Scams and Snake Oil Salesmen

Any industry which involves lots of money will attract all manner of hype merchants, liars and charlatans who have climbed out from the slime. Becoming a successful trader involves more than just attending some weekend training course, subscribing to a news letter or buying a piece of software. Any industry which involves lots of money will attract all manner of hype merchants, liars and charlatans who have climbed out from the slime. Becoming a successful trader involves more than just attending some weekend training course, subscribing to a news letter or buying a piece of software. If the software, newsletter or training course was that good, then it would be a carefully guarded secret by some hedge fund somewhere and they certainly would not sell it to you for the sum of a few thousand dollars.

“When a person with experience meets a person with money, pretty soon the person with the experience will have the money and the person with the money will have the experience” – Estee Lauder

Some salesman will spin you a story about how their software has a 80% success rate. This is utter bunk. You can achieve a 90+% success rate if you set your profit target at 1 pip and trade without stop losses. At the end of the day you will have a beautiful success rate, but your account will be empty, drained by the big trade that went the wrong way. There is more to trading than just a high win rate.

Unless you have money to burn, please, please, please be careful and shop around before you commit thousands of dollars to a training course, newsletter or software. If you do have money to burn, there are numerous charities out there that are significantly more deserving than some of the charlatans out there. So again, please be careful how you spend your money.