War Room Membership - The Forex Guy's Trading Strategies

Some trading wisdom, tools and information I picked up along the way that helped me be a better trader. Maybe it can help you too.

Its a bit lengthy and I tried to condense it as much as I can. So take everything at a high level as each subject is has a lot more depth but fundamentally if you distill it down its just taking simple things and applying your experience using them to add nuance and better deploy them.
There are exceptions to everything that you will learn with experience or have already learned. If you know something extra or something to add to it to implement it better or more accurately. Then great! However, my intention of this post is just a high level overview. Trading can be far too nuanced to go into in this post and would take forever to type up every exception (not to mention the traders individual personality). If you take the general information as a starting point, hopefully you will learn the edge cases long the way and learn how to use the more effectively if you end up using them. I apologize in advice for any errors or typos.
Introduction After reflecting on my fun (cough) trading journey that was more akin to rolling around on broken glass and wondering if brown glass will help me predict market direction better than green glass. Buying a $100 indicator at 2 am when I was acting a fool, looking at it and going at and going "This is a piece of lagging crap, I miss out on a large part of the fundamental move and never using it for even one trade". All while struggling with massive over trading and bad habits because I would get bored watching a single well placed trade on fold for the day. Also, I wanted to get rich quick.
On top all of that I had a terminal Stage 4 case of FOMO on every time the price would move up and then down then back up. Just think about all those extra pips I could have trading both directions as it moves across the chart! I can just sell right when it goes down, then buy right before it goes up again. Its so easy right? Well, turns out it was not as easy as I thought and I lost a fair chunk of change and hit my head against the wall a lot until it clicked. Which is how I came up with a mixed bag of things that I now call "Trade the Trade" which helped support how I wanted to trade so I can still trade intra day price action like a rabid money without throwing away all my bananas.
Why Make This Post? - Core Topic of Discussion I wish to share a concept I came up with that helped me become a reliable trader. Support the weakness of how I like to trade. Also, explaining what I do helps reinforce my understanding of the information I share as I have to put words to it and not just use internalized processes. I came up with a method that helped me get my head straight when trading intra day.
I call it "Trade the Trade" as I am making mini trades inside of a trade setup I make from analysis on a higher timeframe that would take multiple days to unfold or longer. I will share information, principles, techniques I used and learned from others I talked to on the internet (mixed bag of folks from armatures to professionals, and random internet people) that helped me form a trading style that worked for me. Even people who are not good at trading can say something that might make it click in your head so I would absorbed all the information I could get.I will share the details of how I approach the methodology and the tools in my trading belt that I picked up by filtering through many tools, indicators strategies and witchcraft. Hopefully you read something that ends up helping you be a better trader. I learned a lot from people who make community posts so I wanted to give back now that I got my ducks in a row.
General Trading Advice If your struggling finding your own trading style, fixing weakness's in it, getting started, being reliably profitable or have no framework to build yourself higher with, hopefully you can use the below advice to help provide some direction or clarity to moving forward to be a better trader.
  1. KEEP IT SIMPLE. Do not throw a million things on your chart from the get go or over analyzing what the market is doing while trying to learn the basics. Tons of stuff on your chart can actually slow your learning by distracting your focus on all your bells and whistles and not the price action.
  2. PRICE ACTION. Learn how to read price action. Not just the common formations, but larger groups of bars that form the market structure. Those formations carry more weight the higher the time frame they form on. If struggle to understand what is going on or what your looking at, move to a higher time frame.
  3. INDICATORS. If you do use them you should try to understand how every indicator you use calculates its values. Many indicators are lagging indicators, understanding how it calculates the values can help you learn how to identify the market structure before the indicator would trigger a signal . This will help you understand why the signal is a lagged signal. If you understand that you can easily learn to look at the price action right before the signal and learn to watch for that price action on top of it almost trigging a signal so you can get in at a better position and assume less downside risk. I recommend using no more than 1-2 indicators for simplicity, but your free to use as many as you think you think you need or works for your strategy/trading style.
  4. PSYCOLOGY. First, FOMO is real, don't feed the beast. When you trade you should always have an entry and exit. If you miss your entry do not chase it, wait for a new entry. At its core trading is gambling and your looking for an edge against the house (the other market participants). With that in mind, treat as such. Do not risk more than you can afford to lose. If you are afraid to lose it will negatively effect your trade decisions. Finally, be honest with your self and bad trading happens. No one is going to play trade cop and keep you in line, that's your job.
  5. TRADE DECISION MARKING: Before you enter any trade you should have an entry and exit area. As you learn price action you will get better entries and better exits. Use a larger zone and stop loss at the start while learning. Then you can tighten it up as you gain experience. If you do not have a area you wish to exit, or you are entering because "the markets looking like its gonna go up". Do not enter the trade. Have a reason for everything you do, if you cannot logically explain why then you probably should not be doing it.
  6. ROBOTS/ALGOS: Loved by some, hated by many who lost it all to one, and surrounded by scams on the internet. If you make your own, find a legit one that works and paid for it or lost it all on a crappy one, more power to ya. I do not use robots because I do not like having a robot in control of my money. There is too many edge cases for me to be ok with it.However, the best piece of advice about algos was that the guy had a algo/robot for each market condition (trending/ranging) and would make personalized versions of each for currency pairs as each one has its own personality and can make the same type of movement along side another currency pair but the price action can look way different or the move can be lagged or leading. So whenever he does his own analysis and he sees a trend, he turns the trend trading robot on. If the trend stops, and it starts to range he turns the range trading robot on. He uses robots to trade the market types that he is bad at trading. For example, I suck at trend trading because I just suck at sitting on my hands and letting my trade do its thing.

Trade the Trade - The Methodology

Base Principles These are the base principles I use behind "Trade the Trade". Its called that because you are technically trading inside your larger high time frame trade as it hopefully goes as you have analyzed with the trade setup. It allows you to scratch that intraday trading itch, while not being blind to the bigger market at play. It can help make sense of why the price respects, rejects or flat out ignores support/resistance/pivots.
  1. Trade Setup: Find a trade setup using high level time frames (daily, 4hr, or 1hr time frames). The trade setup will be used as a base for starting to figure out a bias for the markets direction for that day.
  2. Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
  3. Support Resistance: See if any support/resistance/pivot points are in currently being tested/resisted by the price. Also check for any that are within reach so they might become in play through out the day throughout the day (which can influence your bias at least until the price reaches it if it was already moving that direction from previous days/weeks price action).
  4. Currency Strength/Weakness: I use the TradeVision currency strength/weakness dashboard to see if the strength/weakness supports the narrative of my trade and as an early indicator when to keep a closer eye for signs of the price reversing.Without the tool, the same concept can be someone accomplished with fundamentals and checking for higher level trends and checking cross currency pairs for trends as well to indicate strength/weakness, ranging (and where it is in that range) or try to get some general bias from a higher level chart that may help you out. However, it wont help you intra day unless your monitoring the currency's index or a bunch of charts related to the currency.
  5. Watch For Trading Opportunities: Personally I make a mental short list and alerts on TradingView of currency pairs that are close to key levels and so I get a notification if it reaches there so I can check it out. I am not against trading both directions, I just try to trade my bias before the market tries to commit to a direction. Then if I get out of that trade I will scalp against the trend of the day and hold trades longer that are with it.Then when you see a opportunity assume the directional bias you made up earlier (unless the market solidly confirms with price action the direction while waiting for an entry) by trying to look for additional confirmation via indicators, price action on support/resistances etc on the low level time frame or higher level ones like hourly/4hr as the day goes on when the price reaches key areas or makes new market structures to get a good spot to enter a trade in the direction of your bias.Then enter your trade and use the market structures to determine how much of a stop you need. Once your in the trade just monitor it and watch the price action/indicators/tools you use to see if its at risk of going against you. If you really believe the market wont reach your TP and looks like its going to turn against you, then close the trade. Don't just hold on to it for principle and let it draw down on principle or the hope it does not hit your stop loss.
  6. Trade Duration Hold your trades as long or little as you want that fits your personality and trading style/trade analysis. Personally I do not hold trades past the end of the day (I do in some cases when a strong trend folds) and I do not hold trades over the weekends. My TP targets are always places I think it can reach within the day. Typically I try to be flat before I sleep and trade intra day price movements only. Just depends on the higher level outlook, I have to get in at really good prices for me to want to hold a trade and it has to be going strong. Then I will set a slightly aggressive stop on it before I leave. I do know several people that swing trade and hold trades for a long period of time. That is just not a trading style that works for me.
Enhance Your Success Rate Below is information I picked up over the years that helped me enhance my success rate with not only guessing intra day market bias (even if it has not broken into the trend for the day yet (aka pre London open when the end of Asia likes to act funny sometimes), but also with trading price action intra day.
People always say "When you enter a trade have an entry and exits. I am of the belief that most people do not have problem with the entry, its the exit. They either hold too long, or don't hold long enough. With the below tools, drawings, or instruments, hopefully you can increase your individual probability of a successful trade.
**P.S.*\* Your mileage will vary depending on your ability to correctly draw, implement and interpret the below items. They take time and practice to implement with a high degree of proficiency. If you have any questions about how to do that with anything listed, comment below and I will reply as I can. I don't want to answer the same question a million times in a pm.
Tools and Methods Used This is just a high level overview of what I use. Each one of the actions I could go way more in-depth on but I would be here for a week typing something up of I did that. So take the information as a base level understanding of how I use the method or tool. There is always nuance and edge cases that you learn from experience.
Conclusion
I use the above tools/indicators/resources/philosophy's to trade intra day price action that sometimes ends up as noise in the grand scheme of the markets movement.use that method until the price action for the day proves the bias assumption wrong. Also you can couple that with things like Stoch RSI + Relative Vigor Index to find divergences which can increase the probability of your targeted guesses.

Trade Example from Yesterday This is an example of a trade I took today and why I took it. I used the following core areas to make my trade decision.
It may seem like a lot of stuff to process on the fly while trying to figure out live price action but, for the fundamental bias for a pair should already baked in your mindset for any currency pair you trade. For the currency strength/weakness I stare at the dashboard 12-15 hours a day so I am always trying to keep a pulse on what's going or shifts so that's not really a factor when I want to enter as I would not look to enter if I felt the market was shifting against me. Then the higher timeframe analysis had already happened when I woke up, so it was a game of "Stare at the 5 min chart until the price does something interesting"
Trade Example: Today , I went long EUUSD long bias when I first looked at the chart after waking up around 9-10pm Eastern. Fortunately, the first large drop had already happened so I had a easy baseline price movement to work with. I then used tool for currency strength/weakness monitoring, Pivot Points, and bearish divergence detected using Stochastic RSI and Relative Vigor Index.
I first noticed Bearish Divergence on the 1hr time frame using the Stochastic RSI and got confirmation intra day on the 5 min time frame with the Relative Vigor Index. I ended up buying the second mini dip around midnight Eastern because it was already dancing along the pivot point that the price had been dancing along since the big drop below the pivot point and dipped below it and then shortly closed back above it. I put a stop loss below the first large dip. With a TP goal of the middle point pivot line
Then I waited for confirmation or invalidation of my trade. I ended up getting confirmation with Bearish Divergence from the second large dip so I tightened up my stop to below that smaller drip and waited for the London open. Not only was it not a lower low, I could see the divergence with the Relative Vigor Index.
It then ran into London and kept going with tons of momentum. Blew past my TP target so I let it run to see where the momentum stopped. Ended up TP'ing at the Pivot Point support/resistance above the middle pivot line.
Random Note: The Asian session has its own unique price action characteristics that happen regularly enough that you can easily trade them when they happen with high degrees of success. It takes time to learn them all and confidently trade them as its happening. If you trade Asia you should learn to recognize them as they can fake you out if you do not understand what's going on.

TL;DR At the end of the day there is no magic solution that just works. You have to find out what works for you and then what people say works for them. Test it out and see if it works for you or if you can adapt it to work for you. If it does not work or your just not interested then ignore it.
At the end of the day, you have to use your brain to make correct trading decisions. Blindly following indicators may work sometimes in certain market conditions, but trading with information you don't understand can burn you just as easily as help you. Its like playing with fire. So, get out there and grind it out. It will either click or it wont. Not everyone has the mindset or is capable of changing to be a successful trader. Trading is gambling, you do all this work to get a edge on the house. Trading without the edge or an edge you understand how to use will only leave your broker happy in the end.
submitted by marcusrider to Forex [link] [comments]

Trading Update: exited FET for 1.5% loss, into MVIS

I'm not quite sure what the best method is of letting you guys know what I'm doing with my trades. I try to be transparent (I posted about me exiting the FET trade this morning) but I also want you guys to be able to make your own informed decisions. Maybe at the end of the trading day, I can do a recap and then show you what I'm looking for tomorrow. Here's mine from today:

Overview for FET. This cypher pattern formed. I entered at $0.3580, not great entry but I was confident after seeing that little white reversal candle, second from the right, yesterday. Then today happened and I wasn't convinced while watching the price action and level two data. Just not much buy side pressure. I sold for really small loss this morning. Ideally today should've been a bullish daily candle, the start of that move up, but it just wasn't.
https://preview.redd.it/mn05wq0r8sz41.png?width=1828&format=png&auto=webp&s=62303d393d66a9a139dc8d4321eab489a6eb6f0e

Then this happened today:

https://preview.redd.it/i135hwa0asz41.png?width=1828&format=png&auto=webp&s=39372d64753ea7caee1cd02fdc2288fdff36c91f
Smaller timeframe for FET: This is called a head and shoulders pattern. I haven't seen it in a while but saw it when it formed. The target downwards is from the top of the head to the neckline. It just wasn't a good day for FET so I dipped. No worries on a 1.5% loss. It could go back up, but I trade off the charts and this one wasn't looking great today. So far we can consider my $0.5976 prediction a failure unless we see some strong bullish momentum tomorrow.

