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lots of wolves, sheep and pigs

  • #1
  • First Post: Dec 7, 2011 12:19am Dec 7, 2011 12:19am
I been trading for quite some.. profitably for the most part .. I endured the heartache, the bliss and all the other emotions that come with being a trader...

My personal opinion is that many if not most self proclaimed gurus (especially those who cater to beginners) are nothing more then charlatans. They prey on those who are ignorant with their flimflam. I was once a sheep... one silly enough not to give up lol.

An example...
I don't mean to "hate" on people but I think Kathy Lien is the worst... she ran her managed accounts into the ground at fxcm...lost millions of dollars and still has the audacity to call herself a forex expert. Her books lack substance. There are others like... "jacko" the ripper who got me...

Anyway.. I think we have a lot of great people here at ff... but we must approach everything with more skepticism afterall there are wolves lurking around.

I am curious if others feel like they feel the same way... Felt like they were lead to the slaughter house?

The bad thing is that it is really hard to distinguish one's failure as a student and the failure of those experts to truly give us the knowledge to make us profitable.
  • #2
  • Dec 7, 2011 1:19am Dec 7, 2011 1:19am
Quoting macgyver
I don't mean to "hate" on people...
...but I'm gonna hate on people.

Not that you're wrong to do it though... I just don't think you should say you don't mean to do something right before you do it.

As far as the wolf & sheep analogy, it's simple economics: the wolves will be around as long as they are well fed.
  • #3
  • Dec 7, 2011 1:29am Dec 7, 2011 1:29am
I had a mentor years ago, (I've talked about him here in posts from a few years ago) who told me right up front that he could not make me into a successful trader, but he could show me how I could make myself into one. There's a huge distinction there that I think many miss.

I wonder how many will get this reference.
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  • #4
  • Dec 7, 2011 1:57am Dec 7, 2011 1:57am
I guess my anger is somewhat misplaced.. I just hate it when people in her position promise so much but fail to deliver. By nature we are too trusting.
  • #5
  • Dec 7, 2011 2:42am Dec 7, 2011 2:42am
Quoting Dopey
I wonder how many will get this reference.
"You'd better watch out, there may be dogs about"
  • #6
  • Dec 7, 2011 3:55am Dec 7, 2011 3:55am
Quoting macgyver
I guess my anger is somewhat misplaced.. I just hate it when people in her position promise so much but fail to deliver. By nature we are too trusting.
You are right macgyver, but by nature all are not trusting. They use their own perception, experience, skill in particular field before to trust.
  • #7
  • Dec 7, 2011 4:07am Dec 7, 2011 4:07am
Quoting macgyver
I don't mean to "hate" on people but I think Kathy Lien is the worst... she ran her managed accounts into the ground at fxcm...
Is this statement based on your personal experience or hearsay?
  • #8
  • Dec 7, 2011 4:38am Dec 7, 2011 4:38am
Only my opinion... I followed her advice.. tested her trading strategies for months.. it never work for ME... maybe others had success idk but I doubt it. My friend had the.same results.

I'm curious...
Does her trading advice actually help anyone here?

Maybe its just me who has such a negative opinion regarding anyone calling themselves a an expert.
  • #9
  • Dec 7, 2011 11:17am Dec 7, 2011 11:17am
macgyver

I like this nickname ) it reminds me the TV show that smart guy creating anything from nothing )

I also like your thread and what I can say ... its really true that there is some wolves and a lot of sheep ) I guess many traders were sheep once )
and its really a nice way to describe the situation when you said "slaughter house" ))

thanks for the interesting thread
  • #10
  • Dec 7, 2011 11:31am Dec 7, 2011 11:31am
Quoting mr.marketz
"You'd better watch out, there may be dogs about"
"You have to be trusted by the people that you lie to
So that when they turn their backs on you
You'll get the chance to put the knife in"
  • #11
  • Dec 8, 2011 3:37am Dec 8, 2011 3:37am
Quoting macgyver
I'm curious...
Does her trading advice actually help anyone here?
I've read Kathy's Day Trading and Swing Trading the Currency Market, and also Boris' and Kathy's High Probability Trading Setups for the Currency Market.

Kathy speaks very authoritatively about economics (I'm not knowledgeable enough to judge how accurate or pertinent her info is), market structure, history of FX, etc, but I'd have to say that their TA is no more 'cutting edge' than a lot of the material on forums like this one.
  • #12
  • Edited 5:00am Dec 8, 2011 4:36am | Edited 5:00am
Quoting hanover
I've read Kathy's Day Trading and Swing Trading the Currency Market, and also Boris' and Kathy's High Probability Trading Setups for the Currency Market.

