Why Financial Advice Should Always Be Free
I watched an infomercial about trading this morning.
Infomercials are a form of punishment for those of us who are either early-risers or those who suffer from insomnia, by the way.
This guy–I’ll leave his name out of it, he’s just a figurehead of a whole industry of these types–claimed to have secret trading techniques that could help anyone make money through trading. It could make money in up markets. It could make money in down markets. It could make money in hour-long squeezes.
And, hey, he had proof. Charts. Testimonials. And a lot of crap that only quit when it came to flashing the toll free number to purchase the program for a couple hundred dollars.
Do I believe that a system could exist? Yes. Do I believe that this guy had the trading “secret”?
If some great trader did have a fabulous winning trading system he wouldn’t be pimping it on some infomercial; he’d be trading that system and making a lot of money. A lot more than he can make looking like an idiot and selling crappy DVDs.
They always have a answer for this. You see, these people are great humanitarians who want everyone to make money in the market, not just Fat Cat Wall Street types. They often show a picture of a sleazy-looking banker to emphasize their class hatred.
But, there’s a problem with that. Humanitarians wouldn’t charge for a DVD trading course either.
So, you have to make an inescapable conclusion that these guys are full of BS. There will be no secrets in these DVDs. You can find the same information online and among trading communities on the web. You can check out books at the library, or buy them, if you don’t mind spending a little extra cash.
Do this and you may just discover your own trading secret, or secrets, worth Millions of Dollars! And–bonus!–you’ll avoid listening to a man in a Hawaiian shirt (to emphasize his “easy-going” lifestyle) bark at you about magic trading profits.