profitable forex trading?

[frankietp]

hi forex traders, I am new here and don't have much experience in the field. But since I have been looking to learn more and more about forex and possibly make it a source of extra income, I am looking for resources and I stumbled upon profitableforextrading.com

has any1 here looked at it? i have been watching closely their results and they are doing awesome! What i understand so far is that they sort of predict the market movement and then they watch the profits come in.

it is very interesting to me. what do you guys think?

 

[virtuos0]

If you're looking to learn about forex, what do you think you're going to learn from people that want your money?

Mull that one over for a bit.

 

[frankietp]

well from what i can see they are planning to release a service to send these forecasts to members. ok that is money they want... but looking at it there is no reason for me not to join, but anyway that is my humble opinion.

this is my take on it. if they charge i dont know whatever amount and i can make twice or triple that amount - i assume that based on what i have seen in the videos - why wouldn't i join?

i mean im a newbie i need help and if this is a way for me to start, i think its a fair shot. this kind of service always have some kind of money-back guarantee anyway or at least i hope they do

 

[virtuos0]

well from what i can see they are planning to release a service to send these forecasts to members. ok that is money they want... but looking at it there is no reason for me not to join, but anyway that is my humble opinion.

this is my take on it. if they charge i dont know whatever amount and i can make twice or triple that amount - i assume that based on what i have seen in the videos - why wouldn't i join?

i mean im a newbie i need help and if this is a way for me to start, i think its a fair shot. this kind of service always have some kind of money-back guarantee anyway or at least i hope they do

Your stated aim in your first post was that you wanted to learn, and you wanted a resource. A resource for learning trading is a book or an academic paper, it is not a signals service.

So judging from what you have written I guess your true aim is to make money with minimal effort, I think that's a fair assessment. Now ask yourself this, how do you know that this service can provide any returns. Do they perhaps have verifiable data for their returns over the last few years? Do they have any professional experience in the field? Are they qualified in a trading related discipline such as economics or financial mathematics?

Also ask yourself this.. could someone with a minimal knowledge of trading, actually replicate this site and signals service? After all all you have to do is call up or down.. you have a 50/50 chance. Talk for a bit about some basic stuff like trendlines, and WALLAH! You have yourself a nice little earner. Now all you need is some suckers to take the bait..

 

[frankietp]

well im not really looking to make money with minimal effort. i just find myself in front of a big opportunity to learn from guys who have proven to know what they are talking about. maybe you have this thought about them "guessing", BUT i have watched closely their forecasts hours before they take the trades and believe me... they have done awesome!

you should watch them trading this week and let me know what you think.

i dont think anyone with minimal knowledge could do what they are doing...

btw... does someone need to be qualified in a certain discipline to be successful in a certain field? that is VERY debatable. Think about this... professors in most universities teach about how you can build your own business... have they run a business before? Most do not!

Are they qualified? A paper says so. Does their experience? Of course not.

 

[virtuos0]

Imagine for a moment that you wanted to invest your money in a managed fund, obviously these are pretty commonplace financial vehicles.

The difference between a managed fund and a signal service is only slight, and it is that with a signals service you execute the trades rather than the money manager. In both cases someone else is managing your assets.

Now ask yourself another question, if some absolute stranger in the street walked up to you and said "I would like to manage your money. I have no verifiable track record of managing money, no qualifications, I operate under no government regulation, and I have no verifiable experience." Would you:

a) Laugh in his face
b) Write a check/cheque for a few grand and hand it over

I hope this sinks in.

 

[frankietp]

why are you so sure that these people are not experienced traders?

 

[virtuos0]

why are you so sure that these people are not experienced traders?

I'm not sure, that's the whole point.

 

[frankietp]

ok... well time will tell. but thanks a lot for your responses and point of view.