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Fear and delusion
- Thread starter joe4422
- Start date
Quote from oraclewizard77:
This is the problem of some trading sites like puretick, they risk 35 ticks to make 5 ticks. Also, they average down, so assuming you normally trade 3 contracts, you could be trading 9 contracts on a bad trade. I think they do this to keep a high enough win ratio that if someone signs up for a trial, they will then sign up for a month. Then another trick is that the ONLY way to cancel is to fraud close your credit card so they can't charge you anymore.
There probably are some good mentors out there, but I would think at least 85% of these sites and mentors are scams.
85% ???...How about 98% and that might be conservative....
I think it is about time there was a section set up dedicated to exposing all of the "educators' and trading gurus...
ET does have some influence in the trading forum arena...
Using the vendors' name in the title, the vendors ' name will be highlighted on the Internet under their respective pages...
An example...SchoolofTrade -- Schoolof Scam...
In these poor economic times there are a lot of people getting fleeced because the vendors seem to have something "easy'' to offer . We know it is the furtherest thing from the truth.....
NiN
:
Quote from Pension_Admin:
I am a newbie, but I don't believe we require a mentor in order to achieve success in trading.
I know having a mentor does speed up the learning process, but there are just too many snake oil salesmen out there. It is impossible to figure out who really know what they are doing, unless you have finally figured everything out yourself. By then, you don't really need a mentor anymore.
Just enjoy the free stuffs and listen to some POP in the chit-chat forum.
PA
Pension_Admin
09-18-09 06:12 PM
Qwerty, I already feel that I am in debt to you for your insight from your postings on price action and how you explain it with charts and metaphor--battle between bulls and bears.
Your mentorship is much appreciated, but I really would not know how I will be able to repay you for it.
PA
_____________________________
I believe i see a double standard Pension_Admin, someone speaks bad of mentors and now you suddenly demean their value on a whim when you clearly stated the opposite, how convenient.
Ah, but this time it's different, right? well, in case you were born yesterday, let me enlighten you, the meaning of mentor is a person who aids another in achieving a goal, usually older, typically more experienced, who helps and guides another individualâs development. But as is often the case in public forums the definition of a mentor is twisted, diluted or adulterated to tailor the agenda of a person that is typically very dissatisfied or has an intense rebuke as a result of a mentor that took advantage of him/her.
Quote from dandxg:
The biggest problem with PureSchtik, I have heard first hand from my buddy that is a member is that by the time Alex calls a trade, hits the bell, he is already filled and out before members get in. Of course on the losers they always get a fill. The YM is way to damn thin to hold so many trying to get a fill. He covers his ass well by saying you really should learn to interpret my calls after spending a few months with him. I can't figure it out he makes almost no money with Alex barely breaks even and still is around after 6 months.
Not to berate someone's trading style but when a trade sets up there is plenty of time to catch it if you are trading for any significant amount of $ move in the stock itself--if you are scalping for pennies then maybe its different.
Quote from Now is Now:
85% ???...How about 98% and that might be conservative....
I think the number is closer to 99.9999999999999999999999%
Consider a trading contest (like that one they recently had in forex), only 5% of them made money. Out of the 5%, there will be a large number of traders who average down or just have a temporary "edge". The percentage of people who actually know how to trade would be much less than 5%. It would probably be closer to 1%. Now, within that 1%, I am sure those traders will be very reluctant to teach some strangers how to trade, even if they get compensated for their opportunity cost. Those who figured out how to trade guard their knowledge like a magician guarding the secret of his magic trick. They will never reveal it, because 1) they paid for it with blood and tears, and 2) their current and future survival depends on it. Some might share their temporary "edge" (Like Opening Plays), but you know it's not their bread and butter. Those who truly knows how to trade would start their own hedge funds and train their traders instead.
PA
Quote from Qwerty:
Pension_Admin
09-18-09 06:12 PM
Qwerty, I already feel that I am in debt to you for your insight from your postings on price action and how you explain it with charts and metaphor--battle between bulls and bears.
Your mentorship is much appreciated, but I really would not know how I will be able to repay you for it.