And I got into MVIS:

https://preview.redd.it/gnaycg42bsz41.png?width=1828&format=png&auto=webp&s=7bafe1b9ca6104f883f6bf7b4c243090a979ce71
That daily candle looks strong. It closed above the wick of the previous candle. The next resistance is the red line as a daily level of resistance, which you can also see that the price has already pierced it previously.


https://preview.redd.it/lpr7kcp9csz41.png?width=1828&format=png&auto=webp&s=8a0c1f1cf299f4e222d72f5119cbc48ad2f27415
15min chart. The first arrow, the price failed in the pennant pattern, but rebounded nicely in the afternoon. This is what caught my attention. I love fibonacci trading, so on the smaller blue arrow, I saw it bounce off a fib level and the fifteen minute candle that closed as bullish engulfing, I bought. Then it formed the rest of the pennant. Admittedly, this week I've been struggling with entries. I think this being my first week with webull is part of that, but maybe I'm just a retarded trader lol. I set my stop loss and take profits when I bought, and I've learned to never change those levels after I set them. It sucks but things can become way worse once you start moving your stop loss lower and lower. It is technically underneath a level of daily support, so that's good I guess. MVIS hit my previous target of $1.0346 (weekly resistance) today. If MVIS has downwards momentum and starts to break the $0.9513 level, that would be a bad sign. Although it did fail that pattern this morning and rebound nicely afternoon, so I'll assess things if that happens and might enter another trade here. Risk is standard 5% of my account

So that's what I'm doing. Currently 0/1 this week in penny stocks, but I made 5% in forex from betting on usd strength against jpy. So I'm still feeling good. Sorry there isn't a great way to notify my 1,000 followers about what I'm doing immediately. I hope this helps.
Cheers!
submitted by trevandezz to pennystocks [link] [comments]

I am a professional Day Trader working for a Prop Fund, Hope I can help people out and answer some questions

Howdy all, I work professionally for a proprietary trading fund, and have worked for quite a few in my time, hope I can offer some insights on trading etc you guys might have.
Bonus for you guys
Here are the columns in my trading journal and various explanations where appropriate:
Trade Number – Simply is this the first trade of the year? The 10th?, The 50th? I count a trade
that you opened and closed just one trade number. For example if you buy EUUSD today and
sell it 50 pips later in the day and close out the trade, then that is just one trade for recording
purposes. I do not create a second trade number to describe the exit. Both the entry and exit are
under the same trade number.


Ticket Number – This is ticket number / order ID number that your broker gives you for the trade
on your platform.


Day of the Week – This would be simply the day of the week the trade was initiated


Financial Instrument / Currency Pair – Whatever Financial Instrument or currency pair you are
trading. If you are trading EUUSD, put EUUSD. If you are trading the EuroFX futures
contract, then put in Euro FX. If you are trading the emini S&P, then put in Emini S&P 500. If
you are trading a stock, put in the ticker symbol. Etc.


Buy/Sell or Long/Short – Did you buy or sell to open the new trade? If you bought something to
open the trade, then write in either BUY or LONG. If you sold(shorted) something to open a
trade, then write in SOLD, or SHORT. This is a personal preference. Some people like to put in
their journals as BUY/SELL. Other people like to write in Long/Short. My preference is for
writing in long/short, since that is the more professional way to say it. I like to use the lingo
where possible.


Order Type – Market or Limit – When you entered the trade was it a market order or limit order?
Some people can enter a trade using a combination of market and limit orders. If you enter a
trade for $1 million half of which was market order and the other half was limit order, then you
can write in $500,000 Market, $500,000 Limit as a bullet points.


Position Size / Units / Contracts / Shares – How big was the total trade you entered? If you
bought 1 standard lot of a currency pair, then write in $100,000 or 1 standard lot. If you bought 5
gold futures contracts, then write in 5 contracts. If you bought 1,000 shares of stock, then write
in 1,000 shares. Etc.


Entry Price – The entry price you received entering your opening position. If you entered at
multiple prices, then you can either write in all the different fills you got, or specify the average
price received.


Entry Date – Date that you entered the position. For example January 23, 2012. Or you can
write in 1/23/12

.
Entry Time – Time that you opened the position. If it is multiple positions, then you can specify
each time for each various fill, or you can specify the time range. For example if you got
$100,000 worth of EUUSD filled at 3:00 AM EST, and another $100,000 filled at 3:05 and
another $100,000 filled at 3:25, then you can write all those in, or you can specify a range of 3:00
– 3:30 AM EST.


Entry Spread Cost (in pips) – This is optional if you want to keep track of your spread cost in
pips. If you executed a market order, how many pips did you pay in spread.


Entry Spread Cost (in dollars) – This is optional if you want to keep track of your spread cost in
dollars. If you executed a market order, how many dollars did you pay in spread.


Stop Loss Size – How big is your stop loss size? If you are trading a currency pair, then you
write in the pips. If you are trading the S&P futures contract, then write in the number of points.
If you are trading a stock, then write in how many cents or dollars your stop is away from your
entry price.


% Risk – If you were to get stopped out of the trade, how much % loss of your equity is that?
This is where you input your risk per trade expressed in % terms if you use such a position sizing
method. If you risked 0.50% of your account on the trade, then put in 0.50%


Risk in dollars – If you were to get stopped out of the trade, how much loss in dollars is that. For
example if you have a $100,000 account and you risked 1% on a trade, then write in $1,000
dollars


Potential Reward: Risk Ratio – This is a column that I only sometimes fill in. You write in what
the potential reward risk ratio of the trade is. If you are trading using a 100 pip stop and you
expect that the market can reasonably move 300 pips, then you can write in 3:1. Of course this is
an interesting column because you can look at it after the trade is finished and see how close you
were or how far removed from reality your initial projections were.


Potential Win Rate – This is another column that I only sometimes fill in. You write in what you
believe the potential win rate of this trade is. If you were to place this trade 10 times in a row,
how many times do you think you would win? I write it in as percentage terms. If you believe
the trade has a 50% chance to win, then write in 50%.


Type of Inefficiency – This is where you write in what type of inefficiency you are looking to
capture. I use the word inefficiency here. I believe it is important to think of trading setups as
inefficiencies. If you think in terms of inefficiencies, then you will think in terms of the market
being mispriced, then you will think about the reasons why the market is mispriced and why such
market expectations for example are out of alignment with reality. In this category I could write
in different types of trades such as fading the stops, different types of news trades, expecting
stops to get tripped, betting on sentiment intensifying, betting on sentiment reversing, etc. I do
not write in all the reasons why I took the trade in this column. I do that in another column. This
column is just to broadly define what type of inefficiency you are looking to capture.


Chart Time Frame – I do not use this since all my order flow based trades have nothing to do
with what chart time frame I look at. However, if you are a chartist or price action trader, then
you may want to include what chart time frame you found whatever pattern you were looking at.


Exit Price – When you exit your trade, you enter the price you received here.


Exit Date – The date you exited your trade.


Exit Time – The time you exited your trade.


Trade Duration – In hours, minutes, days or weeks. If the trade lasts less than an hour, I will
usually write in the duration in minutes. Anything in between 1 and 48 hours, I write in the hours
amount. Anything past that and I write it as days or weeks as appropriate, etc.
Pips the trade went against you before turning into a winner – If you have a trade that suffered a
draw down, but did not stop you out and eventually was a winner, then you write it how many
pips the trade went against you before it turned into a profitable trade. The reason you have this
column is to compare it to your stop loss size and see any patterns that emerge. If you notice that
a lot of your winning trades suffer a big draw down and get near your stop loss points but turn out
to be a profitable trade, then you can further refine your entry strategy to get in a better price.


Slippage on the Exit – If you get stopped out for a loss, then you write in how many pips you
suffered as slippage, if any. For example if you are long EUUSD at 1.2500 and have your stop
loss at 1.2400 and the market drops and you get filled at 1.2398, then you would write in -2 pips
slippage. In other words you lost 2 pips as slippage. This is important for a few different
reasons. Firstly, you want to see if the places you put your stop at suffer from slippage. If they
do, perhaps you can get better stop loss placement, or use it as useful information to find new
inefficiencies. Secondly, you want to see how much slippage your broker is giving you. If you
are trading the same system with different brokers, then you can record the slippage from each
one and see which has the lowest slippage so you can choose them.


Profit/Loss -You write in the profit and/or loss in pips, cents, points, etc as appropriate. If you
bought EUUSD at 1.2500 and sell it at 1.2550, you made 50 pips, so write in +50 pips. If you
bought a stock at $50 and you sell it at $60, then write in +$10. If you buy the S&P futures at
1,250 and sell them at 1,275, then write in +25 points. If you buy the GBP/USD at 1.5000 and
you sell it at 1.4900, then write in -100 pips. Etc. I color code the box background to green for
profit and red for loss.


Profit/Loss In Dollars – You write the profit and/or loss in dollars (or euros, or jpy, etc whatever
currency your account is denominated in). If you are long $100,000 of EUUSD at 1.2500 and
sell it at 1.2600, then write in +$1,000. If you are short $100,000 GBP/USD at 1.5900 and it
rises to 1.6000 and you cover, then write in -$1,000. I color code the box background to green
for profit and red for loss.


Profit/Loss as % of your account – Write in the profit and/or loss as % of your account. If a trade
made you 2% of your account, then write in +2%. If a trade lost 0.50%, then write in -0.50%. I
color code the box background to green for profit and red for loss.


Reward:Risk Ratio or R multiple: If the trade is a profit, then write in how many times your risk
did it pay off. If you risked 0.50% and you made 1.00%, then write in +2R or 2:1 or 2.0. If you
risked 0.50% and a trade only makes 0.10%, then write in +0.20R or 0.2:1 or 0.2. If a trade went
for a loss that is equal to or less than what you risked, then I do not write in anything. If the loss
is greater than the amount you risked, then I do write it in this column. For example lets say you
risk 0.50% on a stock, but overnight the market gaps and you lose 1.50% on a trade, then I would
write it in as a -3R.


What Type of trading loss if the trade lost money? – This is where I describe in very general
terms a trade if it lost money. For example, if I lost money on a trade and the reason was because
I was buying in a market that was making fresh lows, but after I bought the market kept on going
lower, then I would write in: “trying to pick a bottom.” If I tried shorting into a rising uptrend
and I take a loss, then I describe it as “trying to pick a top.” If I am buying in an uptrend and buy
on a retracement, but the market makes a deeper retracement or trend change, then I write in
“tried to buy a ret.” And so on and so forth. In very general terms I describe it. The various
ways I use are:
• Trying to pick a bottom
• Trying to pick a top
• Shorting a bottom
• Buying a top
• Shorting a ret and failed
• Wrongly predicted news
• Bought a ret and failed
• Fade a resistance level
• Buy a support level
• Tried to buy a breakout higher
• Tried to short a breakout lower
I find this category very interesting and important because when performing trade journal
analysis, you can notice trends when you have winners or losing trades. For example if I notice a
string of losing trades and I notice that all of them occur in the same market, and all of them have
as a reason: “tried to pick a bottom”, then I know I was dumb for trying to pick a bottom five
times in a row. I was fighting the macro order flow and it was dumb. Or if I notice a string of
losers and see that I tried to buy a breakout and it failed five times in a row, but notice that the
market continued to go higher after I was stopped out, then I realize that I was correct in the
move, but I just applied the wrong entry strategy. I should have bought a retracement, instead of
trying to buy a fresh breakout.


That Day’s Weaknesses (If any) – This is where I write in if there were any weaknesses or
distractions on the day I placed the trade. For example if you are dead tired and place a trade,
then write in that you were very tired. Or if you place a trade when there were five people
coming and out of your trading office or room in your house, then write that in. If you placed the
trade when the fire alarm was going off then write that in. Or if you place a trade without having
done your daily habits, then write that in. Etc. Whatever you believe was a possible weakness
that threw you off your game.


That Day’s Strengths (If any) – Here you can write in what strengths you had during the day you
placed your trade. If you had complete peace and quiet, write that in. If you completed all your
daily habits, then write that in. Etc. Whatever you believe was a possible strength during the
day.


How many Open Positions Total (including the one you just placed) – How many open trades do
you have after placing this one? If you have zero open trades and you just placed one, then the
total number of open positions would be one, so write in “1.” If you have on three open trades,
and you are placing a new current one, then the total number of open positions would be four, so
write in “4.” The reason you have this column in your trading journal is so that you can notice
trends in winning and losing streaks. Do a lot of your losing streaks happen when you have on a
lot of open positions at the same time? Do you have a winning streak when the number of open
positions is kept low? Or can you handle a lot of open positions at the same time?


Exit Spread Cost (in pips) – This is optional if you want to keep track of your spread cost in pips.
If you executed a market order, how many pips did you pay in spread.


Exit Spread Cost (in dollars) – This is optional if you want to keep track of your spread cost in
dollars. If you executed a market order, how many dollars did you pay in spread.


Total Spread Cost (in pips) – You write in the total spread cost of the entry and exit in pips.


Total Spread Cost (in dollars) – You write in the total spread cost of the entry and exit in dollars.


Commission Cost – Here you write in the total commission cost that you incurred for getting in
and out of the trade. If you have a forex broker that is commission free and only gets
compensated through the spread, then you do not need this column.


Starting Balance – The starting account balance that you had prior to the placing of the trade


Interest/swap – If you hold forex currency pairs past the rollover, then you either get interest or
need to pay out interest depending on the rollover rates. Or if you bought a stock and got a
dividend then write that in. Or if you shorted a stock and you had to pay a dividend, then write
that in.


Ending Balance – The ending balance of your account after the trade is closed after taking into
account trade P&L, commission cost, and interest/swap.


Reasons for taking the trade – Here is where you go into much more detail about why you placed
the trade. Write out your thinking. Instead of writing a paragraph or two describing my thinking
behind the trade, I condense the reasons down into bullet points. It can be anywhere from 1-10
bullet points.


What I Learned – No matter if the trade is a win or loss, write down what you believed you
learned. Again, instead of writing out a paragraph or two, I condense it down into bullet points. it
can be anywhere from 1-10 bullet points. I do this during the day the trade closed as a profit or
loss.


What I learned after Long Term reflection, several days, weeks, or months – This is the very
interesting column. This is important because after you have a winning or losing trade, you will
not always know the true reasons why it happened. You have your immediate theories and
reasons which you include in the previous column. However, there are times when after several
days, weeks, or months, you find the true reason and proper market belief about why your trade
succeeded or failed. It can take a few days or weeks or months to reach that “aha” moment. I am
not saying that I am thinking about trades I placed ten months ago. I try to forget about them and
focus on the present moment. However, there will be trades where you have these nagging
questions about they failed or succeeded and you will only discover those reasons several days,
weeks, or months later. When you discover the reasons, you write them in this column.
submitted by Fox-The-Wise to Forex [link] [comments]

Just thoughts after 3 years of Forex

You have a chart in front of you, a buy and sell button respectively, this basically gives you 50% of probability that if you open a buy or sell at any time your action will end up making money after sometime. "Sometime" adds new variables to the game and makes it more complicated: is knowing the direction for sometime, the market needs to move to increase profit or increase loss. You then go into the volatility reports for lets say EURUSD, and you see that during London session and New York session, it's the time where price statistically moves more, so there is where you want to be if you want to day trade (open and close trades in the same day), this can be also noticed if you zoom out for example M5 of almost any pairs, volume will be bigger in this two sessions.
Ok so you have statistics of at what times it may move big, you also know that it may not move or it may range the whole day, but definitely there is going to be big moves. If you analyse the past, with only for example a 30 MA, you will see the 50/50. What else do you need? To be in most of the times you are humanly able following the trend, if price is averaging over any average you want and see useful to add, why would you bet that is not going to average oveunder it for some more time? Add a 1000 MA, what if you waited for each cross and traded it trend following? Here then comes a "must": money management = risk = stay in the game for long = you can lose multiple times and long term it's hard that you even lose 10% of your account. Start with the minimum risk, demo in 0.01. Why? If you can consistently win with 0.01 it's just a matter of optimizing the statistics your demo trading over time has thrown, money will come, lots of it, the amount your confidence as a trader can bear and ultimately because trading is so big and involves almost all of the aspects of your life and personality, your confidence as a human being can bear. But this is skipping to psychology.
So, volatility, an average of some x periods to get the trend (not of the market but of the x periods in relation to the market and time, x is important, x can't be 2000 in M5), money management and time to play. What else? When will you close the trades? There are multiple ways each one with pros and cons, price crossing the average (too slow sometimes), price hitting fibos (gotta have a method for plotting fibos the same time each time, check the "Do it yourself" section, 61.8 a.k.a 0.618 and 61.8, god made numbers), being this last one the one I like. Price plays with these levels, nothing magical about it, is just "nature", a forgotten and violated term these days IMHO. There it is, when to open with probability, when to close methodically, how to play your money so you last as long as you don't fail too much repeatedly. This results after studying Ralph Elliot's, W Gann's, Wykcoff's, Pesavento's, Gartley's, Carney's and some others WAY TO LOOK AT THE MARKET. They all found structure in price actions over time, they all understood natural patterns that occur, they all sat in front of some charts, used or created tools for handling those charts, in the end everything is so simple and easy that our minds, past, maybe present, the t.v, Instagram won't lets us succeed. Why? Your mind is your biggest enemy of what you want to do in life. How? Your past in someway defines you, defines what you are looking for in life.

