May 05 2008
Kishore M Instant Forex Profits
The last speaker of the Wealth Expo was Kishore M, who was supposed to be a hedge fund manager and trading expert.
I see Kishore’s advertisements in the newspapers promoting his seminars almost daily. The seminars range from options, futures, forex, property and even internet marketing. Kishore claims to be an expert in all of them.
Seriously, I do not know of any other hedge fund manager who conducts so many seminars on such a regular basis.
Kishore starts his presentation by telling us that making money from Forex trading is easy.
I am a bit disturbed because a good trading coach will never ever tell his students that trading is easy. How can it be when 90% of traders lose money?
Anyway, Kishore shared four of his strategies with us.
1) Instant Pip Daily Profit
This is a term he created which is basically range trading. Buying at the support and selling at the resistance. Using a few charts, he shows us the potential (easy) money that could be made. He tells us that he can show us how to buy at the floor and sell at the ceiling.
Looking at the charts he was using, he was probably referring to the bollinger bands.
2) Pip Maximiser Technique
This strategy is to buy a strong currency and sell the weaker currency. He doesn’t mention how to tell whether a currency is strong or weak.
3) 100% Accuracy Trading
Kishore told us that there are certain periods in time where a currency will do well. He mentioned that he has studied historical data and has sure win bets that we can make money every month. This is the trade plan he gave us that could give us 200-300 pips profit:
Sell AUS/USD on 5th May and buy it back on 23th May.
Buy CAD/USD on 14th May and sell it on 12th June.
This is about the greatest joke I have ever heard. The forex market is so dynamic and driven by so many variables that it is impossible to tell with any degree of certainty how a currency will perform tomorrow, even more so for a particular date in the future.
4) Pip Breakout Explosive Profit
A fancy name given by Kishore which every trader knows as “trading the breakout“.
Throughout his presentation, Kishore kept on impressing on the audience that it is easy to make good money from forex trading. A couple of his students even gave testimonials on how they were making US$1000/day.
Kishore also told us that we can make US$2000/week if we attend his course to learn his methods. We can start trading forex with a capital of US$5000, US$500 or even as low as US$50.
That’s a half truth. Yes, you can start trading with US$50 but it is almost guaranteed that you will blow your account in no time. Even trading forex minis (US$10k) with a capital of US$500 will be quite tough. It seems that Kishore has his risk management completely wrong.
Halfway through Kishore’s presentation, I started having doubts that he even traded forex professionally.
There were a couple of glaring errors in the things he told us.
When he was using the example of EUR/CHF, he told us that the value of one pip was US$10. Any intermediate forex trader will know immediately that is incorrect.
Was Kishore more of a trader or a trainer?
In the end, I can only conclude that his entire presentation is a huge sales pitch to entice people to sign up for his forex course. Unfortunately, the pitch was too tempting for most of the audience and a couple of hundred of them literally ran to signup for it when the presentation was over.
I feel sorry for them - not just for the 3k+ they had wasted, but for the additional money they will most likely lose if they go into trading without the correct foundation and mindset.
Attending a 3-day trading course does not make you an expert. It is the years of actual trading that makes you one.
If there are any students of Kishore here, I would love to hear your comments.
