Snake Oil Salesmen

Hello

ok today i am going to talk about "Get Rich Fast" trading courses. The theory to this kind of business model is very simple. You do not even need to be a profitable trader or have a profitable trading system.

In fact, so simple that you see many adverts in the papers nowadays, options, FX, stocks, etc etc.

1) Dress well
2) Look Rich and successful with a story
3) Promise the sky
4) Charge a high fee for the course
5) Get the students to open trading account with affiliated firms
6) Generate Introducing Broker fees from (5)

Income is generated from 4,5 and 6, especially 6 is a recurring income

Its true you can make money from either market going north or south.
So some of the students will go north, some south. 50% will make money.
Of these 50%, half of them will make money again.

Some of these will be made as "success stories" to attract more people to join, with the dream to be millionairs and get out of the rat race. The rest are probably too ashame to admit they lost money, nobody like to admit that they are losers.
They blame it to bad luck/time, or wonder if there is something wrong with themselves. Wondering if they broke some trading rules set by the trainers. There is easily 1001 rules, enough to fill a whole A4 size page with more rules being added each week. How not to break a rule? Of those who saw the light, there is nothing they can do, when they tried to warn others. They were sued and classified as negative losers or not serious traders.

Even those who initially made money will eventually lose, unless they found the holy grail to read the markets (less chance than kena Toto). I also know there is a sucker born every minute, which is why you see so many snake oil scammers adverts that do not comply to MAS laws and regulations, EVERYDAY.

Yes, you can make money in FX, options and stocks trading, but you have to be a broker or trainer or introducing broker and that is a very stressful and full time job.

Lastly, however promising it looks, do not part with your money for the course. I myself wanted to quit my job and took up the course, paying about $10K for them and investing a lot more, thought i can learn trading to get rich fast. Back then close friends tried to warn me but i ignore them. So experience was my best teacher.

Just like experience will be the best teacher for you the readers of my blog, as I can sense that you too will jump in.

Those who can, TRADE. Those who can't, TEACH. Those who don't know, get CONNED

Nobody will give or sell away the golden goose that lays the golden eggs

Hope this helps, and if you guys do it, may the year of the OX be kind to you.