GoForexPro – An Insult To Serious Forex Traders
A reader of my site asked me what I think of GoForexPro.com and the guy behind it, William (Bill) Young. He sent me a couple of links to forums where Mr. Young is active: stevehopwoodforex and donnaforex.
I concentrated on donnaforex because I was familiar with the name and the thread was half as big as on the other forum. The happy-go-lucky, look how many pips we’re making atmosphere of that thread quickly became bothersome. But what concerned me the most was the fact that Donna, the administrator of that forum, appeared to be part of the merry crowd and endorse Bill Young (known as boldtrader there).
But what is wrong with this self-described professional trader who has supposedly produced more ‘Master Traders’ than any other firm ? Leaving aside the fact that no self-respecting trader talks in terms of pips, but in terms of risk-adjusted performance, have a look at this sales page or the hyped-up content of his website. If that’s not enough to put you off, let’s quote some gems from his forum post #115:
This is a FREE program. Period. You have nothing to lose by learning how to trade the FX1 system and it variations. If you don’t like it;.. then don’t use it. It is FREE.. several of the indicators are FREE.For years, traders are using this system. It is used by large fund managers. It is used by professional traders.
I fully understand that you want to try to make sure that the “system is real”. Trust me.. it is. If it was not, I would not be offering it and making it available for thousands of traders to learn. I am a professional trader for many years. Do not even try to question my legitimacy or the authority of the system being offered. I have a very good reputation in this industry for many years. You can come into the room, sit, do nothing, learn, make pips, and then go home and enjoy your day with pips in your pocket.
There are a couple of things that jump right at you. First, this ‘there’s nothing to lose, it’s FREE stuff’ attitude. This is a recurring theme you find about forums or sites like Fxkeys.com. On the contrary, there’s potentially a lot to lose. And I mean not only time, but also money – when you either fall for whatever the guy is selling as an upgrade of the free material or start applying the ‘free teachings’ on a live account.
Secondly, when you’re asked (normally you shouldn’t even have to be asked, you should offer it from the get-go) for a proof that the system you’re teaching is profitable (by linking an account to Myfxbook in this case) your answer is ‘don’t even try to question my legitimacy’ ? LOL. You don’t fuckin’ say. Well excuse me Mr. Soros for bothering you.
The question remained, what is Donna’s involvement in all this ? Has she gone to the dark side ? So I sent her an email and asked to find out her side of the story. She replied really fast and I must say she comes across as a nice lady. She admitted that the forum thread looks pretty bad and that she’s an affiliate for Bill Young. I’m willing to give her the benefit of the doubt, she might genuinely believe the guy’s own press. While I do think she does real damage by promoting this joker, I can’t really get upset with her because she was upfront and didn’t try to BS me.
To sum up: when you see a self-claimed professional forex trader cheerleading numbers of pips made by his system, walk away. When he doesn’t even allow you to ask for proof or question his authority, start running. Otherwise, you’ll just waste your time and potentially your money as well.