An excellent article i came across!
"THE SECRET TO SELLING ANYTHING IS HOPE — TradingMemes.com
Most gurus will sell you on the lifestyle first. Hooking you with pictures of cool places on Instagram, fancy cars and so on. What funds this lifestyle? Your donations mostly. Some gurus still trade and report their track records. These are the ones to look for. Ignore the hype only gurus if possible. Key questions to ask before signing up:
Do you currently trade? If not, did you ever trade?
Can I see a track record? Or verify your claims independently somehow?
Do you have students who have been successful with your system/strategy?
Using your system, what are my chances of success based on how many students you’ve “trained”?
Most gurus dodge the first question or lie. They either don’t currently trade, or trade in such small size that their credibility is questionable. If you can get some kind of track record, even if it’s percentages only and not $ figures too, then great. This will let you assess the system/strategy they teach and give you an idea of whether or not it has a positive expectancy.
However, even if their strategy is good, don’t think for a minute that you can replicate it exactly straight off the bat. If it’s a discretionary system, then a lot of the guru’s rules for trade management will be in their head and hard to teach. Some will also be gut feel and even they might not be 100% aware of all the reasons why they took a trade and what they look for when managing a position. It’ll take you a fair amount of screen time working with their strategy to get to grips with it, so be prepared to struggle and don’t look for quick cash.
Student success and testimonials is key. Using the old “90% of traders fail” rule, you should expect that at least 10% of their students should have some form of success. At least a few of those are probably on social media and it doesn’t hurt to reach out to a few and ask for their feedback. As always with reviews posted online, don’t believe everything you read. Some students are incentivized by gurus to post positive reviews in exchange for a few months extra subscription time.
Pick your guru carefully, do your due diligence and remain skeptical."
This is the most important part i like from the above article...... " However, even if their strategy is good, don’t think for a minute that you can replicate it exactly straight off the bat. If it’s a discretionary system, then a lot of the guru’s rules for trade management will be in their head and hard to teach. Some will also be gut feel and even they might not be 100% aware of all the reasons why they took a trade and what they look for when managing a position" ............ The system might work well for one person but be absolutely useless for another person! The psychology of how you approach your trading is so important!! When someone designs a system and it works and makes them good money, and then they might share this system with some one else who has disastrous results using it! It's because the person who designed that system generally designed it with his psychology in mind, and not the person who he shares it with. So you can teach him the rules and how to use it, but that's no guarantee that he will trade it as you do! Again a quote from the above article '
"Some will also be gut feel and even they might not be 100% aware of all the reasons why they took a trade and what they look for when managing a position."
How true is that! I have friends who see what i do, and they ask me to show them how, or teach them. And i let out a big sigh and say ok i can teach you the rules, but I CAN'T SHOW YOU HOW!! This is something you will have to discover for yourself! Your own PSYCHOLOGY OF TRADING! NRSS
