The blog of Xeno, a slightly mad scientist
For $19 everyone at your workplace can attend a Get Motivated seminar in certain towns with some celebrity speakers. It was free, so I went. $12 parking at Arco Arena. Speakers today were: Steve Forbes (from Las Vegas via live link), Michael Phelps, Phil Town, Tamara Lowe and Colin Powell.
I did not realize that Phelps did something other swimmers did not: trained every single day, year after year, without fail.
Even now, Phelps trains every day — including Sundays, figuring it gives him 52 more days a year in the pool than many of his competitors.- usatoday
Colin Powell was a very good speaker. I enjoyed his story about the perks of his position, what it was like to always have his own private jet, and his story about his meeting with Gorbachev.
I got motivated to try Phil Town’s day trading seminar since my 401K has been taking a royal beating. After researching investools.com, however, I [believe that] you can get the same information for free. Just try this Google search: Swing Trading Tutorial.
This site seems like a realistic overview. I believe that there is not, after all, an easy fortune to be made by swing trading if you are a beginner.
“There really is no sytem [sic] actually. All they will do is ask you to pay up for the next level of education with promises that profits will come with that next class (”You must be a PhD to make money.” Then, “You have to learn currencies to make money” etc.). Each class gets further and further away from the method they use as a marketing tool (basic fundamentals and MACD/Stochastic/Moving Averages (MA) technical indicator ie red/green arrows, plus industry group analysis, etc.). There is an entry/exit system involved in the basics, but they also exclude some of the most important aspects of what makes a trader successful (namely controlling risk). I can testify that in the 1.5 years I worked at SWIM and of the many hundreds (thousands?) of students I met, only a handful were profitable traders. Many wiped out accounts or took retirement capital down 30-50%. It was a very serious problem. I tried to make changes within the company, alerting management to issues in the sales tactics, but was routinely brushed off.
So I guess the short answer is that no, the method really doesn’t work. At least I have never seen any evidence to suggest that more than a handful of people (who, I might add, were not even trading the method!) who went through the program were profitable.”
I have e-mailed Brad Moore (you can too, there is contact information available) and he confirmed the information in the post, and that he did post the comments, and did work for INVESTools.
INVESTools teaches you short-term trading. I have read that it is called “swing trading“, although I think the time frame is actually a little longer than the one to four days time frame shown on Investopedia – it seems to be two to six weeks. This is VERY risky – although INVESTools does not caution you enough about this. They will tell you “this is a little risky” but do not impress upon you EXACTLY HOW risky it really is. – link
I canceled and my card was not charged. Be sure to get a confirmation number if you do cancel.
Tamara Lowe, I didn’t enjoy. She turned what was supposed to be a motivational business seminar into a buy-yourself-some-Jesus pitch. I found it offensive because she did not seem to consider that there were people of all religions, including non-religious people in the large audience. I went to this to get motivated, but left feeling tricked into attending an infomercial … I am not a morning person and getting up at 6:30 AM puts me in a foul mood all day. ( Google “How to motivate people”. )