Trading Guru's - Real Deal or Fraudsters

'Gurus' respond to the ever-present demand for Trading Pseudo-knowledge from 'Suckers'. Its a symbiotic relationship and not the fault of one party alone.

I don't blame these Gurus for capitalizing on the idiocy of others any more than one can blame successful speculators for profiting while people on the other side lose.

@Badem...what are you suggesting? If you want to be a guru you'll have my attention...but as you have read, i´m a sceptic!

Well it looks like this thread is over, thanks for your support guys.

What about Steve Nison? www.candlecharts.com

* ►Talking about his personal coaching and success story ◄

I read his books sounds good.

Candle stick formations happen all over the place, on there own candlesticks are useless, in fact depending on the broker and their data feed you might not even get the same formation even with the same broker as it will depend which place they are porting their feed to you.

Far more important is finding PRP potential reversal points, then watching what is happening in that area. I read loads of Gann and his law of vibration, read a bucket full of tripe on what people thought he was doing, decided none of it worked then decided to solve it myself. Took me 8 years and I cracked it.

I won't say that I can spot every turn, but I get many great setups and I can hit the turn to the day. All the stuff I read over the years, 90% of it is rubbish, but I obviously managed to filter out the good stuff.

I developed an indicator based off of my idea that allowed me to call the top in the DAX, if you look at the Dax you might think I was wrong as the indicator said the 12th August was the swing high. I calculated this from the closing price data, you will see that the highest close was indeed in on the 10th.

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Trading someone else's ideas, can help. However, the ultimate test is how the trader perceives & executes, but mostly, the traders emotional make up. If one is over leveraging, chances are, your emotions will wreak havoc on your trade, causing too early of an exit, or taking a loss bigger than your guidelines.

To combat this, for my self, I trade very small position sizes. A terrible trade gone bad for me now, is -1.5%. In a good day, I might make 3/4 of 1%. I am really happy to make 1/2 of 1%. I know if I can achieve 1/2 of 1% daily, four days per week, I can double my account in 36 weeks, if I use compounding, and adjust my trade size at the beginning of each week.

This is a simple formula called, "The Rule of 72". Take 72, divide it by your weekly percentage (2), and that will give you the answer.

Let's say you get 2% on savings (in US, not likely. South Africa, 7 to 10%), Divide your 2% into 72, and you now know how long it will take to double your compounded savings.

The point of all of this is to help curb your desires to make a quick buck. Those that advocate risking larger amounts (3 to 10%) per trade, do those from a point of either being EXTREME experts, themselves, or egotistically inflating their own ego. Even if they are experts, suggesting rookie risk 3% is IMO, not in the best interest of their followers.

Darryl