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Re: How would you rate MoneyTec as a trading resource.
It's debateable, You may still be able to get some good concepts from these boards, but In my honest opinion, the quality of the discussion has tailed off somewhat from it's highlight in 2003.
The danger of a lot of recent posts here I suppose is that there seems to be euphoria of over optomisim here, which can lead to unrealistic expectations from trading forex. Many of the systems I've picked up from here
Admittedly, I've since given up the idea of trading my own account and gone with the Managed Forex way (Just as a warning: is potentially a bigger mind field than trading your own account as you are leaving the fate of your capital in another's hand).
To succeed in trading I've found that you need to posess
1. Skills to formulate a consistant and reliable set of trading systems for different market conditions.
2. Sound psychology
3. Sound Money and Risk management systems and methodologies.
4. the Edge, the extensive experience and you may requires years of this stuff
With one of the first 3 factors missing, you are almost guaranteed to fail IMHO. If you do posess the first 3, but lack the 4th, it seems you are unlikely to obtain returns any better than a simple buy and hold in the stockmarket strategy.
Admittedly, I lacked the 4th, although I was able to perseve capital, I was far from happy with the returns I was getting from my own trading and why I decided to investigate Managed Forex options. Currently I only invest in such funds after EXTENSIVE due diligence. This is where I strike off 95% of the funds during the selection process. But to date the funds I have personally selected, been getting, acceptable gains.
There is one thing to note, I only use capital I am comfortable in losing, which is 10% of my entire investment portfolio. Rest of my portfolio contains, Real Estate, Stocks, Hedgefunds and precious metals.
I also have a grievance against the moderation proceedures here. When I was conducting due diligence on a number of Managed Forex funds, My account and Threads got killed without any warning what so ever (I had read the Member guidelines thoughly before posting and thought my posts was well in the scope set out by the member guidelines). The reason given for the deletion one of my threads inquestion, was "selecting investments" (which I don't know how could be a violation of the rules, unless this was an unwritten rule) and was deleted by Kyle.
When I found my account banned and threads deleted without any warning what so ever, I went back and reviewed the member guidelines to try and find what I may have violated. After having did that, and not being able to match up anything, I Emailed, MoneyTec a number of times asking them to elaborate on why they thought my actions warranted a banning and to point out what part of the member guidelines I had violated so I know in order not to repeat the same mistake again. No reply what so ever. To piece it together, the killing of my threads without warning and the refusal to provide an explanation when asked can almost be constructed as a personal vendetta.
Although MoneyTec is Kyle's site, and that he is free to do anything as he pleases, MoneyTec's actions through both killing my thread and account outside of what I judge are the stated member guidelines and worst yet, the refusal to provide a reasonable explanation behind the actions have none the less gone a long way to sufficiently destroy any goodwill I have for MoneyTec.
How would you feel, if you walked into a forum, posted what you thought was within the guidelines, end up getting your account nuked without and warning and worst, the moderator refuses to elaborate leaving you in the dark about what you could have done wrong. I suspect most people would get annoyed.
- Michael C. Lukeland
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