I'm a UK based stock trader who swingtrades stocks, either flat or on build ups to news.
What I don't get is all these people trying to sell holy grail software and strategies (especially in forex).
Has anybody here ever been conned by these people, I'm highly skeptical of all trading systems because in my opinion if someone has something that works why would they go through all the hassle of trying to promote and sell it on the internet, why not just trade and make money with their system?
My thoughts are the same for trading seminars. When I first started out trading I attended a free seminar which was designed to get people to sign up for a £3000 course in stock trading. I was nearlly hook line and sinker until after the show, when I saw the speaker leave the hotel in an 8 year old car! Most average people in the UK can afford cars that are < 5 yrs and those that don't have the cash available can get car finance. Unless you are unemployed or on minimum wage there's no reason why one would drive such an old car. Even students who are in debt upto their eyeballs manage to acuire relatively new cars.
This sets off major alarm bells for me because buying a brand new car would be an obvious thing for a self employed stock trader to do so that he can offset it against his tax. As someone who ran a business before trading I know that buying cars, computers and electronic gadgets / comforts is a standard thing that people do to save on tax.
What have I learnt from this experience: Check their car, look at their clothes (are they expensive?), are they wearing an expensive watch or jewelery. 9 times out of 10 if someone has a lot of money they will treat themselfs to at least some of the luxuries.
What I don't get is all these people trying to sell holy grail software and strategies (especially in forex).
Has anybody here ever been conned by these people, I'm highly skeptical of all trading systems because in my opinion if someone has something that works why would they go through all the hassle of trying to promote and sell it on the internet, why not just trade and make money with their system?
My thoughts are the same for trading seminars. When I first started out trading I attended a free seminar which was designed to get people to sign up for a £3000 course in stock trading. I was nearlly hook line and sinker until after the show, when I saw the speaker leave the hotel in an 8 year old car! Most average people in the UK can afford cars that are < 5 yrs and those that don't have the cash available can get car finance. Unless you are unemployed or on minimum wage there's no reason why one would drive such an old car. Even students who are in debt upto their eyeballs manage to acuire relatively new cars.
This sets off major alarm bells for me because buying a brand new car would be an obvious thing for a self employed stock trader to do so that he can offset it against his tax. As someone who ran a business before trading I know that buying cars, computers and electronic gadgets / comforts is a standard thing that people do to save on tax.
What have I learnt from this experience: Check their car, look at their clothes (are they expensive?), are they wearing an expensive watch or jewelery. 9 times out of 10 if someone has a lot of money they will treat themselfs to at least some of the luxuries.
