This delusion zombies beginners into entering 2 to 3-week Dealers’ training schools in order to learn FX profiting. But what are Dealers’ schools willing to train beginners to, provided that:
a). school curriculum is not stipulative of training professionals, capable of winning their own Dealers’;
b). school teachers are no traders (why should the management employ such kind of teachers?);
c). school teachers resort to students’ overestimation practice thus making the latter to be quicker about opening live accounts with their Dealers’;
The above effort results in 90-95% of beginners loosing their primary deposit and granting the money to their native Dealers’.
We are now going to give the problem a detailed conclusive analysis.
COMMON WORLD-WIDE FX TRAINING DRAWBACKS.
No. 1 drawback is absence of a clear multi-stage FX trader professional training pattern.
If You are a lawyer, it means that before You commenced Your professional activities:
1. You have finished secondary school;
2. You have graduated from the university (college);
3. You have been put through a probation period under an experienced professional instructor’s supervision (say, as an assistant to a notary, to a lawyer or as an ordinary employee of a juristic company), whereby You have acquired skills in Your profession.
Thus, a gross total of minimum 4 stages of professionalism enhancement is observed.
There is no other way about it. Can a professional engineer, lawyer, physicist, chemist be educated by way of a W2 or W3 training? Certainly, not.
But pertaining to FX, the 1st stage (basic course) is detectable only, whereafter a trader attempts self-trading thus jumping directly to the 4th stage, falling into the abyss and loosing his deposit.
You have hopefully got the understood from previous chapters of how many reefs are standing on the way of every trader, having opened a live account. Naturally, there come questions:
- Who are the tutors of numerous FX courses, business-schools and academies?
- What is being taught at the above numerous FX courses, business-schools and academies?
With these queries answered, we will finalize the 90—95% losers’ background.
FX TRAINING IN EX-USSR COMPONENT COUNTRIES.
I will not touch upon basic training, known universally. The ABC may be taught in a slightly better or in a slightly worse fashion, but all the tutors’ practice will be circa identical.
It’s the same about FX, where, under the basic course, one will be illuminated about:
- What is FX?
- Trading time. Participants and objectives.
- Fundamental analysis.
- Major macroeconomic data. The extent of their authority over currency rates.
- Political factors.
- Technical analysis basics.
- Trend indicators. Moving averages. Oscillators. Divergence.
- Trade planning.
- Types of orders. Quote request procedure. Transaction execution.
But an ABC remains an ABC even in
Basic knowledge is, certainly, an indispensable facility, but it is all the same as arithmetic for a civil engineer, enabling him to perform structural, material and mounting calculations, when building a house. But guess, please, how many out-of–100 traders will loose upon going live after the FX primary school? Right, the 100, with no exceptions. So, those plunging basics-knowledged people into opening live accounts, are but FLEECERS!
The situation is reminiscent of an eager-to-earn school-boy, being given a surgical knife, hardly after passing his school exam in anatomy. The song is the same! Any doubts? Then, I’ll have to deal the final blow now.
Here is an advertisement of “TeleTRADE”, being one of the longest working FX brokers in
“TeleTRADE DJ International has 12 years of experience in offering services at international financial markets. More than 70 offices in more than 12 countries of the world is the result of our successful operation. During 12 years “TeleTRADE” has brought up several tens of specialists working successfully at global financial markets in different countries of the world. And today we prepare future professionals by passing “Teletrade”’s best specialists’ experience to them”
So, have You read it? Let’s do some thinking now. Several tens (say 40-50) successful traders, divided by 70, and then divided by 12 years of successful operation…
Thus, how many annually? Discouraging. With proper account to the fact that advertised achievement figures are subject to overestimation, rather than to underestimation, the above number of “successful traders“ may equal to 50, or to 20, or less.
Besides the basic training, Teletrade offers a USD150 “Profitrade” course. And, finally, “Financial English” is also an option, as advertised: “If You are an investor, an economist, a financial, a banker, an accountant, a trader or a financial analyst – this training course is what You need!”
