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What Training courses you have please give me your review

  #21 (permalink)

Springfield,Missouri, USA
Trading Experience: Advanced
Platform: NinjaTrader (It's a love/hate relationship)
Favorite Futures: CL, TF, 6E
Slipknot511's Avatar
Posts: 176 since May 2010
Thanks: 60 given, 317 received

I have gone through dozens, if not a hundred, books & courses. My gut instinct is to say that 99.9% are a waste of time and money, yet I'm sure I gleaned at least one valuable concept form most of them. Who's to say that one nugget was not worth the price paid? It's extremely difficult to attribute value to courses and books. I think this is because just as every trader is uniquely different & the methodology that will work for them is unique, so too are the resources that will help them achieve their goals.

The paradox of trading resources is that it is difficult at best to know in advance if a particular course or book will benefit you. There are items mentions highly in this thread that I think are garbage. And there are also materials mentioned as useless that I think had some value for me. The other posters and myself are probably both correct in our opinions.
That being said, I think there are a few guidelines that warrant a big "Caution" from a trading course, book, video or whatever:
1) Promises of easy riches. This is a lie. PERIOD! I hit delete the instant I see the words "Secrets", "riches", "easy" or if there are pictures of bikini babes, beaches and exotic cars. All I can say is, "Run Forest, RUN!"
2) Subscriptions or recurring fees as opposed to selling a product outright. This approach is usually designed for one purpose: To generate cashflow. There are exceptions though.
3) Be cautious of the advice given on the myriad of internet forums. Most of these consist of losers looking to other losers for direction or affirmation. There are a few successful traders who frequent these, but they are few and far between.

Be aware that there is a huge industry that makes a fortune on marketing and cross-marketing trading related goods and services. I'm very leery of ads or spam of so-called traders informing us about their "buddy" over at company XYZ who has cracked the code of the markets. Over the years, I regularly see the same names popping up again and again selling a new system every year or two. Often these sellers are a shill for each other. Buyer beware.

There are signs that a seller or educator might be legitimate:
1) The exact opposite of all the things above. They stress how difficult trading is and that it is anything but a path to easy riches. (At his CBOT webinars, Mark Fisher often says that trading is the second most difficult job in the world after President of the USA".) He may be right.
2) A strong emphasis on psychology and money management coupled with a strong de-empahsis of the importance of methodology. Experienced traders know that Psychology and money management (risk management) are 90% or more of the game and methodology makes up the small balance.
3) A lack of selling pressure. I have only one educational resource that I spend money on regularly. I have NEVER been solicited by this person. He has NEVER urged me to buy his book or subscribe to his daily commentary. This trader only even has a live commentary because a group of us literally begged him to do so. To be blunt, he is not a good author or educator, but is the best damn trader I know of.
4) In my 7 years of experience in this industry, i can honestly say the best resources are usually free. These can be web resources like futures.io (formerly BMT). The exchanges are an excellent source of free education.
5) Just because someone charges, does not make them a huckster. Successful traders and good educators know that charging for their services keeps the dreamers and hecklers from monopolizing their time. It assures those they devote their time to are willing to invest in their education.
6) There is absolutely no correlation between price and value... whatsoever!

Many won't want to hear this, but the spot forex market is a breeding ground for sharks. It was made available to the public for one reason: to separate you from your money, not because anyone felt the need to create a new income opportunity for us. The lure of this market is an appeal to item number 1 above - The desire for easy riches. Yes, it is possible to make good money trading retail forex... but VERY FEW do.
Likewise for the exchange traded instruments. Do we honestly think the e-mini was created because the exchange felt sorry for the general public and wished for us to get a slice of the pie also? The pit traders call us "paper", the electronic professionals have a name for us also: "Liquidity". You are on their playground, playing with their ball by their rules. If you can't recognize & accept this, then you have already lost. You need to answer one question: "What have you got going for you that they don't?". Find the answer and you find success.

Lastly: NEVER, never, never, never ever give up! Winners all have one common trait: The absolute refusal to accept failure. At the risk of revealing my inner nerd, I quote Yoda, "Do, or do not. There is no try.".

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