First Forex Course
It was a 2 days (or 3 days) course which spent me more than 3k dollar to attend. I was pretty sure I am on my way to becoming a profitable and successful trader in time to come. I paid full attention and did every exercise diligently during the course.
If you have ever attended a trading-related course such as Forex, there are really many different schools of thoughts and many different ways of trading. One of the most popular ones is to learn a fixed and simple formula to trade without thinking – that was what I learned in this course.
It is not baseless, to begin with. The class was given the opportunity to do back-testing on the formula taught to us. The result has shown a high accuracy of more than 70%. Its application is fool-proof and anyone can apply it easily, even a 7 years old kid can do so. Like any normal person who just started trading, I was very convinced and thought that everything is going to be a smooth sail.
Education Turned Disaster
After I have completed the course, I spend every day and most of my time staring at the chart through my mobile phone to spot for the right trade setup based on the formula I have learned. I enforce discipline into myself to follow through every step because I understand how important discipline is towards success.
A day has passed, a week has passed, followed by months and months…I was not profitable at all. I was making a loss. Before things got worse, I did go back to their ‘trading session’, but only to find them repeating the same formula again which just doesn’t help. I knew something was wrong so I decided to check back with one of their assistant trainers to figure things out. I realize that the market seemed to be behaving differently from week to week and it seems that the formula just doesn’t work as effectively as when I did the back-testing during the course.
Guess what I was told? I was told that as market changes, they have an R&D team that will refine the formula and every student will be recalled to learn the updated strategy. It then got me to think on a deeper level and here’s what went through my mind:
- Why do I have to depend on the trainer for updates in order to trade better?
- What if I was left alone and I have no idea how was this formula derived in the first place?
- Why wasn’t I taught to identify market trends?
- What does it really means to become successful in trading?
- By the time I got the updated formula, who the heck is going to pay for my losses due to market changes that caused the outdated formula to lose its magic?
Oh, and let me share with you something that’s even more ridiculous now that I think back. The 2 courses which I’ve attended and cost me more than $7,000 only taught me 2 formulas to trade 2 currency pairs, one with 20 pips stop loss and 20 pips take profit, another one 60 pips stop loss and 40 pips take profit. YES, YOU READ IT CORRECTLY! 40 pips profit and 60 pips STOP LOSS! It just doesn’t make sense at all!!
Forgive me if it’s a little too aggressive there, but I just have to express it out because this is probably what others have experienced and they probably felt the same way as I do.
You see…to most people, spending a few thousands of dollars just to attend a course and after which, they still have to come out with a sum of money from their own pocket to fund their trading account, is a huge commitment. I do understand that it is a business after all and that’s pretty much the market price nowadays. But really, look at the kind of value most people are receiving. Most are not profitable and they lost money on top of spending a few thousands to attend such courses. What’s going to happen to this people? They will just be left outside hang out to dry. I really don’t like what I am observing here.
After 3 years since I started my trading journey, I had lost up to $30,000. It was a painful and agony experience, but I must not forget the lessons I have learned from making this wrongful decision.
I am not here to blame anyone because I am the one who made that decision to take up the course…even if I was manipulated. Blaming doesn’t help me in any way and it only creates more negativity. I am the only one to blame, but I learn from my experience, pick myself up and become stronger.