Psychology, establishment and relativity.

Mark Douglas introduced me (in his videos) to a new way of thinking towards trading. He speaks about beliefs, how they drives us in each decision we make each day from as simple as making coffee, having a bath,
dressing nice or dressing in the first place. Beliefs are what makes your past define you today and tomorrow if you keep believing them. A wrong belief of yourself, a wrong belief of the world outside your eyes,
a wrong belief of the market (you keep trusting other people about the market, in the end after loosing you trust no one), this leads to what lot's of gurus outside the financial world, will say: trust in
yourself. Forex gurus tell you to trust them, pay them so they'll unveil the secrets. No money can change your wrong mindset, that feeling in your chest each time you think about possibilities with Forex (euphoria, dangerous as f not only in forex), that belief that some magical indicator will come, some hidden code of some pro advanced indi if you are more realist, some guy with the answer. You are very alone in this world my friend, money will tear countries apart, cities apart, families apart. People will sell their face for some money, their name, in the end corrupt politicians that don't get caught will enjoy their feasts everyday, with their innocent childs, who see their daddy as their hero, this is not a fair world, what's fair in the first place? A human creation so we can live together in peace, but that's not reality we all know. We are evoluted chimps, we still feel what the cheetah feel's in front of his prey, we share 90% of DNA with most of mammals, as intelligent as we like to think we are, we can't delete our nature, our hunger, our fear, our needs, our instinct (the one rushes adrenaline when you know you are losing too much), because deep inside we all know whats right or wrong, the difference between people is whether you hear that voice, or you shut it with a nicer version. 90% of people in forex (not real statistics, the real number varies from broker hmmm brokers another shady topic), prefers the nice version long term, which results not profitable basically.
It's your version (you + all gurus you've seen) not the version the market shows and the deep-you tries to alert.
I headed far from an important topic: gurus telling to trust them, a killer market killing you, lots of misinformation around the WWW and you not believing in yourself. What else do you have to face the markets?
You are in a triangle: broker (not so hard to get a nice one), market and yourself. Everything else is a lie until the person who is in any way selling you stuff, shows you his profitable record of more than 6 months in any financial instrument, that you look at yourself in the mirror and you can say I trust him, not I want to trust him (even if it's some of each, but hey everything involves risk).
LOOK AT THE CHARTS.
Want to have "fast money" (intraday), look M1 to M30, even H1 for a bird's view, optimize your profitable and consistent demo results to that market; want to look charts once a day, trade D1, I'd say you don't even have to look at something bigger as it is big enough and you can go to H4 or H1 for finesse entries (can become a vicious circle, how much finesse is finesse?).
It's all about trust, confidence and a good plan.
Psychology of yourself is so vast, and so unique to each person that I would dare to say that if you are looking for the answer outside of you, you better befriend a trader who is today making money and pray that he literally gifts you his confidence (not his knowledge even if it can help, hi will be sharing his confidence). Your social mind will spawn the hype, the euphoria, you will succeed for a while, market will kill you sooner or later, you will help the market to kill your account. Why? Because your confidence wasn't real, it may be that that day, that week the market moved nicely, or you felt strong and super.
How many gurus go live and say "hey today, as a human being, I don't feel great, I would not trade today?" none. They say market is not right ATM, cherry picking, they totally exploit that you can't go inside their screens and really know them, here comes the version you want to believe, you will tell yourself anything, you will tell anyone anything.
Here to finish, I'll say that consistency in anything in life starts from yourself. If you can't be consistent everyday with yourself for a long period of time, you will find temporary jobs, temporary stuff, you will keep jumping from gurus, from strategies, you will create better versions on your head, just imagine what version a guru must have created to go and sell forex related stuff instead of searching for how to kill the markets, he may be doing both, in the end none of that will give you anything, you will end up being the stair to the gurus goals. Try to comprehend how human we are, how arrogant we are from a farmers perspective, how or evolution results in our minds plays us tricks, to think the government is real, to think there's order, justice, to think that we can achieve huge things with the help of YouTube videos or paying another human being, the market is flow, manipulation is real (why call it manipulation when you would be doing the same in their shoes(big boys)) is part of the nature of anything you plot with Y and X axis (look for a graph of population changes, harmonics, double bottoms, double tops, in a population changes graph? how can that be?), it may be a cliche but is aaaaaaall an illusion guys, the truth is not good business for the other side of the trades.
See you on the other side.
"I'll be a big noise with all the big boys"
submitted by ab_moncada to Forex [link] [comments]

90 Day Update / Beginner's Post

Hey all, First time poster, long time lurker. Just learning until I think of useful/interesting post. I just finished Babypips school. No this isn’t another, “What do I do next?!” eager to consume posts. More just introducing myself and share methods as I progress and chat more in this sub. It’s been a super helpful research tool with just the sidebar alone, but the interactions are also generally positive and research engaged. Forex was on my list of active/sidehobby/internet ideas to try. (Along with selling on Ebay and learning/teaching languages) I’ve always been into stocks/finance and I’m open still open to continuing learning past forex into futures and/or cryptocurrency. Forex to me is kind of an intro to price action and charts for me. Also the physics of it all that I’m hoping to apply more as time goes on. Anyways , started forex 2 years ago. Saw I needed disposable income you could lose (which I didnt have at the time) and put it off. Now I’m about 3 months in with my rediscovery of it with a lot more financial cushion/discipline.I finished the babypips school and try to practice 25-45 mins a day of something forex related the last 90 days or so. Here is my routine and some things I”ve learned since starting.
Demo Trading is overrated. And then it becomes the best thing ever. I’m gunna just go out and say it. IF you’re trading for 9 months on demo you should’ve stopped 8 months ago. I mean don’t get me wrong 9 months, that shows alot of persistence in your habits, but you’re spending time on a variable that doesn’t exchange certainty in the real system. I only even say this because you could be like me. Trade demo all this time then find out the leverage you wanted isn’t even available in your country. (U.S here) So I felt like a dummy from the jump, but that’s part of the learning curve you should be doing sooner rather than later. This does not mean fund your account fully. No, put just $200. I trade with my initial capitol @ $200 and I won’t add a penny more until I’ve developed a profitable system with what’s already in there. A good investment is a good investment and throwing more money doesn’t actually add value to the growth return on your investment.(In most cases) So what’s the big deal with Demo? Well for one you want to work with a system that’s tangible in your country. U.S is capped at 1:50 leverage. I don’t know other countries regulations but it’s something I wish someone told me to look out for before I started testing financial strategies. Another thing is the spreads are often very different from what you find in demo (attention scalpers out there) sometimes dramatically. (After NY close of the day /Weekends ) You have to implement all of these factors to your strategy. Now what is demo good for? Starting out! Learning how to set indicators, trades, stop losses and so on. I’d say 60 days max if you can’t donate much time. Even less than 60 days if you have more free time but then after that it’s time to get your feet wet. One other good thing about demo accounts is that it allows you to practice fundamentally different trading ideas out before trying them out on your actual account. An example would be a scalper trying a new position strategy he learned in demo to set some long term positions next year. I enjoy trading because it’s a discipline on your anxiety. When you deposit your first amount, any amount that's more than a new video game or dvd collection, your brain is going to fire off “Hey you bought something new that can make money let’s test it out! It could be making you money” You have to calm this voice first. IF you even can. This voice makes you check the charts 3x more than you did in demo and caused at least me to trade just so the money’s not going to waste. I lost 40% of my account the first week. I would’ve called myself mentally stable before this too. But that voice broke me and you have to confront it because it’s the impatience in all of us and causes you to force your view of the markets to fit your system. Demo is a great tool but shouldnt be held on longer than it’s purpose.
Immersion This is going to be a little shorter than my last topic because this is more something everyone has to find and listen to. Don’t just study the same website or forum for forex everyday. Try to get a wide view of the financial markets as a whole and various media input. Subscribe to a couple good youtube channels maybe a visual representation of what you’ve been learning could help solidify it. Maybe a podcasts personality makes your brain react differently to topics where a bland textbook reading didnt excite you the same. Watch a documentary on trading one week and hell maybe even Wolf of Wall Street another week, whatever it is that gets your whole body involved in the feeling of trading so 1) you don’t get burned out on the topic and 2) you find more ways to connect with the information you find. Whether emotional or visually. Here are two recommendations of channels that help me break the norm of my study routine:
“Two Blokes Trading” Podcast I discovered these guys a while back in a comment thread. I would recommend this podcast to beginners because you can start from the very beginning of their series and learn with them. They’re young, enthusiastic and open to exploring alot of areas to trading and different philosophies. So sometimes you can find gems in subjects you didn’t expect to encounter. They also bring in advisors and brokerage managers to feature on their subjects. And it’s not all forex focused. Check them out: http://twoblokestrading.com/podcast-episodes/
Barry Burns “Top Dog Trading” Barry Burns I like because you have him walking you through the charts on youtube. One of the few videos I watched on Price action were by him where the lightbulb went off. He offers a great free resource and sometimes I even feel guilty getting it on youtube for free before sharing it because it feels like the things he touches on and how he explains them, even paid classes probably couldn’t get right. He has so many videos on different markets and how to read them just apply them to the type of trader you are. https://www.youtube.com/channel/UCcjyImdSWDTCGCa7G24faIQ
Routine ( final topic on this post) So every week I try to keep a basic routine of forex and ways to practice. I try to wake up early as I’m on the Pacific Coast so I get up 2 hours early before I have to head to work. 20-30 mins of this time I do something related to forex education. The rest of the time I gather my foundation for the week and arrange goals / meditate/ journal. I’ll look at the charts, when I still had Babypips to finish I’d set a time and study through what I could of the course through that time. Now that I’m finished I’ll either check this sub, watch a video/podcast or try to read something related fundamentally to trading or finance. (I’d like to get some more book ideas about trading and it’s psychology) So that’s one habit. You’ve got to be able to at least schedule 20-45 minutes a day to consistent study + practice time to acquire new skills. 20 minutes uninterrupted is enough. Wake up early if you have to. Then throughout the day you’ll find time to reflect or research more and soon the time will start to add up. This also works on the other extreme too. If you have alot of free time I’d say starting out 1 hour to 2 hours max is what you should dedicate to studying. Forex is a very mentally fatiguing process skill. You’ve got to let your brain recharge (need those MP potions it seems) the whole currency system is heavy and complex enough that starting from scratch you couldn’t learn everything in 24 hours straight. I’d say even a week straight wouldn’t work. It takes time and a habitual familiarity. It’s not dissimilar to learning a language. Where concepts become stacked on a foundation of understanding to be acted upon through your day to day. Even if you can name all the working parts, experience build with how much time you think in that language per day. There’s a reason I chose the word “Immersion” for my second topic. Moving along. Another part of my routine is backtesting 40-50 trades a week of my strongest system. This equates to a little under 10 trades a day. I completely journal and track profits like they were live. Some suggest using a simulator, while that is a great practice for timing entries, I’ve found just using the Metatrader 4 Desktop and using the F12 key to progress forward one tick at a time has been sufficient for my backtesting needs. Backtesting gives you an opportunity to practice way more trades in a week than live session will be able to provide. I’m using M15 - H1 intraday strategies and maybe pull off 5-6 trades a week. BUT I practice 10x that amount per week. Soon you’ll find your live performance is really only a display of how your last week backtesting went. It’s like football practice for the gameday. Now which system I test varies, like I said I’ll try my strongest, but that changes. Just grab any system you think you can pull off and backtest it. Babypips gave me my first few, then I created some ridiculous ones, but over time your experience of a system and how to get them to work for you grows by running test trades. Systems I’ve found and backtested that are online are: the “So Easy It’s Ridiculous” system and the Cowabunga System, both found on babypips and a simple google search. Easy. I know, and really a system is just supposed to make having trading decisions easier for you. But your participation and exit are equally important. Can you follow easy rules you or others make? No questions asked?
So that concludes my post. I hope in the future when I’ve backtested 1,000 trades I can post some of my personal systems I’ve followed, right now they feel to amateur to even share. I am the humble fool, so any ideas on my style or feedback on where I should head are greatly appreciated. I’m open to questions and dialogue so feel free to send a PM or comment. Hearing from other traders is the reason I even started this account to post and interact. This post and future ones I have planned are kind of a new element I wanted to try of journaling that allows me some social accountability and feedback from a community rather than all my entries being hoarded in my notebooks, so my apologies if it’s more wordy than usual on here. Thanks everyone and have fun!
-AP
TL:DR Just browse over the bold sections
submitted by AzathothsPips to Forex [link] [comments]

Tradingview: Karate monkey indicators

Hello guys, i would like to invite you to give my indicators on tradingview a try
first one is a really easy to use based on simple moving averages, it can been find as "super karate monkey swinging on the beach" it works in all timeframes but i really love it for swingtrading
https://www.tradingview.com/script/PPoEvYBY/ https://ibb.co/LN1z7Vz
and second one is a paid one, but its open for all to try for the next couple weeks (if you are too late, you can always send me a PM for 2 week trial period) it has a lot of elements, actually i first created it for my personal use reflecting my trading method, it has a bit of everything price action, trend analysis, fibs, bands, sma´s, risk management, on crypto and major forex has an average success rate of 75%, it can work with any timeframe, but due to volume/price range diferences some specific TFs might work better with specific pairs so is recomended to review a few previous trades to see if that tf is the right one, still doing some backtest on stocks, in general it works really well
you can find it as "swimging karate monkey death crossing PRO" you can find the free trial version which its available every few months, here: https://www.tradingview.com/script/grnLPDsv/ there you can find the instructions (plus a google sheet with a bitmex XBTUSD profit and loss calculator)
https://ibb.co/ZLW7Tkf https://ibb.co/9hF1c4j https://ibb.co/WKK94G4 https://ibb.co/NWpnkRQ
also in this channel there are some vids on how to use it https://youtu.be/CDnApRUW_8U
Thanks for reading
submitted by lasher_productions to algotrading [link] [comments]

Tradingview: Karate Monkey indicators

Hello guys, i would like to invite you to give my indicators on tradingview a try
first one is a really easy to use based on simple moving averages, it can been find as "super karate monkey swinging on the beach" it works in all timeframes but i really love it for swingtrading
https://www.tradingview.com/script/PPoEvYBY/ https://ibb.co/LN1z7Vz
and second one is a paid one, but its open for all to try for the next couple weeks (if you are too late, you can always send me a PM for 2 week trial period) it has a lot of elements, actually i first created it for my personal use reflecting my trading method, it has a bit of everything price action, trend analysis, fibs, bands, sma´s, risk management, on crypto and major forex has an average success rate of 75%, it can work with any timeframe, but due to volume/price range diferences some specific TFs might work better with specific pairs so is recomended to review a few previous trades to see if that tf is the right one, still doing some backtest on stocks, in general it works really well
you can find it as "swimging karate monkey death crossing PRO" you can find the free trial version which its available every few months, here: https://www.tradingview.com/script/grnLPDsv/ there you can find the instructions (plus a google sheet with a bitmex XBTUSD profit and loss calculator)
https://ibb.co/ZLW7Tkf https://ibb.co/9hF1c4j https://ibb.co/WKK94G4 https://ibb.co/NWpnkRQ
also in this channel there are some vids on how to use it https://youtu.be/CDnApRUW_8U
Thanks for reading
submitted by lasher_productions to CryptoMarkets [link] [comments]

ERIC HO FRAUD

This post was created as I felt compelled to share my experience with Eric Ho's mentorship program that I'd signed up to, along with about 10 other mentees and paid £12,000 each for 1-year program. To provide authenticity of my account, I have provided PROOF of the receipt, plus his "up sell" to other programs, and how he boots people out at the end and there is no more contacts with him whatsoever. I have also found other website, where people have complaining and have lost money, like I had done. I will post the link below in the message, and it shows Eric Ho's company details from Gov.uk's Companies House, which are not worth what he claims, in fact many are in debt & closed down..
 
