Exposing the Slime of Stock Trading
After fifteen years as a stock trader, I've met a lot of different experts in the field. Most are terrific, but there are those slimy few that mess it up for everyone else. Sadly, new investors who encounter these unfortunate few are often turned off to stock trading for life for fear that they will always get burned. I wanted to share a few of my encounters with these slimy few in order to give you a heads up before you go through what I did. So here are a few of my experiences, and a couple tips for avoiding them yourself.
I'll never forget my worst experience with a stock trading service, the ultimate in slime and an incident that changed my life. It, finally, taught me the important lesson that some people are just in it for themselves, regardless of who they hurt along the way. It also made clear to me that I would have to be different than that, and cemented my personal creed that if a business opportunity requires me to hurt someone else, I just pass it up.
It was a stock trading service that provided the subscriber list a group of recommended stocks to buy or sell short every day. Like many other services of this nature, they provided lots of facts and figures to confirm that their recommendations performed as predicted a large percentage of the time. I was impressed by their presentation and signed up right away.
Unfortunately, unlike all the reputable stock trading services our there, this service had a personal agenda we subscribers didn't know about at the beginning. Their goal was to control stock prices for their own profit, not to help the subscriber group make good choices.
Let me give you an example. First, the owners of this service would buy IBM stock through their account. Then, they would send out a recommendation to the subscriber group, telling us to buy IBM. Once the 3000 + members started buying the stock, the stock price would rise as a result of the activity. When the price per share increased to a point that these slime were satisfied, they would cash in for a profit.
It was a blow to realize that the stock trading service I had placed my faith in was using us subscribers to front run their own trades. They could care less about the success of their subscribers as they had led us to believe, but only their own profit. And, on top of all that, we were paying the slime subscription fees to do it! I just couldn't believe it.
It is true that most stock trading services will not conduct business in such a slimy manner. But there are less insulting, but no less slimy ways for a stock service to take your money and run. I really hate those services that convince a new investor that stock trading is just too risky to do alone. They put on the hard sell to sign up for their expensive monthly plan so that they can do all the work.
I know that stock trading is difficult to start, but it becomes easier once you find a system that works for you. Any person or service that tries to convince you that you can never become accomplished enough to go it alone is just out for the monthly subscription fees. And the services that are seeking folks on a wide enough scale to be profitable on subscription fees alone are generic in nature and won't consider your individual risk tolerance or trading styles.
I know that some investors don't want to bother trading stock on their own, and are content to buy into a monthly service to tell them what to trade. That is fine, and the return is usually adequate enough to keep these folks happy. However, my experience is that if you can find a process that works for you and structure it around your personal risk tolerance level, you will be more satisfied with the trading experience and will realize better profitability over the long run.
You will have to do some probing to find a resource to help you get on your feet without controlling your trades. Slime free resources are available, however, and you will be happy with the outcome as their goal will be to help you help yourself become successful at stock trading. From a successful day trader to a future one, I am sure you will be pleased the results of finding and working with a reputable resource. - 16931
I'll never forget my worst experience with a stock trading service, the ultimate in slime and an incident that changed my life. It, finally, taught me the important lesson that some people are just in it for themselves, regardless of who they hurt along the way. It also made clear to me that I would have to be different than that, and cemented my personal creed that if a business opportunity requires me to hurt someone else, I just pass it up.
It was a stock trading service that provided the subscriber list a group of recommended stocks to buy or sell short every day. Like many other services of this nature, they provided lots of facts and figures to confirm that their recommendations performed as predicted a large percentage of the time. I was impressed by their presentation and signed up right away.
Unfortunately, unlike all the reputable stock trading services our there, this service had a personal agenda we subscribers didn't know about at the beginning. Their goal was to control stock prices for their own profit, not to help the subscriber group make good choices.
Let me give you an example. First, the owners of this service would buy IBM stock through their account. Then, they would send out a recommendation to the subscriber group, telling us to buy IBM. Once the 3000 + members started buying the stock, the stock price would rise as a result of the activity. When the price per share increased to a point that these slime were satisfied, they would cash in for a profit.
It was a blow to realize that the stock trading service I had placed my faith in was using us subscribers to front run their own trades. They could care less about the success of their subscribers as they had led us to believe, but only their own profit. And, on top of all that, we were paying the slime subscription fees to do it! I just couldn't believe it.
It is true that most stock trading services will not conduct business in such a slimy manner. But there are less insulting, but no less slimy ways for a stock service to take your money and run. I really hate those services that convince a new investor that stock trading is just too risky to do alone. They put on the hard sell to sign up for their expensive monthly plan so that they can do all the work.
I know that stock trading is difficult to start, but it becomes easier once you find a system that works for you. Any person or service that tries to convince you that you can never become accomplished enough to go it alone is just out for the monthly subscription fees. And the services that are seeking folks on a wide enough scale to be profitable on subscription fees alone are generic in nature and won't consider your individual risk tolerance or trading styles.
I know that some investors don't want to bother trading stock on their own, and are content to buy into a monthly service to tell them what to trade. That is fine, and the return is usually adequate enough to keep these folks happy. However, my experience is that if you can find a process that works for you and structure it around your personal risk tolerance level, you will be more satisfied with the trading experience and will realize better profitability over the long run.
You will have to do some probing to find a resource to help you get on your feet without controlling your trades. Slime free resources are available, however, and you will be happy with the outcome as their goal will be to help you help yourself become successful at stock trading. From a successful day trader to a future one, I am sure you will be pleased the results of finding and working with a reputable resource. - 16931
About the Author:
W. Alan Gay has been a day trader and mentor for fifteen years. His free report describes Alan's voyage to becoming successful at trading stocks and gives useful techniques he and his students have used to consistently trade successfully. Click to obtain a free copy of his report and learn more about how you could be trading stocks successfully in as little as two weeks.
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