Those who attended the course should sue these people for misrepresentation - the course promises easy profits, which is clearly untrue

Very often in the local forum, you will see someone stand up to be a referee or an umpire to tell the world that it is unfair for someone to make money and for the rest to lose money. I can never understand the mindset of these people. Most likely, they could be victims of these seminars, and perhaps lost a lot of money by learning how to trade or invest.

Instead of blaming themselves for being ignorant and perhaps not giving 100% to learn how to trade/ invest well, they choose to blame the seminar organisers, the instructors, the founders of the courses, the people involved in the seminars, their academic qualification (which has no relevance in trading/ investing whatsover).

The sad thing is that if you subscribe to this logic, chances are you will never be able to be successful in investing and trading. It goes by this simple logic - trading and investment is a skill and it is not possible to be acquired overnight. Most of the participants I came across carried what I called a "quick-to-get-rich" mindset. Worst still, if they also have the mindset of equating setbacks as failure, they will never achieve anything from trading and investing. The seminar fee will simply go down to the sink. It is as simple as that.

Now, if you are serious in learning how to trade / invest well, then ask yourself this question. Are you able to commit to yourself (not to the others) that you will do whatever it takes to achieve it? Are you able to design a plan to enable you to learn the process and the requisite mechanics? Don't say that you have a day job and you don't have time to do this. Maybe you have to sacrifice your sleeping time. Maybe you have to sacrifice your Friday night's drinks. Maybe you have to let go a hobby like golf over the weekend. To respect trading and investing as a business, you must put in time and effort to realise the dream. How do you expect someone to teach you how to ride a bicycle without you practising how to do it?

To think what these folks do is naive and obviously, don't say that I haven't told you so - they will fail and I guarantee that! The saving grace of course is that we need these people to participate in the market, so that we can grab money from them.

Full-time Trader? Does a full-time trader need to trade full time?

Come across the following questions from Conrad's Board which was raised by an aspiring forex trader. This guy asked

"I have some doubts whether to be a full-time Forex trader after 1 year.

i) My friends told me that it takes as much as S$100k to trade in Forex market.
ii) There is no guarantee to make money in Forex. Otherwise, people will have quitted and traded full-time at home.
iii) Is it a must to work a trading firm to gain experience?

Kindly advise a lost soul like me.

Thank you."

How will you respond if you were asked to answer these questions?

Ans: Yes, your friends are correct in that you need to take as much as $100k to trade in forex market. But where is the leverage? Do you understand the concept of leverage which can be a double-edged sword. It can work for you and against you. So, go figure out what leverage means in forex market and how you should apply leverage correctly.

There is no crystal ball out there. I don't even know what to eat tonight. Let alone what I am doing tomorrow. However, does a full-time trader really need to trade full-time? It has always been a FAQ and a $64K question. I won't sacrifice a 9-5 job because I will trade from 10-4 at night. It is simply switching the work clock. It does not make sense. While a lot of folks have painted a 24x5 feature in forex market, do understand that there are certain hours where the market moves fast for you to make money. I place my forex trades only at 8AM when Tokyo is open, 2PM when Frankfurt is open and 3PM when London is open. So, I don't need to trade forex full time as I have better things to fill my non-forex trading hours. Attend Wealth Academy to understand the concept of primary source income and multiple stream of income. It will blow your mind.

The last question is whether it is a must to work in a trading firm to gain experience. Straight answer is "no". One can gain experience by doing the following:

1. Learn the skill by making mistakes in the martket.
2. Get education to learn the skill, paper trade to gain experience and increase confidence level.

At the end of the day, there are too many folks out there who want to take advantage of the quick-to-be-rich scheme. Here is another classic example!