Skip to main content

Attending those "Get rich" seminars...


Several years ago, I wanted to learn how to trade Forex in order to supplement my day job salary. This is due to I was drawing low day job salary. I do not know how to trade/invest in other stock markets apart from SGX. As a result, Forex should be what I am looking for since I can do it at night or in the wee hours.

 So, I started to read some Forex books and google to learn about it. Alamak, it is so technical and "Chim"! Since I am not from Business background and being less smart person, I literally don't understand.

 Subsequently, I came across this advertisement on Forex seminar. Without hesitation, I attended the free 3 hours preview. In the preview, the speaker is so good at presenting and as a result, manage to convince such a big crowd of people to sign-up for the seminar. The speaker definitely has the professional speaker quality. The price for the 2.5 days course is S$4K.
Some of the content in promoting the course as follow:-

  • It is so affordable because you can use credit card 24 months 0% installment plan
  • You will definitely earn more than what you paid for since you can earn millions by trading Forex
  • Price includes support after the course
  • Price includes practical tutorials after the course so that you can come and practice real trading after the course
  • You can apply for a forex trading Master Degree certificate offered by XXX university in UK after attending the course 
  • The strategy that shared in the preview is only 10% of the course, there are a lot more strategies to learn in the course. To be frank, the strategy shared in the preview sounds very good.
  • Anybody who knows how to use computer and internet can make it. Ex-students who are retirees, housewives are earning a lot of money
  • Have came out with the configuration in meta-trader software so that you can have high chance of winning
  • Can network around with people who trade Forex
  • People lost money in FOREX because they don't know how, so they are like gambling away their money
  • You can apply the same knowledge to trade to stock, CFD, etc 
  • Will help to sign-up account with IG Market
  • Bonus of S$500 to be credited in your IG Market account so that you can start trading real money
  • You will be successful as you spend time here to learn the secret of trading but not stay at home watching drama 



I belong to one of the crowd who sign-up for the course as well. As mentioned earlier, my income was not high, the $4K actually meant a big sum to me.


During the 2.5 days course,
  • I was given a thick manual
  • I was shocked with the number of attendees. It is the size of an exam hall
  • The venue is in 1 of the hotel and hotel food provided  
  • Other attendees that I talked to seems to be very satisfied with this course
  • The speaker managed to go through the thick manual in 2.5 days
  • The content of the manual starts with what is FOREX, fundamental theory of trading and explain on few trading indicators

After the course, I was hardworking student who attended the tutorial 2 times a week,
  • There is 1 ex-student allocated in the tutorial who trade on the spot and explain why he bought at that time and sell at another time. His explanation mainly based technical analysis like MACD, RSI... 
  • This ex-student looks knowledgeable and he got profit more than loses. On top of that, he also shared some of his past mistakes that causing him to loose money 
  • Later part of the tutorial, the speaker will come in and trade in front of us. Before he starts, he passed us a form to sign. The content of the form is more or less will not be held responsible for our lost if we follow his trade
  • Being not so smart student, I didn't suddenly became good at trading Forex after the course. So, in the tutorial, he buy I buy and he sell I sell. Alamak, this self-claimed expert lost the trade most of the time! Worst than the ex-student. Luckily I trade the minimum size which is 10% of the speaker's size, then my lost of real money is lesser. Remember I mentioned that there is S$500 in IG Market account? I actually lost half of it. I feel that I am still like gambling away the money after the course.
  • Week after week, people who came to the tutorial reduced. I believe the reason is they feel waste of time coming to the tutorial, not because they became expert so they don't need to come anymore. This is what I feel and decided not to attend the tutorial anymore.
My conclusion:-

  • My monetay lost include course fee and trading lost
  • The Support and Tutorial don't seem to be useful to me
  • The Master Degree certificate doesn't help in anything. On top of that, it is troublesome and need to pay a fee for it.
  • The strategy that shared in the preview is the best strategy. 
  • I do not know how many students really earn a lot of money.
  • The meta trader configuration doesn't guaranteed high chance of winning
  • After the course still lost money in FOREX gambling
  • Losing money in trading FOREX makes me feel that I will lost more money trading stock, CFD, etc 
  • Watching drama at home at least can avoid losing the course fee and trading fund 
Ok ok, I should stop here as I became too negative now. Sorry about that.

Actually the tips shared in preview session are very good especially for beginner. Spending few hours and few dollars on public transport to attend the session is good. I learnt something useful every time. Nonetheless, I don't think I want to sign up for expensive course anymore. Don't worry that they will close down as there are still people that will sign-up for it. Oooops, maybe I should not published this last paragraph, not sure will anyone be mad at me.



Labels:

Comments

Post a Comment

Popular posts from this blog

High Interest Kids Saving Account

I n Singapore, we have CDA savings account for new born with dollar for dollar matching from the government. In addition, for those with household income <S$4500, you just need to save S$50 and OCBC will contribute one time S$100 and subsequently Singapore government will match another S$150 into the CDA account. As a result, you have S$300 in the account with only S$50 out of pocket and this S$50 can be a portion of baby bonus (let's say $6K). Hmm..., these sound not bad after all! Nonetheless, the drawback is, the interest earned for this account is pretty low which is about 0.8% a year. Therefore, I don't think it's wise to deposit the full lump sum of baby bonus into CDA account at one go, just the sufficient amount to be spent on doctor visit, immunization, etc. Lately, I found out that BankWest (one of the bank in Australia) is paying 5.75% variable interest for Kids Saving Account. This is a monthly savings account whereby you can choose to deposit A$25 to A$250...
1 comment
Read more

First Home in Singapore

L ike many other Singaporean, at theage of early twenties, I am planning to purchase my first home. At this stage,I am at a cross junction whereby I will have to choose what type of home I needto go for. Since I am not rich and I do not want any external assistance(borrow money from parent), private property is definitely out. One will not beable to feel sense of achievement by asking for parent or relatives’ help.   Looks like I am going for public housing (HDB) then. Filtering EC and DBSSwhich I can’t afford, I still have to decide on how many flat rooms of HDBflats I am going for: studion / 2 rooms / 3 rooms / 4 rooms / 5 rooms / EM. By the way for thosewho are not familiar with Singapore public housing, 3 rooms flat doesn’t mean flatwith 3 bedrooms and 5 rooms flat doesn’t mean flat with bedrooms. On top ofthat, there are several models for resale flats. For instance there are model A4 rooms flats, model S 4 rooms flat, etc. They are varies in term of size, 4rooms flats are ...
1 comment
Read more

2nd HOME in Singapore

C orrect me if I am wrong, my understanding of HDB rule is the local can purchase second residential property after serving 5 years of minimum occupation period for the HDB flat.   After residing in the HDB flat for more than 4 years, wild dream began to appear in my mind. I am eyeing for HDB maisonette around my area. The 2 storey flat looks so spacious that capture my heart. After some renovation work, the flat must be as comfortable as double storey landed property. For your information, some HDB maisonette is at level 1 and 2. Those owners even convert the grassland in front of their flat to be their own garden with plants and swing as well as laundry. On the other hand, many people out there might be thinking of purchasing private condo after serving minimum occupation for the HDB flat which is quite different from my wild dream. Some of them even sold off the existing HDB flat in order to fund for the down payment of the private condo. I even saw some of the people up...
Post a Comment
Read more