Here, I CHALLENGE Eric Ho to comment below this post if he thinks this is an unfair account, as he commented on his Facebook saying how this is not a true reflection of his program... I can provide PROOFs of all the accounts & experience detailed here, from other ex-mentees and how we'd all suffered and lost our savings, with no real value in the end... and if I can provide these proofs, will Eric Ho refund all our payments? Come on Eric Ho, I challenge you.. If you are honest, you should be able to take up this challenge than just comment in your FB..
 
First, see a link below, for the proof that I was his ex-mentee, so my details below comes from after going through his mentorship program, and it shows further proofs of "up sell", and how he booted everyone out in the end, and how we were only given 7-days to ask for our refund or else your payment is vanished!! And how is anyone suppose to know within 7-days that the mentorship was not a valuable program and it was full of "motivation" rally within a week of signing up?? See: https://drive.google.com/open?id=1QT9POxakgkIrXFEQN8uS4VqtEcD08F89
  See other people complain about Eric Ho's scam, and John Lee, and their method, which is just telling stories after stories and showing pictures of their success and cars (some outside the car show room) and claiming to be very successful, when they are not... company house record shows average financial statement.. https://www.propertytribes.com/eric-ho-t-127631542.html
 
Eric Hor, was introduced in one of John Lee's of Wealth Dragon seminar. There were bunch of us in the mentee group, mainly women who seemed vulnerable and naive i.e single mothers and old ladies. Eric Ho operates from his website, erichoofficial.com & hakademy.com.
 
Eric Ho promised a lots of things prior to signing up to his program and he promised all the mentees that he would help them to launch their business and in many cases, collaborate with his existing business and provide a platform and contacts to leverage our business... hence, paying £12,000 is worth it, in fact its cheap! However, it was far from that.. It became obvious after a few months, and until this point, it was all "motivational" stuffs i.e. meeting up with the group of mentees for dinner and drinks after one of his seminars in London and during these meet ups it was mainly him posting live videos on YouTube with bunch of mentees for his own marketing campaign (to show people what a good time we are all having and to get Likes and Shares). However, secretly many of his mentees were suffering as we forked out £1000 monthly towards his program and it was costing us more than our monthly mortgage payment!
 
Time goes fast, you set appointment with Eric whenever he is in London, but he sees all of his mentees after his 2-3 days seminar, where he is tired after long event, so it's rushed through as only 30mins appointment, and given generic advices and he is seeing mentees one after another.. During this appointments you go there and wait, he is talking to another mentee, then your turn comes, as you start the meeting, you see the anotehr mentee waiting for you to finish the meeting... so Eric Ho is in a rush to see you off. Hence, advices are given on the spot... He even forgets the last conversation you've had with him and repeats many comments / feedback that was given in the last appointment, as he sees all the mentees + new followers (to sign them up for his program) on that day... the new followers are far more important to him as they are a potential leads for another 12k per person and since we've already paid our fees and locked in the contract... we are a less priority for him. He forgets the action plan you had discussed with him in the last meeting and its clear that he cannot keep track of all his mentees seeing one after another after his long 2-3 days seminar event... He is very tired and gives you generic marketing advice. And when you make progress or need some suggestions from Eric Ho, our "mentor", he is out out of the country, somewhere overseas, posting videos from the beach about his luxurious lifestyle, flying business class flights and showing off his latest branded watch! and you are there stuck and unable to contact him or in the best case you receive a messages on Wats App. And that’s all...
 
You wait for him to return, but then you see another video from another part of the world, again, marketing himself and his seminars, and his new gadgets or a catchy video title and image of him and his latest girlfriend. Talking about his girlfriend.. he keeps using them in his video, to get likes and views, then after a year or so, there's a new girl and the old one is never seen again! And his new girlfriends are the seminar audience! At this time you start to doubt if Eric is serious about business. A true business man, a mentor should be there for you and know and care abot your business as much as you do.... not posting 5 videos, and 10 selfie a day! Think about it people.. his mind is occupied by social media posts and videos, and all he wants is NEW leads so he can generate additional fees... once you have paid, you are yesterdays newspaper to him..... You true business personnel dont act like this i.e. Fortune 500 companies executives, FTSE 250 leaders don’t act like a child showing off their new toys on a social media with his cars, watches, house etc.. Its unbearable as you begin to wonder that your payment is actually funding his lifestyle and his latest gadgets, and you are cant even reach him!
 
You begin to wonder and talk to other mentees and they all feel the same but no one dares to confront him as he is "so nice" and always so "positive" talking about "motivational stuffs", a sage, guru, who acts like one of those religious cult figures that brain washes people and builds up followers for his ulterior motive. The key here is, get likes and shares from Facebook, Insta, YouTube etc.. then get them to attend the seminar and then use classical sales technique i.e. "one day offer only" and sign them up for 12 months contract, where you can only ask for refund within 7 days (terms) and its impossible to know that you wont get any value within 7 days, so now you are locked in the contract and if you miss payment, Eric Ho and John Lee (Wealth Dragon) will send you red letter to take you to Debt Recovery and send bailiff to your house... and they have in-house lawyers workling for them, who emails you warning you of the consequences.... then you get worried and also have no time to go to the court and pay additional fee to solicitors not knowing you might lose more money because you have signed the contract... so you keep quite and pay the 12k!!! "Its numbers game" as they say... for example, get 100 likes and views, from that, get 20 people to seminar, then get 1 person to sign up and lock in 12 months contract... thats 12k! Now multiply this by few hundreds and thousands, then there you have it.. About 30-40 mentees a year, plus now "UP SELL" their other products, i.e. Public speaking, Forex, Property investments, Heath & Fitness, Spiritual mind etc.... thats their game! And make you bankrupt!!
 
By the way, if you want to learn Public Speaking, then just join your local Toastmasters club, where you will only pay between £50-£60 for 6 months!! with every 2 x weeks meetings, it will cost you more or less the same price of a coffee/tea per meeting. Toastmasters is everywhere, almost in every country. I have now completed almost my 10th speech. One thing about Public speaking is, its not a skill you obtained by attending a weekend or week long training that Eric Hor and John Lee is offering.. you must attend regularly every 2-3 weeks, even if you miss some meetings (that don't matter), to develop your skills. It's developed and built over time - not by attending short trainings on weekends or week-long program paying thousands of pounds/dollars. So dont be fool, don't pay Eric Hor and John Lee. Public speaking skills is like any other skills you learn, whether sports, or your regular exercise. If you stop going to gym for few months... what happens? Same with public speaking... you must attend regularly for at least 6-months to a 1-year.. then you develop skills + see other speakers do it, which you will pick up subconsciously, and when you step up to do your speech.. you will naturally exhibit skills (that you had picked up by watching other speakers on a regular basis by going to these meetings).. also, for every speech, you are given a detailed guide, as to how to structure it i.e. bullet points, linking between these points, and how to put a capturing opening and conclusive closing of your speech. You will also learn how to use body language, vocal variety, include research information in some speeches, which really helps professionals wanting to do great presentation for their work etc. And you become better at it, over time. You can never learn this over a weekend intensive course or week long course. Once you go through the Toastmasters club, the process will stay with you forever - just like driving a car or bike. So save you money from these fraudsters and join Toastmasters International club, which has nearly 16,000 clubs worldwide. You will also learn to take leadership roles as these two skills go hand in hand. Check out: toastmasters.org and click on "Find a club".
 
Eric Ho uses uses a traditional sales technique as he takes you through an emotional ride by sharing his stories, and others stories, and then says that he wants to work with "entrepreneurs" and he is looking to "invest" in the right business and "collaborate" with them, and this makes you feel like signing up to his mentorship, and it could perhaps, provide that opportunity to launch your business. With that mindset, he lures you towards him and when he offers the "1-day only" sales offer, at the end of the seminar to sign up, you do it! But there is no plan, no accountability, no real business expertise provided, except FULL of motivational stuffs, which you can nowadays watch on YouTube and feel the same or better. All you get is his regular get together for dinner and drink (which you have to pay yourself btw), and again, his posts on YouTube video promotions with all the mentee group for marketing to show what a good time we are having. Who will rant or show sad face on the video (live)?
I was in a group, where there was single mothers and some of them borrowed money from their parents to sign up to Eric's mentorship so she can make her business successful. She promised to pay back to her parents but it never happened as her parents passed away, before she could make any money. And Eric didn't even share the 50% profit that she had generated through her sales i.e. webinar sign-up consulting therapy work, after getting some leads from one of the webinar Eric had sets up. It takes her 3 months to get her 50% share. She even cried in one of our meet ups and shared her story. Another lady, Psychologist, that signed up, she spoke on the Eric's stage few times, she was very happy, got her to give him fantastic testimonial, she changed her title to "international speaker", and time goes fast... soon it was 12-months and she was crying in one of Eric's seminar at the back stage because it only hit her that she hasn't made her money back but paid 12k! Eric saw her cry, he knew WHY! as others try to sooth her, but he went on the stage and did his gig! There was no remorse nor any sympathy...... yet he acts like he feeds those childred in Kenya! Oh by the way, it was told that this charity is not his set up... it was existing orphanage and they would work with anyone that give them donation and you can put that in your business as a social enterprise business. And why wouldn't they accept donation for such purpose?
 
Another mentee, similar type of business, didn't get anything i.e. 50% commission, so he stopped asking after few times and completely dis-engaged with Eric and stopped talking completely after about 6-months in the program.
 
Eric lied to another mentee suggesting that he will use his product in his existing business to collaborate with him and launh his product in his YoYo Noodles bars, which Eric supposedly owns. He signed up to it, but it never happened and when he asked to Eric about it, after few months of developing a product and brand, Eric simply said that he had already sold his noodle franchise business. So he can't help him! However, it turned out to be a plain lie as Eric still owned the business and he was participating in Franchise trade shows later that year. He still owns this YoYo Noodle franchise and can be easily seen in Google search.
 
Another mentee couldn't afford the fees, so she was called by their staff called Marcos from Wealth Dragon, a big spanish bull dog that looks like a bouncer but acts like a motivational guru himself until you miss 1-payment! He acted like a bully when she didn't pay on time and this mentee, was already in debt and Marcos advised her to take loans from her credit cards as she would easily recoup that money anyway from the program, and when she was unable to keep up the payment to Eric, after few months, she was instantly kicked out without any notice and blocked from the Wats App and Facebook group. That’s when we saw the real Eric Ho.., not so nice and kind as he appears to be on the stage and videos and showing off his charity work in Kenya... Oh yeah, once you are mentee, you will get a "special deal" to volunteer and go to Kenya with him to do this charity work and the price you pay on a special deal is much more expensive than you would have booked a ticket and accomodation and gone by yourself... Another "upsell" like his books, like the upcoming seminar tickets, some "hero" seminar, but the principal is same.. motivation and emotional roller coaster stories and "upsell" another product.. there were few guys who finished all their savings by keep buying into these programs.. One nurse lady, single, in her 50s, spent more than 30k in all of their seminars, combined with, mentorship, forex, property, public speaking etc.. all her life time saving, all that over time she did.... tut tut.
 
There is nothing special or no real expertise offered in business by Eric Ho because all the advice is generic and 90% are motivational. And since all motivational in YouTube videos are sourced from Napoleon Hill's Think and Grow Rich book and the Power of Law of Attraction book etc. The 99% of the motivational gurus use these techniques to elaborate and explain their stories and persuade and convince audience to excite and take action.. And take action you will, by paying £12,000 for 1-year of generic advice and about 5 to 7 appointment with him (since he is out of the country more than half of the year giving seminars)... so how can you meet him possibly even if you want to........ Have you ever noticed that 99% of his previous mentees are completely out of the picture or out of touch after 1-year... ever wonder why? Because it finally sinks into them that it was all bullsh!t and they lost their money! Deep down inside in their heart, they know they lost their money, and there was nothing they could do after 7-day no refund policy!
 
If you, readers, want a motivation then I suggest you go to the horse's mouth i.e. Tony Robbins who revolutionized this game. And it is unfair how Eric Ho and John Lee do it... because they excite audiences through emotional story telling method, where their seminars are held for 2-3 days, long hours, deliberately making the audience tired and making it harder for us to think clearly and decide carefully, and prompting audience to say "yes" to many of rhetorical questions and multiples "hi5" among audiences and then encourage audience by stating they want “joint venture”, “partnerships” with only few select entrepreneurs and the offer is for "today only" sale price, and saying how Eric is only looking for only few partners only so its not for everyone (making it sound exclusive)! And he only wants few mentees only because he already has few of them already... That makes it exclusive and people sign up..... but after few months in the next seminar, he says the same thing and sign more mentees... and from different countries and it all becomes one big "social" group... hence, he loses track in 1 to 1 meetings of your progress and business plan.... and offers motivational advices only.
 
