How to avoid being scam by the 3rd party educational vendors

[emg]

Updated snake oil sales talk quote:


“I am going to make you more money than you ever dreamed of…”
i will guarantee you will make a profit.
god will make you rich
i walk my talk
I can make you money
I am the best trader you will ever met
i know a lot of rich important people
i trade live and making $50K per month. I made more than a million last yr

i can turn your $5000 account into $100K in 2 months
i this is not rock science.
trading is easy. trading is easy to make money
i own a Ferrari and a mansion in key west florida.
i profited $5000 yesterday
"I don't need your money."
Ask for account statements

 

[bone]

Ask to speak with some of the vendor's clients who are actually using the system. Are there actual clients who are using the system and making money with it ? What are the client's perceptions of the educator ? Are the clients legitimate, and are you able to have an honest and independent conversation with them on an individual basis without the vendor's involvement ?

Ultimately, you as the client will have to 1. learn the system, and 2. use the system and make money with it. It wouldn't be realistic for a client to believe that he could replicate someone else's P&L performance. Trading is not an absolute.

Can you speak on an independent basis with clients who are using the system and making money with the system ?

 

[GammaTheta]

How to avoid being scammed? Don't look to educational or system vendors for trading advice or skills. It's been said so much it is now cliched, but if they had it they wouldn't sell it. That is true 100% of the time, no exceptions.

End of discussion. This thread should be closed.

 

[wrbtrader]

Is emg saying 90% of small traders are using unregulated 3rd party educational vendors.

Think about it carefully, he has also stated a few times since his arrival here at ET that most ET members are small traders. Therefore, technically he's saying most here (you and I) are using unregulated 3rd party educational vendors. Also, isn't it a contradiction to something emg has been preaching in other threads that the sole reason most traders lose money is because they are undercapitalized.

Geeesh...since the New Year...I've seen any of the following stated by someone as being the "sole reason" why most traders lose money:

* Undercapitalized

* Scammed by brokers

* Scammed by unregulated 3rd party educational vendors

* Using indicators

* Addiction to trading

* Addiction to Alcohol or Drugs

* Spending too much time at ET in arguments

* Overtrading

* High Frequency Trading

* Failed to backtest enough historical data

* Inadequate Data

* Incorrect views about the economy

* Too much time surfing porn sites

emg has used at least 5 of the above reasons at least once or twice as the reason why most traders lose money. Anybody taking this guy seriously or is he put here by Baron for entertainment purposes to keep up the post counts.

Seriously, all the emg types can't be right considering they all are giving different reasons as the "sole or primary reason" why traders lose money. Heck, I always thought that the sole reason why I had a losing trading day was because I didn't eat my "wheaties".

http://www.youtube.com/watch?v=-xHoByXszPE

Mark

 

[emg]

Quote from wrbtrader:

Is emg saying 90% of small traders are using unregulated 3rd party educational vendors.

Think about it carefully, he has also stated a few times since his arrival here at ET that most ET members are small traders. Therefore, technically he's saying most here (you and I) are using unregulated 3rd party educational vendors. Also, isn't it a contradiction to something emg has been preaching in other threads that the sole reason most traders lose money is because they are undercapitalized.

Geeesh...since the New Year...I've seen any of the following stated by someone as being the "sole reason" why most traders lose money:

* Undercapitalized

* Scammed by brokers

* Scammed by unregulated 3rd party educational vendors

* Using indicators

* Addiction to trading

* Addiction to Alcohol or Drugs

* Spending too much time at ET in arguments

* Overtrading

* High Frequency Trading

* Failed to backtest enough historical data

* Inadequate Data

* Incorrect views about the economy

* Too much time surfing porn sites

emg has used at least 5 of the above reasons at least once or twice as the reason why most traders lose money. Anybody taking this guy seriously or is he put here by Baron for entertainment purposes to keep up the post counts.

Seriously, all the emg types can't be right considering they all are giving different reasons as the "sole or primary reason" why traders lose money. Heck, I always thought that the sole reason why I had a losing trading day was because I didn't eat my "wheaties".

http://www.youtube.com/watch?v=-xHoByXszPE

Mark

Quote from wrbtrader:

Thanks for the link...next time I won't bother wasting my time responding to that guy and will update my ignore list with his username.

Mark

Didnt you put me in your ignore list?

I am looking for the best answers. Bring them up!

 

[wrbtrader]

Quote from emg:

Didnt you put me in your ignore list?

I am looking for the best answers. Bring them up!

I no longer have you or anyone else on my ignore list (it got cleaned out)

There was a lot of user names on that list and I don't have a list written on paper as backup to update my ET list. Eventually I'll start maintaining a new list via using the "ignore button" again that's dependent upon complaints from others along with my personal opinion. Also, I've discovered if traders quotes someone on my ignore list...I can still see the quoted message and that defeats the purpose of my ignore list. In addition, if I visit ET without logging in...my ignore list doesn't work.

Regardless, as stated, I'll redo my list.

Until then, getting back to the point, I've seen you in the past (prior to ignore) use different reasons as the "primary reason" why traders lose money. It's not just you by the way, I've seen others do the same thing...change reasons as if they are just selecting any reason without any facts for the sake of an argument.

My point is this, you've have given different reasons. Therefore, does that imply there's many reasons why someone loses money and not one sole reason. Also, you've said a few times most here are small traders. You're now saying 90% of small traders are losing money because they're using unregulated 3rd party vendors.

