All language subtitles for 6. Be Wary Of People Selling Trading Systems

I'd also caution to be wary of people trying to sell trading systems, it's more it's less about them

sharing a trading system, maybe more about them, you know, making some money.

So if they're asking you to give them money, that probably tells you that might be something to be

wary of.

Usually how you can kind of spot these types of things is and how to be wary of them is the they don't

they won't show you anything or they'll show you very little until you buy until you give them some

money.

Probably not refundable either.

Right.

And there's no proven track record out there.

And the other thing with a trading system, if it's a good trading system, it does not consider your

risk profile.

Remember, we developed our trading rules.

We had to look at your own risk profile, but also the indicators you want to use.

So with a trading system, they don't consider either of that.

So it doesn't consider your risk profile indicators you like, doesn't consider your preferred trading

rules either.

It's like you're buying this package off the shelf.

And again, they make money selling their trading system, not trading themselves.

Right.

So that's how they're making their money.

Now, you haven't you know, there can be some exceptions, of course, experts disclosing where you

have experts that are disclose all their indicators and they have a long track record and then you can

take that and maybe adapt to your risk, profile and philosophy.

We talked earlier about, you know, the conquistador kind of trading idea.

So if you Internet search conquistador or Bruce Babcock Babcock, you'll find all sorts of stuff about

can Keystart or that he's written on and his firm has written to him and that they'll have all sorts

of how to implement it.

And then they have a ton of statistics around it, too, on why they think it's a good trading system

or trading rules.

So that's different.

And that's all free.

Right.

So don't be trying to sell you something there.

I think later they might try to sell you some other stuff as far as, ah, they're getting advertising

on their Web page.

But either way, it's not some kind of like, hey, just trust me type of thing.

And by nature, you know, technical traders really like to share ideas and maybe sometimes they share

too much in forums.

You'll see that as you get around in different trading platforms.

And they if they have a forum, they're like, here's an ascending triangle for sure.

It's happening by now, you know, that kind of stuff.

And they're not really selling you a system.

They're just saying, hey, look, look at this.

I think I see this in there.

They're participating in a social aspect.

So, you know how how you can really spot a fraud.

You know, just think about is, you know, do they have the say things like they have the secret to

riches.

Right.

And they have a foolproof system.

And you can view this.

In fact, their system is why they're so wealthy now, because they've got such a great system in the

usually have a picture of themselves standing in front of a luxury car, maybe a pool, but a lot of

times a luxury car or big house.

But luxury cars are popular, especially fast ones.

They want to share the system with you, but they'll share it for only a certain dollar amount, one

thousand three hundred forty nine dollars or or whatever.

But wait, if you buy the day, you can get the system for all the nine ninety nine.

Right.

So it sounds very sales.

Right.

So that's usually how you can tell of a fraud.

I think I would never do this, but if I was to create a trading system I think I'd create one that

was, that was a fraud.

If I was a bad guy, I'm not.

But if I was I would I.

Credit trading system.

I called the full moon trading system and I would call it the werewolf.

Oh, my gosh.

Would be so awesome.

What great marketing writes the werewolf system.

And here's how to work.

The trading day falls on a full moon.

That's important.

It has to be on a full moon.

The trading day you biosecurity with the word wolf in it.

You know, like look for a stock like Silver Wolf Exploration Company, actually real company.

So you buy security with the word wolf in it and then you have to sell the next day.

You know, you're buying a full moon, but then you sell on the next day.

And then after that you go and buy a luxury car because you've made so much money.

OK, so you probably see my werewolf system is just ridiculous and stupid because it is.

And that's something just to be aware of and wary of what these other systems to.

They'll they'll make it sound good.

And there may be some basis in there too, but with using some technical indicator or something.

But again, if it's more about selling the system versus educating or proving something, you know,

statistically or educational, then you know something, maybe stay away from something.

They don't give them a lot of money.