Amongst the Internet ads for miracle wrinkle creams and amazing fat burning secrets, there has been a steady rise in ads for the modern day get rich quick schemes. One of the predominant types are ads from companies that claim they can show you how to make a fortune from the stock market at one of their training sessions. Despite most sensible people knowing that if something sounds too good to be true, it probably is, the lure of these ads is quite compelling, especially if you are stuck in a rut or perpetually struggling for money. The question is, can you really learn to be a successful trader after a half day seminar?
You’ve probably seen these ads cropping up in your Google search results or your Facebook page. They will say something along the lines of John Doe turned $2,000 into $50,000 in only two months and is currently holidaying in the Caribbean. Or Jane Doe was tired of her job in the peanut butter factory, and after attending an expert training session, she is now able to earn a sizeable income and be at home for her kids as well. All you have to do is follow their example and attend this miraculous session on learning to trade on the stock market, and you will soon be driving around in a Porsche.
Can they deliver?
The companies running these training courses do have to know what they’re talking about, at least to some degree. They couldn’t bluff their way through a topic like trading very convincingly and would get far too many complaints to be able to keep going if there wasn’t some useful information included in the course. You will find that the basics of trading will probably be explained quite adequately before the session moves into discussing specific approaches to investments. At this point, you would expect to hear the trainers all singing from the same hymn sheet, but they will instead talk about their own pet theories, which will range across the whole spectrum of possibilities. This should be a bit of a red flag because if the course promises a sure-fire way to make money, shouldn’t there be a recognized method with which to achieve it? Come to that, if there is a sure-fire way why isn’t it well-known and universally adopted?
Are they worth the investment?
A definitive answer isn’t possible, as so much depends on what you expect to gain by attending a course. You could probably learn just as much from studying the Internet, and if you want to try your hand at trading, there are some excellent online platforms which can make life easier. Find out what is available and what would suit you best by reading articles like tastyworks vs thinkorswim. What you will find is that very often it turns out that the free or low-cost training session forms an introduction to the offer of further training, mentoring schemes and the like, all costing thousands of pounds. It makes sense that the companies offering their expertise for free are going to be making a profit from it somewhere along the line, and hooking someone with a free offer then following it up with what you actually want to sell them is a tried and tested method of salesmanship. You might learn some useful first steps, but don’t go into one of these sessions expecting to come out ready to make your fortune.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
While living overseas, he uses PureVPN for a low cost VPN service.
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While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.