The contract states that you cannot ask for refund after 7-days but its hard to know, for anyone, within 7-days, what value you are getting esp. when the guy is flying around the world giving seminars when, ideally, you want a business mentor that can support you and give your advice in the time of need and hardship, not while he is posting videos of his latest gadget and business flight travels, which you, the mentees, had funded!! The irony is that, Eric present himself as the best son in the world to his parents, giving his father and mother a luxury watches and presents, when his parents, DONT know that its funded by these mentees who have worked hard to save up their money all their life and are paying £12,000! And some have really struggled to put that money together. I recall after a day or two of the seminar, both John Lee and Eric Ho, challenges the audience to see if they can raise money from their banks, friends and families and challenges everyone to make phone call during lunch break and see how much they can possibly raise…… during that day, it stays like that…. But its only until tomorrow or last day, when the offer for the “sale price for today only” is given and subconsciously the audience feels confident to take this offer because they were able to get loans or friends/family were willing to lend them a day before... see the trick??? These guys are experts, professionals in stealing your money!!! Vipers! Snakes! A bad name to Chinese/ Oriental community! A rotten tomatoes in the basket affecting all.
 
They are not different to those gurus, cult leaders, who builds followers and eventually brainwashes then and manipulate them.. its same technique! Eric Ho and John Lee builds followers from YouTube videos showing off gadgets, good lifestyle and happy mentees videos then you end up going to their seminar and hearing their well crafted and devised speeches, do activities, and make you feel they are great people, a guru and then challenging you to raise the money (from friends and family) then hooking you to buy their “sale price for today only” products. And to suck more out of you, there are many upsell in the pipeline...!
 
I saw many old ladies, retired ones, in their 60s running at the back of the room to sign up for a “LIMITED PLACES” only offers – without reading any terms and conditions! Some were signing up for Forex to use their special trading method to make unlimited amount of money whilst trading for half an hour a day! A pictures are shown of people being happy and drinking coffee and trading and making money! I think I should tell my investment banker friend in Canary Wharf to bring all their banker friends and his bosses and learn to trade so they can make all the money in the world in half an hour.... they don't have to invest millions in their sophesticated softwares that trades in micro-seconds and are competing with other banks and institutional investors!! No offence, but what do these retired ladies do to out-beat the investor bankers that uses latest tools, softwares, factors in speculations, world economy, politics, wars, currency fluctuation etc. etc.. Many of these ladies are old enough to be Eric's and John's mother! No mercy, no remorse! One mentee was charged double the normal price because she asked for 6-months extension in the mentorship, and she could not say anything about it..... but she shared her disappointment with us in the group.
 
Please people save your money, and if you are really need inspiration to do business then know one thing for sure...... all these types of motivation seminars are almost bullsh!t! If not ask any real business leaders from Fortune 500 or FTSE 250 companes...... and they will tell you what it really takes, and how competitive, dog eat dog world is out there...... thus the motivation part is only 5% of the business, the other 95% is pure hard work, grit, effort and sleepless nights......... to make it successful. Even that doesn't guarantee it! Almost every industry and sector have very high competition and innovations are quite rare, infrequent, and mainly big companies that invests heavily in Research & Development create it.... The money you need to invest to start the business costs almost double than your initial projection, and it takes twice a long than expected. You are alone, often questioning your own insanity at times, friends almost misunderstands you.... and once you have built your product or brand, then only you realise, you need more money to market it... and without marketing, there is no exposure and no one knows about it... so when you factor it all, the 12k you paid Eric Ho for motivation, was the money that you could have used for building your own business and marketing it...... now you are more broke than before and lack of money de-motivates and stops you from continuing to work on your start-up business. So not only Eric Ho has stolen your money but he has killed your dreams!
 
Please note, motivation gives you energy for temporary time only, maybe a month or two, then you go back to “default” that have built in you since your childhood! So how can one-off 2/3 days seminar change your “default”? It’s like trying to change a habit overnight. Can you? So, you can only change your “default” by consistently grinding through hard times and persevering and pushing through rejections and hard times... and having insatiable desire and hunger to succeed.. thus, only only few makes it? But if you need motivation, just go to the horse's mouth i.e. Tony Robbins who is probably best in the business. Not liars and hypocrite like Eric Ho and John Lee.
 
And if you really need mentor, you need go to real experts, which you can easily find on LinkedIn, industry publications, and surely you won’t have to pay 12k!!! You need experts from the industry you want to specialise in, and have contacts and networks with industry leaders, and can help you to raise finance, and be focused in you as much as you are working on your business, they push you, ask you hard questions, even gives you hard times and sometimes you hate him/her but after getting the results you want... you respect them! Thats the kind of mentor you want... what will Eric Ho and John Lee tell you? Motivate you? what about rest of the 95% grit. They hardly talk about it.. Can they introduce you to any Venture Capitalist? or Private Equity firm or Financial Institutions? Those professionals dislike motivational speakers and don’t even allow them in their circle, believe me! If you want join prestigious business clubs in London, check out London's Capital Club, Club house london, De Amstel Club, etc... and these clubs dont allow motivational gurus, if they find out they are trying to sell seminars or books etc, they are booted out! some clubs asks for your business’s revenue before joining... And these are the clubs where PE firms, VC, bankers, advisory firms i.e. 'Big 4' and 'Magic circle' professionals hang out! This is where you meet real business contacts! This is where you need to be, so they can pull you up to their bracket... not someone who is in your bracket and you have to pay 12k! Motivational gurus like Eric and John wont be allowed near that circle. They will be a laughing stock! Eric and John is just trying to ride off what Tony Robbins have achieved. He is one-off! I remember they said they want to go IPO on stock market! A motivational seminar company on stock market? In which security exchange? In Mars? What investment bank will represent them? In fact, their business is not sustaible in long term because anyone can be a motivational speaker with NLP courses and reading 100s of motivational books out there... you dont need any qualification! Thus, they are all over the YouTube now and ERic Ho and John Lee is getting competition, whether they like it or not!
 
So, find real expertise who can link you to bankers, lawyers, accountants, leading marketer, entrepreneurs.. NOT motivational speakers that post videos flashing their bling bling 3-5 times a day like a teenager! In fact, its so immature! I mean, Eric is like in his mid-30s and his girlfriend Marta (white girl) was a seminar attendee and Eric dumped his then girlfriend Jamie for Marta. And before Marta, the left Jamie for another attendee, her name is Trinity. But when she found out Eric was dating another seminar attendee Anna (with blond hair) she dumped him! All these girls pictures are in his FB, Insta, if you go back time... What’s sad is that Jamie still works for him, H Akademy, and have to face Eric and his new girlfriend... And Eric Ho has the heart to face her everyday with his new girlfriend in the same place. Its all over their social media... its sad! But that should tell you the credibility of the guy that you have to pay 12k!! Of course, I only came to know this all after a 1-year mentorship program and Eric was publicly (In Wats App group) arguing and fighting with another girl called Jadey, who worked for him but she left after realising everything...
A challenge will be find out how well his mentees have done in their business, besides the YouTube video testimonials, since they had taken up his program.. its hard to know their revenuce increase after few months of the program, so their company's financial statement before and after the program should be compared and validated.. Of course no one would do that... Any previous mentees up for that challenge? Well all his mentees disappear after 12 months and new arrivals are excited and buzzing every year… until they cool off at the end of the year, get kicked out from Wats App and FB group……… I hope some of those new mentee reads this and realises how it works with these con artists... Eric Ho is a fraud!
submitted by paulhorne22 to u/paulhorne22 [link] [comments]

Motivational Post No: 3 - Learning to Become a Successful Trader

Follow up from previous post: https://www.reddit.com/Forex/comments/5s0kamotivational_post_no_2_how_long_did_it_take_to/
Sharing another one I liked, I would pick this one as the best out of the 3 I've posted, this one is educational as well. Anyway, is the formatting alright, anything I can change to make it easier to read this wall of text? Thanks.
POST:
Learning to Become a Successful Trader
The following was posted as a comment by Ziad in reply to a post on Michael Brenke's Blog, but I'm posting it here (with Ziad's permission) because I believe it contains extremely valuable and genuine insights coming from a very disciplined and successful trader. I would also like to include the following quote by Dr.Brett Steenbarger
"Too many traders are looking for setups, when in fact they're the ones being set up."
Hi Michael,
I've been reading your blog for quite a while now but haven't commented yet. However, I feel I need to comment now.
If you don't mind I'm going to be very straight forward, and blunt even, but I hope you'll take it from a spirit of sincerity and genuine desire to help. It's going to be a long comment, so I'm going to break it up into 2 or 3 comments.
Here's the situation as I see it: For the last few months, and possibly much longer, you've just been spinning your wheels while thinking that you are getting somewhere. The reason for this is that you are going about learning how to trade in the wrong way, in my opinion. I say this because I've been trading much less than you, a little over 2 years now, and yet because of the way I went about learning and what I focused on, last year I netted $150k while nearly quintupling my account, without a single losing month, and while only risking a very small portion of my account on any single trade. Now there could be many reasons for the difference in performance, but I think one of the main reasons has to do with what you are focusing on and how you are going about the learning process.
To try to put it as succinctly as possible, in my view traders that are focusing all their attention on "set-ups" and finding out which combinations of indicators work are never going to become profitable. They are trying to follow the advice of trading books that say trading is simple and psychology is everything. So they search for set-ups that 'work', and that can take the guess work out of trading. They want to be "disciplined" and have simple rules that guide all their actions. But there's a few problems with this. Namely, while psychology is HUGE, it's not everything. And while trading is all about simple principles, actually having an edge is NOT simple. It's a myth that you can have a couple simple price or indicator set-ups and make money consistently if only you are disciplined. That's a load of crap. It keeps the dream alive for wannabe traders who never realize what it's truly about. Well let me tell you what it's truly about...
Trading is about being okay with ambiguity. It's about tolerating confusion. It's about sitting with discomfort and being at peace with it. It's about not having an exact script of when to trade or not to trade, or what's really a high odds trade, and being okay with that. It's about exceptions to the rules. It's about contradiction. It's about uncertainty.
And yet traders left and right want to make it simple. They want to reduce it to a few simple set-ups to trade with discipline. And yet the market is not simple. The market is all about uncertainty, and complexity, and ambiguity. Simple set-ups could never capture that, and they can never give you a true lasting edge.
So what's the solution? Is the problem in the simple set-ups themselves? No, it's in how they're being used. The bottom line is, every trader needs to learn to READ the markets. This means that simple rules will not do. There has to be a synthesis of different elements (whether they be price action, indicators, inter-market themes or whatever), and real-time interpretation must take place. It has to be all about CONTEXT. Once you can read the markets, and don't fool yourself it is a very complex process, then you can choose to employ "simple" set-ups to enter and exit. But the real work will be in interpreting the market to see when you should use which kind of set-up. Seeing a hammer or whatever near a support means nothing unless you've identified the broader picture and gotten a sense of the kind of tactics you should be using, and what the odds are for different scenarios unfolding.
Now I know you, and most traders do this to a certain extent, but your main focus is on the set-ups. It's not on reading the market from minute to minute, hour to hour, figuring out the odds of it doing this or doing that, adapting dynamically, and thinking of trade ideas from all your observation as the day unfolds. Rather, it's waiting for some simple set-up to pop up and then taking it.
Now is it easier emotionally to have clear set-ups to wait for and trade in this simple manner? Absolutely. But who said 'easy' would make you money. If I've learned anything, it's that the market rewards what is hard to do. It's hard to have ambiguity surrounding your market reads. It's hard being uncertain. It's hard dealing with competing and sometimes conflicting signs. And yet, this is what it's all about. You have to stop trying to avoid this by needing things to be clear cut. And is it hard to be disciplined when there's so much uncertainty about what is the right trade to make? Of course. But instead of trying to avoid the uncertainty by looking for simple set-ups, or some straight-forward method, train your mind to be able to deal with the uncertainty.
As for the learning process of how you go about doing this, it's all about being constantly engaged with the markets, trying to figure things out and learn from experience. For me, for instance, what I did was each and every day take notes in a journal all about market action and what I think it means, and how I should trade, and what is working and what's not. I didn't write a journal describing the trades I took, or what my emotions were during the day. It was all about market action. And it was all my perception and interpretation. Day after day, week after week, making mistakes, wrong calls, being clueless as to what was going on, not knowing how I should trade, not knowing if my views made sense or not, and yet I continued taking notes and learning. Then I would view charts and combinations of historical intraday charts, and I'd note certain behavior. For example, I'd study trend day after trend day and try to notice what they had in common and how I could have picked up on it in real time. Then I'd study range days. Then I'd study a price chart of the ES versus the Advance decline line and see what the relationship was across many different days. Then I'd do the same with the ES and TICK chart. And on and on. Over time, this gave me a feel for the markets, and a certain understanding of how certain days differ and many subtle signs and tells for each type of environment and context.
As for set-ups, I didn't use any predefined ones. I just formed trading ideas and then tried to get in at good trade locations. Even this, which is the art of execution, is quite complicated and not straight forward. I started realizing that in some environments it's best to wait for pullbacks, in others I need to get in at market or I'll be left in the dust. In some markets I can buy low and sell high, in other markets the opposite is in order. And so on.
I became consistently profitable in a timeframe of a few months by doing this. But of course before that I had read 30 or 40 books and so I had all the technical background. I had also worked a lot on my psychology and personal issues. But all of this was in conjunction with a method of learning and trading the markets that was mostly in opposition to what the general wisdom says about simple set-ups and exact rules.
Now of course you might say that everyone has their own style, some discretionary and some not. Absolutely. But even the purely mechanical traders are very adept at reading markets, and are aware of all of the complexity and ambiguity inherent in it. Their system might end up being simple, but it will come about through a very deep and complex understanding of markets. And usually this system will take the market environment (i.e. context) into account. It wont just be simple mindless set-ups.
In the end, all of what I am saying is meaningless unless you come to a personal realization. Take a look at your trading career thus far. Do you truly believe that if you just learn to focus and take all of your set-ups then your equity curve will reverse and you'll be a consistently profitable trader? Why would the world's top institutions spend millions and billions on R&D when a few simple set-ups could make them all of the money. This doesn't mean that to make money you need extremely complex mathematical models. Far from it. What it does mean is that you need extremely complex mental maps that take time and experience to develop, and that will never develop if you spend the whole trading day simply waiting for set-ups to materialize. That just won't cut it.
Right now your learning curve is stagnant because you're not truly studying the markets. Your day is wasted in waiting mode. It's not in observing and absorbing mode. Also, because you fear loss, you aren't willing to experiment. This means that you aren't making mistakes and failing regularly, which is what you need to do to learn quickly.
So to conclude, based on all of the above, my advice to you would be to stop trading and make a mental shift. Realize what you need to do to become successful, and it's definitely not staying on this endlessly unfruitful path being supported by the hope of future profits. You're just running in your place unless you change your focus and your learning method. And if you thought the journey was tough so far, you haven't seen anything yet. Get ready for uncertainty and ambiguity like you've never seen it before. But this shouldn't be scary. It should be exciting, because this is what trading is all about. This is why it's called an ART. And it truly becomes one when you change your focus and your learning process. Then everything, including success, becomes possible. And until then, it'll be a distant dream that keeps appearing to be so close and yet stays so far away.
So you need to re-align with a new thought system and then get on the simulator and trade. Take losses. Make mistakes. Be clueless. Don't be afraid of it. It's okay, that's the only way you'll progress. And trust me, progress you will.
Best of luck to you, and I wish you much success.
Ziad
ChuckJune 29, 2009 at 5:44 PM I re-read Ziad's post again today (and no doubt will re-read it many more > times) because it really makes me think about how I analyze the market > each day and how I fit my own setups inside a discretionary plan that has to take into account all the "reads" the market is giving, or at least how I interpret those reads. Ziad must be a brainy guy. I have described the market as being like a maze whereas we show up at the same front entrance every day, and we navigate the maze in the same way (i.e. the same timeframes and indicators every day), and we exit at the same place each day, but every day the walls of the maze are switched around so that the paths are different each day. That's how I see Ziad's premise (a correct premise I believe). We enter the maze each day with the same ability to turn right or left, but unless we see the bigger picture and learn to understand and "get a grip on it" on the bigger view mentally,the turns will lead us to dead ends. Maybe that's confusing but executing our setups without being able to interpret the bigger picture "good enough" will lead to frustration and a lot of "what the hell is going wrong?" frustration.
I'm glad you liked the post Chuck. I felt I had to write it because I know how bad I wanted to succeed at trading when I first started out and how I searched for every inkling of advice I could get. So when I have the chance to offer timely advice I always have to take that opportunity.
And since we're on the subject, I'll share a couple more things with you. Every day I psych myself up before the trading day and during it so that I can have that killer mentality needed to have peak performance in trading. One thing I read every day is something that I wrote to remind myself what trading is all about and where my focus should be. I wrote it because whenever I faced adversity and had ups and downs it always demotivated me and knocked the wind out of my sails temporarily. But I realized that to perform at a world class level I couldn't let that happen. So I wrote the following, and I read it every day at least once or twice:
"It’s not meant to be easy to do all of this; in fact it’s meant to be very hard. If it were easy anyone could do it. Almost everyone knows what it takes; few can actually do it consistently. That's the challenge. When adversity strikes even when you're doing the right things, it’s not unfortunate because greatness is not just about doing the right things, but about doing them even when they cause pain and discomfort- weathering the tough times is the inherent prerequisite for being great. Adversity is built into the game and therefore it’s not an unfortunate set-back that is keeping you from your potential; rather your potential is cut very short without being able to deal well with adversity. So expect great results long-term, but adversity and ups and downs short-term. It’s got to always be about doing the long-term beneficial, not the short-term pleasurable. And we don’t deviate from that, no matter the pressure. And we relish the opportunity to be mentally tough when adversity strikes when so many would wilt and when it feels so unnatural to be optimistic and confident. That is the real goal and priority. Now keep conditioning- constantly reprocess and replace any thoughts that aren’t in line with all of this. It will take a great commitment to unlearn old thinking patterns and instill a new way of thinking to the point of habit. And you can do it."
Reading this reminds me that I'm not a victim of circumstances. That adversity isn't some external factor sabotaging my results. It's part of the game. In fact, it's what the game is all about! You have to learn to relish the opportunity to remain poised when losses hit or when you make mistakes. Take pride in it and make it your main focus. Love trading's inherent difficulties because the ability to handle them is what will truly set you apart. And always remember: this is a game of hits, losses, and misses. Those that can take them best ARE the best.
I wish you all the best in your trading.
Ziad
Credits: http://www.eminiplayer.com/2009/06/learning-to-become-successful-trader.html
submitted by thedreamed to Forex [link] [comments]

