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FIB - Scams 101 - Ye Olde Archives
Posted By: dale In Response To: Worlds Perfect Business/Michael J. Siegel (jen)
Friday, 4 November 2005, at 3:10 p.m.
>
Hi Jen,
Where to begin? Like The Roadie said, if these guys programs were so good, why not trade them and not share? Obviously, they make more selling the program than trading...
I have read many books on trading, bought various programs that had "the secret" to successful trading, and none of them really worked well...they were not worthless, however, as I learned something from all of them.
And education in the markets is everything...there is no simple way around this...
I have traded on and off the past few years and have learned that no matter what the "guru's" tell you, it will ultimately be you who have to "pull the trigger" and place the trade, risk your money, etc....
Don't be fooled by papertrading, either...a good way to practice, but it is much different than trading your own money...
Any guy who wants that much money to "train" you and then has the nerve to ask for 20% of your "profits" for the first 6 months should be avoided like the plague! I have never, ever heard of even the slimiest gurus asking for a percentage of your profits! Unbelieveable!
A good place to start and a fun read is a book called "Rule the Freakin Markets"...can't remember the guys name, but you can get it cheap at any bookstore as well as on Amazon.com.
As good as he is, even he has a website, newsletter, "consulting" available, etc. etc....the book is good, but you are the best person to decide what and when to trade, not any guru or broker, IF YOU TAKE THE TIME TO LEARN.
Lastly, a friend of mine recently took a stock course from a guy who had the attendees promise that they would not trade any real money for 1 year! He had them paertrade, practice, etc...this guy studied everything, got charting software, papertraded, literally lived the market for one year...
He just started trading real money and guess what?With all his study, time, effort, etc. he is breaking even.
Point is, don't count on someone else to lead you by the hand...read, go to seminars (but don't bring money! lol), and educate yourself...then at least you can make an educated decision as to whether trading the market is for you!
Good Luck,
Dale
b
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