Free Forex seminar (is it a scam?)

compound

Hi All,

I accepted the opportunity to attend a free Forex seminar (for 2 hours) to learn more about stocks and shares.

However i'm not sure whether it is a scam? It is being held in a reputable place but i am still suspicious. How much can they teach you in 2 hours? Would it be better to use some free online resources, books instead? If so could anyone reccommend any?

I get the feeling that once i get there they are going to HARD SELL at me and i don't want to have to deal with that! I guess i will get some unsolicited calls too (added to a suckers list).

Do you think it is still worth going and picking up the information and then refusing to sign up/ buy any of their products or service? Or is it not worth the hassle?

PlutoinCapricorn

I guess that the free seminar is just bait, and that there certainly will be some hard selling.

What can they teach you that you can't get from a book or google?

Masomnia

I always think with these people, if they were really any good they'd make a fortune doing the trading and wouldn't need to run these seminars.

Maybe it'll be worth going, but I can't imagine it'll be anything groundbreaking that will make you your fortune.

PlutoinCapricorn

I found an article that warns people that they might sign something that commits them to paying £500. Even if this is not the company, the methods are probably common:

http://knowledgetoaction.blogspot.co.uk/2008/11/knowledge-to-action-traders-university.html

Please do be careful...

compound

Hi All,

Thanks for all your replies. It is indeed "Knowledge to Action". I did some research on the internet and will definitely NOT be going.

PlutoinCapricorn

A very wise decision!

Pachira

I've been to one of the free Knowledge to Action seminars and whilst it was a really hard sell, it was enjoyable and I did learn some useful information to help my trading.

Be under no illusion, they will try all the sales tactics to get you to purchase their very expensive training course; but if you go along knowing what to expect and are resolved not to purchase, then you have nothing to lose.

VfM4meplse

Also remember those sucked into it are attracted by greed. If money isn't your guru, it just won't be interesting to you!

MoneySaverLog

I bet it will work something like this.

Discount given for first 10 to sign up. Stoogies in the room get there first and sign up, making others think, I've got to get in now otherwise I'll end up paying more later.

Cost is mid priced, probably around £2,000 for the full course.

If you sign up for this course, later they'll offer the advanced course during which they'll want up to £5,000 for the course. Same pressure techniques to get you to buy on the spot.

They might even throw in some kind of lifetime subscription to a watchlist service where they give you a list of stock that matches what's on their hot list to buy or sell short. Or offer weekly seminars on the phone where a "guru" will go through trades he has made and what might look good or ideas for stock to watch.

You'll think you're a master, you'll bung all your money into a spread betting account, you'll may be win some, then lose some, then start chasing your losses and lose more until you've wiped your bank out.

It's a MUGS game.

tradermike

I suppose there are 3 options,

1) Follow signal service - but most are rubbish, and don't last long before the site is taken down. You will also be someone elses slave, so you never actually learn anything about trading yourself.

2) Learn for yourself how to trade. This will take a loooong time and you may not know where to start. but with the right application, you may get there. But could take a few years.

3) Pay to jump start the learning process. BUT, this must be from a reputable company that has been going for a while. Ask to speak to other clients perhaps, or maybe go and see them at their office. Many trading companies have a bad reputation as the industry attracts many spivs, but there are a few good ones out there. Look for a pitch that is a little more understated and realistic.

I have been trading for quite a few years now, and I paid for a few cheapy things to help. In the end, I bought quite an expensive product a couple of years ago which has been a real help and am trading profitably, so they are out there.