One of my successful students has studied German at school. How, on earth, does she manage to earn at FX without a slightest knowledge of English? Myself and Teletrade are not likely to grasp each other’s logic. Here, I am reading their training program, discovering all sorts of clumsiness therein:
- on the one hand, one may learn that there are “three steps” of growing a successful trader: 1. basic training, 2. demo account, 3. live account with Teletrade;
- on the other hand, to ensure successful trading one should finish a “Profitrade School” whose program comprises the above basic training starting with fundamentals’ influence on exchange rates;
- on the “third hand”, to gain all sorts of success, one should additionally finish a “
- on the “fourth hand”, one comes to know, that all of the above is still insufficient for a trader earning at Teletrade. It is also requiwebsite to get training in
Curious it is, but why should a trader require a National Bank certificate? Perhaps, for one’s intellectual power demonstration to one’s own children… The latter are far from needing it! Children need money, since they seem cleverer than the generation, falling for papers sealed by country’s prestigious universities banking schools.
Moreover, on witnessing their parents’ FX-derived moneys, senior school students DO use to get willing to earn by themselves.
But now back to Teletrade and to their superior education stage. What, do You think, is the emphasis laid upon at that stage? Right! Upon fundamentals’ authority over the rates travel, as per below:
- fundamental analysis = 21 hr
- technical analysis = 12 hr
- FX market psychology = 3 hr.
Getting amazed? The profanation is that the Teletrade education superior 4th stage (involving the National Bank certificate) is tutored by University Economical Department teachers, rather than by professional traders, capable of a large-screen trade staging, incorporative of on-line entry’n’exit substantiations.
Now, a little digression, just to enable You to understand what I mean. With one having experienced a university teaching (then a business and then a professional trading), the benefits and shortcomings thereof start running out in relief.
What kind of knowledge, do You think, these lecturers, Candidates of Science and assistant professors are going to propound? Right, they are going to teach exactly what they used to before: ECONOMICS but NOT FOREX.
They are impotent to teach FX science since:
a). either they’ve never been FX traders due to lack of time owing to the following arrangement:
- MORNING: lectures at the university;
- AFTERNOON: additional earning by virtue of lecturing at a FX school, at banking and
financial institutions; department sittings; next-day preparatory job; students’
research theses checkup; social activities; reading;
- EVENING: family and private life.
b). or their FX trading experience is so thoroughly incidental and amateurish, that it may not be
of any value to their FX students.
The above teachers are, certainly, professionals. But none of FX ones. They are craftsmen in a somewhat different area, being closely related to FX, however… This kind of proximity is similar to that between a meteorologist and an astronomer, an opera singer and a ballet dancer, a doctor and a pharmacist, a firefighter and a criminal policeman, a gynecologist a gynecological facilities manufacturer, a communication engineer and a transport engineer (within a single ministry)…
It goes without saying, that, say, a pharmacist can be much narrative on medicine to an amateur, while not being able to teach a professional.
By this reason, a FX trader may in no way be taught by a Candidate (Doctor) of Economics. These are DIFFERENT areas for professionals.
Thus, any professional trader is entitled to smile ironically, while listening to an assistant professor, exactly the way an experienced therapist learns diagnosing and treatment procedures from a pharmacist (even though the latter being a Doctor of Science).
Do You think, other FX dealers are better? I regret, but how deep people are in their blunt faith in the better! Let’s visit the “Forex Club” website, offering training in the “
In case, You want to further take master-classes, aimed at training FX professionals, it will be RUR2,000 payable per class, with the number of classes being sufficiently numerous.
You are welcome to read comment of those, who have undergone the FX Club schooling. But, please, be attentive, while reading, with proper account to the above comments being prepared and screened by the website creators.
I am quoting: “Andrey Fyodorov was explaining this method during the lessons, but I didn’t perceive much of it without practice”
Do You think, it’s all right? Or You guess, that having made payment, one is not to put any extra question? But one does ask a lot of questions. Then why hasn’t she perceived that method immediately? Either the method is fruitless, or it is being explained the way, no one can get any understanding of. It is natural to ask questions in case something is not understandable.
Here goes another student’s passage: “I guess I am shortly going to test his trading systems”. What’ the meaning? Does it mean she continues trading the way she used to before? No need for any further quotations. Savage, ignorant, militant absurdity.
