Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

StreetCoup

Little Hope for the Little Trader

Recommended Posts

Traders that are new to the industry are too easily scammed into dubious trading products or subscriptions. So-called trading gurus permeate our society to exploit the starry-eyed eagerness of a trader trying to learn. It is marketers and their never-ending sales pitches like, "You need this system. This one will make you the star trader you’ve always dreamed of. The new and improved version is guaranteed to double your money instantly or you get your money back."

 

Gossip tabloids exploit readers that crave sensational news. Did you hear the latest on Brad Pitt? The National Enquirer tells me so. What will your car salesman, who needs to achieve his quota for the month in order to pay for his new house, tell you? "You look successful. This car will represent you perfectly in your next business meeting." You try on clothes in a fashion boutique and ask the salesgirl whether it suits you, "Fits perfectly." Whatever you try on, it always fits perfectly. These people just want to sell you stuff! The sooner you understand it, the better. What will a politician tell his supporters? "If you want change, then vote for me. I will deliver change for you, my friend."

 

We live in a capitalistic world where people will always inevitably seek to exploit the ignorance of others. The original intentions may be good, but trading products are often marketed in a way as to guarantee positive performance. A guru is under no obligation to disclose his profit and loss column to you or anyone.

 

It is pathetic to hear traders complain how gurus are out to extract money from them. It is up to them to separate the wheat from the chaff and some unfortunately are horrible at separating fact from fiction until it is too late. Usually money is lost as a penalty for not being properly informed. There is a learning curve involved in this business of trading and struggling traders are repeatedly seeking a quick solution to their problem that typically requires months or mostly years to reach proficiency.

 

Just because a trader can show proof that he can make money does not insinuate that he is also a good teacher, and vice versa. The very best thing to do is apply common sense while learning as much as you can (ideally with the help of a trusted mentor). Every trader is individual in his personality, so you need to find out what strategy, time frame, market, or position size suits you best. A mentor can only provide advice. You have to continuously test and improve while risking the least amount of money. This will increase your chances of emerging financially unscathed and start a profitable trading journey.

Share this post


Link to post
Share on other sites

This is a rather hypocritical post considering that one, the post is a syndication from the author's blog and two, the author offers mentoring.

 

I agree that many "gurus" are less than scrupulous. However, they do exist and will continue to do so. The trouble is as the writer puts it, "some unfortunately are horrible at separating fact from fiction until it is too late". This indeed works both ways and the less than discerning or simply inexperienced trader who is sceptical can also mistake their own underperformance using someone else's system for the system being totally useless and the vendor only being intent on 'stealing' their money. A free and foolproof system would lose some people money and yet it'd still be someone else's fault. So here's the challenge to anyone who reads this. Take ownership and responsibility for EVERYTHING you do as a trader. Trading is hard and trading evolves. If you don't understand the principles of a system then the chances are even if it works for you for a few weeks, the market will change and it'll cease to work. If you are the sort of person who wants to put in minimum effort, I suggest you'd be better off investing in a fund.

 

Please think carefully and trade responsibly.

Share this post


Link to post
Share on other sites

:2c:

which came first.....

the guru who wants to sell his wares, or the suckers (ahem... customers) who want to buy them?

 

if there is a demand, there will be a supply

 

I dont think we should ever stop legitimate sales people (scammers yes) but sales people are not scammers. If they are terrible at trading but great at teaching then they still have a place.

It really boils down to as Neg says - your own responsibility. Understand what you are trying to get, buy, offer, learn. It might be better to part with your money in the real market.

 

However, my issue becomes with this whole "mentor" process.

A mentor (guru) does not charge - they transfer knowledge

A teacher charges and it should be based on how well they teach

A salesman charges to sell.

 

So like many who promise large returns look out for things such as - "the secret", the only way, the right way, join the big boys, join the insiders, guru, sales pitches such as was $99 now $49....etc; etc.

 

The best knowledge is freely available and will only be learnt when you understand and not just know.

Share this post


Link to post
Share on other sites

ALLL of these syndicators don't know what content they are posting... they are marketers, not traders. They get whatever essay from the pencil pushers and post them without even doing a proof read. LOL.

 

good for a laugh.

