I was prompted to write this article after a conversation I had with a trader yesterday. He came to me as he was considering taking my training course, but he told me he was already receiving training and mentoring from another “professional trader” but he was struggling to make money in the markets and could not work out whether price was going up or down.
After talking to him for a while it was very clear to me that he did not have a clear strategy for entering and exiting the market. Which I found very odd since all professional traders have clearly defined, tried and tested, profitable trading strategies for entering and exiting the market. So the question needs to be asked, is this guy who is training and mentoring him really a professional trader, or a con man that calls himself a professional trader?
Now, most people don’t mind wasting a couple of 100 bucks on wannabe professional traders that sell training courses, but this guys course was almost $3000, which by most standards is a lot of money to waste on someone that claims to be a professional trader, but does not have a clearly defined profitable trading strategy.
So if you are considering another “professional trader” other than myself then please do yourself a favor and ask them these questions.
1. Do you have a clearly defined strategy for entering and exiting the market?
2. Is the strategy a professional trading strategy? (Most of them will struggle here because they don’t know the difference between a professional trading strategy and a retail one).
3. Is the strategy a profitable strategy in all market conditions?
4. Can the strategy be backtested over at least a 10 year period, and is the strategy a profitable strategy over that period?
5. Can the strategy be traded on any pair?
6. Does the strategy work on all timeframes from the one minute to the monthly?
7. Can the strategy be traded at any time of the day or night?
If you do not get a clear YES to all of those questions then move on.
Any Forex trading strategy should meet all of the above criteria. If you do not get a yes to all of those questions then please consider spending your hard earned money somewhere else, because the so-called professional trader is selling you the same retail trading rubbish that you can get on YouTube for free.
The Forex training business is full of con men, do not fall victim to these parasites.
Thanks for visiting have a great day. 🙂
