Hi Mr Tan
What are your thougths about all these "trading expert" that we see everyday in the newspaper advertsing their courses and claiming to make returns of 100% -1000% easily?
They are many PMET that turn to such course hoping to find a way out of their financial challenges only to find that after spending $3k to $5k, they are nowhere near being financially free but some ended up losing even more money trading FX, derivatives (options & futures) and stock market.
Why isn't the authorities like MAS putting a stop to this kind of nonsense? If the trainers are so good, they should be working for Temasek of GIC and helping them recover our billions of dollars lost!
Santi
They are many PMET that turn to such course hoping to find a way out of their financial challenges only to find that after spending $3k to $5k, they are nowhere near being financially free but some ended up losing even more money trading FX, derivatives (options & futures) and stock market.
Why isn't the authorities like MAS putting a stop to this kind of nonsense? If the trainers are so good, they should be working for Temasek of GIC and helping them recover our billions of dollars lost!
Santi
My view
This is very sad. However, it is difficult for MAS to put a stop to this type of training activity. It is better for the PMETs to realise that trading in financial products is likely to lead to losses over the long term.
Being ignorant of the financial market, the novice traders are likely to be beaten by the full time professionals. It is like playing poker against a card shark. This is worse than gambling in a casino.
5 comments:
If someone really have Magic Stones that can puke out $$$ so easily, why they are selling at $X,XXX.
They should have secretly passed on the Magic Stones to their family members to generate plenty of $$$ for themselves and become one of the richest families in Singapore for many generations to come.
In recent years the concept of being financially free has become a very hot topic, thanks to people like Robert Kiyosaki whose books present this concept in a very interesting and enticing manner. Many people got really excited after reading his books and without further thinking, jumped quickly onto the bandwagon of "investment", "financial freedom", etc.
Unfortunately this hype is being exploited by other people who started selling toxic products as an "investment". Similarly with the growing number of "investment" courses/talks/seminars. What else? Some MLM (You're a business owner!), "Gift Programs (Leverage) (Ponzi scheme)", Some land banking (Passive Income), and many more. All riding on the concept of growing your savings quickly (leveraging), or be a business owner or even and "investor", earning passive income when you are sleeping and be financially free sooner, etc.
To a certain extent, we have to accept the fact that when a "good opportunity" reaches us, chances are it's not a good opportunity, because the real good ones would have been snapped up by privileged individuals or organisations. The old saying of "If a frog can be eaten, it won't be hopping around on the road" has to be remembered.
Let's put it this way, if the trainers are so good, then they won't be selling the formula. While there could be some truth in the methods or ways of trading that they sell, but think twice before investing heavily in such courses.
Kishore M, a prominent trainer/EX-hedge fund manager and his company was reprimanded by MAS for holding themselves to be a financial adviser without the proper license and carrying on business and in regulated activity of fund management without the proper license.
http://www.mas.gov.sg/news_room/enforcement/2010/Commerz_Capital_International_Pte_Ltd_and_Mr_Mansinghani_Kishore_Mirchumal.html
However, his website still lists himself as a Exempt Investment Adviser/Fund Manager with MAS.
http://www.powerupcapital.com/html/aboutus.htm
I often wonder why all these "trading gurus" would rather make money training people when they have the skills to make serious amount of money?
They could join a hedge fund or even start one themselve and rake in tens of hundreds of million dollars easily and could take 3 months extended vacation as and when they like.
They could even be trading off the beaches of Hawaii sipping on a cocktail with nice bikini babes!!!
But they rather run 3 days seminars promising people untold riches and subject themselves to ridicule from skeptics.
Why? Why dont they pratice what they preach and enjoy their financial freedom and success??
Oh because they want to give back to the society?
Yah sure.
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