credibility
- Thread starter Magician
- Start date
- Watchers 18
The only way to confirm that someone is a live trader would be to ask him for the login/pass to the real account. While with MetaTrader that's not difficult, many platforms do not support investor login/pass. Moreover, many traders wouldn't want to share their real account details unless they are looking for investors or are trying to sell something.
That's the drawback of even the best forums. You can get some very good advice, but it's difficult to be 100% confident following it when you know absolutely nothing about the person giving it.
Yeah, you have to take everything you read in any forum with a grain of salt.
There is no easy way to measure experience: post count means nothing, since somebody with 1500 posts may have asked 1480 silly questions; even 'Likes' or 'Thank yous' aren't very reliable, because one has no way of knowing how experienced or smart the person who clicked the endorsement is.
The best way to judge posted content is to read it carefully and try to get supporting evidence from other information sources; that way, one will notice rather quickly whether a fellow forum member knows what he/she is talking about.
Cheers,
P.
There is no easy way to measure experience: post count means nothing, since somebody with 1500 posts may have asked 1480 silly questions; even 'Likes' or 'Thank yous' aren't very reliable, because one has no way of knowing how experienced or smart the person who clicked the endorsement is.
The best way to judge posted content is to read it carefully and try to get supporting evidence from other information sources; that way, one will notice rather quickly whether a fellow forum member knows what he/she is talking about.
Cheers,
P.
That's what I meant by getting supporting evidence from other information sources.
Everybody can quote from an article or a book, without really understanding how to make actual use of the content.
Valuable posts take a piece of knowledge and transform it into something useful 'in real life', i.e. something that will improve a reader's understanding of the market, or supply a trade idea.
Example: One can read in a hundred trading books that Support and Resistance aren't fixed lines, but should rather be viewed as floating zones defining supply and demand.
That piece of info in itself is useless to a new trader.
A good post will explain that these are 'kill zones' artificially created by the big players (banks and institutions) for the sole purpose of shafting retail traders. It will proceed by formulating this into a trade approach: 'Look at a chart, observe the price movement, and ask yourself how the biggies would have to act to hurt the maximum number of small traders in a given situation ... then act as they (the banks) would'.
That is just a (very abbreviated) example, of course, but the idea behind it is valid, and actually quite valuable. A trader who has already gained some experience will be able to make use of it, should this basic approach never have occured to him/her before.
A very new trader will require a more extensive explanation, ideally backed up by some actual examples.
Cheers,
P.
My thinking is that the best you can expect is to get an idea...... and then you have to test that idea to make it work for you.
I test things by making a spreadsheet to record each trade, all aspects of it and working on perhaps 300 examples over a long period. That way I have something that I know well. and can choose to keep it or discard it.
Trading is an individual thing, a personal thing, the trades have to be what you KNOW to be right..... after all it is your account that is being affected.
You can take some ideas from the 'experts' but it is only an idea until you prove it to work for you, and that will take months of testing and recording results.
I test things by making a spreadsheet to record each trade, all aspects of it and working on perhaps 300 examples over a long period. That way I have something that I know well. and can choose to keep it or discard it.
Trading is an individual thing, a personal thing, the trades have to be what you KNOW to be right..... after all it is your account that is being affected.
You can take some ideas from the 'experts' but it is only an idea until you prove it to work for you, and that will take months of testing and recording results.
Exactly what was going through my mind as I was reading your post, no one would want to share their real account details. But I think one can always share demo's.
I am sure it all about learning and knowing a live trader will be an added advantage here to succeed in the trade. But for a live trader to give you his login/password i am sure it will be out of place.So it is all about profit i think.taking some ideas from the 'experts' is a good idea until you prove it to work for you, and that will take months of testing and recording results.
Absolutely agree! Multiple confirming sources are the only way to be sure you're on the right track, and that the poster knows his or her stuff. And you should (must) also apply this rule when you hear so called "experts" talk on TV or radio...they are often the worst!
Very true. The credibility of a trader can not be acertained by simply looking at the profile and posts made by the trader. There are scammers who create accounts and post so many useless things or somehow useful posts, just to gain the readers' trust
Credibility has two key components: trustworthiness and expertise, which both have objective and subjective components. Trustworthiness is based more on subjective factors, but can include objective measurements such as established reliability. Expertise can be similarly subjectively perceived, but also includes relatively objective characteristics of the source or message.
Similar threads
