Tan Kin Lian's Blog: Foreign exchange training courses

Tuesday, September 20, 2011

Foreign exchange training courses - misleading statements

If you have attended a foreign exchange training course and have paid several thousand dollars, and found later that you were misled, please write to kinlian@gmail.com. I am helping a friend to lodge a complaint about these courses and more evidence is needed.

8 comments:

Anonymous said...: How about Stock Trading courses? They all have same modus operandi; September 20, 2011 7:27 PM
Anonymous said...: The key I think is what did you pay for?

What were you buying when you handed over the money?; September 20, 2011 10:18 PM
financialray said...: Not only the stock investment courses, the property investment courses and many other financial education courses work in the same way. Come for free seminars and sign up for the course after the seminars. Its at your own risk. Want financial freedom? Want passive income? Want to retire early? Want to make 10-15 k a month? Come for free seminar and let experts teach you. Then you are enticed to sign up for a course. Some even offer refund on the first day if you are not satisfied. Presumably no questions asked. Before you sign up for the course, ask whether there is any accreditation and why the speaker is holding the seminar. If you can get 20-30 people to sign up for whatever investment class at 3k each, the speaker is already richer by 60-90k within that few hours or days. The expert is making money out of the gullible. The Chinese say Jiang uncle goes fishing, the gullible gets baited. Not surprising that many Jiang uncles are now conducting FREE seminars. Just make sure you are not the fish as Jiang uncle is not going to teach you how to fish.; September 21, 2011 9:38 AM
Anonymous said...: Generally, this FX trainer is

1. No Finance degree
2. No Real trading experience from Bank/Fund house. Even a person working in bank, the one working in IT department or back/middle office will have very different experience and skills than the one from front office trading desk. Please ask clearly what job scope the person was involved if he claims he has banking exp.

3. Running a free preview or short (1 day ) course in order to get you to sign up a 2/3 day program

4. Refuse to open up their trading book/statement of the past 2/3 years to let you judge whether he is a consistent/ profitable trader

5. You have no way to verified whether the trading account he shown you is actually trading by himself or someone's else because they are not-regulated and no license.

6. Likes to use newspaper, local magazine, facebook. twitter and discussion forum to market himself.

7. Last but not least, the good thing of being a coach is he can collect school fee from you as a free funding (easily 60 to 100K per mth), he can go to gamble on his trading strategy, if this coach wins, he market himself heavily in order to bid more students next round, what if he loses, just keeps quiet and try to get enough student to fund his trading activity for next mth, don't you see there is a medical doctor, DJ, barTender are all became successful trader suddenly in recent years. Gullible students, it is high time to wake up.; October 14, 2011 2:34 AM
Anonymous said...: Most courses don't mislead the people. They will mention all the disclaimers. But they could be smart on the other hand.

The thing is they could have lousy strategies taught to the students.

When students don't profit, they can't blame the coach. The coach may find a lot excuses.

Examples:

1. Since there are many supports and resistances, the coach may say "you are shorting near support! You are doing wrong!"

2. Since there is no 100% in trading, and coach has already told the students before hand, what can the students do other than saying they are unlucky?

3. When the students kind of not discipline, they will blame themselves even the strategies actually don't work which they don't know.

4. Sometimes you will think it is because trading needs time to master (indeed) thus you didn't do well. But how long do you need to take? Maybe the coaches already earn enough and quit teaching and run away.

Not all courses have great after course support too. So after the course is like a "bye bye" to the students.

It is also the coaches' rights not to show their real accounts results, so even if they don't do well, the students' won't know.

Even they do show, they would blackout the stop loss and profit target section. So who knows are they actually trading properly?

After all, it is just too easy for coaches to escape from being sued. And the result usually is coaches earn students' money and students lose money from both the course fee and trading.; October 15, 2011 1:55 AM
Anonymous said...: Any idea about Kishore of Powerupcapital.com .He claims to be a know all guru and he charges hefty money for forex training.Is the training really worth it; March 03, 2012 7:44 PM
Anonymous said...: The training programs evolved from NLP lessons, whereby students pick up techniques from successful traders. The models are just models and will only work assuming certain market conditions. The trainers will need to tell the students what are the pros and cons of trading such methods.
- Irene (NPC); January 06, 2013 8:57 PM
Anonymous said...: The courses are created as a result of using NLP techniques, ie models are created based on successful trading techniques. However since these are models, assuming to work under certain market conditions (trending or sideways), the trainers will need to tell the students the pros and cons of using such a trading technique.
- Irene (NPC); January 06, 2013 8:59 PM