Why do people pay for trading courses/training?

Quote from 1765hillwood:

I do think that we all can agree, that 95% of wantabes will blow out their 1st account, probably 75% will blow, or close 2nd account, and 99.5% of all who give it a try will lose or have a draw down larger then a course fee, not saying a course will make you profitable just stating facts. And I do agree that the info can be found in books for far cheaper then a course.
So i pose another question why pay for books afterall it is part of trader education?
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Yeah, why pay for books ? If you can get them for free on online share forums.:p
 
Quote from PropTraderMTL: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.
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I believe you have answered your own question. You pay to take a course to gain knowledge you don’t have. Traders are looking for that little something that will take them to the next level. Not unlike the pro golfer who decides to change his swing after being on a winning streak. It is of interest that none of these swing coaches are making money playing golf so it doesn’t necessarily follow that a trading coach/mentor has to be a winning trader.

We are taught that you get what you pay for. We rationalize that a $5000 course will be much superior to a $100 course. Before taking a course we should know what it is we want to learn and ask if that is what they teach.

I’ve used the phrase myself; “I want to take my trading to the next level” Do you know what the next level is? Are you successful at this level?

I think that most have the expectation that if I give this guy some money he will teach me a secret that very few know and I’ll be able to make my money back and then some.

Here’s the secret. Regardless of what method you use to get into a trade you will have winning and losing trades. Cut your losers short and let your winners run.

Quote from Lucias:No, having a plan is not the most important piece.
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Developing your own plan and having the discipline to follow it is the most important piece.



Quote from Handle123:so long as they had to explain each trade everyday for at least a year, they did well.
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This is probably the best training you can get. You learn that you have to take responsibility for you actions.
 
ty deaddog,

I appreciate the wisdom. seriously.

ES


Quote from deaddog:

I believe you have answered your own question. You pay to take a course to gain knowledge you don’t have. Traders are looking for that little something that will take them to the next level. Not unlike the pro golfer who decides to change his swing after being on a winning streak. It is of interest that none of these swing coaches are making money playing golf so it doesn’t necessarily follow that a trading coach/mentor has to be a winning trader.

We are taught that you get what you pay for. We rationalize that a $5000 course will be much superior to a $100 course. Before taking a course we should know what it is we want to learn and ask if that is what they teach.

I’ve used the phrase myself; “I want to take my trading to the next level” Do you know what the next level is? Are you successful at this level?

I think that most have the expectation that if I give this guy some money he will teach me a secret that very few know and I’ll be able to make my money back and then some.

Here’s the secret. Regardless of what method you use to get into a trade you will have winning and losing trades. Cut your losers short and let your winners run.


Developing your own plan and having the discipline to follow it is the most important piece.




This is probably the best training you can get. You learn that you have to take responsibility for you actions.
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Personally, I wouldn't. There are tons of forums that offers the same resources. For me, it's just a waste of time and money.
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Let me say, learning on your own is hard work. That said, I find it incredulous that there are snake oil salesmen out there promising to teach you how to trade when they themselves do not trade! How can you teach something you know nothing about? I taught myself everything I know from reading books, studying charts, watching DVDS and even attending free seminars on investors conferences. You get snippets which you have to incorporate in your trading. Risk controls is at the top of the list. Until, I controlled my losses, I never had a chance. Now, I know better.
 
smallfil said:
Let me say, learning on your own is hard work. That said, I find it incredulous that there are snake oil salesmen out there promising to teach you how to trade when they themselves do not trade! How can you teach something you know nothing about? I taught myself everything I know from reading books, studying charts, watching DVDS and even attending free seminars on investors conferences. You get snippets which you have to incorporate in your trading. Risk controls is at the top of the list. Until, I controlled my losses, I never had a chance. Now, I know better.
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There wouldn't be as many snake oil salesmen if there weren't as many willing victims.
 
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