Finding the right forex training program is difficult. For example, you may ﬁnd systems that are only actually accurate 15 out of every 100 trades. These systems still claim higher percentages because their trade structure outweighs the 85 losing trades with the 15 winning trades.
Now, the opposite can also be true. A system can be successful in 95 out of every 100 trades but still, lose money overall. This is because the trade structure outweighs the 95 wins with the ﬁve losses. You see, the word accuracy means nothing when you are losing money. After hearing the word “accuracy,” the best practice is always to make sure to see what the actual overall proﬁt/loss is.
Another familiar buzzword traders ﬁnd as they research trading systems is “guarantee.” This is unmistakable regarding pricing or satisfactory quality, as it is neither legal nor ethical to make future guarantees on proﬁts. To be clear, there is only one type of establishment that can promise speciﬁc returns: federally regulated banks. Not one mutual fund, 401k, stock, or trading account in existence can guarantee future proﬁts.
Occasionally a potential trader can come across a trading and education system that is a total and complete rip-oﬀ. While this isn’t always the case, it’s still a possibility. In most cases, these systems promise huge proﬁts on little eﬀort from the trader. What we are talking about here is a scam. A company that is making money oﬀering huge returns and may not even be using your money to trade. Now, these are often delayed to discover and you may not fall victim to them if you pull your money out before a recession. The problem is, when they send your money back, they are often using new deposits to pay you back and your fake return. Warren Buﬀett said it best, “Only when the tide goes out do you discover who was swimming naked.”
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