Supplement 2 of this book furnishes more detailed information on the FX Club trading academy.
Alexander Elder’s (millionaire and FX TA scholar) standpoint is that, if reliable, any method should be simple enough to be accommodated on a post stamp reverse. If negative, I will have to take pains to find proper wordings, since the website requires tactful behavior.
With reference to ally and adversary currencies, here is the pattern to enjoy easy placement on a post stamp reverse:
• GBPUSD lifting
• EURUSD lifting
• AUDUSD lifting
• USDCAD deflating
• USDCHF deflating
The situation gives rise to no questions since being of objective nature and is reflective of a complicated procedure. The questions are triggered at the method application stage. Sort of, shall I enter or shall I wait a little? Or, why is this pair traveling slower? But if a method is not essentially comprehended, what is to be done, when it comes to its application?
Joseph Stalin is said by his contemporaries to be used to clear and laconic expounding of his thoughts and ideas. He is also said to be used to requiring identical narrative fashion from his subordinates, reasoning that once one can’t do it, he is sure to be ignorant of the subject, he is talking about. Thereafter, certain things were inferred to by Stalin in relation to non-laconists.
FX TRAINING IN THE
You are sure that in other countries the FX training system is more effective, aren’t You? Then, why is the 90-95% loss rating is of universal character?
EXAMPLE 1: “Infos zur Burg Windeck finden Sie unter www.burgwindeck.de”
They arrange for a 2-day seminar covering:
1. Trader’s carrier planning.
2. Psychological barriers negotiating.
3. Trading system development and documenting.
4. System testing.
5. Friday evening comfy soiree.
6. Open discussion at a restaurant.
“The seminar is intended both for beginners and for advanced traders seeking success in system trading. Knowledge obtained in spot trading is as well applicable to stocks. Beautiful environment, etc. …
Price: EUR540 VAT inclusive. Night and breakfast: +EUR65.
Please, refer to: http://www.tradingsuxess.de/
My standpoint is that the seminar directors do not have any slightest idea of what they are going to teach inasmuch as:
1. “The seminar is intended both for beginners and for advanced traders”... Is it to involve sort of a joint session between first-year schoolchildren (not knowing a multiplication table) and advanced graduates of a University Mathematics Department, whereunder during two (!) days they are to be told stories equally interesting for all of them (between comfy soirees and restaurant discussions(?).
2. Any skilled trader is aware that after such FX comfy training ALL the students MUST loose their live accounts.
EXAMPLE 2: www.nybt.de
Seminar topics:
1. What is FOREX?
2. Entry rules.
3. Exit rules.
4. Demo trading.
5. Trading psychology.
Guess, how much is it (in terms of time and money) for the distance coverage from the ABC (What is FOREX?) to top (entries, exits, psychologies)?
You will never guess it. Four (!) hours all in all, and You are a Soros or a Baffet (in Your dreams, certainly)!
Refer to: www.nybt.de
1-day seminar for beginners
Seminar duration: 17:30 through 21:30
Price: EUR99.00 + 16% VAT
EXAMPLE 3: www.rosstrading.de offering a 2-day seminar in “FOREX day trading”
Seminar topics:
1. Why do currency rates move?
2. What’s the way currency rates move?
3. Who moves currency rates and how is it going on?
4. Why is our method being extensively used for trading?
5. How to reverse a position?
6. Trading strategies.
7. Best trading periods.
8. When should trading be stopped?
9. Miscellaneous
Price per 1 student/2 days: EUR1284.48 + 16% VAT, totaling to EUR1490.00
I wonder, why can’t a qualified engineer, doctor, economist be educated within 2 days (moreover, within 4 hours)? With this provision, why are “professional” traders being universally placed under education in this fashion?
EXAMPLE 4: 30-day training with FXCM. Curriculum.
