This question should be "Who on YouTube should be avoided" as there are 1000's of hours of great content on YouTube as there are all over the internet.
Also its too vague of a question. Good traders? Good traders arent necessarily good teachers. And teachers of what? Basics? Fundamentals? Technical Analysis? A strategy? Risk management? Psychology? Trading records? Backtesting?
So far the only posts Id listen to are the AVOIDS.
I didn’t know mentioning his name would bring about this much vitriol. Let me say that I’ve been through almost everyone mentioned in this thread on youtube and I’ve used my own discretion to see if what they were teaching or conveying actually worked in the futures markets. I don’t advocate anyone paying anything whether that’s a membership or trade room as there are plenty of free educational resources to learn how to trade. The most important method IMO is endlessly spending time with the charts and figuring it out on your own as far as market structure and price action is concerned. If anyone has done anything illegal they should be prosecuted and held accountable. The most frustrating thing about the trading community is the hypocrisy. We are ultimately trying to find an edge so we can take other people’s money so in general we aren’t in the most noble profession to begin with.
That is one perspective. When I trade (important concept) I enter the market and transfer/exchange/buy contracts/stocks with a willing entity. We both believe we are correct in our assumptions and mutually enter the exchange willingly. There is noting ignoble that I can see.
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Knowledge is power and and if you have a piece of knowledge that the other participants don’t you are taking advantage of their ignorance. Just as I could charge a kid $100 bucks for a snickers bar and he willingly pays that price. There’s nothing illegal about that it’s just that kid doesn’t know the market value of a Snickers bar. Such is the advantage seasoned traders/investors have over newbs.
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Thanks, this is helpful. I'd like to hear other's perspectives.
There are two assumptions:
1. An adult is taking advantage of a minor.
2. Traders prey on ignorance.
Supply and demand are real things, ask anyone that has experienced an intolerable situation like a natural disaster - money is less important than safety and unscrupulous persons will seek to profit from these emotional needs in disasters. Trading is optional, we can assume no day trader is forced to trade, no day trader is caught up in a life situation, as a trader, so that they can never control their trading actions.
Life is about choices; generally bad choices are negatively rewarded and generally good choices are positively rewarded in all areas of life. We can think of situations where the opposite is true, but in general, awareness of one's poor decisions begins to influence one's future bad choices.
As an adult, I can have considerable influence on minors. Day traders are not minors; 18 is the minimum age set by most brokers for opening an account. This is because 18 is when a person can legally enter into a contract on his own. They are not minors.
There is no transaction, I know of, within the day-trading market that is based on ignorance. It takes considerable effort and determination to just to get access to the markets. One must have some capital and intentionally find and provide that capital to a broker or agent. As far as I know, no one accidentally becomes a day trader.
There is no moral choice here; within the day trading market it appears to me there is no control I can wield unless I am capable of moving the market or the information stream. My influence is in balance with every other day trader. In the randomness of the market, the only influence I have is over myself. "Such is the advantage seasoned traders/investors have over newbs".
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Just a change of mind?....there probably is a saying...never judge a book by its cover.
There are myraid of reasons one who could be on insta/fb or utube for that matter can be or not be a good trader. Since we are a seeker...if the person provides value...0 harm in listening or him or her. if no value...u move on.
there is a typicaly rule i follow. within 2 mins of talking to someone you should know if the person really trades or has traded. since its a utube vid....give a few more mins & u will know if there is value. If there is value and the person gives u the info u were looking for....is there a any harm of giving benefit of doubt n going thru the content.
I feel we as a socitey are in a age of instant gratification. Infact as a trader....that is sometimes the hardest thing to overcome. i feel that way....not sure of your opinion.
I find social media as a boon....to seek out people who are masters at their game. where does it say a trader or a doctor or a world class internet marketeer should not be on utube. Its a perspective. Garyvee is someone i follow for he makes sense to me. He is on almost every social media platform. Look in todays age if u not online...u r simply wrong.
Many traders have this feel this person is on social media...so he /she is a looser./snake oil yes it maybe....but how long does it take to move on from that person?....less than a min.
the whole world during covid has turned digital. people who were not...have had a tougher time to adjust?. in that case.....there are tons of guys making a killing of utube....by way of email marketing & what not.....but to the original question. yes there is good content even on trading on utube....is there a doubt about it. Seeking takes time and i would say....even if all content is not great but a creator has 2mins out of 200mins he/she has posted....damn i will take that 2 mins hand down any day...all day and give credit...why not...i learnt something new.
If the expectation is set at damn....i'll base my trades of what he/she is saying....let me tell u this. u can sit next to the worlds best trader and still loose?. if you dont think so....pls analyse why i am saying that. the scale/complexity and the way a good trader will trade more than often cannot be replicated and their risk tolerance may/may not be suitable. hence am not sure....if one can watch a video and decide if someone trades good?..bad...or outright lying ugly.
Well this is just my personal view.....i saw this post & have been off fio for long...thought wil give my 2cs n move on. sorry if i offended...that was not the intent.
the last is the best. when given free...most have 0 value for it.
if i gave u my watch....for free....n the perceived value of the watch is 2000$....one would look me up n down and curse me...thinking am giving a fake watch. thats how free is....at times....good traders also do not do stuff free i would think...simply due to this reason.
fio on utube too....i guess many find value in the countless videos...i know for sure i have watched many and especially stuff on order flow. if one is a good dr. one still finds value when another dr talks. i guess so in trading. but if one cannot find value...it is correct to move on. rather than belitting someone or something.
and there are various other things....but main thing i atleast approach life n same in trading...
if there is value...i will take it free or not. no value....even if free....flush it down.
