Throughout your trading career, I’m sure you would have come across trade gurus.
Types of Forex Trading Guru you should be aware of:
Below are the category of these so-called ‘gurus’ I encounter regularly and hopefully you can detect them when you see one.
This group of forex trading gurus tends to post regularly.
However, all of the setups posted are after the fact.
This means the trade is already over and they show that it is a winner if you follow his trading strategy.
Anyone can do that by trading on hindsight.
I don’t see any value in doing this except to mislead the masses.
These group of trading gurus tends to post a number of trading setups.
However out of all the setups that are posted, probably only a handful will be winning trades.
The rest are all losers.
When the winning trades are achieved, they will go around posting their winners all over the internet.
Giving the audience the impression that they are very accurate and suffer no losses.
What happens to the losing trades of these trade gurus?
Well, they hide it and keep mum about it. Just like a ninja hiding in the shadows!
Honest Ninja guru
This group of forex trading gurus is a little more intelligent compared to the earlier.
They behave similarly to the ninja guru except for the fact that they do post their losses.
Wow, finally something honest! But wait. They’re not stupid either.
Say for example they post 10 trades and only have 3 winners and 7 losers.
They will go around showing off their 3 winning trades but when it comes to the losing ones, probably only 1 out of the 7 will be mentioned.
Thus giving the impression that they are being honest and credible.
But they forgot we’re not stupid either.
I hope you can now better detect such gimmicks that are circulating in this industry and not fall into the trap of these trade guru.
So now you might be wondering…
“Okay Rayner, now that I’m aware of these types of trading Gurus, how do I find good ones?”
That’s a very good question.
And I admit…
Finding a “good” trading Guru these days are very hard to find as bad ones often outweigh the good as you’ve seen in the earlier sections!
However, there’s no denying that there are good trading teachers and practitioners in this industry.
One that won’t just make you a better trader, but a better person as well.
So, how do you find them?
Let me show you in the next section…
How to find the best trading gurus that will help give you an edge in the markets
First of all…
Let’s talk about you.
Why do you want to look for a trading Guru?
You see if you’re looking for a trading Guru just because:
- You want to copy his strategy to trade full time
- You believe he’s your savior to make money fast
- You want to find someone who you would copy his trades
Then I’m sorry my friend…
This trading business might not be for you.
Because the main purpose of why you’re looking for a trading guru is not to copy but to “acquire” the skills that they have!
To empower you on being a consistently profitable and independent trader!
To constantly remind you that they’re not the key to your trading success but you!
So, with that out of the way…
What’s the first thing that you should look for in a trading Guru?
1. Consistently profitable and transparent
This might be controversial, but it’s true!
Trading is not easy.
It’s a skill that can take years to master.
The learning curve, mindset, and character that a trader must develop to become profitable are very steep!
So, it’s crucial to identify first whether those trading Gurus have successfully gone beyond the line from being a consistent loser to being a consistent winner.
And here’s how you can know:
- The guru has consistently shown his equity curve/trading performance
- The guru openly lets you know that he is live trading and not demo trading
- The guru has been live trading for at least two years
You might be thinking:
“Man, that’s too specific!”
“Don’t you think those types of Gurus won’t even bother to teach?”
Well, you wouldn’t want to risk your hard-earned money learning from a Guru’s strategy who’s live trading, right?
Also, you’d be surprised how many “consistently profitable” forex trading Gurus are willing to teach!
Let me prove it to you…
2. Teaches you “how to fish” then spoon feeds you the “fish”
Almost every successful trading Gurus that I’ve met are always eager to teach you how to trade.
At the same time, consistently losing traders often:
- Argues with other traders online
- Complains about their broker’s “spread” or “data discrepancy”
- Often posts technical analysis charts with no context
You’ll be able to spot a good trading Guru from a bad one with just how they behave around others!
Successful trading Gurus will genuinely teach you and help you out!
Because they don’t want to experience the same painful learning curve that they did!
Successful trading Gurus will want to shorten your learning curve so that you can save both time and money!
And that’s right…
They won’t just give you a simple market analysis video and call it a day.
Instead, they will teach you how to make your market analysis!
3. Always improving and is always humble
All successful forex trading gurus know that to be able to consistently profit from the markets…
Learning never stops.
Also, all successful forex trading gurus never pretend that they know “everything” in the markets, that they are students still just like you!
All successful trading gurus are not afraid to show their losses.
Because they know that improvements often come to those who review their trades and use their mistakes and losses to make them better traders.
So, there you go.
In today’s trading guide…
Not only have I shared with you the different types of trading gurus that you should look out for, but how to also look for good ones.
So let’s do a quick recap on what you’ve learned today…
- Hindsight gurus only share with you trades that have already been exited to show you that his strategy works and that you should follow it
- Ninja gurus post a lot of trading setups, even though most setups lose, they make sure to pick out and brag about the winning trades and not discuss their losing ones
- Honest Ninja gurus posts both their wins and losses, but makes sure to show more wins than losses.
- Finding good forex trading gurus means that they are consistently profitable, are genuine at teaching you how to trade, and are always improving and humble
Now, over to you…
Have you encountered a ton of Hindsight gurus on your trading journey?
What are your experiences with them?
Have you finally found the Guru you’re looking for?
Let me know in the comments below!
Hiya Rayner, Spot on my man. It’s a crooked industry out there. The education aspect of the industry is simply enormous with people paying small fortunes for the dubious privilege. and you could spend your whole life learning and there are a zillion different strategies which I’m sure are successful. In my mind, at the end of the day it boils down to support & resistance, risk reward, & your own psychology…
Hopefully the newbies out there will be enlightened and understand there’s no free lunch around here.
important article for new traders to take note
Thanks for the generous sharing.
You forgot thouse one who wrote a book. 🙂 I know some examples. They take price aktion and market strukture witch is allready known and give them his own name like “market aktion” or other non sense and sell it as he would be the founder of it.
Maybe you could give them the name “Oracle” that would describe this guys wery well 🙂
I like it well =)
Thanks Shlomi 🙂