I should also point out that if it is too expensive to take the class then FX trading is probably not for you. I lost about 2 grand before I started to get my emotions under control and start making money. I spent an hour this afternoon in a weekly class for people who had bought the advanced class, you cannot find the information we got from Zoltan Vass this evening in e-books on the internet. He commented on the current charts of the GBP/USD and EUR/USD and broke down what it was he saw and looked for in them. I cannot say enough about the support we receive.
If one can't afford real class traning by a real trader, the course is no good.
On line courses are no good.
The purpose of a 'good course' is to prepare a 'trader' to face the market when s/he is one-by-one like you-market.
One doesn't learn by reading, one learns by doing.
Try reading a book on Kung Fu and go bully your 350lb neighbor!
So, what if you can't afford a real class training and you still want to become a trader, what can you do? This means that your path is not full of roses and you will probably take a bit more time.
Does it scare you? Still remember the song "I did it my way"?
I have FX Trainer course and it's no scam, I'm very happy with it. I'm learning alot and it's very thorogh. They also have a trading robot that trades very successfully. Expensive but good if you have a pretty hefty budget. Betting2win is the real Mccoy and a good guy and makes big money trading from the conversations I've had with him. FX Trainer is excellent. Seven
Well, use Metratrader. Its free and their chart and indicators can't be better.
You need the right eBooks to trade. Trading is simple and easy. The crucial thing is: You need a strategy. And it seems FxTrainer sells a strategy + support. Thats the reason for the high prices.
here's my view for I don't know this outfit FX trainer except from the website.
Getting rich quick in FX or any other pursuit is a misnomer. Occasionally there are a few tall poppies, this is to be expected statistcally over a large sample. What dictates your longevity in FX or any other market related activity is your account size and your position size relative to that account size. Most people pursuing courses like FX trainer or similar will come into it with over-the-top expectations or working from home dreams. Usually these people will be under capitalised expecting a quick return on their limited funds using leverage to facilitate this process. What happens instead is frequent margin calls from brokers to resupply the account with funds as they slide into oblivion along with the other 90% of all would-be traders.
Ideally the type of client one would seek would be probably 40 plus, out of work having sold a successful business with at least 100k risk capital to utilise. This type of person will be disciplined, methodical and focused to the task. They would treat trading as a business and not as a hobby. They would follow the material religously and obey all signals given by the system. They wouldn't be shy to ask questions or admit when they are worng. They would keep accurate trading records of all trades. These people would not become distracted by media events such as rumours, hurricanes, religous nuts and so forth trying to smoke western civilisation. They would keep trading low key, for they are not braggers, instead letting their account records show success, but remaining humble. They would be giving of their time to help newcomers and wouldn't become embroiled in flame wars or activties that take them off the task at hand. These traders would be a well rounded persons with a high EQ but perhaps average IQ. They are risk takers but not fools. They don't seek excitement from trading. Occasionally they reward themselves with a meal out when a trade went well. They don't seek pity on others for bad trades they seek to undertsand what went wrong. These people don't labour over missed opportunites or past bad trades. They focus only on what lay ahead.
Does this sound like you? If it doesn't your chances of success are greatly dimished. Ego's and trading are two concepts diametrically opposed. The Ego is an all consuming power that takes over the mind and pulls the novice in entirely the wrong direction for becoming a successful trader.
Taking $300 to a million would be an exetreme outlier, in the catagory of winning the lottery. Whilst in theory it might be possible in practice very difficult. Taking 100k account to a million increases your chances by orders of magnitude.
Typically most would-be traders can be catorgorised as 'punters'. They pay the bills for the winners above. The punters seek excitement. They must trade all the time. A day without trading is torture for them. There accounts are typically $5k or less. There risk managment non-existant. Position sizes take on monstorus proportions to total account equity. Record keeping is regarded for losers. The occasional win allows bragging rights as trading becomes about being right and about being noticed, after all every one loves a winner. Reading and studying is seen as a chore, 'show me the money' is all thats required in their world. These poeple are distracted by the news, stories of friends making huge profits in other markets and lack a system or method to there trading. This group seeks refuge amongst friends when they lose, seeking pity and comfort for mistakes often blaming others and lamenting over missed opportunites and what might have been. If this sounds like you are you and you are quipping over spending a couple of thousand to learn to trade either through this crowd or any other then you need not apply. It takes hard work and discipline, few ever suceed at it and go back to what they were doing before this distraction occured for that is all it will ever be a distraction.
For those that fall in between these two groups you have a few choices. You can continue to save your money to build up your account while actively studying. You will retain your day job. You can trade smaller amounts of capital longer term. You would keep leverage under control and monitor progress carefully. Trading is an expensive learning exercise like an endevour nobody becomes profitable over night, those that have, end up writing books about it or blowing up accounts later becuase there ego got away from them.
...
Ideally the type of client one would seek would be probably 40 plus, out of work having sold a successful business with at least 100k risk capital to utilise. This type of person will be disciplined, methodical and focused to the task. They would treat trading as a business and not as a hobby. They would follow the material religously and obey all signals given by the system. They wouldn't be shy to ask questions or admit when they are worng. They would keep accurate trading records of all trades. These people would not become distracted by media events such as rumours, hurricanes, religous nuts and so forth trying to smoke western civilisation. They would keep trading low key, for they are not braggers, instead letting their account records show success, but remaining humble. They would be giving of their time to help newcomers and wouldn't become embroiled in flame wars or activties that take them off the task at hand. These traders would be a well rounded persons with a high EQ but perhaps average IQ. They are risk takers but not fools. They don't seek excitement from trading. Occasionally they reward themselves with a meal out when a trade went well. They don't seek pity on others for bad trades they seek to undertsand what went wrong. These people don't labour over missed opportunites or past bad trades. They focus only on what lay ahead.
...
Humm...
First Post and good stuff.
Are you that superman?
May you be in the mood to build a bright track record.
I wish I could say I was that superman. Perhaps the term '3 sigma trader' is better as successful traders inhabit that piece of the bell curve way out to the right. I cannot trade due to conflicts of interest but I see the above roles played out daily in my job. Given a group all starting with the same account sizes only a few will succeed long term, its not really an endevour where average works becuase only typically 10% are profitable shorter term at least where they intend on making a living at it. 10% is not the middle chunk of the spread. You can have average shop assistants, Average carpenters, average Policeman but not average traders, you either can do it successfully or not period. Longer term a few more may join the ranks of successful traders where they are not reliant on the income just from trading.
You can have average shop assistants, Average carpenters, average Policeman but not average traders, you either can do it successfully or not period.
Could it be a lot like professional sports. There are baseball players who hit 50 home runs, and some that bunt and get on base. There are also those that worked harder than the other players to get there, they had no special gift or talent. Do you think this is acurate with trading too?
Is it also true that the real key is to have and edge and know when to use it? This would parallel pro sports again, in that for someone like Michael Vick the edge is speed and agility, while for Barry Bonds it was power. Both of them seem to (consciously or unconsciously)know this and know exactly how to use it.
I picked up a trading magazine, I think it was option and futures monthly or something like that. In this particular issue they profiled the best traders under 30. I guess these guys were working for big firms, but some of them were as young as 23-24. There was only one forex trader. He traded CME Euro/dollar.
Re: Help! Is this a Forex scam?
Trading is simple and easy. The crucial thing is: You need a strategy. And it seems FxTrainer sells a strategy + support. Thats the reason for the high prices.
Hybrid Mode
