A lot of traders are probably asking the same question when it comes to trading systems: why would someone share a system when he or she is already making a huge profit out of it? In this episode, Walter answers this question and how lifestyle and beliefs can affect a person’s decision in choosing the right system.

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Download (Duration: 04:16 / 4.90 MB)

In This Episode:

01:01 – why sell a system that makes money

01:38 – finding the best system for you

02:52 – you make the money

03:30 – education to a trader

Tweetables:

The trader makes the money, not the system. [Click To Tweet].

Look for a system that fits your lifestyle and beliefs [Click To Tweet].

Self-discovery. The consistency of your profit depends on you. [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be.  That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Today’s question is: are all education sites a scam? I guess the reason behind is that if somebody has a system that works and makes money consistently, then why teach it to somebody else?

Walter: Right. Yeah, that makes perfect sense. Here’s the subtext to this question – the thinking goes that the system makes the money and not the trader. That’s sort of assumed in this question when people ask why on earth would you sell a system when that system makes money? Why don’t you just trade it for yourself and be selfish and make all those profits for yourself? Sort of the old evil empire thing.

Here’s the thing and here’s the reality: the trader makes the money, not the system. In fact, there are very few traders that can take a system out of the box and just trade it as they’ve been taught by the system. Most traders have to tinker with it.

Like for example, Hugh, you have some system that you’ve pulled from other traders right? Now, my thinking is that some of these while you thought, ‘Yeah, that’s probably a pretty good system.’ You didn’t trade them. Now, my question to you would be: why didn’t you trade those systems?

Hugh: Okay. For example, I took this one course, the guy had maybe six systems in that course. All really good, all worked for him. For me, it came down to two systems. I threw away the rest because they were systems that don’t work with my personality.

The other system required too much baby-sitting. I’m not in front of the screens all the time so that was another reason. And then, that just left one system which I could put on and alert for. It worked with my personality. It was good and I’ve been trading that system ever since.

Walter: Yeah. So that’s exactly it. It’s all about the match between your lifestyle, what you believe about the markets and the system. Once you understand that,