you need not just charting. The only way to automate to have a serious language. Scripting languages do not work. I used c# to automate my algos. Platform ninjatrader.
What % Of Trading Educators Do You Believe Are Legit?
- Thread starter BearTrades
- Start date
you need not just charting. The only way to automate to have a serious language. Scripting languages do not work. I used c# to automate my algos. Platform ninjatrader.
Anton Kreil had a series on the BBC. Another example: The "Turtles" had a working system laid out for them in detail. In both cases many traders refused to follow the rules/plan.
People who have a working system can give it out and 90+% of people will not follow those rules. Will not stick with it. I guess because what works is so counter intuitive...
It is not the system, it is the trader who has to change to become successful.
My first paid for mentor was working for a big name in teaching finance. I don't know that she was consistently profitable, in fact, I doubt it. She claimed it was illegal for her to show her personal trading results.
I had some others I paid for. Watched Al Brooks trading room for a month.
The only other one who traded live so I could watch turned out to be an ex-policeman and IMO he had something to teach but clearly had been on the receiving end of one to many concussions. I've worked in health care and it probably wasn't obvious to the untrained eye, but in my experience he clearly had some brain injuries that affected his choices. But he was sincere, not a conman. Just floundering a bit. I didn't learn much from him, but just watching him trade live was very helpful to me at the time. Perhaps in contrast...
The one I've learned the most from only charges a couple hundred dollars for his system and a daily review of the market. But most people would not like his system and approach. You have to be a self learner. When I was in High school they tried something called "contract learning" where there were not classroom hours and you just had to work through the text books yourself. I loved it. Finally didn't have to waste my time with teachers.
But out of ~170 students in my graduating class, only I and two others completed the coursework. Few of the rest even completed one class! They graduated them anyway.
In my experience the more a mentor charges the less it is worth my time. Others may have other experiences here.
I have to agree on the law of diminishing returns on cost of mentorship: I paid $8K to Larry Levin/Secrets of Traders and all of his teachings failed right out of the box.
What worked in the pit, can not be transferred to screen for the most part. "Secrets of Traders" name alone should be a deterrent. But you probably got some useful info anyway.
Agree re educators shouldn't charge thousands, I firmly believe all should give away a lot of free training to establish trust first, and for potential customers to see if it's a good match Before spending any money.
Like Costco free samples or shareware software. That's why I've done free Saturday webinars for years, over 5k traders have registered.
Just like how to trade, start sim/free and test to see if it works, then scale from there. If it's a good fit. You should expect at best 1 out of 15-20 educators can help you personally, based on differences in trading styles, there's wildly different approaches and one size never fits all.
For example, I am not a good match for newbies or unintelligent people, I don't have patience for basics and prefer intermediate or experienced traders who trade stocks & ETFs in $20-$40/share range for daytrading and swing trading, that's my niche.
Like Costco free samples or shareware software. That's why I've done free Saturday webinars for years, over 5k traders have registered.
Just like how to trade, start sim/free and test to see if it works, then scale from there. If it's a good fit. You should expect at best 1 out of 15-20 educators can help you personally, based on differences in trading styles, there's wildly different approaches and one size never fits all.
For example, I am not a good match for newbies or unintelligent people, I don't have patience for basics and prefer intermediate or experienced traders who trade stocks & ETFs in $20-$40/share range for daytrading and swing trading, that's my niche.
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Funny you should say: learned candle buys/sells set up, other patterns and watched Dan O'Brien trade for 2 years and he was a total disaster; Levin posted that he made $1,900,336.82. Boy did I get sucked in!!!
You do not have a posted trading track record; that it is like someone saying they are a golf tour pro but do not have a golf score or a bowling league champion without a bowling average.
And he did not lie. But the devil is in the details: "was it OPM?", "was it pit using insiders info", "were the commissions tiny" and so on. Guys like him would never reveal profitable shit. Does not mean it is all useless btw, just not gonna make you $ as shown.
This is the best advice I heard regarding trading education courses.
