Would you do this

[1pipatatime]

Hi everyone just looking for advice on a situation that has come up.

I have been in a conversation with a friend of mine and he has told me of this guy who offers to teach you to trade on the forex.

He charges 10% of the takings before tax.

From my understanding he is retired and makes his living out of trading and is interested in teaching people but is doing this as a test before he gets more serious about it.

Apparently we get to trade with him one session per day 4-5 days a week for 3-4 weeks, while trading live with him he explains everything that comes up on the market.

The thing that comes up for me is why would someone who is successful do this, is it a scam or is this guy for real?

I'm in two minds one it doesn't cost anything unless I make money and if I do I don't mind paying the 10%. If I don't make money all I have done is possibly waste my time, but it sounds too good to be true.

Any comments would help

1pipatatime

 

[TheBramble]

Does he cover just 10% of your losses too or all of them?

If he trains you to trade consistently successfully, only takes 10% of your profits and covers all your losses - why not.

 

[1pipatatime]

I don't know I didn't even think about that.

I will ask my friend when I catch up with him tomorrow and see if I can find out more.

The only other thing I can recall from the conversation is that he is a scalper and trades with indicators.

1pipatatime

 

[bbmac]

I don't know I didn't even think about that.

I will ask my friend when I catch up with him tomorrow and see if I can find out more.

The only other thing I can recall from the conversation is that he is a scalper and trades with indicators.

1pipatatime

Ask for the 1st week foc. A scalper should have a sufficiently large sample of trades in a week for you to get a good idea of potential profitability [or not,]...if he is,...and you can impliment his system/methodology/style like he does (and that is the crux of it,] then 10% is cheap!


G/L

 

[Bloodhound]

Just a thought but it would also be worth considering what size account he is expecting you to trade with. If you were only using a couple of hundered pound pot to start with at 10p a point then it could work out to be very cheap tuition?

 

[TheBramble]

The only other thing I can recall from the conversation is that he is a scalper and trades with indicators.

LOL

This I have to see...

Scalpers don't 'normally' use indicators.

1pip - are you sure you're not the 'friend' and/or the 'guy who teaches'? Doesn't matter to me one way or the other, but if you've got an indicator based scalp strategy you'd like to test on us, fire away. You'll get a lot of feedback...

 

[new_trader]

LOL

This I have to see...

Scalpers don't 'normally' use indicators.

1pip - are you sure you're not the 'friend' and/or the 'guy who teaches'? Doesn't matter to me one way or the other, but if you've got an indicator based scalp strategy you'd like to test on us, fire away. You'll get a lot of feedback...

LOL! Exactly. Precisely.

 

[1pipatatime]

Ask for the 1st week foc. A scalper should have a sufficiently large sample of trades in a week for you to get a good idea of potential profitability [or not,]...if he is,...and you can impliment his system/methodology/style like he does (and that is the crux of it,] then 10% is cheap!


G/L

thanks bbmac I will do that, but I don't know what a foc is?

but will ask for trade results.

thanks

1pipatatime

 

[bbmac]

thanks bbmac I will do that, but I don't know what a foc is?

but will ask for trade results.

thanks

1pipatatime

foc = free of charge

 

[1pipatatime]

LOL

This I have to see...

Scalpers don't 'normally' use indicators.

1pip - are you sure you're not the 'friend' and/or the 'guy who teaches'? Doesn't matter to me one way or the other, but if you've got an indicator based scalp strategy you'd like to test on us, fire away. You'll get a lot of feedback...

if they don't use indicators then what do they use?

my friend or work mate works at the same hospital as I do, he knows more about this stuff than I do and has got me interested with his stories.

1pipatatime

 

[1pipatatime]

foc = free of charge

thankyou

1pipatatime

 

[Peaceful_Warrior]

Hi 1pipatatime,

I believe I know who you are talking about.

Have sent you an email.

cheers

 

[Chorlton]

Hi everyone just looking for advice on a situation that has come up.

I have been in a conversation with a friend of mine and he has told me of this guy who offers to teach you to trade on the forex.

He charges 10% of the takings before tax.

From my understanding he is retired and makes his living out of trading and is interested in teaching people but is doing this as a test before he gets more serious about it.

Apparently we get to trade with him one session per day 4-5 days a week for 3-4 weeks, while trading live with him he explains everything that comes up on the market.

