The Sharemarket College

Does anyone know anything about the Sharemarke College? We have been approached to buy/join the college. You get software and 12 mths education plus lifetime membership etc. Can anyone advise.

Thanks
Muzzie

How much? :sly:

Yes these guys are crap - from my experience they couldn't organise one beer from the brewery.

Not sure if they are out and out crooks - but god alone knows where they got the EDU.com from - my guess is that they are stringing people along to squeeze as much cash as they can out of them.

Sorry to hear about GullyBull,

How much did you blow and what sort of stuff were they teaching.

They charge around $12,000 for their basic course which is full of padding and very general, plus the charting software - Market Analyser - which you can get direct from MDS news. Then you pay an annual membership fee after the first year. Even though they are a registered training organisation, DO NOT TAKE ANY NOTICE OF THAT!!!! It does NOT attest to the quality of their education!! Furthermore, don't be fooled if they tell you all their trainers are successful traders. They aren't.

Doing a course does not teach you how to trade!!

Ruby

I don't know how these clowns get away with it and it seems to be getting worse.

Just before driving back from the bookshop an add comes on in the car advertising currency trading training with a sickly jingle playing in the background, what the hell do they think they're selling, toothpaste ?

It make me sick because as more and more gullible people get burnt the legitimate industry cops a bad name.

Cutz, they get away with it because people who have been ripped off don't complain to ASIC. If enough people complained ASIC would take their licence away.

Ruby

Do they have campus parties and hot chicks ?

If you met the owners you would not ask that question!!

You looking for a nightshift job Nunn lol

I don't know how these clowns get away with it and it seems to be getting worse.

Just before driving back from the bookshop an add comes on in the car advertising currency trading training with a sickly jingle playing in the background, what the hell do they think they're selling, toothpaste ?

It make me sick because as more and more gullible people get burnt the legitimate industry cops a bad name.
Acknowledging the capitalist system breeds the most cunning of profiteers.

Doing a course does not teach you how to trade!!

Ruby

That is correct. The thing is, there are many other 'Selling machines' like that out there, flogging off education.

I feel sorry for those people that get conned into sighning up, paying thousands of dollars, believing these clowns will teach them how to make money in the markets. I've never seen any shortcuts to trading profitably.

Acknowledging the capitalist system breeds the most cunning of profiteers.

It worries me heaps,

I was reading about a broking firm (link in the storm thread) putting the wrong types into derivative schemes. Many accounts have been blown up due to the incompetence of these so call professionals and now calls have been made for more regulation of the derivatives themselves.

It's amazing asic haven't got the blow torch on the dodgy operators, it's the instruments themselves that arouse suspicion, just like when the market was copping a beating the short sellers where to blame not the distressed sellers than were advised to overgear themselves by clueless planners and scheme operators.

So please beginners, if you need to pay many thousands to learn how to trade then many more on propriety black box systems you have failed the first test and you have no business around financial markets.

It worries me too that these organisations are so greedy and bereft of scruples that they will sell their expensive systems to people who barely know how to turn a computer on. they also arrange loans for potential students to pay for their courses, telling them they will have no trouble recouping the money on the markets.

Unfortunately ASIC doesn't go trawling for these dodgy operators. They can only act when they get complaints from the public - which is why dissatisfied clients need to complain. there are good operators in this industry, but the rubbish needs to be weeded out.

Maybe ASF ought to get an accreditation. Its the best trading site on the Australian net for trading and bringing some of us numbskulls into the real world,

should be called "The Australian Colledge of Tradespersons".

I think that just by exposing these people on the forum we have a very powerful voice. Look at how many views there have been of this thread alone! And yes, it is an excellent educational vehicle.

Bummer ........ I thought it was going to be a "Porkys" type college with frat parties , kegs of beer and semi naked hot chicks .......

Please change the thread title to not confuse us wishful thinkers

Thankyou.

Oh! Wot a shame! Sorry to disappoint! You could write to them and suggest..........??

Cutz, they get away with it because people who have been ripped off don't complain to ASIC. If enough people complained ASIC would take their licence away.

Ruby

This is 100% correct, alot of people do not complain, if they are not succesfull they just think that they did something wrong - not that the 'black box' system was no good. People just wont swallow their pride and admit they did the wrong thing or make the wrong decision to join this kind of circus. Lots of people hang in for a few years and pay more fees in the hope that eventually they will make the big $$. Its all very sad really and I feel sorry for these people that loose their money.

While I agree with some of the sentiment expressed here and agree that 12k
is excessive for a course of this nature.I still support genuine courses as a valid learning tool.
Doing a course does not teach you how to trade!!
Are you sure about that?thats fairly definititive for somebody with single figure posts.In my opinion it can help considerably.
I'm doing a diploma share trading course atm (I won't mention names,its the only diploma course available in australia as far as I know just google it) price was just under $6k and its the best thing trading education wise that I have done.
I think we generalise about courses here too much and turn off newbies on what can be a viable education resource.
True most courses are poor value for money and a lot are ripoffs, but there are some which are very good .:2twocents

All you need to know is right HERE on ASF ...... save your cash .