Introduction into the FX market (Days 1-2)
1. Welcome to FXCM.
2. Trading main components.
Technical Analysis (Days 3-11)
3. Introduction into the TA.
4. Candle chart models.
5. Fibonacci levels.
6. Moving Averages.
7. Relative Strength Index.
8. Bollinger Bands.
9. MACD.
10. Stochastic.
11. Conclusions.
Fundamental Analysis (Days 12-15)
12. Who pushes the market.
13. Long-term FA.
14. Short-term FA.
15. Conclusions.
Money Management (Days 16-22)
16. Money Management.
17. Trading psychology.
18. TA (repetition)
19. Statement analysis, day 1 – a poor statement.
20. Statement analysis, day 2 – the Dealers’ statement.
21. Statement analysis, day 3 – the best statement.
22. General conclusions and a farewell speech.
Et cetera, et cetera, et cetera…
OTHER EXAMPLES to be found at
http://www.traderhouseglobal.com/seminarlive.htm
http://www.tradingacademy.com/forextrading2day.shtm
In greater detail: see http://www.profitradefx.com/eng/eng/services/workshop_content.shtml
3-day seminar at the price of USD1995.00
All You must know about Forex.
1. A little history.
2. Who are jobbers (Your adversaries)?
3. Null sum jobbing.
4. When exactly should You trade at this 24-hr market?
5. Asian, European and North-American sessions’ particulars.
6. What may be Your profit expectations?
7. Four principal currencies, intersections and behavior rules.
8. Long or short? No difference at FX.
Trading. Part 1.
1. TA counter FA What’s to be used, when FX trading?
2. Position trader versus day trader. Which is preferable?
3. Trend lines: how to use with currencies?
4. Support and resistance: how to find them?
5. Moving averages being reliable indicators.
6. Indicators and oscillators being beneficial.
7. What You should actually remember on TA.
DAY II. 08:30 – 17:00:
Trading. Part 2.
1. What orders are to be utilized for Your profit maximizing?
2. Risk management (what to do to remain alive in this market).
3. What is most profitable? Learn to make USD1,000,000 within 5 years.
4. Factors influencing trader’s profitability.
Trading system: to use or not to use?
1. Mechanical trading versus controlled trading. Which one is better atFX?
2. How to design Your own FX trading system?
3. Winning trading system sample (plus overall explanations based on 4 trading systems of mine, offered to You)
4. What software is to be used for charting and trading?
5. Streaming charts.
DAY III. 08:30 – 17:00:
Are You ready for trading now?
1. Trading psychology.
2. Cupidity and fear, as being Your worst enemies.
3. Loosing positions elimination when trading currencies.
4. Winning positions promotion when trading currencies.
5. Own capital: sound quantity to begin with at FX.
6. Your FX trader’s daily routine.
Let us initially try a demo station!
1. A recommended FX broker (open a demo account)
2. Currencies to start with.
3. Simple trading strategies.
4. Beginner’s mistakes and how to avoid them.
5. Trading tips and tricks, capable of saving a hell lot of money.
PAID TRAINING, CONSULTING
1. http://www.forexmentor.com/
Price: USD495
Composition: - 6 hours of live instruction from Peter Bain on 3 mastered DVDs;
- 6 hours of interactive video clarifying the system main strategy on 2 CDs;
- 6 hours of sample practical trading on 6 CDs;
- “Currency Trading” manual, 150 pages;
- plus 6-month unlimited access to Peter Bain’s tips website at USD179.
2. http://www.theforexedge.com/trainingCD.php
CD price: USD1,895 (one-month e-mail support inclusive).
3. http://www.realitytrader.com/index.html
Intensive training. Package price: USD1,500.
Composition: - 1-month Realty Trader Room full membership;
- 30-minute chart on the trading day (20 sessions monthly);
- live consultations on trader’s progressing steps with general reference to advanced
trading methods;
- trading day preparation supervision.
4. http://www.forex-trainers.com/fx-training-overview.htm
Live consultations. Price: USD95 per hour.
SO ARE YOU THROUGH WITH
Any sort of education, cocking a student for steady success in FX trading, should provide for theoretical basics of the proposed trading system, being brand new, i.e.: teaching a student trader up to certain exact aspects of operating a new TS.
By way of example, in compliance with the Masterforex-V educational concept, each student is forwarded a package, containing:
a). a detailed presentation of each component, organic to the Masterforex-V trading system, incorporating relevant examples;
b). explanations pertinent to each component’s difference from those of other authors (e.g. the
c). a faultless definition of entries and exits, to be found at Masterforex-V binary clusters superposition points.