Share this post


Link to post
Share on other sites

A simple, general comment

 

First, its clear that finding good education that helps people to move consistently toward their goal is challenging.....there are few folks who know enough to help, and then there is the problem of teaching skills (some traders may have good knowledge but can't teach)

 

I think the best advice I can give is as follows

 

1. Read, observe and learn the basics on your own....wait until you have enough background knowledge and experience to judge for yourself, whether a person, or a group can assist you toward your goal

2. Take the time to become familiar with a person before you enter into a business relationship. Observe them over a period of time....Aske for references of other customers that they have done business with.

3.. Ask if they offer a trial period so that you can see if the system they trade "fits" your temperment and resources

4. Make sure you have sufficient discretionary capital. You will take losses in the beginning so be prepared for drawdowns.

5. Be realistic....set goals that are reasonable and can be reached within a year....evaluate your progress regularly and if you aren't seeing success.....stop..

 

Good luck

Steve

Share this post


Link to post
Share on other sites

Yes, we must be vigilant, but keeping up can be a full time job at best. Staying away from the "big guys": Merrill, Morgan, Fisher would be a good start. Employ someone who will correspond with you regularly and explain why the investments that are being made are right for you. Some investors are really and truely more interested in their commissions than the investments that will be right for their clients...been there. Young people are especially vulnerable because they feel they have a life-time to accumulate their wealth. Every dollar counts, kids, every dollar. You will never know how much you will need when you retire...your health may be a huge factor, not just life-style.:2c:

Share this post


Link to post
Share on other sites

i forgot to add - beware of those who do things behind the veil of secrecy and this is too complex for most, and I dont want to feel the public gaze for fear I reveal too much, I dont want to open myself to public scrutiny for fear I may be shown 1...a fraud, 2...it does not work all the time, 3....not everyone may agree with me.

 

If religion and 5000+ years has taught us anything .....There is no holy grail, release to the world your secrets and you will still find division.

 

so what.....:helloooo:

 

traders who legitimately teach know that their methods should be open to scrutiny and that they might actually learn from others and low and behold, they might actually improve their own systems or flaws not obvious to them (or maybe not relevant to them) might be highlighted.

 

Public forum,.......post and be judged or sulk in the corner.

 

(too many martinis this afternoon);)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By millonmethod
      Hello everyone!
      I am an advanced trader, with many years of experience (about 15 years - 10 living exclusively from this)
      I am going to give you some tips that you must know:
      There are going to be many people who tell you that trade is easy, that with only crossiing a line  with another one you will win a lot of money.... and that´s not true.  No, Sir, reality is far away from that. Many people who start arrive here with the hope that someone "gives them" a free method, they watch youtube videos thinking that this will give them the "strategy" and in a few days they realize that it does not work for them - they lose money - and then They go looking for a new one ... and so on. YES, IT´S TRUE YOU EARN IN TRADING, A LOT. BUT THINK: for a few to win (10% + any BROKER) many others must lose (90% people). YOU MUST HAVE A MONEY MANAGMENT FORMULA ( you can email me) People study so many years to live on this, not because they are dumb, but to know what they do, when, and have absolute effectiveness. It´s very easy to get lost here: do not disperse, jumping from one to another strategy WILL NEVER give you money, it will only waste your time and make you nervous when trading. PEOPLE WHO CHANGE THEIR METHOD CONSTANTLY : LOOOOSE ALWAYS.   If you have the knowledge to develop it, take your time and do it.  Always try it first on DEMO for at least 2 weeks! If not: search to buy a solid strategy (no you tube videos pleassse ! Avoid losing money! ) This is like any business, it requires some capital to start (capital = money in the broker + solid made /purchased strategy) If you are lost: I RECOMMEND YOU NOT TO WASTE TIME IN YOUTUBE, JOIN PEOPLE WHO HAVE EXPERIENCE AND IF YOU ARE GOING TO BUY A METHOD ... PLEASE !!!! DO NOT BUY 10 BAD AND CHEAP METHODS, SAVE MONEY AND BUY ONLY 1 BUT EXCLUSIVE AND MUST ALLWAYS HAVE SUPPORT !!!!!  Do not buy Signals! They never keep up with constant profits! One week will win and the next will lose. Nothing that does not depend absolutely on you will give you the money you are looking for. And if you do not have a strategy (made or purchased) do not even try PLEASE PLEASE PLEASE: DO NOT USE REAL MONEY! AT LEAST 2 WEEK DEMO FREE HELP HERE!!!!!  IF YOU FOLLOW MY ADVICE YOU WILL BE PART OF THAT 10% WINNER, email me.
      Have a nice trading day
       
       
  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.