Perhaps it would be more correct if I said "Doing a course does not make you a good trader".

I know there are some very good organisations with excellent trading courses, but this thread is about the Sharemarket College, and their course is not one of the good ones, in my opinion. The difficulty is in recognising which is which. I have done some fantastic trading courses for which I am very grateful.

If you think about it , muppets need some direction, but the price seems a bit steep even for muppets.

Say a muppet has a lazy $100,000.

He/she pays $12000 for the course.

There is $88,000 left.

So the muppet has to make over 11% just to break even after one year.

If the muppet only has $50,000 then he starts off with $38,000 after the course. So a profit of about 32% is needed.

Go figure.

gg

A good course, whatever that may be, may teach you the basics of trading but it is unlikely to make you a profitable trader after completion. That takes time and experience. Finding out what works for you, and what doesn't. Learning things like how to lose and handle losses. I have yet to see a songle course that teaches you how to lose in the market. It's only by learning how to lose that you'll learn how to win.

If you going to do a course, do one that's from a reputable author that has a lot of good books out there and been around a long time. Names like Jack Schwager, Dr Alexander Elder etc come to mind.

Hi everyone,
I have just got to let you all know that I have have one of these guys around our house and he gave us his sales pitch.The cost is $15000.
Me and the wife silently shat ourselves so, as not to lead this guy of our horror.
We told him we'd think about it and he rung back today.I have just be come a member of this forum and had a read of this thread.The best mouse click I've ever done on the internet.So I'd like to say THANK YOU! for putting this info out there as you fine people have confirmed to me that this is a huge RIP OFF!!!.

Cheers
Pete

Hi everyone,
I have just got to let you all know that I have have one of these guys around our house and he gave us his sales pitch.The cost is $15000.
Me and the wife silently shat ourselves so, as not to lead this guy of our horror.
We told him we'd think about it and he rung back today.I have just be come a member of this forum and had a read of this thread.The best mouse click I've ever done on the internet.So I'd like to say THANK YOU! for putting this info out there as you fine people have confirmed to me that this is a huge RIP OFF!!!.

Cheers
Pete

No worries

That will be $ 14,999 thanks.

Should have put a no royalties diclaimer on my last post.Oops

Perhaps it's just me, but does anyone else find it rather unsettling having John Jarratt as a spruiker for this mob? I'm sure he's a terribly nice bloke but after seeing about 10 minutes of "Wolf Creek" and being physically unable to watch any more of it I really can't look at him the same way again.:eek7::eek:

I am with you Captain Black. I watched Wolf Creek to the end a few years ago. It affected me for weeks and still does. I will never relate to John Jarrett in the same light ever again and he certainly wouldnt be my choice of actor to promote my services or wares.

However IMO his character in Wolf Creek probably blends rather well with The Share Market College. Maybe that is why they engaged him!

I am with you Captain Black. I watched Wolf Creek to the end a few years ago. It affected me for weeks and still does.

The short section I saw part way through made me physically ill and I'm no shrinking violet! I don't "get" that type of movie, sure, people have a right to watch whatever entertains them but I find it repulsive.

However IMO his character in Wolf Creek probably blends rather well with The Share Market College. Maybe that is why they engaged him!

Lol! Can't comment on the SMC as I've never had any dealings with them or any other "educator" but it does seem they've made an odd choice with their advertising.

The only thing I will give the movie Wolf Creek is that young travellers should watch it to make them more aware of what can happen (and has happened) when you are foot loose and fancy free. I ensured my teenager watched it, only for this purpose.

As far as SMC are concerned you are lucky Captain Black...Fortunately this forum has assisted a potential John Jarret victim!!! Onya ASF!

On the weekend I spoke to a friend who used to be a member of the Sharemarket College. They apparently have some sort of arrangement with Sonray, and pressure their clients strongly to use them as a broker. He became concerned when he realised he did not receive contract notes when he bought equities, or any documentation which stated that he was the legal owner of the shares; whereas in the past when he used Comsec he received contract notes.

He queried this with the Sharemarket College, which was initially not very forthcoming, and it was only because he persisted that they reluctantly sent him a document explaining the nature of the relationship with Sonray. See excerpt below:-

................... the purchased stock is registered in an omnibus account in the service provider’s name on behalf of Sonray. Contained within this omnibus account are many sub- accounts, each of which are assigned to a specific Sonray client. Sonray therefore effectively holds all stock and cash in a company omnibus account, which is then distributed to a specific designated client sub-account for the retail client.

Although at the level of an exchange, stock would be registered in the service provider’s name, comprehensive reconciliations are done intra-day to ensure that stock is allocated correctly amongst the sub-accounts to each individual client. For this reason, and because each client is responsible for the interest component, paid or received, in their account, by default whilst records show otherwise they are deemed and should be seen by accountants to be the underlying beneficial owner.

