Why do people pay for trading courses/training?

Discussion in 'Psychology' started by PropTraderMTL, Feb 27, 2011.

  1. My theory is that most courses teach you the basics... nothing more then any good trading book will show you. People have an innate belief that there is a secret to trading and try to find it by taking courses run by people who claim to have it. Additionally many people fail to realize that it is their own ego problems that are holding them back rather then their methods. Sure some have no method but after reading a few books you can get a bunch of ideas that will make you $$ if correctly implemented.

    I think that what many courses succeed in doing is instilling a belief in the trader to trust the method taught. Thus overcoming the ego problems and actually giving traders a plan where they lacked one before.

    Having never taken a paid trading course and only undergone minimum training (free) I want to ask the question of WHY people pay and has it worked for you? Also for those experienced profitable traders... have you ever taken a course thats improved your trading?

    (Background: I ask this question as I see people having a debate about Prestine and other training firms. I'm a profitable trader but have no real desire to take any additional paid training. I read new books all the time and I'm always watching for good discussion threads / trading videos. I also have started keeping a journal)
     
  2. 1) Many people are enthralled by the "dream" of trading but not the "hard work" of trading. :(
    2) Whether it's trading courses or other infomercial-related courses, very few people who purchase "training" actually follow through with it and engage in the activity of whatever the training was to begin with. :eek:
    3) I am entirely self-taught. I also have the benefits & drawbacks of floor trading which may no longer be available in the future to other aspiring traders as a way of obtaining "intense" experience. :cool:
     
  3. zdreg

    zdreg

    "I also have the benefits & drawbacks of floor trading"

    why are many floor traders unsuccessful as upstairs traders?
     
  4. BSAM

    BSAM

    Why do people pay for trading courses/training?


    Cuz...They don't know no better. They bees dreaming/hoping.
     
  5. oraclewizard77

    oraclewizard77 Moderator

    Well I think you need to divide the line between real trading courses or books and fake trading.

    The problem is some courses are fake done by people who don't know how to trade.

    If someone is teaching a real course and providing real non lagging indicators then that is real value for someone starting out trading. Rather than blowing his account a few times, he or she could learn the right way to trade with edge and start making money sooner.

    The problem is that most traders don't recognize the difference. They will fall for courses or systems suggesting 95% win ratio when systems that trade 40% - 60% are the real deal.

    Its just like the show I saw on American Greed on CNBC where this lawyer was selling a ponzi investment in settlements that you could buy for 25% and earn over 20% per year. He had pictures on his wall of meeting with the governor and giving to charities and driving expensive cars, but all of that was paid for by the money he was stealing from clients.
     
  6. This thread is like asking...why are there infomercials?

    People are searching for something they think they need...what are they missing? The charlatans know how to capitlize on this...

    Trading is just another product for their secret to success seminar...

    When you master trading, why in the world would you not trade? What else is there to do?

    Finding a Mentor at the end of his life or with nothing to lose...well isn't mentoring to teach one how to survive ON HIS OWN.

    This "pie in the sky" purchase of success will not work.

    ES

    P.S. The more I think about this the more I believe it. I have noticed that if anything becomes mainstream then it is too late for me....Why would a master trader share his edge? Trading is about having an edge. Ok...you need to know why you have an edge...but it is nothing to do with psychology.

    P.P.S. Knowing the mechanics of the market and going to a community college course would be the only thing I could imagine to teach or to attend as a student...Thats All....That's It.

    <iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/b5yVbIe-M9I" frameborder="0" allowfullscreen></iframe>
     
  7. Redneck

    Redneck

    PTM

    Why people pay….

    You have the normal world…, then the world of trading

    And I think we may agree..., success in the normal world will not necessarily translate to success in the trading world

    Most every one of us comes from the normal world – instilled, and ingrained with the beliefs it shoves down our throats

    One belief from the normal world is – if you want to succeed;

    Seek out an educator, as they are there to teach, guide, and help you gain the knowledge to succeed


    So what else could a citizen to do – once they’ve decided to transition into the trading world – other than follow their deeply engrained beliefs….

    Seek an educator……
    =============================================================================================

    I was totally trading/ wall street/ market ignorant when I started..., and yes I paid for training…..

    Did it help….

    It was a contributing factor to my success….., but then so was everything else

    ==============================================================================================

    Respectfully I will not go down the pros/ cons to trading education – I’ve already done that ad nauseum..

    Bottom line – It is vital we each seek out our own path – no matter where it leads…


    Suffice to say

    Caveat emptor – not only in education…, but in ALL matters

    RN
     
  8. Interesting, so you took training when you started. The thing I was wondering about was whether experienced traders take trading courses... experience traders I mean experienced PROFITABLE traders. I'm just curious as to whether it helped you to push your trading to the next level. Everything I have ever done with trading I have learned by myself

    Don't worry I'm not looking for the pros/cons. As I said above, I'm just interested in whether profitable traders pay for training. For example after the first few years of trading (or after you were consistently profitable) did you ever pay for additional training.
     
  9. Maybe I wasn't clear when I asked the question. I'm not talking about some b.s. where a douche bag tries to sell me a fool proof system that just prints money. I think the argument of someone selling you a golden egg laying goose vs trading it themselves has always been clear for me and I hope for others as well.

    No....

    I'm talking more about coaching. How to improve as a trader. I don't want someone to teach me an edge. I believe I have my edge. I just need to better exploit it. Take my trading to the next level. This is why I asked the second part of the question... have experienced profitable traders taken courses or training that has improved their trading?...
     
  10. Redneck

    Redneck


    No nothing I’ve attended since becoming profitable, has benefitted me with “more” profitability per se


    But that is not to say I haven’t benefited – I can always benefit from growing/ seeing things from others perspectives/ new experiences/ meeting (some) new people...

    ==============================================================================================

    This brings up another interesting phenomenon

    Once you get it…, what else is there… except to wash, rinse, repeat…..


    No amount of education, training, books, whatever – will ever improve upon that……

    Experience / screen time may..., but the others, at best, will only create an idea -that then you can test out for viability.... maybe the idea will work... maybe it won't


    Best we can do... is what is necessary to keep from us from becoming complacent… (lazy asses )



    That's why trading is a grind….

    RN
     
    #10     Feb 27, 2011