So my question is this - and only this - outside of reading "Day Trading for Dummies", where would any of you point someone to find truly useful information to build an "education" on in terms of trading and investing? I know that most knowledge is going to come from experience, but there has to be something to read that has a relatively condensed "basics" to get someone started in the low end. Or or someone that is willing to share what they know that doesn't cost $65,000. Where do you find those things? Even a link to a specific post on these forums would be most helpful. My eyes hurt. (sarcasm) ------------------------------------------------------------------------------- Funny you should mention "Day Trading for Dummies. At the Pro Trader class I attended at the OTA center in Orlando, the trainer was reading word or word and quoting from "Day Trading for Dummies and treating it as though it were a bible. And he was supposed to be an expert. This was a class that only had 9 people attending in a room that held at least 25 and was listed on OTA's website as "SOLD OUT" Caveat Emptor
The Goonior wrote... Yep, they probably have a script for every possible angle. Don't even give them a chance to get their hooks in you is my recommendation. -------------------------------------------------------------------------------- Yes they do and unfortunately they did get me for about $5k. Fool me once, shame on you, fool me twice, shame on me.
Yeah, I'm definitely not expecting to spend 2 hours on anything and feel confident. I'm positive that the confidence will come only from experience. I do, however, want to start out as informed as possible. As far as OTA goes, I have a knack for being difficult and negative (in a good way) and I'm certain that I will have no problem getting up and leaving when it becomes necessary. And I am sure that will happen. Unless they want to use handcuffs, then that could go another exciting direction. I won't be treating this book like it's the bible either. I've just read through countless sites and forums and see this book mentioned a lot, along with a few others that I will be picking up. I've had a few successes just messing around on my own with no knowledge and I really feel like it's something I could be very good at, as I am sure most people probably feel when they see the dollar signs. I do appreciate all of the insight and most of you seem very level headed. I'll be adding this site to the always impressive "favorites" bar on my piece of crap computer. Also, I'll apologize in advance for all of my ridiculously stupid questions!
Quote from Kinda: P.S.S. - Please pray to give me the strength to turn down forking out $6,000 for something that I can find "anywhere" on the internet. --------------------------------------------------------------------------------- I can give you something better....advice. Leave your wallet, credit cards and checkbook home. Go to the program. Eat thier free (but lousy) food. Listen to their wild claims and sales pitches. They are persuasive and work on your emotions. Be smart and stand up to them. Ask them the tough questions. Play with them as they play with you and at the end, just say NO to OTA!
Attended one of the "Power Trading Workshops" today. They did a decent job getting me fired up, but I left without signing up for two reasons: 1) There were a gaggle of morons in the class. The OTA staff kept talking about turning individuals into "professional traders", and there's no way any of my fellow classmates had the mental capacity to synthesize all the info. 2) Their approach seemed TOO easy. They didn't exactly say it was a cakewalk, but the instructor insinuated that nailing 60-65% of his trades was a given using their formula & strategy. If it was that easy, it seems that a quant could be programmed to run the system, but the trainer poo pooed the idea when I asked it. In the end, I basically presented them with an offer (bundle a certain number of the classes together and I'll do it for the $7k), but they pretty much rejected my offer & I left. The entire presentation they preach the need to buy at wholesale and shun retail, yet they balked at my request to purchase at wholesale. For someone who wants to learn how to trade, and has intermediate investing experience (been managing my own HSA, IRA, and TDA account for about 10 years, with average gains) but knows nothing of technical analysis/swing/daytrading, is there a recommended path for further education? Are there any educational programs that offer anything worth a darn?
Dolemite wrote.... In the end, I basically presented them with an offer (bundle a certain number of the classes together and I'll do it for the $7k), but they pretty much rejected my offer & I left. The entire presentation they preach the need to buy at wholesale and shun retail, yet they balked at my request to purchase at wholesale. --------------------------------------------------------------------------------- Who says that is wholesale? I seriously doubt if all of their classes combined are worth more than a couple of hundred bucks. And you are willing to pay $7,000? My guess is that any of the OTA used car salesmen would have jumped on that if it was presented. What a steal - For OTA! IN FACT, at the Orlando Center it is quite common to bundle packages very much like you suggested for $5,000 and even as low as $3500 (depending on the sales rep and the time of the month) How do you really determine if the product is a value? Does it work? Who has it worked for? And as for wholesale, look at what you spend, then look at your ROI to determine how much you make and compare it to other similiar courses out there. Sorry to say, I have checked almost everybody out and haven't found any programs that are worth my time. I got fooled by OTA. My mistake. Hopefully I can saves some others from wasting their hard earned money. Finally, I am not suprised to hear all of the complaints against OTA, only surprised that they (OTA) are still around and haven't been shut down by now.
-------- To determine value, ask yourself "Why does it make more sense to sell an item, then use it? Why is their time better well spent selling than trading? Why give away the "secret' used for their retirement and others? I am sure it is worth about $25. To think about giving them $7,000 is amazing. $1k would be impressive for them to get with zero recourse, no guarantees, and all they have to do it talk for awhile. They never have to prove they even make money. Amazing
Very true. You can say the same thing about a lot of college courses though. The reading material costs a few hundred dollars, but the teaching, facilities, & the degree (obviously OTA can't offer this) are what ratchets the price up. One of the pitchmen there said he used to run a hedge fund too...that was another big turnoff as I'm 99.999% sure he's FOS. How much did you end up dropping at OTA, Bankus?
Lots of truth to what you said, but I also let him know that I'd have no problem disputing with AmEx if their service wasn't what it claimed to be. I don't expect a get rich quick scheme or a magic bullet, but I do want an education I can complement with 40-50 hours/week of hard work. If someone/something can provide that then I think that's well worth $7k.
Very true. You can say the same thing about a lot of college courses though. The reading material costs a few hundred dollars, but the teaching, facilities, & the degree (obviously OTA can't offer this) are what ratchets the price up. One of the pitchmen there said he used to run a hedge fund too...that was another big turnoff as I'm 99.999% sure he's FOS. How much did you end up dropping at OTA, Bankus? --------------------------------------------------------------------------------- I really hate to compare the crap that OTA offers with legitimate education. At least a good college course from an accredited university or college can land you a decent job. My experience with the Orlando OTA office was that they were all FOS. Made big promises. bragged on how much money they were making trading, claimed they had fancy cars and lived incredible lifestyles, all B.S. They got me for $5,000 but were hussling me for much more. They tried to upsell me to their XLT and Passport programs which are basically just redundant or useless information, or so I am told by the suckers who bought into it. Although there is a 3 day right to cancel, they will do everything they can to stop you from cancelling and conveniently schedule the classes a week or two in advance, after you have paid. Think about it. If this outfit really believed in their product, why don't they offer a money back guarantee? I think the answer is obvious isn't it?