I think that means that although you may have bought shares, they are held in Sonray'sname and you are only "deemed" to own them. Please - anybody - correct me if I am wrong.

Needless to say my friend terminated his membership, moved his shares and is now breathing a long sigh of relief!

The Sharemarket College must now have a lot of very worried clients, all with their accounts frozen!!

I know buyers should always beware, but it seems to me to be deceptive conduct to lead people to believe the shares they bought are in their own name when in fact they are not.

All of those who consider courses.

Ponder this.

There are 1000s of Deli's in Australia.
A few are very profitable.

1000s have Trading "Businesses"
Even less are profitable.

So is it the goods that are traded OR
is it the art of profitable business that
ensures success?

Whats being taught???

My point is most look in the wrong area
for the secret to profits.

There are now several threads which relate to The Sharemarket College, Safety In The Market, Hometrader and Global Masters. Reading though these I find some commonalities: some posters recommend and endorse these "market educators", some revile them; some posters have suggested that yet other courses/sources should be considered instead - I know ReefCap and Market Masters have been mentioned favourably.

There is, however, another level of similarity that might be instructive to point out here. In the thread "Hometrader vs SITM etc." (which is still active as of yesterday) 'rookie' wrote (page 1, post #15, 22nd July 2006):

"Just arrived back from another FREE trading seminar. This time it was CMC Markets that introduced the concept of CFD trading to the audience.
To my surprise at the end of the seminar the same guys who tried to sell me some HomeTrader trainings for a couple of $10K got to the stage and said that they have a cheap 1 day course in CFD trading."

It isn't quite clear to me from that if rookie was saying that the Hometrader guys were now working for CMC. Be that as it may, here is the commonality I wish to point out.

The Sharemarket College has several URLs, which, I suppose, merely reflects the diversity of their operations. (Note: I have insufficient posts to be allowed to publish links. If there is any difficulty in accessing these URLS by those who want to I have only to make four more posts and I shall be qualified! and can then edit or repost this.)
www . smctrader.net/public/CFDs
www . sharemarketcollege.com
www . shop.smc.edu.au/index.php?route=common/home

On the other hand, if you play the SMC introductory video that captain black refers to above you will see at 1 minute 15 seconds through to 1 minute 17 seconds some images of "the Sharemarket College team" (to quote the narration at that point). The online team-member who is featured bears a striking resemblance to the market educator who runs Market Insight (www . marketinsight.com.au/profile.php), an organisation which seems to have been moribund since 2008 (click on the Free Articles and Seminars tabs to the left of the screen). There is, however, a link - just below the tabs I just referred to - that should link to the SMC site (link didn't work when last I tried it, but the 'connection' is there).

Moreover there is a similarly strong resemblance between the SMC tutour and the educator who worked with Neil Costa at Market Masters (www . marketmasters.com.au/profiles), and who apparently took over the running of Market Masters some time after Neil's death in 2004 (www . marketinsight.com.au/products.php).

Now both Neil and Jason (of Market Insight) used to work for David Bowden at Safety In The Market, and both were instructed in all the understanding and methodology one buys into when one subscribes to SITM courses.

SITM was sold to, or arranged some licencing agreement with, Hubb Financial around 2000/2001 when David Bowden encountered health problems and effectively retired from teaching. Read the "Meet the Trainers" profiles here (www . hubb.com/retail/default.asp?nav=edu&edu=train) and you will see what I mean.

To bring this post full circle, in 2006 Hubb/SITM were co-sponsors of CMC's inaugural trading competition. Unfortunately, the eventual winner did not appear to be a client of SITM - at least he made no mention of them in his winner's interview.

So . . . all in all, there may not be as much difference between these educator businesses as at first might appear. It is obvious that there is a lot of market "knowledge" that they share, regardless of how they construct and market their courses. I also know of at least one client consultant who now works for GoMarkets who used to work for CMC, which merely indicates that mobility within this industry is not limited to trading knowledge and tactics.

As another poster reminded us recently - it has been said that "Those who can,do, while those who can't, teach". I am glad to find that so many who can also take the time to teach as well!

As another poster reminded us recently - it has been said that "Those who can,do, while those who can't, teach". I am glad to find that so many who can also take the time to teach as well!

Artist, how do you know that those who teach DO trade? I know for a fact that one of the educators you mention in your post NEVER trades.

Artist, how do you know that those who teach DO trade? I know for a fact that one of the educators you mention in your post NEVER trades.

Ruby,

Some might call it sarcasm, others might call it irony, there may even be a few who call it being careful what one puts in print in a public forum.

:sly:

Interesting article.......

http://www.businessday.com.au/business/cfds-as-easy-as-abc-through-college-that-led-investors-to-sonray-20100715-10cnn.html