There are many forms of foreign exchange fraud, common such as black platform tricks to make traders lose money, or even run away with money directly, and falsely promote a certain indicator or system, EA is guaranteed to make money without losing money, and tricks traders into buying. In addition, there are trading signals that make up past perfect records to deceive people into buying them.
Someone also made a point that those who sell trading books and trading education should also be regarded as some kind of fraud, because almost no one becomes a successful trader because of reading a certain book or listening to a certain trading lecture. The following is the opinion of a trader on a foreign forum:
95% of traders are losers and a google search confirms it. Just a Google search will tell you that 95% of traders lose money. They end up being teachers to new traders in forums where 95% of losers hang out in trading forums filled with old losers advising new losers. These failed traders are giving advice to new forum traders on how to make money.
Lost traders who have the money and writing skills to write books are basically the blind leading the blind. Those who can't make money from trading end up selling "education".
Alexander Elder, the author of several best-selling trading books such as "Trading for a Living", sells trading education through seminars and other methods. Trading educators who run forums sing Elder's praises on their websites, so that they You can sell trading education on your own private forum. He's a psychologist and I wonder if he knows 10% of the psychology of trading.
A lot of forum sites advertise these books heavily because they get a cut of every copy sold.
Traders recommend these books because after reading these best sellers, traders are likely to trade more and the more profits a trader makes
. . .
The most successful traders don't sell trading books or teach how to trade. Have you ever seen Buffett and Soros give trading lectures and write trading books?
Real traders don't read books, they learn in the market.
. . .
My point is that a complete denial of trading books and not reading books is biased and extreme.
Why have you read so many books, watched so many videos, and browsed so many posts, but you still can't make money?
Going back to the long title of the article, why can’t I make a profit after reading so many books, watching so many videos, and browsing so many posts? I agree with one of the explanations, the most basic, people have to trade by processing information. Unfortunately, the human brain processes information inefficiently and inherently biased. We have a lot of biases in our trading decisions.
Imagine an example. An expert, sitting in an air-conditioned room during the dog days, looked up various information, past fire incidents, various fire scene first aid and self-rescue knowledge, and then wrote the "Ultimate Guide to Fire Survival" with more than 100,000 words. As a result, Luoyang paper was expensive for a while, and fire squadrons, schools, forest farms, docks, and factories all bought this book, invited this expert to give lectures, and required staff and students to read this fire survival guide.
After listening to experts' lectures and reading this escape technique, many people feel that their fire survival skills have improved a lot. On an unfortunate assumption, one day, a fire broke out. The scene of the fire was full of flames, scorching air, and choking smoke. Several exits flicker in the narrow space, how should you choose at this time? Randomly choose an exit to rush out, or retreat to a dead corner where the open flame has not yet burned, or take a gamble and jump from the window? This is not an air-conditioned room drinking iced drinks to allow you to think about life slowly. Life or death can be the result of choices and decisions made in those few seconds.
There is a similar situation in trading. Writing trading books without trading is completely different from actually trading in the market. Thinking about how to trade while reading a book is completely different from trading in person. This is the so-called "talking on paper", once it comes to real ammunition, in the face of constantly beating data, dazzling instant news, various gossip, and other traders' messy opinions. In actual combat, it is difficult for you to be objective and neutral, because you are always facing changes in the profit and loss of money. Faced with so many uncertainties, it is easy for traders to lose their way, and what they read in the book does not work at all.
So no matter how many books you read, how many trading lectures you listen to, or how many other traders share posts, it will not guarantee that you will make money. This is not to say that books and education are useless. If you want to trade successfully, no method or approach can replace a large number of transactions by yourself. Based on a large number of transactions, form your own trading style and develop a trading system that suits you. My advice to anyone who wants to be successful in the trading industry is to keep your trading size as small as possible (to ensure your long-term survival), long-term trading, only long-term large-scale trading, you will likely find a way to succeed.
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