i am new to this forum so go easy on me if i have broken a rule in starting something that has already been addressed.
a couple of housekeeping questions before I proceed.
1. If i run a search on topic that I would like to discuss and it appears, only thing being that the thread is 2 years old and the last person to add to it did so 18 months ago, am i better off starting a new thread or will people still see that question appear and the thread's start date is immaterial?
2. Am i am able to mention the names of educators , authors impartially or is there some etiquette or rule surrounding that?
ok, i shall commence
firstly, bloody awesome forum , im actually hooked and have evenn found myself vry amused at some of the banter on this thing, not to mention some of the electronic mexican stand-offs between traders - absolute gold.
anyway, I have been trading / investing for a few years, albeit intermittently and have had some reasonable success of late (through trading, not investing i should add). If you read my first post you - assuming you're intrested in doing so - you get a feel for the kind of trader I am and my background. I have been heavily involved in education the past six months and learnt quite a bit. Admittedly, quite a bit through this forum.
What I struggle to get my head is the mere existence of financial education and other resources that are designed to help you make money, to help you think and grow rich, to help you hit your first mill with 24 months of trading bla bla bla.
Why is it that I am skeptical when it comes to these educational resources??
Someone once told me there is a saying "people who can - do. Peope who can't - teach". Why is it that WD Gann was apparently the guru of of wall street, reportedly taking $50m out of the financial markets (Present value) yet he has spent copious amounts of time writing about 20+ books on trading strategies? Why do people purport to have made millions in the sharemarket through trading and then market a 2 day trading seminar valued at $1,500 to a bunch of schmucks on a sunday morning free of charge he could be spending those 3 hours between 9am and 12pm with his kids at the park? Surely a potential $15,000 (1,500 x 10 poeple) - minus costs, over the course of a weekend is nothing in comparison to what one can make in the fx markets or through a money maker platform where the leverage ranges from 20:1 --> 400:1. US$500 a pip on 100 pips for the week is US$50,000 and you dont have to worry about fielding stupid questions on a sunday morning at 9.30am from a some half witted dude who has just found out what the sharemarket is. Especially after a large saturday night drinking pinots with your GF and some firends, having slept poorly due to head throbbing from the wine. Surely , that would be the last thing on that dudes mind. Why does he do it? why is there a score of these sorts of educators out there that market these courses who narket themselves on the back of their innate ability to pick turning points in the market? Are they not better off loading up positions / contracts so they can make $5-10m in a year (possible figure when you factor in the power of leverage and also the certainty (minimisation of risk) inherent in thier trades).
I was reading many of TremblingHand's posts and saw one where he turned a small amoutn on trading capital into a rather obscene one. Whilist I appreciate this isnt the norm, Im quite confident that there are traders who know there stuff, their market and have that type of edge to achieve those sorts of returns. I am also confident that many wouldnt want to divulge their sectrets. Why would they?? If they can make most of the money they need in the market (i say most they need, not most they want) then why would they go for an extra few K here and there when they risk disgruntled budding traders knocking on their door because the trading they were taught didnt suit their genetic make up and trading physchology, hence they lost all the money??
I also read from a few posts relating to TremblingHand's posts that he shouldnt have to divulge his trading strategies for the following reasons:
a) he has worked hard for it, sitting in front of monitors for 8,000 odd hours;
b) it suits his trading personality and it may not suit others so it seems futile sharing it with the wider market ;
c) because by enducating others he may inadvertantly be creating more competition / disrupting the depth of whatever market he trades thereby adversely affecting his trades (im not sure the merit behind this but i am sure there are many thinly traded markets out there)
And I agree whole heartedly, I for one would not be inclined to share vital information with strangers who could potentially profit from my methodology, asides from sharing it with family and close friends, and anyone else who needed geniune assistance (fyi, i am not at that level of expertise yet, but I would say that is how I would feel).
I would be more inclined to 'get it right' before training others. ie. if I had made $30-50mill in the financial markets as that is the amoutn I have calculated I would need to provide for my family and I quite comfortable, then I would definately consider empowring to others wiht the knowledge I have used, then I will change name to joe buffet. But until that happens I will continue calling myself Joe Gekko (without the charm, charisma and $$) and carry on learning and trying to get ahead
I know I have been alittle verbose here , thanks to Mr Pinot , but does anyone share my intrigue on this topic, if so I would be happy for you to either shed some light on it or add to it so that others who have experience with these educators can comment.