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Get Rich Quick Courses

>> Thursday, November 4, 2010

I am amazed at the amount of trading courses advertised in our local newspaper The Straits Times. Many are promising to teach the secrets to trading successfully in foreign exchange, options, stocks, internet marketing and even property.

From my understanding from course participants’ feedback, most of these courses promise to pass on the secret formula of success after a short 3 day course over the weekend even if you are only a beginner. Lured by greed of claims to easy money, those who signed up parted with thousands of dollars to register. However, they ended up attending a course that did little more than teach them the basics of how to open an account and enter a trade.

By the law of large numbers, if a huge number of people attended, there is a random possibility that someone will eventually be successfully. That particular person will be highlighted and produced as evidence that they succeeded due the system. But if the system was so good in the first place, shouldn’t everyone be able succeed?

Some other puzzling questions: If the trainer had such a successful system, why does he bother to teach when he could be in the Bahamas enjoying? And if he had such a charitable heart to share, can’t he do it for free to help all those less fortunate people and elevate the whole world from poverty?

I hope I am not brushing that all courses are scams, but what I am trying to put across is, educational courses and institutes are regulated; Casino and gambling are regulated; Sale of financial products is regulated. So why isn’t trading courses regulated?

MAS has established such stringent criteria that purchasing any financial product, even a simple term life insurance for less than $10/month requires a detailed fact find, needs analysis, risk profile questionnaire, justified recommendation, at least 3 product comparison, detailed Benefit Illustrations with table of deductions and distribution cost, Product Summary, Your Guide To Life Insurance, Your Guide To Health Insurance and even comes with a 14 day free look period. Moreover, it has to be explained by a licensed practitioner that has passed the required examinations and attend regular competency training. There is also an established avenue (fidrec) for redress if any dispute arises.

Perhaps these same criteria can be applied to ensure that the course is suitable for the consumer before they are allowed to sign up for the course if the authorities feel that it is important to protect the interest of the general public. The trainer should also acquire the requisite professional certifications.

Till that happens, it will be caveat emptor, “let the buyer beware”. Do not be misled and blinded by greed.

- Written for IMSavvy

4 comments:

financialray November 4, 2010 at 2:20 PM  

Agree totally with you. Many are blinded by greed when they pay for these courses. Who wouldn't want to enjoy life, work less and still see the money streaming in? In the end, if it sounds too good to be true, it actually is. If the trading course can bring in good money, who needs to work any more??Think before you pay for the course.

Lau November 5, 2010 at 11:08 AM  

These courses often start with "Rich Dad Poor Dad" hyped up introductions like "Financial Freedom", "Passive Income", "Escape from the Rat Race", "Self Made Millionaire", "Multiple Streams Of Income", to lure people in.

But all these are easier said than done, I believe it is not achievable over one weekend course.

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