Isn't that the same thing as saying 9 out of 10 ET members are using unregulated 3rd party vendors via your 90% declaration (please correct my math if I'm wrong)

I guess you're not a small trader which means you're not losing which also means you're not using an unregulated 3rd party vendor ???

Serious question considering you want traders to believe you about why 90% lose money (using unregulated 3rd party vendors) while someone else here at ET wants us to believe 90% lose money because of High Frequency Trading (HTF), another preaching 90% losing because of indicators and so many other reasons I've listed above. Heck, I even forgot another one from the above list, someone (won't mention his name but he's well known at this forum) has said that he has FACTS that 90% of losing traders is because their using support/resistance levels.

Who's telling the truth amongst you guys ???

I would pay for tickets (less than $15) to see/listen to all you guys/gals in the same room debating with your FACTS about why most traders lose money because you guys in many ways are just as bad (scams) as those you're pointing the finger at...seriously.

* Most ET members are small traders (your comments in the past).
* 90% of small traders are losing because of unregulated 3rd party vendors (your current comments).
* 9 out of 10 ET members are using unregulated 3rd party vendors (my summary of what you said).

Most ET members are small traders. 90% of small traders are losing because of unregulated 3rd party vendors. 9 out of 10 ET members are using unregulated 3rd party vendors.

Think about the above pieced together sentences of so called FACTS since you've been here.

Mark

 

[Trader13]

Trading is probably the most competitive business in the world. I don't believe you can reasonably expect any vendor to teach you an edge to become one of the few successful traders out there. But many vendors are well suited to teach you foundational knowledge about the markets, trading instruments, classical technical analysis, and execution skills to minimize your transaction costs. Of course, you could also learn this basic stuff by self-study. But it's perfectly fine if you want to accelerate the learning process by paying for some trading classes where the information is organized and presented to you with the benefit of interaction with the instructor.

My point is that your expectation from classes should be limited to acquiring basic knowledge and no more than that. Then you have to apply your own talent to develop that elusive edge, which frankly, most people will never achieve.

So I would judge these vendors by what they claim to teach you. If they represent their curriculum as the basic building blocks of trading, that's a fair bargain. On the other hand, if they promise to provide you a trading edge, that's a red flag they are overpromising and will disappoint.

 

[PokerFXTrader]

Quote from wrbtrader:

Is emg saying 90% of small traders are using unregulated 3rd party educational vendors.

Think about it carefully, he has also stated a few times since his arrival here at ET that most ET members are small traders. Therefore, technically he's saying most here (you and I) are using unregulated 3rd party educational vendors. Also, isn't it a contradiction to something emg has been preaching in other threads that the sole reason most traders lose money is because they are undercapitalized.

Geeesh...since the New Year...I've seen any of the following stated by someone as being the "sole reason" why most traders lose money:

* Undercapitalized

* Scammed by brokers

* Scammed by unregulated 3rd party educational vendors

* Using indicators

* Addiction to trading

* Addiction to Alcohol or Drugs

* Spending too much time at ET in arguments

* Overtrading

* High Frequency Trading

* Failed to backtest enough historical data

* Inadequate Data

* Incorrect views about the economy

* Too much time surfing porn sites

emg has used at least 5 of the above reasons at least once or twice as the reason why most traders lose money. Anybody taking this guy seriously or is he put here by Baron for entertainment purposes to keep up the post counts.

Seriously, all the emg types can't be right considering they all are giving different reasons as the "sole or primary reason" why traders lose money. Heck, I always thought that the sole reason why I had a losing trading day was because I didn't eat my "wheaties".

http://www.youtube.com/watch?v=-xHoByXszPE

Mark

The TRUTH hurts... save your breathe he will never get it.

 

[emg]

Quote from Trader13:

Trading is probably the most competitive business in the world. I don't believe you can reasonably expect any vendor to teach you an edge to become one of the few successful traders out there. But many vendors are well suited to teach you foundational knowledge about the markets, trading instruments, classical technical analysis, and execution skills to minimize your transaction costs. Of course, you could also learn this basic stuff by self-study. But it's perfectly fine if you want to accelerate the learning process by paying for some trading classes where the information is organized and presented to you with the benefit of interaction with the instructor.

My point is that your expectation from classes should be limited to acquiring basic knowledge and no more than that. Then you have to apply your own talent to develop that elusive edge, which frankly, most people will never achieve.

So I would judge these vendors by what they claim to teach you. If they represent their curriculum as the basic building blocks of trading, that's a fair bargain. On the other hand, if they promise to provide you a trading edge, that's a red flag they are overpromising and will disappoint.

not bad

 

[bone]

I teach an edge, I claim to teach an edge, and if I was a disappointment in terms of my deliverable then you would have 70 ET Members who have been and currently are clients posting all kinds of hateful stuff about me on this website. Please note there are no CLIENTS posting bad things about me - the only negative commentary being proferred by those who know absolutely nothing about me or my deliverable.

I get alot of personal, word-of-mouth referrals from very experienced traders who personally know my clients. From my perspective, if I couldn't offer an edge then why bother with it ? Is it magic ? No, of course not. How is it an "edge" ? Clients make consistent money trading hundreds of spread combinations using my models. Traders who used to scalp now have a fresh revenue stream to complement their existing trade.

Quote from Trader13:

On the other hand, if they promise to provide you a trading edge, that's a red flag they are overpromising and will disappoint.