We get a lot of questions asking for advice on really basic issues,
we’ve gathered the most important ones in one place.
Choosing a broker:
Choose a good broker in your country. In case of a legal dispute, you always have some chance.
From abroad – the best are large brokers from the USA, France, UK, Germany, Denmark, large countries with strong financial regulations. Large brokers from Australia and Japan – OK.
I would avoid small countries, usually their financial regulations are worse and their enforcement is problematic. Also avoid brokers from tax havens and distant countries.
In case of a legal dispute – with a very high probability – you will lose the case. Many times we have heard stories about how brokers from tax havens disappear with clients’ money. This was, is and will be the case as long as they keep finding clients.
Choose the best possible, big brokers from big countries with good financial regulations and a functioning law enforcement apparatus. There is a mass of good brokers, there is a lot to choose from and there is no point in taking any risks.
Please do not ask us questions about a particular broker, our best knowledge is above.
The best systems for beginners
Try to choose a trader who has been teaching for a long time and whose students make money with his system. These are the two most important things: he has been teaching for a long time – that means he knows how to teach and you have a chance to learn. His students are making money: that means his system is good. Again – it means that you also have a chance.
The trader doesn’t have to make money himself (he may already have a large fortune and he doesn’t want to, but this is a worse situation than the one described above), but then his students have to make money on their own.
Ideally – if the trader runs a trading room or often records his analysis and positions so that you can learn on the fly. If his students do the same – all the better, it’s always good to learn the system from several sides.
If the trader gives signals – start there and check the results of, for example, the last 50-80 signals.
The best systems are simple. This is important, because under the pressure of the market with emotions you will make basic mistakes. The more complex the systems the worse. They may work well, but they will take several years to learn. Set yourself up to take several years to learn. The average is 2-3 years, assume that’s the minimum.
After you have mastered the system well, set yourself up for the market to pull out all the weaknesses, fears, anxieties, frustrations and masses of negative states you will have to deal with.
The first strong emotions you will learn about when learning to invest are greed and fear. There is nothing wrong with them except that the former blinds you and the latter paralyzes you. After a certain amount of time, you will learn to deal with them.
After a few years, you’ll notice that you took up the markets to make money, and you got a crash course in working on yourself and your weaknesses in the package.
Features of “For No” Systems
Bad reviews on Trustpilot (start there!).
No independent verification or verifications are old and outdated (one of the best verifications is a performance statement confirmed in writing by a good, big broker).
We’ve heard that verifications by systems and services other than the broker aren’t exactly good, maybe it’s a rumor, maybe not, it’s always safe to review and recalculate the last 40-50 signals from the system yourself.
Some examples of traders teaching systems are described here (but we have to admit that we haven’t checked any and haven’t recalculated any, you use at your own risk): www.investopedia.com/best-penny-stock-trading-courses-5115838
Free systems from discussion groups
If you don’t want to invest in education to begin with then (you’ll either invest in education or pay that money in the market, usually both are the case) then I suggest picking someone on newsgroups such as Forexfactory.com.
Unfortunately, we are not in a position to point out “something good”, because that would require us to thoroughly check the system, check and recalculate the inputs, check and answer questions on which pairs or stocks the system works best and why and when it works best. At this point we are not in the business of verifying systems.
A note of caution at the end: any great system, with super results until yesterday, may stop working from tomorrow, because the markets will change.
A good rule of trading: invest only the money you can safely lose.
NOTE: never, none of us or anyone acting supposedly on our behalf will offer you to invest in anything. They may use our names (or similar ones), logos, similar web addresses to extort money from you for super investments in crypto, currencies or super systems and opportunities. The number of similar cases has been growing exponentially over the past few years and one of us (Dr. Spruce) dealt with a similar scammer a week ago. There is a whole bunch of this. We do not provide consulting services and do not intend to do so.
Always make sure who you are dealing with.
You’ll get even more tips in the training “Lessons From Forex Market Masters”. Check it Out: ForexMarketMasters.com/lessons