Kathy speaks very authoritatively about economics (I'm not knowledgeable enough to judge how accurate or pertinent her info is), market structure, history of FX, etc, but I'd have to say that their TA is no more 'cutting edge' than a lot of the material on forums like this one.
I discovered their signal service about 5 years ago. I didn't sign up as their results were shockingly bad. Like anything else its all about marketing at the end of the day. It's what corporations (as with many of the educators), do best and, they'll spend lots of money doing it in order to drag the masses in to sell their shit even if it destroys your health or your financial well being. Most people are just sheeple and that's why these companies can get away with it.

As a result an 'underground resistance' has been created in the form of free material found in the nooks and crannies of the web. The bad news, is that the 'good guys' do not escape this free for all. So for some people who get fleeced from the 'parasaite' corporations, they can balance out their misfortune by visiting these 'pirate sites', and absorb better material.
  • #13
  • Dec 8, 2011 7:00pm Dec 8, 2011 7:00pm
Quoting Dopey
You have to be trusted by the people that you lie to...
Anything else would make it completely pointless to lie, or to tell the truth, I suppose.
  • #14
  • Edited 3:19am Dec 9, 2011 2:23am | Edited 3:19am
Quoting macgyver
Only my opinion... I followed her advice.. tested her trading strategies for months.. it never work for ME... maybe others had success idk but I doubt it. My friend had the.same results.

I'm curious...
Does her trading advice actually help anyone here?

Maybe its just me who has such a negative opinion regarding anyone calling themselves a an expert.
I have found their signal performance on their website. 20% of returns in 3 years, given the max drawdown is about 3% only. I would say this is not really that bad right?

http://www.bkforexadvisors.com/wp-co...bkbarclays.jpg
  • #15
  • Dec 9, 2011 3:06am Dec 9, 2011 3:06am
Quoting fierceman
Anything else would make it completely pointless to lie, or to tell the truth, I suppose.
Don't tell me that, tell Roger.
  • #16
  • Dec 9, 2011 4:03am Dec 9, 2011 4:03am
Quoting macgyver
I been trading for quite some.. profitably for the most part .. I endured the heartache, the bliss and all the other emotions that come with being a trader...

My personal opinion is that many if not most self proclaimed gurus (especially those who cater to beginners) are nothing more then charlatans. They prey on those who are ignorant with their flimflam. I was once a sheep... one silly enough not to give up lol.

An example...
I don't mean to "hate" on people but I think Kathy Lien is the worst... she ran her managed accounts into the...

The natural drive to be successful vs. the desperation to be successful in this business makes people do things they probably normally would never do. The wolves feed on this and not just in Forex, this goes for anything in life where people have an interest in being successful at something.

As far as feeling like being led to the slaughter house, even if there weren't any scammers and every person on here was 100% legit, I think the failure rate would be the same. Just in the fact that someone even wants to trade pretty much seals their fate.

Everybody gets scammed in life and nobody gets out alive.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17
  • Dec 9, 2011 8:04am Dec 9, 2011 8:04am
Quoting ForexQuant
I have found their signal performance on their website. 20% of returns in 3 years, given the max drawdown is about 3% only. I would say this is not really that bad right?

http://www.bkforexadvisors.com/wp-co...bkbarclays.jpg
well, look at it this way, thats 100% better than a 20% loss. After fees you might be left with 10%.
  • #18
  • Dec 9, 2011 9:46am Dec 9, 2011 9:46am
Quoting macgyver
I'm curious...
Does her trading advice actually help anyone here?

Maybe its just me who has such a negative opinion regarding anyone calling themselves a an expert.
//---
//---


hey mac..... it's almost a human tendency to be negative towards something that does not work out as planned.....

and yes, her 'free' written words have helped me, most recently with the usdjpy...... though you might be refering to 'paid' for words......

one day when my forex account is as large as dopey's, i might start paying for advice...... until then she, and others, write plenty on various sites for free.......

can provide links to her usdjpy the articles if need be...... and a chart with my trades of course.....

//---
//---

and speakin of dopey...... i give up...... what the heck is his picture refering to...... a glue factory or somethin.......h
to trade and code, keep both simple... no call to impress....h
  • #19
  • Dec 9, 2011 11:58am Dec 9, 2011 11:58am
Quoting Dopey
Don't tell me that, tell Roger.
Would love to. Got his number?
  • #20
  • Dec 9, 2011 4:47pm Dec 9, 2011 4:47pm
Quoting Dopey
"You have to be trusted by the people that you lie to
So that when they turn their backs on you
You'll get the chance to put the knife in"
A very makavellian approach!
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