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I have been reading this thread for a while and I just had a "crazy perspective" on this topic.
Imagine that I am a fake trader, I have been trading for a while but I have never been profitable, however I know all the golden rules to trade well.
Imagine that I also show you my best trades (some of them will be in SIM, some will be real) as a proof that I am profitable.
What would be the result ??
Most of you will say that I should be considered a scammer, but think twice.
If you believe that I am a real trader, you will imitate my trading style that has all the right elements to work (statistically). Isn't it what PNL suggest?
In the first market wizard, Van Tharp talks about duplicating the behavior of a successful trader using NLP techniques.
So maybe all these fake traders are not necessarily bad to learn to improve your trading.
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What do you mean by "fake trader"? IF you trade, you are a trader, whether you are profitable or not is irrelevant.
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
@JosephConnors with fake traders I mean someone who pretends to be a "trade guru" but in reality he only trades in sim and he is not profitable. Of course we could say that since he is trading he is also a trader, but then anyone who can click a mouse could be defined a trader, since placing a trade does not require much more than that.
I agree with you that being profitable or not, is irrelevant in the definition of "trader", but if you pretend to be a market wizard and you are not even profitable, you are not being transparent to say the least.
NLP stands for Neuro Linguistic Programming and it is a technique widely used to replicate good behaviors of successful people. In U.S. there is a guy called Tony Robbins who became extremely famous as an NLP practitioner and motivational speaker (honestly I don't like him).
So the point of my previous post is that although "fake traders" do not make money and they are often consider scammers, they are not necessarily detrimental to other traders, because they might help you embody the correct trading mindset.
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Funny you brought this up - as the ONLY "Guru's" I'll listen to are those who have been "In the trenches" and can teach from actually EXPERIENCE!!!
I remember going to an Island with my ex and seeing a group of people who paid something like $15,000 to see Tony Robbins (which I'm also not a fan of - he always reminds me of a used snake oil sales man for some reason ) - There was a couple in their early 20's who paid to walk on "hot coals" and fall from a beam of wood while people hold you with a rope (building confidence as they call it I think). I remember asking the young couple "Why would you work on your relationship already while you are so young? You're supposed to ExPLORE and make mistakes - NATURALLY - and LEARN from them.
Recently I was supposed to have a date with a woman who seemed very intelligent and good looking, As we spoke on the phone and I told her that I am a founder of a startup - she replied "Great ...I HELP business people" - bewilderly I asked "What is it that you do?" - and she said something along the lines of "I solve problems" ....and then it begged me asking the question and saying "How wonderful, are you or have been an entrepreneur ? " - NO she replied - "Have you founded any company or done Biz Dev for any major corporate / startup " - No she replied.....then I said "So what is your background" ...and then she ended saying " THIS IS NOT going to WORK between us" ....and I replied "INDED you are CORRECT my DEAR!" ....
It's unbelievable the NERVE and FALSE CONFIDENCE/courage to go to EXPERIENCED people and have to audacity with having ZERO backgroUND IN THEIR FIELD acting as "consultants/gurus "
But why am I amazed the world is full of VP's and C-Level who got to where they are by mere LUCK, sleeping with the right person - or just by the power of inertia / momentum of being in the right place at the right time and having mediocare performance - who said the world is q was ever LOGICAL?
Allright - enough with ranting - time to tunnel positive energy to the right places
Cheers - and have a splendid weekend,
S.
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Just as an FYI, note that when you wanted to tag @Joseph Connors, You spelled the name differently (no space before "C"), and the system instead matched to a different user, whose user name is "JosephC", and who therefore got a DM that you had mentioned him, and probably was puzzled by it, but the real @Joseph Connors did not.
It's a simple and common mistake, so I always check when the post is accepted to see that anyone I tagged with an "@" appears in bold italic underline, which shows the system match.
No problem, just letting you know. It's a very common thing, easily corrected when it happens.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
It's funny because something similar happened to me. I was in the gym and I started to talk with a guy and I mentioned to him that I trade futures. He said that he is an athletes coach and that he was asked to give some lessons about trading.
He told me that he didn't know anything about trading but that he thought that his experience as an athlete coach was applicable.
Maybe he was right but then I investigated further. He was working as a music teacher in public middle schools, so he was living out of a salary paid by the state, he had never achieved anything in sports, he was thin, not muscular, he never run a marathon or anything.... however he thought he had so much to teach.
He ended up writing books and doing seminars and he has a bunch of followers. Honestly I don't know how people can follow him, but apparently people love fake gurus.
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@bobwest thanks a lot for the clarification, how do I mention someone whose name is made of two words ? does the system recognize the name after the "@" even if it's made of multiple words?
Yes, if there's a space within the name in the system, then that's what the system is actually going to match on.
So, with apologies to Joseph Conners for tagging him so many times, it the person's name has a space, just type one "@" and then the whole name, space and all. The space is a character and is part of the name.
That's how I tagged Joseph Conners in my post up above. You can tell that the system found a match, because the whole name, both words, is rendered in bold italic underline.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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) - There was a couple in their early 20's who paid to walk on "hot coals" and fall from a beam of wood while people hold you with a rope (building confidence as they call it I think). I remember asking the young couple "Why would you work on your relationship already while you are so young? You're supposed to ExPLORE and make mistakes - NATURALLY - and LEARN from them.
