thread, blog, forum, etc. You must get the word “FREE” out of your mind when you consider trading. So many traders fall victim to the $97 robots, newest and greatest free indicators, and free seminars. How do I know this? I did it too when I first discovered trading! These marketers are simply counting on the fact that you are unwilling to do the work required. They will email you a new product daily because they know you want the easy way out – no work, no effort and something for virtually nothing. These proclivities are part of our nature and they know it! Therein lays the fundamental issue plaguing this industry – the instant gratification and entitlement mentality.

Please think for a moment . . . does it make any logical sense that a limitless opportunity will be any less difficult to attain that your current level of professionalism or education? Did the college or university you attended forgo the cost of your tuition?

I truly believe your learning curve and success will be directly proportional to your avoidance to budget funds to pay for a professional level education.]

There are typically 2 types of teachers – Those that teach theory and logic, but leave you with no practical application and no rules. Those that teach practical application – they may be fantastic traders, but lack overall understanding of higher concepts- both trading and psychological. The key is to combine both theory and practice. Only then can one develop the necessary skill to become a professional.

The key to shortening the learning curve is to find someone that is successful and emulate them. But, if you find such a person, be prepared to pay them for their expertise! How do you know if what you are paying for will be worthwhile? You don’t . . . just like there was no guarantee that after your college education you would have market value or you would be successful! I know many broke PhD’s and MBA’s. In any event, you need to realize that you don’t know enough to start putting real money at risk . . . and it is a crap shoot . . . just like everything else we do in our lives.

The question really is . . . what is your threshold for pain? How long will you avoid the inevitable cost of making mistakes before investing in yourself . . . and a real trading education? Trading is one of the few endeavors where people jump in without ever assessing the real cost in time and money. Would you expect to become a lawyer simply by walking into a courtroom? . . . or a doctor by simply walking into hospital? Yet every newbie, and for that matter, most traders, expect that by osmosis, they will become successful traders by downloading a platform or count on the web for anything “FREE.”

There are exceptions and some will advocate that there is enough information on the web for free to get you to the level of professional, but those than can actually become consistently profitable for free are truly the exception, not the rule. I would definitely agree there is plenty of information for free to get the basics.

The fact that you can trade a demo account before putting real money at risk is a benefit. But, demo trading will not prepare you for the real draw downs and market swings you will experience once real money is at risk.

Opinions vary, facts do not. Most professional traders have inevitably invested in an education and did not rely on free information or their own abilities alone to trade for a living. Congratulations to those of you that have.

So, what would you invest in an opportunity that is recession proof, can produce true financial independence, avoids all of the pitfalls of any other typical business and provides a skill that no one can ever take away? Only you can decide.

In losses and education, I learned the hard way – spending over $50K in losses and classes (losses came before the classes). I finally got out of my own way and decided I wanted to be rich instead of right. I made up my mind to become a professional; I got the education, put in the time. So as many have said, it is a combination of education and experience. It has to be the most difficult thing I’ve ever done because I had to work on me – but it was more than worth it.
  • #44
  • Aug 12, 2011 10:57am Aug 12, 2011 10:57am
Quoting Troikaone1
Given that most folks consider their system of trading "priceless"; it amazes me how willing some traders are to fork out $3000 for a course they barely know anything about. Amazingly, I bet there are people taking courses somewhere who probably know more about the market than the person giving the course. The course giver probably has 100 times more confidence than the students and about 1/10th of the trading experience. Crazy stuff.
Good point, very crazy.
  • #45
  • Aug 12, 2011 10:59am Aug 12, 2011 10:59am
Quoting thelws
im ready to pay for courses to learn new stuff. losing 3000$ to a course is better than losing 3000$ to the market.

