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Investing
How to Identify Bad Money Making Plans
Mar 30th
It may be obvious to many of you, but how to identify a bad money making plan is something that everybody should give a little bit of thought to. To me, anytime I see a plan that really gives me little or no information about the plan without requiring information from me, like my email address, name, address, phone number etc usually turns out to be a bad plan. It’s not like they are harbouring some top secret information or something, they are just trying to get your information for other purposes.
Think about it, if I had a really great plan, I would be more than happy to give people as much information as I could about it (without totally giving it away, since I would be selling the information of course). If I presented the information well enough, I wouldn’t have any problem at all in having all the customers I want give me their details later when purchasing the plan. The internet is just flooded with these irritating and annoying landing pages, that promise you the moon or some ‘free download’ if only you give them your information first.
Some of the most dangerous plans are those that work like a pyramid scheme, where they promise you if you become a member and only get so many more members you will be a big success. None of these plans work and my best advice to you is to instantly avoid any of them. MLM’s or Multi Level Marketing schemes are crafted cleverly so they can say they are not really a pyramid scheme, but in reality they are. They just changed the way they do it a little since pyramid schemes themselves are illegal.
Perhaps the most important thing to remember in all this is that old saying, “if it sounds too good to be true it usually is”. I also like to look at these plans saying to myself, if I really had a plan that could make me easily $10,000 a month, why would I even want to share it with anybody else? And if I did, why would I have to charge them for it and go through all the trouble of creating elaborate pitch pages, collect information etc?
Stock Assault 2.0 – Only an assault on your wallet
Feb 12th
Stock Assault 2.0 is yet another of the numerous stock picking AI robots that are around. The problem seems to be from many of the user reviews I have read there is no AI in this program at all. In fact, more than one reviewer claims the program does nothing more than feed ticker symbols from stored files during the ‘analysis’ phase when it is running and then present you with some stock picks from who knows where. They verified this by placing their own made up entries in the local files folder the program accesses and were able to view those entries during the running of the program.
When you look at any of the many positive reviews of this program, please look at them carefully, they really don’t give you much solid information on any performance they may have gotten and you can be sure that every single positive review you might find will also have an affiliate link to the Stock Assault 2.0 site so they get their commissions. Don’t fall for this one, I stand by my previous statements that there simply are NO get rich quick AI based stock picking programs available anywhere.
Doubling Stocks – MARL Stock Picking Robot
Feb 4th
I saw this one advertised in several places so I decided to have a look for myself. This place that has the MARL stock picking robot will either sell you a newsletter of free stock picks or sell you the stock picking robot for your own use. The best part of the presentation though had to be the video inviting you to watch over his shoulder as he made over $6,000 overnight in a single trade based on a robot pick for a small telecommunications penny stock.
He starts out by bringing up the NY Times homepage to show you the date and time, then logs into his etrade account to make a trade. Noting that the stock is at a bid price of only $0.13 he proceeds to say he will only buy $2,000 worth and puts in a trade to buy 15,384 shares which would be $2,000 worth at the $0.13 price. However, he adds a limit to the order instead of placing a market order and puts a $0.38 limit on the trade.
Now it is the following day, he brings up the NY Times page again to show you this is so, and then logs into his etrade account once again, this time he puts in a market order to sell 1,450 shares of the stock at its current price of $0.43 for $623. So, what ever happened to the other 14,000 shares? Did he already sell them yesterday? Did he make other trades? Well, we have no way to really know because at no time did you ever see 15,384 shares of the stock in his account. It is hard to believe that anybody with even half a brain would blindly go ahead and buy into this system after viewing such a faulty video presentation. In fact, it should have the opposite effect, watching such a video should scare you right out of wanting to know or hear anything else from this company or person whoever they might be. For all you know, they could have transferred in $6,000 from another account just for the purposes of the presentation.
I have over 30years experience in trading stocks, options and commodities having worked in the past for a large brokerage firm developing stock analysis programs of all kinds. My best advice for you is, if you are considering getting into stock trading, tread carefully, make sure you know what you are getting into before investing any sort of serious money into it. There really are no gimmicky one shot wonder type programs or robots that are going to make you rich overnight. At their best, computer stock analysis programs are just handy tools that you can use along with a lot of other information to help you in your trading decisions and strategies.
Forex Nitty Gritty – Don’t Bother
Dec 2nd
Forex Nitty Gritty by Bill Poulos is an eBook, video based system to teach you the secrets to trading in the foreign exchange market. I don’t really have anything bad to say about this system, Bill does give you a lot of solid trading information and advice and doesn’t make any of the wild riches claims of so many of the other plans out there. But it’s not anything you can’t find elsewhere for less. Also, in keeping with all my previous posts, I am against forex trading as a way to make money online for the normal person.
