"$28,000 profits in 1 day!"
"I started trading with 2,200 and my profits are showing $33,000 in 4 months"
"I have turned US$27,000 into US$183,000 in 2 months"
"How to make $1,500 per day in this downtrend market in 10 minutes"
"Make 20-50% returns every month"
These advertisements appear in our newspaper regularly, inviting you to their free seminar. They are out to con the gullible into believing that it's so easy to make money by just attending a few days intensive course that cost a few thousand dollars.
It's impossible to achieve that kind of results consistently in such a short period of time. The result might just be paper trading or a one time affair and eventually start losing money. I believe out of 100 students, probably more than 95 of them will lose money.
If these mentors or so call guru are so good, they won't be teaching others how to trade. With the type of ridiculous return advertised, they would be many times better than George Soros or Warren Buffett. Temasek and GIC should let them manage the accounts!
I came across a testimonial by a friend about doubling his money in forex trading after attending one of the course. I called to congratulate his achievement and asked how many times more did he manage to make from his initial investment. I was surprise to hear that he had quit trading and gone into some other business for reasons that he did not wish to share, probably out of shame.
If my friend indeed make money, I don't think he would have quit trading. How can you trust those testimonies in the advertisement? Make $1,500 per day in 10 minutes or $28,000 in 1 day? There is a fool born every second!