The Forex Teachers With Less Than 2 (Two) Years Trading Experience
The trading training/coaching racket comprises basically two distinct groups: on one hand, we have either lone sellers of courses or at the most a couple who joined forces, like these clowns I wrote about back in April. On the other hand, there are ‘training’ companies, which due to their reach and the very expensive ‘education’ they sell, are many times more lethal.
Why even address this subject ? I mean, if one is that dumb (as in – you don’t need any trading experience, buy this coaching package for £10.000 and with a £5.000 account you’ll recoup the cost in six months – dumb) to fall for the selling pitches of these companies, he/she won’t pay any attention to what I write here.
Because it’s personal. If, by some miracle, I can prevent just one person from giving money to these scammers, I’ll feel even more vindicated. But the main reason is that I feel insulted, as a trader, whenever I stumble upon such snake oil salesmen.
Sometimes people will ask me whether they can spend one weekend with me so I can show them how I do this stuff. Do you know what a tremendous insult this is? It’s like my saying to a brain surgeon, “If you have a few extra days, I’d like you to teach me brain surgery.” – Mark Minervini in Stock Market Wizards
I believe that raising awareness by writing about this subject and continuing to expose these charlatans is the only way to fight them.
Perhaps one of the most well known ‘master traders’ is Greg Secker, founder of Knowledge To Action and Learn To Trade. Listening to this guy on BBC’s investigation of his ‘training business’ reminded me of Ben Affleck in Boiler Room (only with a British accent). To quote from that movie, this guy could sell bubble gum in the lock-jaw ward at Bellvue.
If you go to Learn To Trade website (either the UK or the Australian version), alarm bells start ringing loudly right from the homepage:
Discover how to make an immediate income through Forex trading.
Make money at anytime, anywhere, trading currencies.
Learn the formula for success direct from Master Trader Greg Secker.
Really ? You don’t fuckin’ say !
Both the BBC and The Guardian have written on this obnoxious charlatan (they didn’t call him that because they’re politically correct). What I would like to add are a couple of pictures:
You see that they practically give the scam away: some of the so-called forex teachers/coaches they employ have less than two years trading experience ! Imagine that ! But I guess their way of thinking is to present trading as such an easy endeavor to get into, that after 1-2 years, you not only get to master it, but you’re able to teach others too.