I was wondering whether anyone has used "Australian Shareholder Centre" and their experiences and thoughts?
Essentially I am currently using margin lending and my own investments. While this year has been good, overall I have not gone too well as I just dont have enough time looking at the market. I was looking around and came across Australian Shareholder Centre (I believe based out of gold coast).
They trade in CFDz which I am aware are higher risk but they rely heavily on trailing stock losses to mitigate risks. I got the sales pitch which, if believed, would yield close to 50% (which obviously rang some alarm bells). They provided me access for a limited period to their members area and I went through all of their trade recommendations for the year so far. In essence, this year they have achieved losses on 56% of their trades (from my own calculations). However, on the plus side, after brokerage etc, it would have yielded approximately $2000 profit thus far. This isn't far off other years they claim. This is in their A and B categories (essentially trading CFDs on ASX, NYSE and London).
-obviously the extremely high return is of concern
- i can not find any reviews of them on the net. Some further searching identified they are a legitimte business IAW ASIC and australian business register and used to trade as Trumarket a number of years ago which hasn't got a good wrap on this forum.
- There is an extremely high set up cost of between $5000 and $7000
Reasons I am contemplating it:
- my own analysis of their trade recommendations year to date does demonstrate a high rate of return in line with what they are claiming.
- I want to get out of self managed investments as I don't have time and look at a medium to high risk place to park some of my savings that is fully managed.
Any thoughts, experiences and advice is greatly appreciated.