Why do they do it?

Bison's got a poker background - he's comfortable with when to push on and when to lay off with his bet sizes rather than adopt the 'conventional wisdom' of static risk per trade.

His choice and good on him.

For sure - but the sceptic in me wonders how he can know when to lay off if 50% of his trades are off someone else's calls...

Lack of courage to handle huge equity swings?

If I inherited £10M tomorrow I would not hesitate to deposit it all and bet my usual 5-10% per trade. I have no qualms about taking large losers because I cannot stand to have a large edge and not really go for the jugular. I always have had the confidence to bounce back no matter what. Thats my personality, which is probably the exception not the rule.

Presupposing that you have a similarly good edge (which you most likely dont) could you say the same?

This is not an attack - although Bison has had a few pokes at me. I presume because of my pokes at his mentor (no wonder my ears have been burning). So I expect he may take it as an attack.

Anyway - how do you say you have a good edge that other people likely don't have, when you are trading someone else's calls? It sounds somewhat of a contradiction.

It is obvious Bison is doing very well with this. Long may it continue. Someone else's calls + betting a large percentage of your equity = great return. Great if you can make it work.
 
Anyone think finance lends itself to the greatest con ever though?
Making people think it works by drumming up rules for a method and then everytime they post a losing trade you can make up some reason why they did something wrong.
Then they believe you have "the knowledge" and eventually pay up for your course?
There are so many different systems/strategies, it really is a religious kind of following that mentors can get themselves...almost like a cult.
 
So you can make a 1250% gain in 11 months but this cannot make you rich?

At the risk of going round in circles, I said that the blanket statement of "every good trader should be able to make millions..." was incorrect in my opinion.


How many accounts did you start with to get that 800-10,000 statement? Just the one?

I've lost count. It took me around seven years to get profitable ;-)

You use this to show prospects but you don't want them so see Bisons 'cause it's unrealistic :whistling.

I use it as an illustration of what can be done not what will be done. I accept that my return is a good one but I would rather show it than Bisons anytime.

1,250% return is pretty far out there. I accept that. But his is almost double the percentage return in less time!

But put this aside for a second, you will no doubt understand that "prospects" are far more impressed with monetary returns than percentage returns.

I show them my statement and they think "What?! I've got to spend all my time learning what you do and I'm going to make only £9,000 in a whole year!!"

Then they look at Bisons and say, "that's more like it, £62,000 in nine months...sign me up"

you do see that makes little sense.

Try an experiment:

Show two statements to people:

Statement A: £1,000 - £10,000

Statement B: £10,000 - £100,000

Make sure that they realise the statements were produced over the same time, taking the same setups and using the same risk per trade.

Which one do you think is going to impress more?

Does it make sense?
 
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Does anyone have a positive experience of a mentor for whom they paid, they can't all be bad.

I tried a few and my experiences are mixed:
Whilst I did learn something from each and every one of them, there was a problem with each and every one of them as well.

..even 50Pips is charging 25 euros for 1 webinar a week now where you just get shown some levels and a chart!

InTheMoneyStocks - great analysis for intraday trading but it seems like they are doing something very dodgy with their small cap trades and they never admit to a loss without covering it up with some other legendary trade that they made. There is something dodgy going on with their small cap trades though, pump and dump type scenarios.

another member on this site teaches newbies but makes a LOT of trades every day. I think for a lot of newbies, this is tantamount to overtrading and most of them won;t deal with it well.

Twitter traders - most of them are just bloggers doing something to try and help their own trading but have no real justification. In fact, if someone in business in the financial world did what the bloggers/twitter traders are doing, they would probably be locked up.

Books - much the same as online vendors. Some even publish strategies that I was able to backtest with the use of a metatrader EA and proved them not to be working! Quite how they can get away with that I don't know.
 
