Be Wary of Where You Get Your Information

Submitted by Marco on 6 May, 2006 - 13:21

There are so many scam artists out there, and in the share trading game a lot of people are promoting their 'secrets' and their 'mastery programs' on how to succeed in the markets. I was surfing around recently and I found this article about wealth creation gurus. I don’t claim to be one. I’m my own person, I’m here to prove nothing and I’m here to give some commentary on my thoughts about trading and perhaps give my readers an insight into my trading style. It is important that you do your due diligence before you are pressured to sign up to one of those courses… find out if the company is reputable, who is the founder and why are they selling their strategy? Whenever I do go to these hard-sell seminars - you know those free seminars that they give out, the question that always lies in my mind is that - are they for real? Why are they doing it?

I’ve been to many, many seminars. I’ve never paid for one. Why? Because I didn’t think it would add value to my knowledge. It may seem stupid not to, seeing that I could learn new strategies, but at this moment in time, I want to discover things for myself, find out what my own personality is on the markets - then see what other people are doing. I may take them up on their seminar offers maybe in a year or two when I think I know enough to trade and confident with my own stock trading style.

Be wary of where you get your information from. The way I figured it was that the presenters were either: scam artists, not doing too well at their own trading or doing so great that they are bored and wanted to do something else.

Of course, stay away from scam artists - you can find a few scam artists that pose as wealth creators who are discussed in this article.

Now you’ve got people not doing too well at their own trading. I haven’t figured a true and tested way to figure this one out, but I may try out a trick I learnt recently next time. This trick is directly from a body language text book - the technique is that you ask the person a surety, something that is definitely true, then observe how they react, how their eyes move around. Then you ask about their trading. See their reaction - if it is the same reaction as telling the truth that would be evidence that they are telling the truth. If not, they may be lying. But the thing is, that some of these presenters are great presenters, great actors - and a lot of them can mask their deceit with their enthusiasm and presentation style.

The ultimate way to learn stock trading, in my opinion is through mentoring - when you definitely know the person’s track record on how successful they are. But remember, everyone has their own trading style and their style may be successful for them, but it may not work for you.

So, be wary and you shall be safe from those scam artists.

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