Should you by FOREX advice from a guru or mentor?

Many novice traders think they should do this and it’s easy to make money but you need to be very careful of the FOREX advice you buy as, 99% of advice sold on the net won’t give you profits.

Here are some pointers on getting the RIGHT FOREX advice.

If the advice is so good why are they selling it?

Look around the net and you will see lot’s of FOREX advice that promises you instant riches, but consider this:

Most FOREX advice sold relies on sales copy that sounds convincing but the reality does not add up:

When you see FOREX advice sold, the first step is to make sure that the person selling it has a real time track record.

If they haven’t traded it and made money, why on earth would you want to buy it?

Look for a real time track record, which is audited over one or two years.

If they can’t provide this:

Don’t buy it.

There is a vast amount of FOREX advice sold ( mostly by sales people who have never traded in their lives or failed brokers and it won’t make you money) they don’t trade themselves, but what they will give you in the vast majority of cases is:

A hypothetical track record.

Keep in mind – A hypothetical track record is done in hindsight knowing the closing prices!

Of course we can all make money doing this and you will never see one that loses, until you come to trade it!

Also, don’t trust testimonials.

These are normally friends, or someone who has had a lucky trade.

It’s a real time track record you are after.

This may not give you profits in future, but will show you that the vendor at least has confidence in his FOREX advice and that the logic is soundly based.

If you find a system with a track record the next step is to make sure you understand and the methodology suits your trading personality.

You will never follow advice from someone else ( even if it has a great track record ) if you don’t understand the logic it is based upon and can take the losses that occur on any system.

If you understand the logic of the FOREX advice you will be able to follow it with discipline.

Also, check the worst peak to valley drawdown, time to recovery and see if that fits in with your risk tolerance.

There is lots of FOREX Advice you can buy but only a small percentage of it makes money and an even smaller percentage of it will suit your trading personality.

Follow the above tips if you want to buy FOREX advice and make money.

A real time track record is your starting point.

Then, you need to know the logic the FOREX advice is based upon and finally, make sure you can follow it through the inevitable periods of drawdown.

Sacha Tarkovsky
http://www.articlesbase.com/currency-trading-articles/forex-advice-should-you-buy-it-read-this-first-132696.html