Selecting A Trading Seminar For Stocks, Options Or Forex
by: JamesJ.Dehoiver |
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Anyone who has watched any late night TV recently cannot have failed to have noticed the many comercials trying to sell you on a series of trading seminars which promise will change your life and make you rich.
These seminars will represent a very large investment for most people so care has to be taken when selecting a seminar educational company. In this article you will find a few good tips about what to look out for if you call that 1 800 number.
There are quite a few companies that got into the trading seminar business recently, at least in the last 5 years. This has been fuelled by the meltdown of the market during 2000-2003 which has led many investors and traders want to self direct and manage their own money. The less attractive option is leaving it in the hands of an often less than competent fund manger, who may not have your best interests at heart.
Some of the companies that that advertise extensively on late night TV are Investools, Optionetics, Bettertrades and Star Trader. I'm very familiar with these companies as I've attended the free warm up selling seminar for all of them, and actually bought and attended seminars from 3.
The purpose of the infomercial is to get you excited about trading enough for you to take the trouble to attend their free warm up seminar at a local hotel. At the hotel expect to get a little more free trading infomation, and a lot more selling of the seminar. These sessions can last from 45 mins to a couple of hours and will try and get you to open the cheque book and sign up on the spot.
Usually an attractive discount incentive is offered at these free seminars to encourage you to sign up on the spot, which is not normally available, so be prepared to be tempted, if you are weak willed by all means attend but leave your credit cards and check book at home. More often you will be given a set of DVD's, manuals and website login immediately allowing yourself time to study before attending the live seminar.
If you do sign up at one of these free seminars here are a few points to consider:
1. Check what the return policy is very carefully as this can vary a lot. Sometimes it is 2 weeks, sometimes it is up until noon of the 1st day of the seminar, sometimes until the end of the 1st day etc. The important point is to use this time wisely and fully evaluate the materials that have been given to you. If you are not happy or satisfied be ready to ask for a full refund before your return period ends, otherwise these companies can play hard ball.
2. If you are allowed to bring a 2nd person to the seminar at no extra cost, then take advantage of this. It is very valuable to have a 2nd opinion about the merits of a seminar since it will be an expensive investment. If you are not allowed a 2nd person it may not be a good deal.
3. Check that you are paying the lowest price possible for the seminar. You don't want to end up in the seminar and find that the person next to paid a lot less for the same seat, just like on airlines!
4. If you are new to trading you may not be exactly sure what you need to learn, and it can be quite confusing. Make sure that the seminar that you are taking is on the right subject matter. A basic stocks course will not cover anything on options and visa versa, and a forex course will not cover either etc.
Here is the bottom line about these beginner trading seminars. They are not going to teach you everything you need to know to be a successful trader in 2-3 days, there's simply too much you need to learn. They all have follow on intermediate and advanced courses like Options, Advanced Options, Technical Analysis, Advanced Strategies, and so the list goes on. Expect the selling process for these follow on seminars to begin during the expensive seminar that you just paid for!.
Expect a hard sell for the follow on seminars from some of these companies. The sales pitch is usually well practised and hard to resist so be prepared and don't act on impulse.
I would only recommend buying additional seminars or material from a company if you are very satisfied with what you have seen so far, and only buy in small increments. The reason is that usually you don't get any refund period guarantee's on additional buys other than the usual state 3 day cooling off period, which is not much use if you are just signed up for 2 years of seminars!.
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About the Author
James J. Dehoiver is an master stock trader and writes about stock trading gurus on his web site and about the leading stock and option seminar trading educational companies.
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