Today I was at a home and leisure expo, and I noticed that ‘The Sharemarket College’ had a display. I wandered over to hear what they had to say, and was immediately given the sort of oily sales pitch that you usually hear from dodgy outfits who sell expensive courses.
At first the bloke was evasive when I asked him how much their full course cost, but after pressing him further I was told that their top of the line course plus their software was 30 grand.
I asked the bloke to put up a chart of a stock, and show me where he would have bought, and why. I didn’t let on that I’ve studied technical analysis and have been trading for 15 years.
He put up a chart of some stock I’d never heard of, drew a couple of lines on the chart, then pointed to where the stock was drifting sideways across the chart, and he told me he’d buy HERE.
So I pointed out that the stock was going sideways, no clear trend up or down, and suggested to him that it’d be more sensible to choose some other stock that was in a clear uptrend, or even one in a clear downtrend so that he could short it through CFD’s, or buy some put options so he could profit from its downward movement.
The bloke got a bit stroppy that I’d exposed his lack of knowledge, and said in a terse manner...’I couldn’t give a s**t what the chart is doing, I trade currencies and gold myself, you asked me for a chart and I gave you one’.
I’d trust a Funnelweb spider in my sleeping bag before I’d trust this mob.