Dante's room was okay. Serious talk about trading mostly which is what we used to have here in the 09. Now everyone keeps their cards to their chests and we have many lulz but very little real trading talk :(

tbh I'm thinking of joing a skype room or something buy I'm never f*cking paying that much. A week isn't really enough time to see whether the calls could even recoup some of the outlay in the event that you don't benefit from the experience.
 
Does anyone have a positive experience of a mentor for whom they paid, they can't all be bad.

I make no secret of getting training. I took 3 courses.

First was a total rip off. To be honest, I had no clue what I was looking for & the guy was an egotistical, asshole. (no, it wasnt a mirror)

Second was fantastic. Before I took this training I had ZERO clue as to what would cause you to make a profit. After this course, I became profitable but I still wasn't happy with one very specific aspect of trading.

After this, I set out to find an expert in that area. I found the guy, took one of his courses, which cost $1500 and he now helps me out whenever I want to bounce an idea off him. We chat regularly on Skype. There is no longer any money changing hands and he's actually helping me out on a new project for free. This is someone that has come to the end of their trading journey, having made enough $$$ to retire. I wont mention the name because he doesn't advertise his services, if he wanted his name all over teh interweb, he'd have done it himself by now I am sure.

Note that by the time I took the third course - it would have been fairly tough to bull**** me...
 
A week isn't really enough time to see whether the calls could even recoup some of the outlay in the event that you don't benefit from the experience.

hmmm...is that what the *community* wants..calls? Glad to see you put the caveat of "experience" in there ..
 
Good, so there are some decent mentors out there who charge. There had to be, in the same way that SOME systems you can purchase might be good.

DT, can I ask, did he help you with the trading aspect only or was it more psychology?
 
What are you on about? When did I say I just wanted calls? I'm talking about being helped in your trading but if this guy's always banging up a load of nonsense retrospective charts and has not proved that s/he can trade in real time why would you even listen? Calls and trade walk-throughs are how you measure and can be assured of ability.
I wouldn't pay someone unless I knew his/her calls were profitable which would help me to recoup some of cost whilst I learn. No skin of the provider's nose is it?
 
It's probably only a matter of time before the FSA get involved as they probably should with all call services, vendors, financial advice companies out there. Really, they are all playing a loophole in the law due to the internet and the fact they use disclaimers such as not giving financial advice, which is a joke really.
 
I think I mis read your post BS. I need some breakfast.

S'ok buddy, I've been in 3 *rooms* not one called out live trades...they nudged, made suggestions, pointed out when the time might be right, but never nailed themselves to the cross as it were.
 
S'ok buddy, I've been in 3 *rooms* not one called out live trades....

If they could trade they wouldnt be fannying about with a bunch of dunces in a *room*, they'd be making some wedge, or in search of lulz.

The funny thing is the dunces cant actually differentiate good calls from bad, and to make matters worse, most are lazy feckers with the attention span of a goldfish so it wouldnt matter if they did make live calls, non of em could remember anyway.
 
I watched Hougaard's room for a few days.. he alerts you to what he is about to do, "get ready to buy eurusd", then there'll be a pause of a few minutes and he'll type "ok bought at 52".. at which point you look at the screen and see a rate of 53/54.

That's not to say that he didn't buy at 52 of course, it's just that it's very hard for the user to replicate.

His website carries links to the Saxo platform, so it's a safe bet he'll get a rebate from any of his subscribers who sign up to that platform. But fair play to the man, he's putting his calls out there and his record is pretty good.
 
I watched Hougaard's room for a few days.. he alerts you to what he is about to do, "get ready to buy eurusd", then there'll be a pause of a few minutes and he'll type "ok bought at 52".. at which point you look at the screen and see a rate of 53/54.

That's not to say that he didn't buy at 52 of course, it's just that it's very hard for the user to replicate.

His website carries links to the Saxo platform, so it's a safe bet he'll get a rebate from any of his subscribers who sign up to that platform. But fair play to the man, he's putting his calls out there and his record is pretty good.

The difference is that Hougaard actually looks like a conman! :LOL:
 
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