Cutting Through the Bull – Forex Price Action
I’ve never held the guys selling Forex price action courses in high regard for one basic reason: not one of them can show that what they teach and charge for is profitable. As far as I’m concerned, in trading money talks and bullshit walks. You can have the best designed website and hundreds or thousands of subscribers but if you can’t produce at the very least a year’s worth of verified track-record then you’re at best dishonest and at worst a complete fraud.
What prompted me to write this article was reading the latest post on ForexExposed. What I hope to achieve is to get any person who considers spending money on forex price action sites to think twice about it. They should realize that: 1. they’d be buying very expensive trading education and 2. that it is of a dubious quality from a dubious, potentially fraudulent seller. Some of you will point out that at an average of $300, these courses are very cheap compared for example to the $2500 Andrew Mitchem charges. But what if I tell you that you can get the twenty or so best trading books on Amazon for around $200 ? Yes, I know, a book is not like an interactive website where you get daily or weekly updates and get to ask questions. But let’s see who the guys that answer your questions are. If you search ‘forex price action’ on google, you’ll get the following sellers on the first two pages:
– Dale Woods at theforexguy.com
– Nial Fuller at learntotradethemarket.com
– Justin Bennett at dailypriceaction.com
– Johnathon Fox at forexschoolonline.com
You will notice that the websites look pretty much alike and use the same approach to attract members: trade setups for a forex pair or two, with the invitation to register in order to view setups for other pairs. Testimonials so over the top that they are funny: supposedly, traders who have been losing for years, bought their services and now are consistently profitable, doubled accounts and so on.
Regarding the trade setups and commentaries, the internet is full of them, from the ones you can find on trading forums to the ones on various sites like ForexLive. Their quality varies considerably, but it’s mostly poor. Just because you start paying $300 doesn’t automatically make them top-notch. Particularly when they come from sources which make unsubstantiated claims of profitability and success to entice aspiring traders in parting with their money.
Regarding the quality of the courses as reflected in testimonials, as I said in the beginning of this article, not one of these guys, although they’ve been in business for 4 years or more, will offer a verified performance record of the strategies they teach. That should tell you all you need about their real value.
To conclude: I see no valid reason for anyone to spend money on forex price action websites. You would be paying for something – trade setups, chat room, emails – that you can find on the internet for free anyway. There’s hardly anything to indicate that these guys are qualified to be trading mentors to other people. If you’re still deluded in thinking you’re paying for access to ‘forex professionals‘, as they call themselves, ask them for a verified track-record. And then come back here and leave a comment with their excuses for not producing one.