Ethically okay?

This is a discussion on Ethically okay? within the Educational Resources forums, part of the Commercial category; Originally Posted by tomorton I think you're just slightly biased against people selling stuff to would-be traders. They're a fact ...

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Old Sep 29, 2017, 7:04pm   #17
 
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Originally Posted by tomorton View Post
I think you're just slightly biased against people selling stuff to would-be traders. They're a fact of life, they don't do much harm but they don't do much good. They're not criminals: criminals would be a lot better at stealing people's money.
Yes, I am biased and the more I think about it, the more I think the reason I did join this forum is to warn the new traders about it, because I don't agree with you that they don't do harm, I think they do a lot of harm and I am not talking about someone loosing few hundred dollars for a chat room access or a few grand for a bogus indicator or an useless trading course...

Just do a little research about it or read trough this web site https://www.tradingschools.org/ - especially the comments and you'll see countless examples of people loosing all their savings following those bogus indicators and advises.... It just breaks my hart, because the victims are usually the needy elderly folks looking for an alternative to being a Walmart greeter, with a failing health and mounting healthcare bills with no way in hell to make those money back...

As far as I am concern all those scammers are criminals and belong in jail...
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My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Sep 29, 2017, 7:22pm   #18
 
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Originally Posted by tomorton View Post
I think you're just slightly biased against people selling stuff to would-be traders. They're a fact of life, they don't do much harm but they don't do much good. They're not criminals: criminals would be a lot better at stealing people's money.
I would have compared it more to Grenfell Tower Insulation - not fit for purpose or use?

Certified did they say? Standards need to be maintained and updated. Rules not very clear!

No worries people died but what is important is ethically, they meant well taking care to put some insulation to keep them warm. Intention was good. Perhaps the warm bit worked a little too well.

Much ethical trash imo. Snake oil salesman the same everywhere?
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Old Sep 29, 2017, 8:19pm   #19
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I've no problem with people buying stuff that's poor value for money. They have the brains to research and assess what's available and after that, its their decision. If they can't figure this out or are too lazy to find a better value deal, they're going to fail as traders anyway so so what? No sympathy from me for the lazy and the stupid.

I've no doubt the courses available contain a lot of mildly interesting information and the core of a system that could be used to trade profitably. The fact that some or many or most people can't make it work profitably doesn't prove its unfit for purpose: its equally plausible that they themselves are actually unfit for the purpose of trading.
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Old Sep 29, 2017, 8:47pm   #20
 
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Originally Posted by tomorton View Post
I've no problem with people buying stuff that's poor value for money. They have the brains to research and assess what's available and after that, its their decision. If they can't figure this out or are too lazy to find a better value deal, they're going to fail as traders anyway so so what? No sympathy from me for the lazy and the stupid.

I've no doubt the courses available contain a lot of mildly interesting information and the core of a system that could be used to trade profitably. The fact that some or many or most people can't make it work profitably doesn't prove its unfit for purpose: its equally plausible that they themselves are actually unfit for the purpose of trading.
Agree to disagree about the value of trading education (or the lack off in my view), but please do not blame the victims, they are honest people engaging into this in a good faith...
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Sep 29, 2017, 9:21pm   #21
 
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[I]Having had some success with this I think I could teach it in a course and also make some weekly calls to customers. The problem would be that there is no real insentive for customers to stay paying the monthly fee once they have done the course. (other than the calls)

A way around this would be to NOT tell the customer that the exit is a fibonacci extension but instead create a little online program where the customer inputs the level 1 and level 2 prices and then the program gives them the target.

If I said that the calculation in the program was proprietary and could not be divulged then the customers would not know that the calculation was really just a fib extension and maybe would believe it was a more complicated algorithm or something. This way I would be able to charge a recurring fee of say £79 and keep customers using the online calculator.

thanks for the eye-opener on how a BS course/signal service is conceived
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Old Sep 29, 2017, 11:50pm   #22
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thanks for the eye-opener on how a BS course/signal service is conceived
""Having had some success with this I think I could teach it in a course and also make some weekly calls to customers. "

Your missing the point - the conception of such a course is not in question - how else would it be conceived? "after some success ... and think I could teach" would not make it BS. It's the whole black box "hoodwinkie" thingy that should be scrutinized I would think. The course itself might be quite good or at least no worse than other "material for entertainment". the black box is the point imo.

but at least your voicing another pov Thanks
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Old Sep 30, 2017, 12:02am   #23
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The problem with all those "cars" being peddled out there is that the people selling them did try to win the race multiple times and realized the horse power needed is not there, so they are looking for the next best thing: the next sucker to unload them...
I would tend to agree. Not all are lacking in horsepower but I think most are.

Even if you are a successful trader though that doesnt mean you can teach - so its a double whammy. You need good teacher and successful trader. Maybe only the teacher needs to deliver it though - just a thought
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Old Sep 30, 2017, 12:13am   #24
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They're a fact of life, they don't do much harm .
I beg to differ. A bad mentor or a bad course that seems good can be devastating.

I have a friend who had a year and a half of so called mentoring and most things seemed above board - small losses, medium gains, until the market did something the mentor didnt expect...my friend read it well and suggested closing the trade but the mentor didnt want to 'lose face' and persuaded him to stay in. -10K later it was all just a bad day at the office!

I believe the mentor quit teaching but is currently running a hedge fund with middle eastern money! This is true!
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