Forex "Guru", Forex Scum.

I hate most of these jokers. I won't hide it at all. However, there are some people out there who have your well-being at heart. (I only know of two, but I would hope there is more out there.)

I have recently found some that are also Introducing Brokers for another Market Maker. HUGE RED FLAG.

Normally what happens is this: You pay a few thousand dollars (roughly $3,000) to go to a training seminar. It normally runs the course of a weekend. There are also going to be 5-10 people with you. He's just made up to $30,000 for the weekend.

Here's where it gets really good....

He has taught most of you very basic things that are widely available on the net. EMA crossover systems. Fibonacci retracements. Pivot points. Great, $3,000 for free information. (Don't believe me? Type any of these in your search engine.)

As an IB for the larger company, he also is getting roughly 1 pip of the spread you pay. On a standard lot, that is normally about $10, depending on the pair you are playing.

He has not only put $30,000 in his pocket this weekend, he has also trained 10 people to overtrade on shorter time frames. He probably spent a lot of time on the 5 and 15 minute time charts. Great, you get 5 or more signals a day. That's another $50 you put in his pocket. Any experienced trader can tell you that those time frames are normally just noise. You get whipped around. He just made $500 for the day off of you 10 people.

This goes on for about 4 weeks, until some people blow up. Guess what? His "training camps" run every month. That's right, a new batch of victims. What really makes his day is when a few of those people are still trading. Snowball of money for him. Frustration for you. After all of this, you are still wondering why you aren't profitable.

Guess what? There are plenty of people out there that aren't profitable. If this guy was so good, would he be selling his systems? Why not make a billion dollars this year, and call it a career? Because he is a failed trader. (If you research enough, most are.)

However, I can go out on a limb here, and recommend two places. James16 group at Forex Factory, as I am a member, and it is cheap. Rob Booker is the other.

Why these guys? Because they first and foremost don't take a huge chunk of money for 16 hours of time. They are continuing education. Very affordable on a monthly basis, and they both cover something the other jokers don't: Psychology.

Psychology in the market place is most of the battle. This is a hard, emotionally draining business. Or, I should say it CAN BE. But it really doesn't have to be.

I am seriouslly thinking about starting a real website for guys like me. The fairly newer trader that has the will, the drive, etc. The guy who is SO CLOSE HE CAN TASTE IT. And I would like it to be able to cater to the new guys, our little brothers and sisters. A fair place. I am not trying to dethrone anyone, as I think Forex Factory is great. But I think there is a need for a special place for the new guy. Unbiased.

Just a thought.