I believe a large reason why so many retail traders fail is because there learning from conmen. Your take?
of the popular ones maybe 1% and those ones im thinking they know what they teach is meaningless without accessing the person they are selling to individually
I agree completely. I think most educators don't trade, make phony performance claims, overcharge, are incompetent, have no tax return proof they've ever had a profitable year, and are mainly internet marketers. The SINGLE biggest problem is because they aren't skilled authentic traders, all they focus on is detailed unimportant chart patterns & ta. Honestly, they lack authentic risk management / small stop-taking experience, which is the MOST important skill. As I've published, "the math is a lot more important than the chart patterns". But the majority of educators can't teach that with recent real trades (like I do), because all they do is talk dumbass chart patterns. Scaling, position sizing, re-entries, trailing stops, the specific sequence of decisions you make in a trading day, how you handle gaps against you (like I had to today in UVXY etc); THAT is far more important than chart patterns. #truth The truth is that trading is 90% math, position sizing, tiny stops, knowing when and how to capitalize on volatility using market internals with specific strong breakouts etc. Traders fail because they've been misled by "chart talkers" vs P&L focused authentic traders. My biggest challenge is I trade such small size it limits my income, eg for me up 5k is a good month, by leveraging my experience via teaching I do better; it's a win-win. If any educator makes performance claims, make them show tax return proof. Run away from anyone without proof they trade, caveat emptor. Seriously, you guys might be surprised most of you probably trade a lot more than well known educators who are busy posting on social media etc lol Plus the bs young daytrading wannabe chatroom operators claiming to make 1000s of dollars trading bullsht low float under $10 stocks, it's a long con. Example, they use multiple mirror accounts, in which when they go long publicly, an offscreen confederate simultaneously goes short, so their risk is negligible. Or passing off demo sim as real, to impress newbs. Hint check time & sales DOM to verify, you'll see nothing because they're faking it. Sophisticated cons. To out them, request they make a oddlot large trade like they claim they do daily, eg "can you do a trade with 1255 shares right now?". Watch the tape carefully to verify that a real trade of that size actually prints. It won't, because they're on sim. If they kick you out of the room for asking, you'll know for sure it's likely a con.
It is very simple 0. No one in their right mind would sell profitable strategy. NO ONE. Very few might show it for free to friends or people they like. The only exception was SOES bandits. Saying the above, I kinda know 1 case. But it was almost Like free
Agreed. Many bs educators make phony performance & profitability claims to hawk their stuff -- that's wrong. As are educators who lack extensive real money recent trading experience, claiming to be able to teach traders, when all they do is regurgitate basic chart patterns. Personally, I make no performance nor profitability claims (and have lower sales because of it, than dishonest competitors). But I'm trusted by so many because I really trade, and accurately teach my lessons learned. #value "But Ken, why should I learn from you if you can't promise consistent profitability, trips to Bali and a Maserati?" lol Answer: all the experience of trading for 21 years, millions worth of orders and lessons learned. Without the BS.
What does 5 million in trades really mean? From a decade ago. I did 1200 equity index futures sides today. What would that mean with that metric? I really don't understand what you are bragging about.
Zero until proven otherwise. My take is they learn from the TOP -> DOWN. Reality is wilder, more uncertain and risky than theory. They forget that the only teacher is experience + feedbacks. Apprenticeship is 80% practice, 15% feedback, 5% theoretical. They have the wrong models. They believe they know it all. They can't stand the heat. When reality refute their views, They go hide themselves behind another book.
I've tried, it would also help overcome my anxiety about trading large size. But all the AI/programming needed would require too-expensive algo coding, eg brain dump of hundreds of subtle rules. I've looked into it ... charting software companies have asked me for years to create a scanner, but they don't work consistently. Would love to automate my process, it's complicated though
Right -- the best teacher is sitting in front of charts for years and doing your own testing. Not relying on anyone but yourself.