Thank you for explaining the con and the scam. Although I do not fully understand it. I feel sorry for the victims that lost their money and their sanity. This is why I keep my money in my pocket. If it has to be, its up to me.
This is crazy man. If you think about it ChipShotTrader, it seems kind of rare for a profitable trader to offer mentor service to someone for a cost.
Thanks for sharing sir. It is sad man. I will say again as I always say, The trading business is the best business in the world because its the quickest way to be a millionaire by lying to customers. It is really easy by following these steps: 1. Create a trading course or mentorship program. Hire an internet marketer on upwork.com to build website and get followers. Take a few trades in SIM or even real time. Show this results as the only proof of making money. Charge let say $5000 2. Sell 200 people. If you broadcast step 1 to 100,000 people the odds is 200 people is high. $5000 X 200 = $1,000,000 It is perfectly legal too. The 200 people eventually find out after 1-2 years what is being sold by the teacher, he/she himself can not even produce. I end all this scam madness by requesting 1 thing from so-called mentors by the following: 1. 3rd party independent track record by the trader or mentor. Paying over $2000 for trading education or mentorship is bullshit.
Hello deaddog, I disagree with your comments, but I respect your comments. It is easy to scam trading customers because It is easy to scam trading customers. Trading customers lack experience to detect and confirm a scam. You and I been in this trading for years and years, so its we are experienced, a new trader is easy to be scammed.
Exactly. They lie to themselves. They want to believe it's as simple as paying someone for the secret. Surely they see the don't be scammed info, if they do any research at all, but choose to ignore it. I've seem arguments here on ET that you have to pay for your education and that the more you pay the better the education.
Yes sir. I agree. The old quote is so true. "Those that trade, trade. Those that can not trade, sell"
Hello deaddog, What do you recommend or your opinion regarding traders seeking out mentors and trading education?
Reading and asking questions. Question every thing. When you come up with an idea spend the time to try and prove it doesn't work. If you can't do that, then maybe it will work. As for a mentor, find a person you know to be successful and ask them. If they want to be paid then find someone else. Ask yourself what you expect from a mentor? If you expect someone to show you a way to make a living without doing any work, to give you a sure fire system that doubles you money every month, then I'm afraid you will be disappointed. You want someone who will review your trades and make suggestions. You can start by being your own mentor. Step back and look at what you are doing with a critical eye as if you were looking at someone else's trades. Then pick them apart. Find stuff wrong with them and come up with ways to fix the problem.
For several years I'd put a cap on $10k a year to spend on seminars and mentors, some I learned much and some hardly at all. I took courses from many who now run hedge funds to guys no one ever heard but truly ingenious individuals. None of them ever offered brokerage statements. Towards the end when I knew more than mentors, I figured I learned enough. I know I spent over $100k on seminars and mentors. Have spent millions on equipment, data, apps and employees in last 35 years. I found trading to be lonesome endeavor, so I took students, and I had a fee, but when they pay me small chunk upfront, they received monthly statements for past three years. Backtesting, programmers and quality data costs much. I made my course almost impossible before they would start trading live, if they had put in six months and wasn't getting better, I refunded their money. Those who grasped my concepts, rest of my fee came from monthly profits. When they paid me off I offered they trade for me the monies they had paid me. Still have over 20 people trading for me, some over twenty years. I met George Angell in 1990's and I liked that he refunded people if they didn't like his books or software and made sese I did same for learning to trade. I no longer take students, too old, have many friends and prefer to develop automation. Students actually helped me to get better, by me repeating same formations hundreds of times, spotting patterns became split second. It was not easy for students either as most had psychologic problems to overcome, many tears they had as I tried to console them even though I have Asperger's and lack emotions. But even though I feel nothing, I understand logically when I can't solve a problem, I will become lost, student would get lost. Most of my friends came from trading, but when you are spending countless hours to get good at your endeavor, there are few outlets to form friendships. The best mentors I found didn't advertise, hadn't made famous indicators, and I had to dig them out.