Can you make money in forex trading? Yes, but it’s not easy, it takes a lot of study, dedication, discipline and a lot of capital to begin with. You are not going to make a pile of money with some ‘magic bullet’ trading robot or ‘secret method’ or by using a small amount of capital with 200 to 1 leveraging. Bill Poulos makes a correct statement in his video that the mistake that 90% of forex traders make is relying on other people’s advice when making trades. I agree, but I have an even better true statement, 90% of forex traders shouldn’t be trading forex to begin with.
You won’t find any link to the Forex Nitty Gritty here, if you are still interested in finding out for yourself, you can find it easily enough. But if you’re really dead set on diving into the forex market, why not buy yourself a good book on the topic first, and read it BEFORE you dive head first into the empty pool. Here’e one to start you off:
Forex Trading Secrets
Nov 26th
Forex trading secrets are everywhere. Countless webpages are dedicated to selling you their “guaranteed” successful Forex trading secrets and strategies. They are always chock full of exciting statistics, photocopied results and of course, raving reviews and customer testimonials. Well, I hate to be the bearer of bad news, but there are no “guaranteed” success methods, indicators, strategies or programs. As I have stated previously in this blog, yes, you can make money in Forex trading, it is possible, but I really don’t think it is something for anyone who doesn’t have years of experience in trading and intricate knowledge of markets should be involved in. The reality is, the chances that you will lose all your money invested far outweigh your chances for gain.
Let’s use a bit of common sense here. If after years of work, I finally uncovered some incredible secret trading method or strategy, do you really think I would be sharing it with you, or with anyone else for that matter? Why would I? I have seen several of the pitch pages offer weak reasons as to why they are doing that, and none of them hold water. Sure, I’ve just uncovered a secret that can make me virtually unlimited money, and I am willing to share it with you for only $29.95. Ask yourself why, if I can make a fortune in Forex trading, why would I be bothering to spend the time and effort to try to hawk an online plan for $29.95. The same sort of logic can be applied to just about all such information related to Forex trading. Why are they so interested in helping you? It’s like saying “hey, I just found an incredible gold field out here in the wilderness, I’ll sell you a map how to get here for only $29.95.”
Would you like to learn where the single greatest source of Forex trading secrets is located? Currently, based on search statistics, the largest mother load of Forex trading secrets is located somewhere deep in Nigeria, home to the world’s greatest internet scammers and con men. Does that surprise you? In fact, it should scare the hell out of you.
Forex Trading – Danger Keep Out
Nov 21st
Forex Trading is currency trading in the foreign exchange market. According to Michael Dunn of the U.S. Commodity Futures Trading Commission, currency trading has become the fraud du jour since 2008. Based on CFTC records, the average forex trading victim loses $15,000 $USD. Trading futures is an extremely risky business, where the chances of incredible losses is even greater than the chance for incredible gains. The North American Securities Administrators Association says that “off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud.”
To put it simply, if you are not an expert on currency trading, leverage, risk management, spreads, market timing and other market related concepts, you have no business in forex currency trading. Conversely, if you are an expert, you would know that you would be much better off doing any of these sorts of trades through a legitimate brokerage service on your own.
Keep in mind that futures trading is a “zero-sum” operation, where for every dollar made, somebody must lost that same dollar. Any money you care to risk in forex trading is going against experienced currency traders who have huge amounts of capital behind them (banks) and they have been doing this trading for many years. They spends all day long doing nothing but monitoring the currency market and trading, this is their job. These are the sorts of traders you are pitting yourself against. Who do you think has the better chance of coming out ahead?
How about many of the forex ads, where they promise 200 to 1 leverage in your trading. Do you think that is a good thing? Most reputable brokerages will never allow you more than a 10 to 1 leverage to keep you from losing all your money too quickly. With a 200 to 1 leverage, this means that if you invested $1,000 you are now trading effectively $200,000 worth of commodities. It wouldn’t take much of a market change for your $1,000 to disappear, at which point you get a margin call for the amount owing. Don’t have it? Well in that case they just take all your money and sell off your commodities immediately, you are all done, your $1,000 has disappeared in less time that it took me to write this page.
In summary, if you have a lot of money that you are really tired of owning, go ahead and throw it away in a forex trading scheme, or just take it all to the casino and bet it all on a single roulette wheel spin.