As I was doing some deep research last night, I was reminded that everyone is out to make a buck/euro/yen. Nothing wrong with that. But there are a lot of trading scams aimed at the unwary. There are some honest-but-high-priced “systems” out there too, with claims ranging from unlikely to outlandish.
As a professional photographer by day, I’m all too familiar with people trying to sell me a system guaranteed to make me more money. One thing I learned early on though is to ask yourself a simple question: if these people are making tons of money with their systems, why are they wasting their time selling them to other people?
I think the exception might be the few – very few – people who are genuinely trying to help others learn trade more successfully. The same is true for authors who write about trading the markets. Ask yourself, why’d they write this book? Authors don’t usually make a lot of money, at least compared to successful traders.
If I had a brilliant system to make millions in the stock market, I’d either be too busy to sell it to others, or sunning myself on an island somewhere (thus still too busy to sell it to someone else). And if I did decide I wanted to share it, I wouldn’t want my get-rich-quick system to become general knowledge. The effectiveness would eventually disappear and I’d be forced to write books or something for a living. No, I would share it with a few friends or perhaps become a private mentor to a select few. But I wouldn’t sell it to the masses.
So next time you’re frustrated with your trading and want a quick way to start having success, look very hard at websites or people offering you an easy ride for a fee. The fact that they have to sell it makes you wonder how they really make their money. Which speaks directly to the effectiveness of their “system”.