I paid for quite a few things I thought would help my trading... my first venture into paid-for knowledge was the FTS options course in Porlock
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. I later went on a lot of free seminars, including IG index and later LIFFE, and I've paid for umpteen books and courses, some of which were priceless, others definately overpriced. I've paid to learn and do "simulated" trading in a pit on the floor of the CBOT. I've bought indicators and I've coded my own indicators and stratgies. I've travelled to Munich, Zurich and Singapore to meet and learn from traders who had knowedge I wanted to gain.
I've paid many thousands of pounds over the last fifteen years for information, possibly as much as 25k... now I wouldnt say *any* of that has been wasted. BUT, I also wouldnt say that any of the info on its own, has really made me money from the markets.
What I will say is that much of what I learned from got me on the right path to trading for a living... in the early days, the money I paid out basically taught me to be much more discerning in what I pay for, even if I didnt learn anything very useful about trading. Once I had a better idea of what not to pay for, I feel I've spent my money much more wisely, and I can definately say that some of the people I met and learned from, whether paid for or not, have taught me things that were important peices in my personal puzzle.
No-one can hand you success or a strategy that will really work for you, and there are lots of ways to trade the markets successfully, but its certainly possible to gain valuable knowledge about trading from others, even if they charge for it. Ultimately, an individuals success can only come from within. Its a brave man who dispenses his knowledge about trading for a fee, since so few will be able to duplicate it.
I've found my personal holy grail - it contains many peices of other peoples work, knowledge and input, and I doubt I could have got to this point without having paid for the wisdom of some very experienced traders in various locations around the globe (maybe I could have, but it would have taken me a whole lot longer). But there was definately a "eureka" moment where I finally "saw the light" and found something that really worked for me.
Whether what I do would work for anyone else... i really dont know. I think trading is something each individual has to figure out for himself for it to be really worth its full potential.