OCT 10: Where not to go for Online Stock Trading Advice

by David Jenyns on October 10, 2006

Donít Go There

A friend of mine got involved in one of those seminars that peddle online stock trading advice. For a mere 60k over the span of a few months they were going to teach her how to get rich in the stock market without ever leaving her home. That is, she wouldnít have to leave her home to trade stocks online. She would, however, have to leave her home to fly to their seminars and buy their investment adviser workbooks.

She said this system was foolproof because they teach you from the ground up. I think she misunderstood. I think they teach you to plow the ground up and never touch rock solid footing again. She was thinking of retiring she said and after she got all this online stock trading advice she would be a pro and be set for life.

I begged. I pleaded. I told her the stock market excited me too. I wanted her to take that 60k and plunk it down on a college education. ďLearn all about the stock market,Ē I told her. She rolled her eyes. I could tell it was because I wasnít enlightened. We donít talk about it anymore.

She actually got mad at me when I did a background on this guru and told her how many felonies he was convicted of. We donít talk about it anymore.

In the meantime, Iím taking score. So far, Iím in the lead. Eight-seven cents to nothing. Meaning Iíve made eighty-seven cents in the stock market and sheís made nothing. On the other hand, Iíve spent nothing. Iím not going to ask her how much of that 60k she has spent on online stock trading advice.

Go Here

Hereís the real kicker. You can get all the online stock trading advice you want for free. All you really need to know is what to look for in a company and how to analyze all the data you gather. You could spend money on so-called expert picks but you donít really need to. Investing in the stock market isnít an exact science anyway. All any of us can do is look at the data presented and make the best decision based on the facts.

Thatís not to say thereís not a lot to learn about trading stocks. There is a lot to learn. But Iíd rather lose a couple of dollars here and there trading stocks than lose 60k learning about trading stocks.

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