Stock Trading Seminars
If there's one thing that really winds me up about the stock trading industry, it's seminars. I don't know if it's just me, but these things seem to be becoming more and more common. Only today I had two different bits of junk mail arrive in my snail-mail box, inviting me to trading and investments seminars. Amusingly, both claimed to be the biggest seminar of their kind this year!
I don't know if you've ever been to one of these things, but almost without exception, they follow the same format. It can best be described as a 'pitch-fest'. Here's what happens.
First you hand over a wad of hard earned (or traded) cash for your ticket. That is unless you're smart and wait for a free one to be printed in one of the trade mags, or to be sent to you in the junk mail. The marketing for the seminars is usually pretty good, and will promise some top speakers who are going to reveal the secrets of their huge success. Chances are, you won't ever have actually heard of these speakers.
The big day arrives, and you find that you and about five thousand others are attending this "exclusive" learning event! No matter, you find a seat where you can just about see the stage, and get out your notebook expectantly.
The host arrives on stage, and introduces the show. By the time he's done his bit telling you where the exits, toilets, coffee bar, smoking room, and so on can be found, it's already time for the first coffee break, and your bum is already numb. But no matter, after the break it's all going to kick off right?
Not quite. After the break, the host is back. Now he wants to "just say a few words" about his product. After all, the seminar has been organized by some broker or software supplier or other, and you didn't think you were going to get away without hearing all about how wonderful their product offering was did you?
Fair enough, you think, after that, we'll get to the good stuff.
So after the pitch, and after lunch (because the pitch took up the rest of the morning), you settle back into your uncomfortable chair for the first real speaker. You've never heard of him, but apparently he makes millions of dollars in just a few minutes each day, thanks to his amazing system. His presentation starts with a bunch of slides showing you how much money he makes each day. Then he shows you some charts, with his entries and exists marked.
Everyone's getting pretty excited now. This guy might know what he's talking about, and any second now he's going to lay down his system and show you how to trade it. Or so you think. What actually happens is he announces how you too can get these fabulous results when you buy his amazing super-trader-3000 software. And what's more, it's available at a never-to-be-repeated special discount price for the show. What a bargain...not.
And so it goes on. Speaker after speaker parades their product, thinly disguised (or not at all) as some useful trading information.
What's really sad about these seminars is that a lot of the attendees are really desperate to learn the business. They think that a seminar costing a small fortune is going to give them some good headway - and it should! But no, these things are always the same. Pitch-fest. And the constant pitches only server to confuse new traders even more.
One day, someone will come up with a genuine stock trading seminar whereby speakers trade real stocks, in real time, and explain what they're really doing. But I won't be holding my breath for that day to come.
Harvey can be contacted via his website, where you can also read about his day trading course