Forex Expert Seminars

Over the past few months of trading as a newbie, I have come across numerous advertisements from the so called forex experts inviting people to trade forex. The ads dangled the secrets to becoming super rich super fast through forex trading. They normally would give 2-hour free pep talks and after that the participants were invited to join a 2-day class for a fee ranging from RM3,000 to RM5,000. I list below some of the free pep talks that I attended.

I attended the first free preview sometimes before Christmas last year given by Kishore M from PowerUp Capital Network, a regular in local newspapers. He claimed to have "a powerful forex discovery that could earn you $183,000 in just 2 months" with "100% accuracy trading strategy". After the talk, he made it sound so urgent that his 2-day seminar was specially priced at RM4,000 plus if we registered there and then. Otherwise, it would cost us double the amount. A lot of people were actually running to get themselves registered. We were asked to pay a deposit of RM100 to get our place at that special price. For all I know, that RM100 was definitely a genius solution to cover the cost of his "free preview" held at a well-known hotel.

Then I attended another freebie by Rapid Forex. They are the introducing broker of FXCM, my trading platform. For RM500, I registered myself for a 2-day weekend course. That was how I first learned to trade forex. The guys at Rapid Forex were genuinely honest to assist the newbies. After the basic course, I went for the weekly hand-holding session to familiarise myself with the trading platform. For a more advanced course, the fee also advanced to more than RM4,000. I was just not convinced enough to proceed.

Recently, I saw an advertisement that carried the taglines like "Malaysia Most Powerful FOREX Seminar". I could not resist their claim, " Live Performance Forex Seminar". "Live Challenge: See How Much the Professional Trader Can Make in 90 mins". It was presented by Enthuse Elixir under Winning Forex Solution. The expert who called himself Mr. M (or Mo or Bob for short) claimed that his robot trading guaranteed 20 pips per day. Trading by using technical analysis and/or fundamental analysis is the old fashion way, according to Mr. M. He told us that he is making 200 pips per day. Wow! He even showed his account balance in excess of $1.0 million. Double Wow! I was more interested in how his robot can make in 90 minutes. He entered a trade at the beginning of the talk. After the talk, to prove how easy it was to make money in forex, he would show the trade. Unfortunately it was losing more than $1,000 fast. So much for guaranteed pips! His course costs RM3,500 and his robot USD3,000. I was beginning to lose faith in local "professional traders".

Then I attended another free preview on "tornado trading method". It was conducted by Infinite FX. It was presented by a lady. At least she was direct to the point and less on hard selling.

Of all the previews, I was somehow impressed with Lily Thniah of Ringgit Fleet. She spoke of her experience of more than 10,000 hours of trading. There was a doctor who spoke highly of her course. At least she assured those who were present of a personal mentoring from her, something that others did not include in their package. I would go for her course.

I wonder, why would these forex experts already making tons of money as claimed, spend their weekend to help others. May be the fees for the 2-day course ranging from RM60,000 to RM100,000 are actually the ones making them rich in FOREX. I just assume 20 persons in one class paying RM3,000 to RM5,000 each. Just a wild guess!