3000$ lost to the market gives you nothing other than a hole in the pocket.
There's a lot of charlatans out there. I know of two, here in the UK, who charge the equivalent of $5,000 to teach forex trading. I have met people who have been on their courses. All of them feel that they would have been better off buying a book on trading (cost of $20-50).
  • #46
  • Aug 12, 2011 11:04am Aug 12, 2011 11:04am
Quoting Alan5616
There's a lot of charlatans out there. I know of two, here in the UK, who charge the equivalent of $5,000 to teach forex trading. I have met people who have been on their courses. All of them feel that they would have been better off buying a book on trading (cost of $20-50).
I think that the only time that charging 5k+ for lessons is when the teacher is showing live trading with a live account. Watching that is invaluable.

But 5k+ for the equivalent of an overly sales pitched audio book.. No thanks.

Agreed. Buy a book first.
  • #47
  • Aug 12, 2011 11:12am Aug 12, 2011 11:12am
I wouldn't pay a cent for a course..

Why would you? how can you verify any instructors credentials??

Most brokers put on free training course / webinars...

Depending how long you have been involved in FX, I have been for about 5 years, and I can't count how many scams have been brought to light during that time.

A fool and their money are soon parted as they say, and nothing is more true than that in FX.
  • #48
  • Aug 12, 2011 11:18am Aug 12, 2011 11:18am
Quoting orderphlow
I think that the only time that charging 5k+ for lessons is when the teacher is showing live trading with a live account. Watching that is invaluable.

But 5k+ for the equivalent of an overly sales pitched audio book.. No thanks.

Agreed. Buy a book first.
No such thing as live trading with these guys. Just the benefit of their "amazing knowledge" that will lead their course attendees to making riches beyond their wildest dreams!!!
  • #49
  • Aug 12, 2011 11:35am Aug 12, 2011 11:35am
In the real world, I can examine a tool, system or service, whatever, and evaluate it to see how it works for me. If I see it making money or saving time. Absolutely no problem. I'll pay what it takes because I've already worked out it's value to me.

Not so easy with FX or Trading. Let's assume that whatever "Forex Stuff" is being offered works and is successful for the seller. Doesn't mean that it will work for you. Only way to know that it works 100%, is to hand over the $ and let the seller control the whole deal, start to finish. Otherwise, it may work, or it may not.

What's the old joke -
Q: What's the only "sure" way to make a small fortune in forex?
A: Start with a large one.

I'll happily pay to understand this business better. But I'm not holding my breath. Past a certain point, I don't think experience is something that you can buy. You need to make you own mistakes in order to recognize and learn from the mistakes of others.

btw. Both Schumacher and Becker started their trades before they were in their teens and had all the support they needed all the way. Same probably goes for all successful pros in any sport. Nothing sporty about sport.
  • #50
  • Aug 12, 2011 12:08pm Aug 12, 2011 12:08pm
@thread-starter
Such forex stuff doesnt exist. If it exists, then anyone who "discovers" it will be lucky.
  • #51
  • Aug 13, 2011 12:29am Aug 13, 2011 12:29am
Quoting dcginc
Like any profession, there is an investment in time and education. And like any profession, your results will vary based on your level of commitment and degree of education. It always surprises me that folks expect to pay tens of thousands of dollars for a college degree toward any other profession, but expect insights, systems and indicators for free when it comes to trading. If you expect to become a professional trader, get out your check book.

From a previous post of mine . . .
[font=Calibri][size=3][To...
this deserves a bump because like most of the best posts on FF they go unread by the quick buck, freebie hunting, no-hopers.

P.S. I did almost the exact same as dcginc, thought I could crack trading alone, lost a small fortune, realised I needed a professional mentor, found one and eventually became profitable. Priceless education.
  • #52
  • Aug 13, 2011 12:46am Aug 13, 2011 12:46am
ref Schumacher and Becker and loads of other super professionals.

Almost all pay coaches etc. With the logic many use here a coach isn't worth hiring unless he can perform as good or better than the person he is coaching.

