Wednesday, January 11, 2006


Morning all,

Well, I cant see me doing much trading this morning. I have o go the Diabetic Clinic at 10:30am for two and a half bloody hours!

This is like a training session where they teach you what you can eat, what you cant, how to do this and that etc .... (yawn) cant see me lasting the whole session to be honest - losing money every minute.

Just got to tell you about something amazing and unbelievable I found out yesterday.

You know when you are bored - inbetween trades so to speak and lunchtime...

well, I was having a browse around paltalk as I do sometimes and came across this room called '50 pips a day'

So I popped in to find this Australian bloke sat there giving a running commentary on the market and giving calls. Nothing unusual in that you might think.

The room had around 50 people in it and to be honest many sounded very naive in the text chat.

Anyway, to cut a long story short, this guy was aiming to charge for this room from next month and it certainly sounded like some people were willing to pay his $100 a month for the privaledge. Fair enough.

After listening for a while at the guy's somewhat ambiguous calls I jumped in and asked him a question or two. I couldn't believe what I was hearing from someone starting what amounts to a signals service. I also couldn't believe how many muppets were about to follow this guy off the edge of a cliff.

  • 1. He had been 'looking' at trading since May 05
  • 2. He had no trading account of his own
  • 3. The system he was using was only in his hands for 4 weeks
  • 4. He had not a shred of verifiable results and said to all in the room 'boy if i showed you my account it looks a real mess' - and that was a demo account!.
  • 5. He was on a satellite link internet connection that went down at least once every 10 minutes

The best bit was this. Hats off to the guy cos he was as honest as the day is long. He openly said in the room that he wanted to sell access to the room so that he didn't have to trade, could give up his day job and move to the city just giving signals all day.

So to recap, you can pay $100 a month and get signals from someone with a 4 week old system that doesn't trade (nor wants to) and has all the trading experience of a newt.

He made a call on cable yesterday for short at 68 - some one asked him if that was Bid or Offer - he didn't know what that meant. He then fumbled around for 10 mins whilst the trade went the wrong way and after a move of about 40 pips against him said well, that wasn't a good signal you'd better close now.

I find it amazing that even after all this conversation the people in the room were still looking to pay him for the priveledge of listening.

I guess the old saying is true - 'In the land of the blind the one-eyed man is king'


spahiu said...

paltalk was/is a good thing,a fun place also, to bad there aren't any more decent forex rooms...all have managed to disapear in time..

secXces said...

Excellent Soul. Good deal bringing this to others attention. Its people like this that cause all the bad assumptions. Whats worse is that people were still following and not doing any investigating of there own. Again, thanks.