ERIC HO

This post was created as I felt compelled to share my experience with Eric Ho's mentorship program that I'd signed up to, along with about 10 other mentees and paid £12,000 each for 1-year program. To provide authenticity of my account, I have provided PROOF of the receipt, plus his "up sell" to other programs, and how he boots people out at the end and there is no more contacts with him whatsoever. I have also found other website, where people have complaining and have lost money, like I had done. I will post the link below in the message, and it shows Eric Ho's company details from Gov.uk's Companies House, which are not worth what he claims, in fact many are in debt & closed down..
 
Here, I CHALLENGE Eric Ho to comment below this post if he thinks this is an unfair account, as he commented on his Facebook saying how this is not a true reflection of his program... I can provide PROOFs of all the accounts & experience detailed here, from other ex-mentees and how we'd all suffered and lost our savings, with no real value in the end... and if I can provide these proofs, will Eric Ho refund all our payments? Come on Eric Ho, I challenge you.. If you are honest, you should be able to take up this challenge than just comment in your FB..
 
First, see a link below, for the proof that I was his ex-mentee, so my details below comes from after going through his mentorship program, and it shows further proofs of "up sell", and how he booted everyone out in the end, and how we were only given 7-days to ask for our refund or else your payment is vanished!! And how is anyone suppose to know within 7-days that the mentorship was not a valuable program and it was full of "motivation" rally within a week of signing up?? See: https://drive.google.com/open?id=1QT9POxakgkIrXFEQN8uS4VqtEcD08F89
  See other people complain about Eric Ho's scam, and John Lee, and their method, which is just telling stories after stories and showing pictures of their success and cars (some outside the car show room) and claiming to be very successful, when they are not... company house record shows average financial statement.. https://www.propertytribes.com/eric-ho-t-127631542.html
 
Eric Hor, was introduced in one of John Lee's of Wealth Dragon seminar. There were bunch of us in the mentee group, mainly women who seemed vulnerable and naive i.e single mothers and old ladies. Eric Ho operates from his website, erichoofficial.com & hakademy.com.
 
Eric Ho promised a lots of things prior to signing up to his program and he promised all the mentees that he would help them to launch their business and in many cases, collaborate with his existing business and provide a platform and contacts to leverage our business... hence, paying £12,000 is worth it, in fact its cheap! However, it was far from that.. It became obvious after a few months, and until this point, it was all "motivational" stuffs i.e. meeting up with the group of mentees for dinner and drinks after one of his seminars in London and during these meet ups it was mainly him posting live videos on YouTube with bunch of mentees for his own marketing campaign (to show people what a good time we are all having and to get Likes and Shares). However, secretly many of his mentees were suffering as we forked out £1000 monthly towards his program and it was costing us more than our monthly mortgage payment!
 
Time goes fast, you set appointment with Eric whenever he is in London, but he sees all of his mentees after his 2-3 days seminar, where he is tired after long event, so it's rushed through as only 30mins appointment, and given generic advices and he is seeing mentees one after another.. During this appointments you go there and wait, he is talking to another mentee, then your turn comes, as you start the meeting, you see the anotehr mentee waiting for you to finish the meeting... so Eric Ho is in a rush to see you off. Hence, advices are given on the spot... He even forgets the last conversation you've had with him and repeats many comments / feedback that was given in the last appointment, as he sees all the mentees + new followers (to sign them up for his program) on that day... the new followers are far more important to him as they are a potential leads for another 12k per person and since we've already paid our fees and locked in the contract... we are a less priority for him. He forgets the action plan you had discussed with him in the last meeting and its clear that he cannot keep track of all his mentees seeing one after another after his long 2-3 days seminar event... He is very tired and gives you generic marketing advice. And when you make progress or need some suggestions from Eric Ho, our "mentor", he is out out of the country, somewhere overseas, posting videos from the beach about his luxurious lifestyle, flying business class flights and showing off his latest branded watch! and you are there stuck and unable to contact him or in the best case you receive a messages on Wats App. And that’s all...
 
You wait for him to return, but then you see another video from another part of the world, again, marketing himself and his seminars, and his new gadgets or a catchy video title and image of him and his latest girlfriend. Talking about his girlfriend.. he keeps using them in his video, to get likes and views, then after a year or so, there's a new girl and the old one is never seen again! And his new girlfriends are the seminar audience! At this time you start to doubt if Eric is serious about business. A true business man, a mentor should be there for you and know and care abot your business as much as you do.... not posting 5 videos, and 10 selfie a day! Think about it people.. his mind is occupied by social media posts and videos, and all he wants is NEW leads so he can generate additional fees... once you have paid, you are yesterdays newspaper to him..... You true business personnel dont act like this i.e. Fortune 500 companies executives, FTSE 250 leaders don’t act like a child showing off their new toys on a social media with his cars, watches, house etc.. Its unbearable as you begin to wonder that your payment is actually funding his lifestyle and his latest gadgets, and you are cant even reach him!
 
You begin to wonder and talk to other mentees and they all feel the same but no one dares to confront him as he is "so nice" and always so "positive" talking about "motivational stuffs", a sage, guru, who acts like one of those religious cult figures that brain washes people and builds up followers for his ulterior motive. The key here is, get likes and shares from Facebook, Insta, YouTube etc.. then get them to attend the seminar and then use classical sales technique i.e. "one day offer only" and sign them up for 12 months contract, where you can only ask for refund within 7 days (terms) and its impossible to know that you wont get any value within 7 days, so now you are locked in the contract and if you miss payment, Eric Ho and John Lee (Wealth Dragon) will send you red letter to take you to Debt Recovery and send bailiff to your house... and they have in-house lawyers workling for them, who emails you warning you of the consequences.... then you get worried and also have no time to go to the court and pay additional fee to solicitors not knowing you might lose more money because you have signed the contract... so you keep quite and pay the 12k!!! "Its numbers game" as they say... for example, get 100 likes and views, from that, get 20 people to seminar, then get 1 person to sign up and lock in 12 months contract... thats 12k! Now multiply this by few hundreds and thousands, then there you have it.. About 30-40 mentees a year, plus now "UP SELL" their other products, i.e. Public speaking, Forex, Property investments, Heath & Fitness, Spiritual mind etc.... thats their game! And make you bankrupt!!
 
By the way, if you want to learn Public Speaking, then just join your local Toastmasters club, where you will only pay between £50-£60 for 6 months!! with every 2 x weeks meetings, it will cost you more or less the same price of a coffee/tea per meeting. Toastmasters is everywhere, almost in every country. I have now completed almost my 10th speech. One thing about Public speaking is, its not a skill you obtained by attending a weekend or week long training that Eric Hor and John Lee is offering.. you must attend regularly every 2-3 weeks, even if you miss some meetings (that don't matter), to develop your skills. It's developed and built over time - not by attending short trainings on weekends or week-long program paying thousands of pounds/dollars. So dont be fool, don't pay Eric Hor and John Lee. Public speaking skills is like any other skills you learn, whether sports, or your regular exercise. If you stop going to gym for few months... what happens? Same with public speaking... you must attend regularly for at least 6-months to a 1-year.. then you develop skills + see other speakers do it, which you will pick up subconsciously, and when you step up to do your speech.. you will naturally exhibit skills (that you had picked up by watching other speakers on a regular basis by going to these meetings).. also, for every speech, you are given a detailed guide, as to how to structure it i.e. bullet points, linking between these points, and how to put a capturing opening and conclusive closing of your speech. You will also learn how to use body language, vocal variety, include research information in some speeches, which really helps professionals wanting to do great presentation for their work etc. And you become better at it, over time. You can never learn this over a weekend intensive course or week long course. Once you go through the Toastmasters club, the process will stay with you forever - just like driving a car or bike. So save you money from these fraudsters and join Toastmasters International club, which has nearly 16,000 clubs worldwide. You will also learn to take leadership roles as these two skills go hand in hand. Check out: toastmasters.org and click on "Find a club".
 
Eric Ho uses uses a traditional sales technique as he takes you through an emotional ride by sharing his stories, and others stories, and then says that he wants to work with "entrepreneurs" and he is looking to "invest" in the right business and "collaborate" with them, and this makes you feel like signing up to his mentorship, and it could perhaps, provide that opportunity to launch your business. With that mindset, he lures you towards him and when he offers the "1-day only" sales offer, at the end of the seminar to sign up, you do it! But there is no plan, no accountability, no real business expertise provided, except FULL of motivational stuffs, which you can nowadays watch on YouTube and feel the same or better. All you get is his regular get together for dinner and drink (which you have to pay yourself btw), and again, his posts on YouTube video promotions with all the mentee group for marketing to show what a good time we are having. Who will rant or show sad face on the video (live)?
I was in a group, where there was single mothers and some of them borrowed money from their parents to sign up to Eric's mentorship so she can make her business successful. She promised to pay back to her parents but it never happened as her parents passed away, before she could make any money. And Eric didn't even share the 50% profit that she had generated through her sales i.e. webinar sign-up consulting therapy work, after getting some leads from one of the webinar Eric had sets up. It takes her 3 months to get her 50% share. She even cried in one of our meet ups and shared her story. Another lady, Psychologist, that signed up, she spoke on the Eric's stage few times, she was very happy, got her to give him fantastic testimonial, she changed her title to "international speaker", and time goes fast... soon it was 12-months and she was crying in one of Eric's seminar at the back stage because it only hit her that she hasn't made her money back but paid 12k! Eric saw her cry, he knew WHY! as others try to sooth her, but he went on the stage and did his gig! There was no remorse nor any sympathy...... yet he acts like he feeds those childred in Kenya! Oh by the way, it was told that this charity is not his set up... it was existing orphanage and they would work with anyone that give them donation and you can put that in your business as a social enterprise business. And why wouldn't they accept donation for such purpose?
 
Another mentee, similar type of business, didn't get anything i.e. 50% commission, so he stopped asking after few times and completely dis-engaged with Eric and stopped talking completely after about 6-months in the program.
 
Eric lied to another mentee suggesting that he will use his product in his existing business to collaborate with him and launh his product in his YoYo Noodles bars, which Eric supposedly owns. He signed up to it, but it never happened and when he asked to Eric about it, after few months of developing a product and brand, Eric simply said that he had already sold his noodle franchise business. So he can't help him! However, it turned out to be a plain lie as Eric still owned the business and he was participating in Franchise trade shows later that year. He still owns this YoYo Noodle franchise and can be easily seen in Google search.
 
Another mentee couldn't afford the fees, so she was called by their staff called Marcos from Wealth Dragon, a big spanish bull dog that looks like a bouncer but acts like a motivational guru himself until you miss 1-payment! He acted like a bully when she didn't pay on time and this mentee, was already in debt and Marcos advised her to take loans from her credit cards as she would easily recoup that money anyway from the program, and when she was unable to keep up the payment to Eric, after few months, she was instantly kicked out without any notice and blocked from the Wats App and Facebook group. That’s when we saw the real Eric Ho.., not so nice and kind as he appears to be on the stage and videos and showing off his charity work in Kenya... Oh yeah, once you are mentee, you will get a "special deal" to volunteer and go to Kenya with him to do this charity work and the price you pay on a special deal is much more expensive than you would have booked a ticket and accomodation and gone by yourself... Another "upsell" like his books, like the upcoming seminar tickets, some "hero" seminar, but the principal is same.. motivation and emotional roller coaster stories and "upsell" another product.. there were few guys who finished all their savings by keep buying into these programs.. One nurse lady, single, in her 50s, spent more than 30k in all of their seminars, combined with, mentorship, forex, property, public speaking etc.. all her life time saving, all that over time she did.... tut tut.
 