The above sequence results in the student’s prompt (days to weeks) understanding of the system’s elements essence and interaction and in his standing ready for demo-account on-line daily testing of the Masterforex-V trading system.
With this in mind, the student’s nickname is activated to provide access to the Masterforex-V Academy closed forum, where he attains the opportunity of taking decision to begin demo-testing his trading system by way of asking questions to experienced traders and encouraging more automatic entry’n’exit policy.
CONCLUSIONS:
From my (trader’s) standpoint, the above FX Brokers’ training methods for beginners may be referred to as “HOW-TO-LOOSE” tutorials, due to:
- absence of systematic methodology (see chapter “Classical FX literature: complete crise de genre …)
- absence of reliable and proven training techniques (no grounds for their being available!). Successful traders are self-jobbers, while LOSERS plunge themselves into teaching beginners to things familiar to them and responsible for their deposits killing;
- none of successful trading experience, being possessed by training staff;
- absence of consulting curators for live-trading beginners to eliminate bottlenecks with;
- certain Dealers’ unfair standing, whereas beginners are purportedly ill-educated or intensely assisted towards deposit killing.
An ALTERNATIVE training option is offered in chapter “Training At
1. Here, in the open section, I attempt presentation of my book “Secrets of Craftsmanship, Narrated by a Professional Trader” in the fashion, that the secrets disclosed therein, constitute further FX market’s cognition stage for traders, following the books by B. Williams with the provision that I furnish free quotations of his thousand-dollar priced methods.
a). B. Williams claims being able to analyze several tens of currencies (140 bars each) within several tens of minutes without disclosing the way he does it, whereas I reveal the fashion any trader can easily do it (with my computer monitor being presently 3-currency capable only), see “Ally and Adversary Currencies”;
b). B. Williams is hosanna-singer to his magic Alligator, whereas I reveal the latter’s shortcomings and the way to eliminate them by way of incorporating a MA233 thereto, thus visualizing the whole of the 4 potential currency traveling options (up/down above MA233 and up/down below MA233) along with manner thereof.
c). B. Williams resorts to a stop-loss being a “safety cushion”, whereas I reveal its limitations and I offer its alternative in the shape of pending orders, being used by myself.
d). B. Williams quotes Trading Volume to be an authentic resistance breakthrough criterion, whereas I unblanket the backgrounds responsible for the Trading Volume’s fraudulent behavior at Metatrader platforms (remember the Consortium?), immediately offering my own true/false breakthrough criteria.
e). B. Williams demonstrates 5 trend-killing bullets, whereas I exemplify their insufficiency, offering 11 more without denial of those, exhibited by Williams.
f). B. Williams idealizes the Elliott wave theory, whereas I provide evidence of a “threes and fives” combination being in no way totemizable (otherwise a 100-year projection of the mankind development might be built, irritative of not actually following Elliott’s and Williams’s concept), moreover with modern brokers being able to a greater number of waves out of the existing five.
2. Profound FX tools knowledge is reflective of one’s experience upgrading sequence.
3. Demo station trading enables Your entry’n’exit pattern automation. A closed forum (forum) has been inaugurated to be source of consultations, inclusive of addenda to entry’n’exit manual + forum residents, investors, Western brokers direct chat + current FX situation discussion.
4. FX live mini-account reading facilitates erasing barriers between demos and lives.
5. Other training commitments are expected to be made by me, unless You prove incapable to, at least, double Your deposit.
GROSS TOTAL: hard daily labor is a precondition to Your self-sculpturing a FX professional, along with a certain level of knowledge and a FX-experienced instructor being able to give You some in-trade steering. With this arrangement You are certain to successfully challenge professional upgrading natural stages.
Generally, the above pertains to any trade or profession. I’m not venturing to claim being ultimate truth by virtue of my training concept. Moreover, I am not in pursuit of sounding convincing to anyone.
Should there be anyone holding, there is ANOTHER FASTER way to become a FX professional, do, please, apply Your daring!
Masterforex-V Trading Academy in English - http://www.masterforex-v.su
Masterforex-V Trading Academy in Russian - http://www.masterforex-v.org
No comments:
Post a Comment