Here’s a list of tools and products that I recommend you DON’T buy.
This page is not static and will constantly evolve, depending on the retail trading landscape (which can change quite often, and quite dramatically).
Nothing on this list should be dismissed as “completely useless”, as it really depends on the availability of alternative or complimentary products. For example, a tool that is practically useless on its own may eventually become useful when paired with a new tool/product that becomes available.
Another example would be a product that costs too much for the benefit it provides. If the price of this product is lowered, it may be worth the purchase.
Don’t Buy List
Don’t Buy 100% Automated Robots/ Expert Advisors
- Market prices can never be consistently predicted by a fixed, hard-coded formula.
- You completely surrender control of your account to a chunk of computer code (which is a really bad idea).
- A truly profitable trading robot will not be openly sold on the internet for $197.
- This type of product essentially sells you the prospect of a free lunch. The only person who will be making money from this arrangement is the product seller.
- Learn to trade (manually, or semi-manually) for yourself
This is the only type of product that I am completely against. If you’re lucky, you may make some money in the short term (due to pure luck), but I’ve never seen a 100% automatic trading robot that works longer than 6 months in LIVE trading. Each time, the losses eventually overwhelm the prior profits made.
Don’t Buy Newbie-Traps
Any product that makes huge promises (usually accompanied with earnings screenshots littered with large red numbers, words and arrows) but is vague about the actual offer is a newbie-trap.
These products are generally garbage and will never get you anywhere close to the advertised results.
When you try to close the window, they often present you with a “discount” to the product.
Another way to identify a newbie-trap is in the name and description of the product.
Stay away from products that use words like:
- “stealth”, “powerful”
Sexy-sounding words that don’t actually mean anything.
- “big secret”
Hmm… I’ve just discovered a “big secret” that makes lots of money… so of course I would want to email thousands of people whom I’ve never met before, and tell them about it. …Really?
- If you’re a beginner, you’re better off starting at: www.babypips.com/school/
Don’t Buy any product that claims 100% no-loss trades
Any product vendor that truly believes such a claim is either incredibly naive, or lying.
A true 100% no-loss trading method would make me a multi-millionaire in a couple of weeks. That’s just B.S.
- Learn how to manage your trading risks because you will certainly be taking losses. The idea is to make more money than you lose.
Don’t Buy From Internet Marketers
Here, I refer to Internet Marketers as people who sell Forex trading products, but who are not actual traders.
Although there are some Internet Marketers who are also traders, the vast majority of them are not.
Characteristics of Internet Marketers:
- They email you only when they’re recommending a product.
- Within a short period of time, they send out a flurry of “educational” videos and reports, just before promoting their product. Afterwards, they barely contact you again, other than to recommend someone else’s product.
- They do not showcase their live trades on an on-going basis.
- They jump across asset classes. One moment they’re promoting spot Forex, then it’s Forex binary, then it’s Bitcoin, and so on. They don’t stick to one thing.
Basically, their method of operation is to launch and promote as many products as possible. This is typically done under multiple author names (although it’s all done by the same few marketers behind the scenes).
The best way to identify these people is to notice if they constantly share with you what’s going on in the markets, or their views and perspectives.
Internet Marketers focus on selling their products, not educating traders.