There is nothing special or no real expertise offered in business by Eric Ho because all the advice is generic and 90% are motivational. And since all motivational in YouTube videos are sourced from Napoleon Hill's Think and Grow Rich book and the Power of Law of Attraction book etc. The 99% of the motivational gurus use these techniques to elaborate and explain their stories and persuade and convince audience to excite and take action.. And take action you will, by paying £12,000 for 1-year of generic advice and about 5 to 7 appointment with him (since he is out of the country more than half of the year giving seminars)... so how can you meet him possibly even if you want to........ Have you ever noticed that 99% of his previous mentees are completely out of the picture or out of touch after 1-year... ever wonder why? Because it finally sinks into them that it was all bullsh!t and they lost their money! Deep down inside in their heart, they know they lost their money, and there was nothing they could do after 7-day no refund policy!
 
If you, readers, want a motivation then I suggest you go to the horse's mouth i.e. Tony Robbins who revolutionized this game. And it is unfair how Eric Ho and John Lee do it... because they excite audiences through emotional story telling method, where their seminars are held for 2-3 days, long hours, deliberately making the audience tired and making it harder for us to think clearly and decide carefully, and prompting audience to say "yes" to many of rhetorical questions and multiples "hi5" among audiences and then encourage audience by stating they want “joint venture”, “partnerships” with only few select entrepreneurs and the offer is for "today only" sale price, and saying how Eric is only looking for only few partners only so its not for everyone (making it sound exclusive)! And he only wants few mentees only because he already has few of them already... That makes it exclusive and people sign up..... but after few months in the next seminar, he says the same thing and sign more mentees... and from different countries and it all becomes one big "social" group... hence, he loses track in 1 to 1 meetings of your progress and business plan.... and offers motivational advices only.
 
The contract states that you cannot ask for refund after 7-days but its hard to know, for anyone, within 7-days, what value you are getting esp. when the guy is flying around the world giving seminars when, ideally, you want a business mentor that can support you and give your advice in the time of need and hardship, not while he is posting videos of his latest gadget and business flight travels, which you, the mentees, had funded!! The irony is that, Eric present himself as the best son in the world to his parents, giving his father and mother a luxury watches and presents, when his parents, DONT know that its funded by these mentees who have worked hard to save up their money all their life and are paying £12,000! And some have really struggled to put that money together. I recall after a day or two of the seminar, both John Lee and Eric Ho, challenges the audience to see if they can raise money from their banks, friends and families and challenges everyone to make phone call during lunch break and see how much they can possibly raise…… during that day, it stays like that…. But its only until tomorrow or last day, when the offer for the “sale price for today only” is given and subconsciously the audience feels confident to take this offer because they were able to get loans or friends/family were willing to lend them a day before... see the trick??? These guys are experts, professionals in stealing your money!!! Vipers! Snakes! A bad name to Chinese/ Oriental community! A rotten tomatoes in the basket affecting all.
 
They are not different to those gurus, cult leaders, who builds followers and eventually brainwashes then and manipulate them.. its same technique! Eric Ho and John Lee builds followers from YouTube videos showing off gadgets, good lifestyle and happy mentees videos then you end up going to their seminar and hearing their well crafted and devised speeches, do activities, and make you feel they are great people, a guru and then challenging you to raise the money (from friends and family) then hooking you to buy their “sale price for today only” products. And to suck more out of you, there are many upsell in the pipeline...!
 
I saw many old ladies, retired ones, in their 60s running at the back of the room to sign up for a “LIMITED PLACES” only offers – without reading any terms and conditions! Some were signing up for Forex to use their special trading method to make unlimited amount of money whilst trading for half an hour a day! A pictures are shown of people being happy and drinking coffee and trading and making money! I think I should tell my investment banker friend in Canary Wharf to bring all their banker friends and his bosses and learn to trade so they can make all the money in the world in half an hour.... they don't have to invest millions in their sophesticated softwares that trades in micro-seconds and are competing with other banks and institutional investors!! No offence, but what do these retired ladies do to out-beat the investor bankers that uses latest tools, softwares, factors in speculations, world economy, politics, wars, currency fluctuation etc. etc.. Many of these ladies are old enough to be Eric's and John's mother! No mercy, no remorse! One mentee was charged double the normal price because she asked for 6-months extension in the mentorship, and she could not say anything about it..... but she shared her disappointment with us in the group.
 
Please people save your money, and if you are really need inspiration to do business then know one thing for sure...... all these types of motivation seminars are almost bullsh!t! If not ask any real business leaders from Fortune 500 or FTSE 250 companes...... and they will tell you what it really takes, and how competitive, dog eat dog world is out there...... thus the motivation part is only 5% of the business, the other 95% is pure hard work, grit, effort and sleepless nights......... to make it successful. Even that doesn't guarantee it! Almost every industry and sector have very high competition and innovations are quite rare, infrequent, and mainly big companies that invests heavily in Research & Development create it.... The money you need to invest to start the business costs almost double than your initial projection, and it takes twice a long than expected. You are alone, often questioning your own insanity at times, friends almost misunderstands you.... and once you have built your product or brand, then only you realise, you need more money to market it... and without marketing, there is no exposure and no one knows about it... so when you factor it all, the 12k you paid Eric Ho for motivation, was the money that you could have used for building your own business and marketing it...... now you are more broke than before and lack of money de-motivates and stops you from continuing to work on your start-up business. So not only Eric Ho has stolen your money but he has killed your dreams!
 
Please note, motivation gives you energy for temporary time only, maybe a month or two, then you go back to “default” that have built in you since your childhood! So how can one-off 2/3 days seminar change your “default”? It’s like trying to change a habit overnight. Can you? So, you can only change your “default” by consistently grinding through hard times and persevering and pushing through rejections and hard times... and having insatiable desire and hunger to succeed.. thus, only only few makes it? But if you need motivation, just go to the horse's mouth i.e. Tony Robbins who is probably best in the business. Not liars and hypocrite like Eric Ho and John Lee.
 
And if you really need mentor, you need go to real experts, which you can easily find on LinkedIn, industry publications, and surely you won’t have to pay 12k!!! You need experts from the industry you want to specialise in, and have contacts and networks with industry leaders, and can help you to raise finance, and be focused in you as much as you are working on your business, they push you, ask you hard questions, even gives you hard times and sometimes you hate him/her but after getting the results you want... you respect them! Thats the kind of mentor you want... what will Eric Ho and John Lee tell you? Motivate you? what about rest of the 95% grit. They hardly talk about it.. Can they introduce you to any Venture Capitalist? or Private Equity firm or Financial Institutions? Those professionals dislike motivational speakers and don’t even allow them in their circle, believe me! If you want join prestigious business clubs in London, check out London's Capital Club, Club house london, De Amstel Club, etc... and these clubs dont allow motivational gurus, if they find out they are trying to sell seminars or books etc, they are booted out! some clubs asks for your business’s revenue before joining... And these are the clubs where PE firms, VC, bankers, advisory firms i.e. 'Big 4' and 'Magic circle' professionals hang out! This is where you meet real business contacts! This is where you need to be, so they can pull you up to their bracket... not someone who is in your bracket and you have to pay 12k! Motivational gurus like Eric and John wont be allowed near that circle. They will be a laughing stock! Eric and John is just trying to ride off what Tony Robbins have achieved. He is one-off! I remember they said they want to go IPO on stock market! A motivational seminar company on stock market? In which security exchange? In Mars? What investment bank will represent them? In fact, their business is not sustaible in long term because anyone can be a motivational speaker with NLP courses and reading 100s of motivational books out there... you dont need any qualification! Thus, they are all over the YouTube now and ERic Ho and John Lee is getting competition, whether they like it or not!
 
So, find real expertise who can link you to bankers, lawyers, accountants, leading marketer, entrepreneurs.. NOT motivational speakers that post videos flashing their bling bling 3-5 times a day like a teenager! In fact, its so immature! I mean, Eric is like in his mid-30s and his girlfriend Marta (white girl) was a seminar attendee and Eric dumped his then girlfriend Jamie for Marta. And before Marta, the left Jamie for another attendee, her name is Trinity. But when she found out Eric was dating another seminar attendee Anna (with blond hair) she dumped him! All these girls pictures are in his FB, Insta, if you go back time... What’s sad is that Jamie still works for him, H Akademy, and have to face Eric and his new girlfriend... And Eric Ho has the heart to face her everyday with his new girlfriend in the same place. Its all over their social media... its sad! But that should tell you the credibility of the guy that you have to pay 12k!! Of course, I only came to know this all after a 1-year mentorship program and Eric was publicly (In Wats App group) arguing and fighting with another girl called Jadey, who worked for him but she left after realising everything...
A challenge will be find out how well his mentees have done in their business, besides the YouTube video testimonials, since they had taken up his program.. its hard to know their revenuce increase after few months of the program, so their company's financial statement before and after the program should be compared and validated.. Of course no one would do that... Any previous mentees up for that challenge? Well all his mentees disappear after 12 months and new arrivals are excited and buzzing every year… until they cool off at the end of the year, get kicked out from Wats App and FB group……… I hope some of those new mentee reads this and realises how it works with these con artists... Eric Ho is a fraud!
submitted by paulhorne22 to u/paulhorne22 [link] [comments]

ERIC HO REVIEW

This post was created as I felt compelled to share my experience with Eric Ho's mentorship program that I'd signed up to, along with about 10 other mentees and paid £12,000 each for 1-year program. To provide authenticity of my account, I have provided PROOF of the receipt, plus his "up sell" to other programs, and how he boots people out at the end and there is no more contacts with him whatsoever. I have also found other website, where people have complaining and have lost money, like I had done. I will post the link below in the message, and it shows Eric Ho's company details from Gov.uk's Companies House, which are not worth what he claims, in fact many are in debt & closed down..
 
Here, I CHALLENGE Eric Ho to comment below this post if he thinks this is an unfair account, as he commented on his Facebook saying how this is not a true reflection of his program... I can provide PROOFs of all the accounts & experience detailed here, from other ex-mentees and how we'd all suffered and lost our savings, with no real value in the end... and if I can provide these proofs, will Eric Ho refund all our payments? Come on Eric Ho, I challenge you.. If you are honest, you should be able to take up this challenge than just comment in your FB..
 
First, see a link below, for the proof that I was his ex-mentee, so my details below comes from after going through his mentorship program, and it shows further proofs of "up sell", and how he booted everyone out in the end, and how we were only given 7-days to ask for our refund or else your payment is vanished!! And how is anyone suppose to know within 7-days that the mentorship was not a valuable program and it was full of "motivation" rally within a week of signing up?? See: https://drive.google.com/open?id=1QT9POxakgkIrXFEQN8uS4VqtEcD08F89
  See other people complain about Eric Ho's scam, and John Lee, and their method, which is just telling stories after stories and showing pictures of their success and cars (some outside the car show room) and claiming to be very successful, when they are not... company house record shows average financial statement.. https://www.propertytribes.com/eric-ho-t-127631542.html
 
Eric Hor, was introduced in one of John Lee's of Wealth Dragon seminar. There were bunch of us in the mentee group, mainly women who seemed vulnerable and naive i.e single mothers and old ladies. Eric Ho operates from his website, erichoofficial.com & hakademy.com.
 
Eric Ho promised a lots of things prior to signing up to his program and he promised all the mentees that he would help them to launch their business and in many cases, collaborate with his existing business and provide a platform and contacts to leverage our business... hence, paying £12,000 is worth it, in fact its cheap! However, it was far from that.. It became obvious after a few months, and until this point, it was all "motivational" stuffs i.e. meeting up with the group of mentees for dinner and drinks after one of his seminars in London and during these meet ups it was mainly him posting live videos on YouTube with bunch of mentees for his own marketing campaign (to show people what a good time we are all having and to get Likes and Shares). However, secretly many of his mentees were suffering as we forked out £1000 monthly towards his program and it was costing us more than our monthly mortgage payment!
 
Time goes fast, you set appointment with Eric whenever he is in London, but he sees all of his mentees after his 2-3 days seminar, where he is tired after long event, so it's rushed through as only 30mins appointment, and given generic advices and he is seeing mentees one after another.. During this appointments you go there and wait, he is talking to another mentee, then your turn comes, as you start the meeting, you see the anotehr mentee waiting for you to finish the meeting... so Eric Ho is in a rush to see you off. Hence, advices are given on the spot... He even forgets the last conversation you've had with him and repeats many comments / feedback that was given in the last appointment, as he sees all the mentees + new followers (to sign them up for his program) on that day... the new followers are far more important to him as they are a potential leads for another 12k per person and since we've already paid our fees and locked in the contract... we are a less priority for him. He forgets the action plan you had discussed with him in the last meeting and its clear that he cannot keep track of all his mentees seeing one after another after his long 2-3 days seminar event... He is very tired and gives you generic marketing advice. And when you make progress or need some suggestions from Eric Ho, our "mentor", he is out out of the country, somewhere overseas, posting videos from the beach about his luxurious lifestyle, flying business class flights and showing off his latest branded watch! and you are there stuck and unable to contact him or in the best case you receive a messages on Wats App. And that’s all...
 
You wait for him to return, but then you see another video from another part of the world, again, marketing himself and his seminars, and his new gadgets or a catchy video title and image of him and his latest girlfriend. Talking about his girlfriend.. he keeps using them in his video, to get likes and views, then after a year or so, there's a new girl and the old one is never seen again! And his new girlfriends are the seminar audience! At this time you start to doubt if Eric is serious about business. A true business man, a mentor should be there for you and know and care abot your business as much as you do.... not posting 5 videos, and 10 selfie a day! Think about it people.. his mind is occupied by social media posts and videos, and all he wants is NEW leads so he can generate additional fees... once you have paid, you are yesterdays newspaper to him..... You true business personnel dont act like this i.e. Fortune 500 companies executives, FTSE 250 leaders don’t act like a child showing off their new toys on a social media with his cars, watches, house etc.. Its unbearable as you begin to wonder that your payment is actually funding his lifestyle and his latest gadgets, and you are cant even reach him!
 
You begin to wonder and talk to other mentees and they all feel the same but no one dares to confront him as he is "so nice" and always so "positive" talking about "motivational stuffs", a sage, guru, who acts like one of those religious cult figures that brain washes people and builds up followers for his ulterior motive. The key here is, get likes and shares from Facebook, Insta, YouTube etc.. then get them to attend the seminar and then use classical sales technique i.e. "one day offer only" and sign them up for 12 months contract, where you can only ask for refund within 7 days (terms) and its impossible to know that you wont get any value within 7 days, so now you are locked in the contract and if you miss payment, Eric Ho and John Lee (Wealth Dragon) will send you red letter to take you to Debt Recovery and send bailiff to your house... and they have in-house lawyers workling for them, who emails you warning you of the consequences.... then you get worried and also have no time to go to the court and pay additional fee to solicitors not knowing you might lose more money because you have signed the contract... so you keep quite and pay the 12k!!! "Its numbers game" as they say... for example, get 100 likes and views, from that, get 20 people to seminar, then get 1 person to sign up and lock in 12 months contract... thats 12k! Now multiply this by few hundreds and thousands, then there you have it.. About 30-40 mentees a year, plus now "UP SELL" their other products, i.e. Public speaking, Forex, Property investments, Heath & Fitness, Spiritual mind etc.... thats their game! And make you bankrupt!!
 