Think about that when you give up because you didn't realise the value of finding and paying for the right education.
  • #53
  • Aug 13, 2011 2:38pm Aug 13, 2011 2:38pm
Schumacher needs to tighten up those racing shoes.....
  • #54
  • Aug 13, 2011 3:10pm Aug 13, 2011 3:10pm
I would pay nothing.
I learnt from this site through "Trading made simple".
I read that, learnt it and have been practicing for 4 months on a £5000 Alpari demo account (as this is how much i will be starting with).
I blew a few accounts practicing however i have know figured when i have got into a bad trade so exit early and take the hit.
I have been consistently profitable for 3 months 1 week, if i remain profitable for the rest of this month then i will be going Live.
I only traded 3 days this week and am up £2632, i did enter some bad trades aswell. I cant believe how profitable this simple system is, I would recommend anyone on here reads it.

Paddy
  • #55
  • Aug 14, 2011 7:39am Aug 14, 2011 7:39am
Quoting dcginc
Like any profession, there is an investment in time and education
nice post, Sir.
FREE education is possible but u have to invest time &/or look hard for it (some are lucky, they see the free stuff early on in their trading career). there are several threads here that accomplish this (one thread is the James16 thread); im sure there are some more threads that are free & good which im not aware of.
Quote
I truly believe your learning curve and success will be directly proportional to your avoidance to budget funds to pay for a professional level education...
interesting.
for me (& perhaps many others), i believe learning curve and success is/are directly proportional to amount of practice & study time that u invest. (among other factors like self-reliance, discipline)
  • #56
  • Aug 14, 2011 8:05am Aug 14, 2011 8:05am
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting behof
Has Michael Schumacher paid for a course ?
Has Boris Becker done it ?
You can go on and on.....
It's about your attitude and practice, practice, practice.
Combine this with some basic rules like money managment, support and resistance and you don't have to pay for your success !!
Good luck

bernhard

PS Start with a live account with max leverage 3:1
I guess this guy knows and LIVES what he is talking about!!
  • #57
  • Aug 14, 2011 8:56am Aug 14, 2011 8:56am
Quoting josef
Huge business has made around Forex. Average trader has a lot of opportunities to invest money: books, webinars, signal services, mentors, indicators, expert advisors, special courses. The main questions - does it work? Will it help? Let's assume you were told by two best friends it was working perfectly. How much are your ready to pay for it?
IMO you need at least 4 things to consider yourself a pro and successful trader: knowledge, mentality, experience, and results. Investing money can accelerate your learning of knowledge (mentors, courses, books), but for the rests, money can't help you much ;-)

Note: buying premium signals can give quick results but it doesn't count here because I'm talking about being a pro ;-)

I personally won't pay a dime for books, webinars, mentors, and special courses because at my stage of trading I doubt they would help much =)

I also won't buy indicators, EA, and premium signals because they're not my style =)
The tone of your words reflects the quality and result of your trading ;-)
  • #58
  • Aug 14, 2011 9:10am Aug 14, 2011 9:10am
Quote
isaacyassar

IMO you need at least 4 things to consider yourself a pro and successful trader: knowledge, mentality, experience, and results. Investing money can accelerate your learning of knowledge (mentors, courses, books), but for the rests, money can't help you much ;-)

Note: buying premium signals can give quick results but it doesn't count here because I'm talking about being a pro ;-)

I personally won't pay a dime for books, webinars, mentors, and special courses because at my stage of trading I doubt they would help much =)

I also...
i am with U isaacyassar

Thank You To all of the great people who was shared their knowledge on the net

Thank's
It's Designed and Balance
  • #59
  • Aug 14, 2011 9:19am Aug 14, 2011 9:19am
when everything is freely available why would some body pay for those stuffs?
  • #60
  • Aug 14, 2011 9:28am Aug 14, 2011 9:28am
Quoting Troikaone1
In the age of the internet, you can learn just about anything you want to know about Forex. I wouldn't pay a dime to anyone.
For sure, but how long will it take you to sort out the wheat from the chaff and how much will it cost you in terms of losing trades before you find your consistently profitable method of trading? Not only that, people look for mentors to guide them when they are applying a said method. The Internet doesn't give you this type of feedback! Forums go some way to addressing this, but yet again not many people will mentor for free as it costs their valuable time.

So I wish you the best of luck because at some stage you will want to lean on a crutch. There are not many people that can just pick it all up from the Internet and then become a consistently profitable trader. No doubt you are one of them!
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