The thing that comes up for me is why would someone who is successful do this, is it a scam or is this guy for real?

I'm in two minds one it doesn't cost anything unless I make money and if I do I don't mind paying the 10%. If I don't make money all I have done is possibly waste my time, but it sounds too good to be true.

Any comments would help

1pipatatime

Hi Pipatatime,

Can I ask where in Australia you are?

I'd ask to see this guys trading accounts to see how consistant he is.

Although its good to be sceptical, remember that there are People who will offer trading help for many reasons (not just financial). For example, Why do the most experienced posters on here (some of them very good traders!!) offer their advice to newbies for free?

 

[stefan10]

LOL

This I have to see...

Scalpers don't 'normally' use indicators.

1pip - are you sure you're not the 'friend' and/or the 'guy who teaches'? Doesn't matter to me one way or the other, but if you've got an indicator based scalp strategy you'd like to test on us, fire away. You'll get a lot of feedback...

Well may i ask what you define as a scalper, this seems to be a confusuing issue?

i trade usuing the 1 min macd time frame on dow, my trades last on average from 2-15 mins, does this make me a scalper?

 

[TheBramble]

The time element is a function of the scalpers methods, not the method itself. Time-in-trade is necessarily short for a scalper because they're shaving fractions of a pip to a few pips, with large size. They can do this because their dealing costs are virtually zero and they have pro-level feeds and trading infrastructure. They probaly have a view of order flow and access to information with which you are unlikely to be troubled.

Does this sound like you stefan? Probably not.

Profitable scalping with a retail setup is virtually impossible.

 

[TheBramble]

Hi 1pipatatime,

I believe I know who you are talking about.

Have sent you an email.

cheers

I bet you do Mr. Freeman.

How about sticking to site guidelines and letting the good folk know you're a vendor?

 

[Peaceful_Warrior]

I bet you do Mr. Freeman.

How about sticking to site guidelines and letting the good folk know you're a vendor?

Dear TheBramble,

I don't know what your upset about, I have not and will not try to enlist propects from this site and as far as I know no-one here knows who I am or what I do.

I try to anwser peoples questions without breaking guidlines from this site or breaking contracts that I am obligated to.

If people ask questions of me via posts, email or pms that would put me in vialation of those agreements then I let them know that I cannot assist them because of the above.

Just because I develope systems for a company does not mean that I'm here for business reasons, I'm here to relax and read the posts as it helps me to relax while I'm trading.

You may have noticed that I have not done alot of post because of that very reason.

The people I coach come from different source's, I don't want anyone here to really know who I am otherwise I would have notified T2W when I signed up.

By sending an email to some one to possible help him/her find the person he was referring to (if it is the same person, which I don't know yet if it is), is that breaking the rules here? If it is then I appologise but I didn't post it here because I thought that would be inappropiate, hence the email.

cheers

 

[TheBramble]

I don't know what your upset about,

I'm not. I just prefer honesty, openness and integrity.

I have not and will not try to enlist propects from this site and as far as I know no-one here knows who I am or what I do.

That’s all quite irrelevant. Site guidelines require anyone involved in any way with the commercial provision of service or product to those in the trading industry register that fact during their registration. You haven’t done so.

The reason this is required is that those to whom you so objectively give your advice may wish to bear in mind any unintentional bias you may place upon the information you provide.

As for nobody knowing who you are or what you do, you’ve provided that information in your profile, which is how I was able to establish your credentials. And you don't just 'develop systems' – for a company, you co-founded this trading seminar-coaching business with Ron. Don't play games.

That your trading style is so incredibly close to that mentioned of this ‘friend of a friend’ by this thread’s OP, your involvement was inevitable. Just how closely involved is to be determined.

While none of my business how you run yours, I would be highly wary of any commercial seminar-coaching organisation consisting of just three people and for which the primary training segments were apparently written up by someone with a professional training background rather than a professional trading background. Having been trading ‘since 2006’ is not really that a big a deal and certainly not something I would headline as a key selling point.

 

[ukdaytrader]

Hey if anyone is close to North London you can come over to my office for some free training as long as you can help me out with some tedious research.

 

[Pat494]

If you sign up to the 10% idea make very sure it's only valid for a few months not for life !!