By the way, if you want to learn Public Speaking, then just join your local Toastmasters club, where you will only pay between £50-£60 for 6 months!! with every 2 x weeks meetings, it will cost you more or less the same price of a coffee/tea per meeting. Toastmasters is everywhere, almost in every country. I have now completed almost my 10th speech. One thing about Public speaking is, its not a skill you obtained by attending a weekend or week long training that Eric Hor and John Lee is offering.. you must attend regularly every 2-3 weeks, even if you miss some meetings (that don't matter), to develop your skills. It's developed and built over time - not by attending short trainings on weekends or week-long program paying thousands of pounds/dollars. So dont be fool, don't pay Eric Hor and John Lee. Public speaking skills is like any other skills you learn, whether sports, or your regular exercise. If you stop going to gym for few months... what happens? Same with public speaking... you must attend regularly for at least 6-months to a 1-year.. then you develop skills + see other speakers do it, which you will pick up subconsciously, and when you step up to do your speech.. you will naturally exhibit skills (that you had picked up by watching other speakers on a regular basis by going to these meetings).. also, for every speech, you are given a detailed guide, as to how to structure it i.e. bullet points, linking between these points, and how to put a capturing opening and conclusive closing of your speech. You will also learn how to use body language, vocal variety, include research information in some speeches, which really helps professionals wanting to do great presentation for their work etc. And you become better at it, over time. You can never learn this over a weekend intensive course or week long course. Once you go through the Toastmasters club, the process will stay with you forever - just like driving a car or bike. So save you money from these fraudsters and join Toastmasters International club, which has nearly 16,000 clubs worldwide. You will also learn to take leadership roles as these two skills go hand in hand. Check out: toastmasters.org and click on "Find a club".
 
Eric Ho uses uses a traditional sales technique as he takes you through an emotional ride by sharing his stories, and others stories, and then says that he wants to work with "entrepreneurs" and he is looking to "invest" in the right business and "collaborate" with them, and this makes you feel like signing up to his mentorship, and it could perhaps, provide that opportunity to launch your business. With that mindset, he lures you towards him and when he offers the "1-day only" sales offer, at the end of the seminar to sign up, you do it! But there is no plan, no accountability, no real business expertise provided, except FULL of motivational stuffs, which you can nowadays watch on YouTube and feel the same or better. All you get is his regular get together for dinner and drink (which you have to pay yourself btw), and again, his posts on YouTube video promotions with all the mentee group for marketing to show what a good time we are having. Who will rant or show sad face on the video (live)?
I was in a group, where there was single mothers and some of them borrowed money from their parents to sign up to Eric's mentorship so she can make her business successful. She promised to pay back to her parents but it never happened as her parents passed away, before she could make any money. And Eric didn't even share the 50% profit that she had generated through her sales i.e. webinar sign-up consulting therapy work, after getting some leads from one of the webinar Eric had sets up. It takes her 3 months to get her 50% share. She even cried in one of our meet ups and shared her story. Another lady, Psychologist, that signed up, she spoke on the Eric's stage few times, she was very happy, got her to give him fantastic testimonial, she changed her title to "international speaker", and time goes fast... soon it was 12-months and she was crying in one of Eric's seminar at the back stage because it only hit her that she hasn't made her money back but paid 12k! Eric saw her cry, he knew WHY! as others try to sooth her, but he went on the stage and did his gig! There was no remorse nor any sympathy...... yet he acts like he feeds those childred in Kenya! Oh by the way, it was told that this charity is not his set up... it was existing orphanage and they would work with anyone that give them donation and you can put that in your business as a social enterprise business. And why wouldn't they accept donation for such purpose?
 
Another mentee, similar type of business, didn't get anything i.e. 50% commission, so he stopped asking after few times and completely dis-engaged with Eric and stopped talking completely after about 6-months in the program.
 
Eric lied to another mentee suggesting that he will use his product in his existing business to collaborate with him and launh his product in his YoYo Noodles bars, which Eric supposedly owns. He signed up to it, but it never happened and when he asked to Eric about it, after few months of developing a product and brand, Eric simply said that he had already sold his noodle franchise business. So he can't help him! However, it turned out to be a plain lie as Eric still owned the business and he was participating in Franchise trade shows later that year. He still owns this YoYo Noodle franchise and can be easily seen in Google search.
 
Another mentee couldn't afford the fees, so she was called by their staff called Marcos from Wealth Dragon, a big spanish bull dog that looks like a bouncer but acts like a motivational guru himself until you miss 1-payment! He acted like a bully when she didn't pay on time and this mentee, was already in debt and Marcos advised her to take loans from her credit cards as she would easily recoup that money anyway from the program, and when she was unable to keep up the payment to Eric, after few months, she was instantly kicked out without any notice and blocked from the Wats App and Facebook group. That’s when we saw the real Eric Ho.., not so nice and kind as he appears to be on the stage and videos and showing off his charity work in Kenya... Oh yeah, once you are mentee, you will get a "special deal" to volunteer and go to Kenya with him to do this charity work and the price you pay on a special deal is much more expensive than you would have booked a ticket and accomodation and gone by yourself... Another "upsell" like his books, like the upcoming seminar tickets, some "hero" seminar, but the principal is same.. motivation and emotional roller coaster stories and "upsell" another product.. there were few guys who finished all their savings by keep buying into these programs.. One nurse lady, single, in her 50s, spent more than 30k in all of their seminars, combined with, mentorship, forex, property, public speaking etc.. all her life time saving, all that over time she did.... tut tut.
 
There is nothing special or no real expertise offered in business by Eric Ho because all the advice is generic and 90% are motivational. And since all motivational in YouTube videos are sourced from Napoleon Hill's Think and Grow Rich book and the Power of Law of Attraction book etc. The 99% of the motivational gurus use these techniques to elaborate and explain their stories and persuade and convince audience to excite and take action.. And take action you will, by paying £12,000 for 1-year of generic advice and about 5 to 7 appointment with him (since he is out of the country more than half of the year giving seminars)... so how can you meet him possibly even if you want to........ Have you ever noticed that 99% of his previous mentees are completely out of the picture or out of touch after 1-year... ever wonder why? Because it finally sinks into them that it was all bullsh!t and they lost their money! Deep down inside in their heart, they know they lost their money, and there was nothing they could do after 7-day no refund policy!
 
If you, readers, want a motivation then I suggest you go to the horse's mouth i.e. Tony Robbins who revolutionized this game. And it is unfair how Eric Ho and John Lee do it... because they excite audiences through emotional story telling method, where their seminars are held for 2-3 days, long hours, deliberately making the audience tired and making it harder for us to think clearly and decide carefully, and prompting audience to say "yes" to many of rhetorical questions and multiples "hi5" among audiences and then encourage audience by stating they want “joint venture”, “partnerships” with only few select entrepreneurs and the offer is for "today only" sale price, and saying how Eric is only looking for only few partners only so its not for everyone (making it sound exclusive)! And he only wants few mentees only because he already has few of them already... That makes it exclusive and people sign up..... but after few months in the next seminar, he says the same thing and sign more mentees... and from different countries and it all becomes one big "social" group... hence, he loses track in 1 to 1 meetings of your progress and business plan.... and offers motivational advices only.
 
The contract states that you cannot ask for refund after 7-days but its hard to know, for anyone, within 7-days, what value you are getting esp. when the guy is flying around the world giving seminars when, ideally, you want a business mentor that can support you and give your advice in the time of need and hardship, not while he is posting videos of his latest gadget and business flight travels, which you, the mentees, had funded!! The irony is that, Eric present himself as the best son in the world to his parents, giving his father and mother a luxury watches and presents, when his parents, DONT know that its funded by these mentees who have worked hard to save up their money all their life and are paying £12,000! And some have really struggled to put that money together. I recall after a day or two of the seminar, both John Lee and Eric Ho, challenges the audience to see if they can raise money from their banks, friends and families and challenges everyone to make phone call during lunch break and see how much they can possibly raise…… during that day, it stays like that…. But its only until tomorrow or last day, when the offer for the “sale price for today only” is given and subconsciously the audience feels confident to take this offer because they were able to get loans or friends/family were willing to lend them a day before... see the trick??? These guys are experts, professionals in stealing your money!!! Vipers! Snakes! A bad name to Chinese/ Oriental community! A rotten tomatoes in the basket affecting all.
 
They are not different to those gurus, cult leaders, who builds followers and eventually brainwashes then and manipulate them.. its same technique! Eric Ho and John Lee builds followers from YouTube videos showing off gadgets, good lifestyle and happy mentees videos then you end up going to their seminar and hearing their well crafted and devised speeches, do activities, and make you feel they are great people, a guru and then challenging you to raise the money (from friends and family) then hooking you to buy their “sale price for today only” products. And to suck more out of you, there are many upsell in the pipeline...!
 
I saw many old ladies, retired ones, in their 60s running at the back of the room to sign up for a “LIMITED PLACES” only offers – without reading any terms and conditions! Some were signing up for Forex to use their special trading method to make unlimited amount of money whilst trading for half an hour a day! A pictures are shown of people being happy and drinking coffee and trading and making money! I think I should tell my investment banker friend in Canary Wharf to bring all their banker friends and his bosses and learn to trade so they can make all the money in the world in half an hour.... they don't have to invest millions in their sophesticated softwares that trades in micro-seconds and are competing with other banks and institutional investors!! No offence, but what do these retired ladies do to out-beat the investor bankers that uses latest tools, softwares, factors in speculations, world economy, politics, wars, currency fluctuation etc. etc.. Many of these ladies are old enough to be Eric's and John's mother! No mercy, no remorse! One mentee was charged double the normal price because she asked for 6-months extension in the mentorship, and she could not say anything about it..... but she shared her disappointment with us in the group.
 
Please people save your money, and if you are really need inspiration to do business then know one thing for sure...... all these types of motivation seminars are almost bullsh!t! If not ask any real business leaders from Fortune 500 or FTSE 250 companes...... and they will tell you what it really takes, and how competitive, dog eat dog world is out there...... thus the motivation part is only 5% of the business, the other 95% is pure hard work, grit, effort and sleepless nights......... to make it successful. Even that doesn't guarantee it! Almost every industry and sector have very high competition and innovations are quite rare, infrequent, and mainly big companies that invests heavily in Research & Development create it.... The money you need to invest to start the business costs almost double than your initial projection, and it takes twice a long than expected. You are alone, often questioning your own insanity at times, friends almost misunderstands you.... and once you have built your product or brand, then only you realise, you need more money to market it... and without marketing, there is no exposure and no one knows about it... so when you factor it all, the 12k you paid Eric Ho for motivation, was the money that you could have used for building your own business and marketing it...... now you are more broke than before and lack of money de-motivates and stops you from continuing to work on your start-up business. So not only Eric Ho has stolen your money but he has killed your dreams!
 
Please note, motivation gives you energy for temporary time only, maybe a month or two, then you go back to “default” that have built in you since your childhood! So how can one-off 2/3 days seminar change your “default”? It’s like trying to change a habit overnight. Can you? So, you can only change your “default” by consistently grinding through hard times and persevering and pushing through rejections and hard times... and having insatiable desire and hunger to succeed.. thus, only only few makes it? But if you need motivation, just go to the horse's mouth i.e. Tony Robbins who is probably best in the business. Not liars and hypocrite like Eric Ho and John Lee.
 
And if you really need mentor, you need go to real experts, which you can easily find on LinkedIn, industry publications, and surely you won’t have to pay 12k!!! You need experts from the industry you want to specialise in, and have contacts and networks with industry leaders, and can help you to raise finance, and be focused in you as much as you are working on your business, they push you, ask you hard questions, even gives you hard times and sometimes you hate him/her but after getting the results you want... you respect them! Thats the kind of mentor you want... what will Eric Ho and John Lee tell you? Motivate you? what about rest of the 95% grit. They hardly talk about it.. Can they introduce you to any Venture Capitalist? or Private Equity firm or Financial Institutions? Those professionals dislike motivational speakers and don’t even allow them in their circle, believe me! If you want join prestigious business clubs in London, check out London's Capital Club, Club house london, De Amstel Club, etc... and these clubs dont allow motivational gurus, if they find out they are trying to sell seminars or books etc, they are booted out! some clubs asks for your business’s revenue before joining... And these are the clubs where PE firms, VC, bankers, advisory firms i.e. 'Big 4' and 'Magic circle' professionals hang out! This is where you meet real business contacts! This is where you need to be, so they can pull you up to their bracket... not someone who is in your bracket and you have to pay 12k! Motivational gurus like Eric and John wont be allowed near that circle. They will be a laughing stock! Eric and John is just trying to ride off what Tony Robbins have achieved. He is one-off! I remember they said they want to go IPO on stock market! A motivational seminar company on stock market? In which security exchange? In Mars? What investment bank will represent them? In fact, their business is not sustaible in long term because anyone can be a motivational speaker with NLP courses and reading 100s of motivational books out there... you dont need any qualification! Thus, they are all over the YouTube now and ERic Ho and John Lee is getting competition, whether they like it or not!
 
So, find real expertise who can link you to bankers, lawyers, accountants, leading marketer, entrepreneurs.. NOT motivational speakers that post videos flashing their bling bling 3-5 times a day like a teenager! In fact, its so immature! I mean, Eric is like in his mid-30s and his girlfriend Marta (white girl) was a seminar attendee and Eric dumped his then girlfriend Jamie for Marta. And before Marta, the left Jamie for another attendee, her name is Trinity. But when she found out Eric was dating another seminar attendee Anna (with blond hair) she dumped him! All these girls pictures are in his FB, Insta, if you go back time... What’s sad is that Jamie still works for him, H Akademy, and have to face Eric and his new girlfriend... And Eric Ho has the heart to face her everyday with his new girlfriend in the same place. Its all over their social media... its sad! But that should tell you the credibility of the guy that you have to pay 12k!! Of course, I only came to know this all after a 1-year mentorship program and Eric was publicly (In Wats App group) arguing and fighting with another girl called Jadey, who worked for him but she left after realising everything...
A challenge will be find out how well his mentees have done in their business, besides the YouTube video testimonials, since they had taken up his program.. its hard to know their revenuce increase after few months of the program, so their company's financial statement before and after the program should be compared and validated.. Of course no one would do that... Any previous mentees up for that challenge? Well all his mentees disappear after 12 months and new arrivals are excited and buzzing every year… until they cool off at the end of the year, get kicked out from Wats App and FB group……… I hope some of those new mentee reads this and realises how it works with these con artists... Eric Ho is a fraud!
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