All vendors are crooks!!

[tomorton]

I think these firms training traders make more from there business then there trading.

Could be, I don't know. We'll never know for sure. But training is easy and has a great return on investment and very low risk arising from e.g. low take-up, especially when you've already acquired the material for free and all you have to do is re-package it and market it.

Even if true, that fact wouldn't make them crooks.

 

[0FXTrader0]

But these firms are training simple TA which don't work. And trading on eco figures which is very volatile and not scalable. There not teaching real trading knowledge.

 

[CavaliereVerde]

Brokers and tool providers are not crooks.
Crooks are mentors that let you believe that their education will make the difference and will turn you from a loser to a winner.
Something like... "With your shovel you won't find gold but you need my special shovel to find it!".

 

[tomorton]

But these firms are training simple TA which don't work. And trading on eco figures which is very volatile and not scalable. There not teaching real trading knowledge.

The stuff they teach is not useless, its just quite consciously not very appropriate or its over-complex or their teaching is deliberately incomplete or they make out it will work in every market and every time-frame for every trader and that just can't happen.

But the core of each of these taught strategies is usually an old and well-tried strategy from the stock or commodities markets. For example, MA cross-overs, buy/sell on a reversal of a momentum indicator, or break-out from a certain price pattern etc. etc.

Bear in mind that each vendor selected the strategy they want to sell. So very few select strategies based on lunar phases or tea-leaves readings. They stick to TA because TA actually does work.

 

[0FXTrader0]

TA works as a theory.

 

[CavaliereVerde]

Bear in mind that each vendor selected the strategy they want to sell. So very few select strategies based on lunar phases or tea-leaves readings. They stick to TA because TA actually does work.

TA is more credible than astrology but they don't prove that it works.
I suppose that there is some TA that works but there is a possibility that it does not work and the few trackrecord that I find are a product of luck and survivorship bias.

 

[counter_violent]

Everything works, some of the time. Bulkowski proved it. So the trick is to know your probabilities and how you will manage each trade outcome.

 

[tomorton]

TA is more credible than astrology but they don't prove that it works.
I suppose that there is some TA that works but there is a possibility that it does not work and the few trackrecord that I find are a product of luck and survivorship bias.

Following trends works. And that's just TA.

 

[NVP]

I think these firms training traders make more from there business then there trading.

Oh yeah........

 

[NVP]

Everything works, some of the time. Bulkowski proved it. So the trick is to know your probabilities and how you will manage each trade outcome.

And that’s the beauty of selling systems and training and everything else connected to trading ....

Once the system fails me they have something else lined up to sell you .....24/7

Show me one vendor or trader or trainer doing the same thing as even 5 years ago ....they sell what is hot......and then move on

Selling fantasy and illusion......I call it ...TradingPorn !

N

 

[tomorton]

And that’s the beauty of selling systems and training and everything else connected to trading ....

Once the system fails me they have something else lined up to sell you .....24/7

Show me one vendor or trader or trainer doing the same thing as even 5 years ago ....they sell what is hot......and then move on

Selling fantasy and illusion......I call it ...TradingPorn !

N

Bang on.

Its easy to imagine a publisher's office as an example. A guy walks in and says he's drafted a book containing the 50 things every trader needs to know - can you publish it for me please and we'll both make money? The publisher is bound to ask what he's going to sell next year. So they cut the contents in half. Next year they publish a new edition with more detail and another 5 things to know. They do the same thing the next year. And so on. Its just business.

 

[new_trader]

Nobody ever went broke underestimating the intelligence of the public.