Tips / Systems / Sex lies and video tapes

Hi all

Great site btw .

Done bit of short term trading here and there. Been thinking about subscribing to one of these trading tips sites or perhaps a system.

Providing they can demonstrate track record and deliver i dont see the harm - you can either trade off the back of their trades or simply follow the logic and learn. Some have a more bespoke educational angle also - may learn something. I mean if you are paying £50pcm and they consistently generate 1k-3k pips per month its a no brainer - we cant all be trading gods . If they are crap you cancel your subscription / claim back on CCard if a scam.

Non of these appear to be FSA registered and coming from an investment background i think they are lucky not to be closed down but FSA probably has more important things on their mind at the moment. That aside and providing they are not a scam what are peoples views?

Cheers



Adam

If they are crap you stand to lose a great deal more than your subscription fee.

nw6 said:

I mean if you are paying £50pcm and they consistently generate 1k-3k pips per month its a no brainer - we cant all be trading gods

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We've all been here. (Except me)
If it sounds to good to true, it definately is in the case of trading... Remember that you have to take money of other traders to be profitable... Do you think that by paying £50 per month you have a larger edge than the thousands of hours other traders put in...
The point is, why would someone give you thousands of pounds for £50 - Why wouldn't they just do the trades themeselves... Afterall at the levels there can only be so much liquidity...

If you want a system, i and most people can give you one which has the same chance of working as a 'Proffesionally' made one... These things are practically all scams.

Its easy, someone like me knows about trading - I know how i felt when i started, thinking indicators were important and wanting money... So i make a website, make a quick system of the top of my head, write it out nicely, say 'Make 50% a month for £50', make a fake graph...

Cheers pal, thanks for the £50...

Think about it logically. £50 and you 'consistantly' make 1-3k a month... You really think your going to take £1000 + off people like me and people that have spent years and years full time learning and gaining experience...
£50 i think for almost every trader is the absolute minimum investment for all traders...

So you give £50 and suddenly think you can beat those spending $200+ on software per month and giving 10-12 hours per day to trading.

No.

nw6 said:

I mean if you are paying £50pcm and they consistently generate 1k-3k pips per month its a no brainer

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That's illogical when you think about it isn't it? Why would they do that? There is no Holy Grail system; but there are systems (which are available free on this forum and elsewhere) which if used in conjunction with an understanding of the basic principles of trading, will enable you to succeed. You can follow someone elses trades etc but you will never develop as a trader until you are in charge yourself & make your own decisions. Brett Steenbarger's psychology articles are worth a read IMHO.

If you have mastered the basic principles you will know all this already so your question implies that you are at the start of the learning curve (we all started there didn't we?) and have yet to do so. My recco is to do that, then you will be in a position to try out various styles of trading and finally you will find what's right for you or conclude that you're better off doing something straightforward like brain surgery!

Best of luck (though if you apply yourself luck doesn't come into it) - all the info you need is around for free and there are some very good starters books - scan the threads but John Forman springs to mind (Rhody Trader on here I think - no connections: just thought his book was good).

nw6 said:

Non of these appear to be FSA registered and coming from an investment background i think they are lucky not to be closed down but FSA probably has more important things on their mind at the moment. That aside and providing they are not a scam what are peoples views?

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they dont need to be FSA registered, if they sell their product for 'educational' purposes only.

what you do with the information is your responsibility, there should be disclaimers everywhere.

why do you want to pay for a system, when you can get one for free, right here, on this forum,

even better still, why dont you make your own, nothing will help you working towards being a better trader than putting in the effort and goign through the pain.

these so called short cuts, will probably end up costing you more than your bargained for.

Go for it, come back in 2 months with an honest report

you've convinced yourself, why ask on here for guidance?

Black Swan said:

you've convinced yourself, why ask on here for guidance?

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Black_Swan has reminded me of something very important to myself!
Ignore my comments, i didn't mean to put you off!
Afterall i need money pumped into the markets to take or i'm going to starve!

OK ok lets look at it form a different angle......

Why would someone do it who is legit - well many £50s make a decent amount firstly. Secondly they may simply want to educate - much like many of you guys. It adds another dimension to their day.

Much of the comments above make the assumption that the tips are a scam - they cant all be.

In truth many beginner to intermediate traders who dont make a full time living would really benefit from seeing frequent trades with advice. Oh and the "education" angle doesnt wash with the FSA - see MarketWizad case. I simply think many of these fall under the radar.

I totally agree in learning yourself - have bought A Elder, Trading for a Living and am looking forward to the read.

u cant depend on signal to trade unless just wanna play around. want to make serious money have to learn when to enter/exit..