Agreed, with the right educational background there are some large companies that will hire you and treat you right, however, as you may or may not know, most wannabe traders lack this qualification and they believe they can run a marathon barefoot, they have the spirit, but lack the fundamentals. Their ignorance blinds them. They want to play hardball with the pros not really understanding how easy it is to lose money in this business.
Trading education
- Thread starter Candlesmon
- Start date
Agreed, with the right educational background there are some large companies that will hire you and treat you right, however, as you may or may not know, most wannabe traders lack this qualification and they believe they can run a marathon barefoot, they have the spirit, but lack the fundamentals. Their ignorance blinds them. They want to play hardball with the pros not really understanding how easy it is to lose money in this business.
Who said they were waiting with open arms to make us rich? Those are your words, not mine.
There is a high failure rate in trading at a retail and also at a professional level, however, professional traders have a much better success ratio than those who try to go it alone at home with limited resources.
That's all I'm saying. If you go it alone you are basically guaranteed to fail. If you seek out people who are making money and have been doing so for years, then you have a fighting chance if you are able to follow direction.
Not anti-prop, you misunderstand.
Prop firm trading will give you both leverage, and put you past the PDT rule which is great if you don't have the 25k to begin. Also it will allow you to put your money where your mouth is, before you saved the 25k. That's the good part.
However, you cannot ignore the fact that even "market experts" are wrong a lot of times. If you decide to follow someone's trades, and they happen to have a bad streak during that time, you're toast. The way you protect yourself is by learning on your own first. Be it OTA, borders, wikipedia, ET, google whatever tickles your fancy.
Also, and this is important, make sure you know ALL of their fees and find out if your money is tied up with them for a year or so. Some prop firms are dishonest and good luck suing them, not talking from experience here but I heard a few horror stories.
I agree the best way to learn is by surrounding yourself with people that know what they are doing, but if you don't have an understanding of the big picture, which you can only get by education, no-one is going to hold your hand and change your diapers.
I say OTA is good because that has been my experience there, but there are hundreds of other places to choose from.
Sorry, but I went to an OTA "seminar" and posted a review of it here already on ET.
It is manure. After the pitch, the "counsellor" violated several laws trying to sell me, and made obviously shaky claims. I almost turned them in. Only a CTA could ask me some of the questions he did.
They flood the web with shill "independent reviews" including on Youtube. You sound almost EXACTLY like the 4-5 hour pitch and their shill reviews.
It is an overpriced TA lesson - Gaps and other stuff you can get for free on the web, and the claims of allowing you to "trade their money" is in fact tiny amounts, which they do not bother to mention.
I managed to talk one person out of buying, but another went for it hook, line and sinker
And their "$6,000 CDs" are avilable for a few hundred on EBay.
One of the most blatantly hyped "promise" companies in the trading world, along with TMTT, and a few others.
Exactly my point, you went to the seminar not the actual class, and all of a sudden you're the expert.
No-one is glorifying their "counselors", they're salesmen trying to make commissions, just like your favorite prop firm. If they broke the law then sue them. Also, if you're so sensitive about someone selling you something then why go to a seminar? Says a lot about your judgement.
Come on, just say it, you couldn't afford the class so you're pissed off because they blew you off and didn't give you the ridiculous discount you asked for. That must have hurt.
Nice try changing the subject. The only one who would get so defensive about a course is a shill.
And you question why someone would go to a seminar and then realize that it was just a come-on - a glorified TA course for $6,000??? Because I have traded far longer than yourself, and it did not take long to realize what they were trying to pull off.
But ignoring you and your pathetic attempts to look disinterested, and for those planning to make a mistake by chasing after OTA or other worthless courses,
EBay --> "online trading academy" You can get their stuff for $200-$300. And that is likely more than it is worth, as it is a rehash of trading books and free stuff on the internet and on ET. But $6,000? do some reviews, ignore the 5-star OTA plants and you will start to realize you will get no edge there