PA
_____________________________
I believe i see a double standard Pension_Admin, someone speaks bad of mentors and now you suddenly demean their value on a whim when you clearly stated the opposite, how convenient.
Ah, but this time it's different, right? well, in case you were born yesterday, let me enlighten you, the meaning of mentor is a person who aids another in achieving a goal, usually older, typically more experienced, who helps and guides another individualâs development. But as is often the case in public forums the definition of a mentor is twisted, diluted or adulterated to tailor the agenda of a person that is typically very dissatisfied or has an intense rebuke as a result of a mentor that took advantage of him/her.
Qwerty, I do appreciate those charts you sent me a few months ago. I appreciate you for never asking for a penny for those charts you sent. I also enjoy all your posting in the archive, which were informative.
However, the point I was trying to make is that there are some people who try to take advantage of new traders by charging them a fee for a mentorship program. These new traders believe they are being taught by a successful trader, and they will finally learn how to trade successfully. Unfortunately, all they learn is that the market is full of deceptions.
I do appreciate and respect those who mentors other traders for free.
Qwerty, thank again for those charts.
PA
Quote from Pension_Admin:
I am a newbie, but I don't believe we require a mentor in order to achieve success in trading.
I know having a mentor does speed up the learning process, but there are just too many snake oil salesmen out there. It is impossible to figure out who really know what they are doing, unless you have finally figured everything out yourself. By then, you don't really need a mentor anymore.
Just enjoy the free stuffs and listen to some POP in the chit-chat forum.
PA
Just to clarify, the Mentor that I was referring to was the Paid Mentor.
Thanks!
PA
Quote from 1flyfisher:
If any wannabe trader has to depend on someone else to learn about the markets they are inherently doomed to failure from the get go.
I am not talking about read quality books such as the bibles/koran of trading/investing/options like magee/edwards or Graham etc. Self educate but forget the mentors and anyone promoting a trading course. All it is is TA with BS added to scam you. Just like the realestate no money down blah blah blah courses.
Could not agree **more** with this statement
Quote from Pension_Admin:
Just to clarify, the Mentor that I was referring to was the Paid Mentor.
Thanks!
PA
Ah, ha that's more like it, you make a distinction this time, unlike like those who do not make a distinction when it does not serve their interest, whether a mentor is compensated or not Pension_Admin, a mentor can be immensely beneficial as some have stated repeatedly
through out Elite Trader's existence.
Quote from Pension_Admin:
Qwerty, I do appreciate those charts you sent me a few months ago. I appreciate you for never asking for a penny for those charts you sent. I also enjoy all your posting in the archive, which were informative.
However, the point I was trying to make is that there are some people who try to take advantage of new traders by charging them a fee for a mentorship program. These new traders believe they are being taught by a successful trader, and they will finally learn how to trade successfully. Unfortunately, all they learn is that the market is full of deceptions.
I do appreciate and respect those who mentors other traders for free.
Qwerty, thank again for those charts.
PA
Just because a mentor is charging someone or barters his services does not insinuate that a newbie is being taken advantage of Pension_Admin, are we to conclude that a newbie trader for example, that receives guidance for an extended period, meaning months to years is entitled to receive that for free and that his mentor in return is supposed to receive a pat on the back and a thank you from his student only? somehow a newbie is not taking advantage of the situation but the mentor is.
oh, poor newbie, he supposed to get a break but not the mentor, clearly a double standard here, that's the conundrum, that is constant, a trader with experience wants to feel that he's being appreciated, because it requires energy, effort and time on his part while the newbie wants things for free, i believe you're living on a different planet Pension_Admin, who in the real world wants to work for free?
If a mentor is very competent Pension_Admin, a student will not be filled with deception, you insinuate that all students that paid a mentor are met with deception, that is not true, while the students that do not pay are somehow exempt from deception, your logic is that of a young child Pension_Admin, look around this fine forum and see for yourself how some people speak about their mentors in glowing terms. You yourself spoke about being indebted for the insight i provided you, albeit brief, try to be more even handed Pension_Admin.