I agree with this writer and wish to add that truly profitable traders don't rely on teaching for their income. I am a successful private trader, trading approx 6 to 8 hours a day. Winning has no more special joy for me. When you have acquired a "practical" university degree you can reasonably expect to land a job with a constant income. Not in forex trading. At the end of a profitable day, you can be happy and relaxed, celebrate with a drink and a nice dinner. And that's all. Come tomorrow, you will be a nobody. Your profit the day before is now history and meaningless. You start with zero, and have to prove yourself again...and again ...and again. Anytime you chalk up a loss, you are a loser. The need to perform successfully on a daily basis is so stressful and tiring that after a day at the market, you will have absolutely no energy or inclination to teach, nor the need to do so.
People teach forex trading because they fail to trade successfully. I have a friend who admitted to me that he made more than $100K a month teaching, with no risk at all. Whether the attendees made money or not were not his concern. But I think the teaching scene is getting harder in Singapore. The ads make bolder claims, their previews more ridiculous. Have you noticed? They all claim to have students who traded successfully. Not a single course provider claims that he is trading successfully. Recently, they offer special weekend tutorials for $30 (normal course fees around $3K) At Marina House, (off Anson Road) a course provider claimed that a "doctor" student traded $1,000 for 2 weeks and made $126,000 (12,600% in 2 weeks. Sure.). At International Plaza, a teenage course instructor claimed that many students traded a $100K account and made a million every month. At Liang Court Hotel, an ang moh course provider showed a video how he made 19,000 pounds in 4 minutes. Of late, ex-bank traders have jumped onto the teaching wagon. I attended one such preview the other night. He introduced himself as a former fund manager at Temasak, about $3 billion, now finds the need to sell an automatic trading program. Further away, in Brunei, Benny T sells a training program (no trading manual) for US$7,500 with a Triple Money Back guarantee. Nobody got a refund. You pay your fees to another country and take online lessons from Brunei. Google his name and read the recent reviews in FPA. Brunei has a population of about 350,000, its oil wealth in the hands of the sultan until his brother redistributed a huge part of it. Why didn't he learn from Benny? A few miles away, in Kota Kinabalu, a guy by the name of Andy manages accounts. An agent in Singapore told me that Andy already manages 20,000 accounts and shows a constant profit of 34% ROC per month. You remit your funds to a bank account in Hong Kong and a forex account will be opened in your name in Auckland, Edgar & Company ( shhhh, you are not supposed to ask whether there is such a forex broker in Auckland with such a name? ) and Andy manages it from Kota Kinabalu. With data provided to me by this agent, I calculated that Andy could make commissions of $5 million a month, or $60 million a year. With this kind of income, it is incomprehensible that he chooses to stay in a mosquito-infested country, stray dogs, and with basic medical and educational facilities for his family.
It is well known that more than 95% of traders will lose their pants. I don't understand why people still believe in the garbage above. If successful trading is so easy to learn, and trading so enjoyable a pursuit, there will be no taxi drivers in Singapore. Price action? Poppycock! you will make a few winning trades for sure. Even a blind cat will stumble on a dead rat somehow. (Chinese proverb). But can you trade price action and make consistent income to replace your day job? Ask your course provider, does he still live in subsidised housing in Singapore? What about his father and his father-in-law? Do they trade his methodology? Dare to show actual broker statements? It is not only faulty methodologies, but also, the wrong brokers that most people lose money. They are very few reliable brokers. If you are a serious trader with a fairly large account (anything from US$100K upwards), and you want to scalp, trade only with ECN brokers. I used to trade with MAN; for position trades, i trade with my banks. Avoid retail brokers. Forex is an unregulated industry, which means the brokers have the honor, privilege and obligation to rob you dry. The law is on their side because there is no law, unlike stocks and commodity Futures. The American NFA are trying to rein them in with new rulings, but only in the US. So forget those MT4 brokers, but do make use of their free demo platforms. ECN brokers require higher margins. In the old days, about $50K, nowadays dropped to about 15K. What if you have only $5K to spare? My advice is to spend it, drink it up, take your wife out for a nice dinner, take her on a cruise to nowhere. If you are down to bus fare, the decent thing to do is to spend it on that poor woman who has been suffering thru all your bad luck and hare-brained ideas whether she liked it or not.
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