My curiosity rabbit is jumping up again and I've this curious question

Why people think money can be made with magic indicator? & anyone found one yet?

Why I ask this is because I see people getting scammed left and right by some programmers who fancy fill colors between moving averages, regression channels, overbought/oversold, large volumes etc and sell it as if "if you buy this you will make a million"

That's laughable, I've personally tinkered with hundreds of indicators and I can go out on a limb here and dare say that "most are nothing special", maybe I'm not that intelligent and someone has truly found something great, that's why the word "most".

I can understand if the ones getting scammed are first timers, but it baffles me when victims are seemingly experienced jocks, they have been around, and likely have also been scammed before by similar scams.

What I'm trying to find out here is "psych" of the victim. What exactly is the driving force here?

Maybe finding about it will help out noobs like me to better tackle or better survive this world filled with sharks and killer whales.

LastDino 

Why people think money can be made with magic indicator? & anyone found one yet?

Question 1: They don't know what else to do, and frankly, don't yet know any better.

Question 2: No.

-------------------

Most of us don't think that the statistic that most traders fail can possibly apply to us, if we only find the key. We also think it must be easy. So we all are subject at some point to the self-delusion that the latest thing we try will be it. Vendors who are honest supply useful tools, but the good tools don't actually guarantee anything, and vendors who are not honest supply useless tools/advice/scams, and those don't work either.

I'm saying "we" because the process of discovering that it's not easy, that in fact the statistics are right, and that we must find our own way is a process that everyone must go through. Hopefully the cost, whether in money paid to a vendor or simply in losses in trading, is not too bad before the light begins to dawn and we get down to work on our trading and stop looking for someone else's answers.

By the way, the exact same indicator/method/system can work well in one person's hands and lead to total failure in another's, leaving people seriously perplexed. It's not the system, it's the trader.

Some compassion is in order for those who keep making these mistakes. We've all either been there, or will be soon enough. Some of us are repeat customers, too.

Bob.

bobwest 

Question 1: They don't know what else to do, and frankly, don't yet know any better. Question 2: No. ------------------- Most of us don't think that the statistic that most traders fail can possibly apply to us, if we only find the key. We also think it must be easy. So we all are subject at some point to the self-delusion that the latest thing we try will be it. Vendors who are honest supply useful tools, but the good tools don't actually guarantee anything, and vendors who are not honest supply useless tools/advice/scams, and those don't work either. I'm saying "we" because the process of discovering that it's not easy, that in fact the statistics are right, and that we must find our own way is a process that everyone must go through. Hopefully the cost, whether in money paid to a vendor or simply in losses in trading, is not too bad before the light begins to dawn and we get down to work on our trading and stop looking for someone else's answers. By the way, the exact same indicator/method/system can work well in one person's hands and lead to total failure in another's, leaving people seriously perplexed. It's not the system, it's the trader. Some compassion is in order for those who keep making these mistakes. We've all either been there, or will be soon enough. Some of us are repeat customers, too. Bob.

As usual, wise words from wise man.

Quoting 

By the way, the exact same indicator/method/system can work well in one person's hands and lead to total failure in another's, leaving people seriously perplexed. It's not the system, it's the trader.

Couldn't agree more, I've seen this happening with myself. I've a friend who trades "pitchforks", he claims it works like magic, but I can't even fathom where he gets guts to trust it to trade with gutso. Of course I don't know his real account but his "claims" are certainly giving me inferiority complex about "trading pitchforks".

Quoting 

Some compassion is in order for those who keep making these mistakes. We've all either been there, or will be soon enough. Some of us are repeat customers, too.

Very true, I've been scammed twice as well. I do keep saying that I'm not intelligent, but that was very very early time for me in the game, I've only paid for NexusFi elite membership since then which is market related. I'm so adverse to shelling out my money that I'm yet to buy TV pro/premium subscription, even though I've made 100's of posts there as well.

There is local saying here, "ones you are burned with hot milk, you tend to be careful with even buttermilk"