Anyone been to a star trader seminar?

[galahad_187]

I know absolutely nothing about the stock market but it has always interested me. My goal in the future is to make a solid side income in it like poker is to most people. I went to a 'free preview' thing and they reeled me in so im going to a 3 day 'class' in 2 weeks. It only cost me 100 bucks, but i was curious if anyone here who knows what they're talking about has been and if it helped them.

I have a few grand and im looking to begin my investing future fairly soon. After i return from the seminar im going to get a few books and decide where i want to go.

My current plan is just watch and make predictions for my first quarter and see if i would have not lost to much. Then invest most of my cash onto stable ETFs and swing trade. And use a little to take a stab at penny trading. This a fair plan for someone who knows nothing? :P

thanks,

galahad

almost all of these seminars are a waste of time
a) the people giving them know jackshit
b) they are trying to sell you something more expensive.

[StickyWicket]

Anyone with only a few grand is not suitable for penny stock trading due to the volatility of the issues, as a majority are thinly traded and highly illiquid. The Pink Sheets aren't any place to "play" with money.

If you don't know what thinly traded means, you shouldn't muck around with them, either, and certainly not after some 3-day seminar for $100.

IMHO, any group that roped you into a 3 day seminar after an intro isn't any group you want to give your money to, especially when it comes to "teaching" you how to "make" money...

Sticky [img]/images/graemlins/heart.gif[/img]

when trading bb's just stick with strong sympathy plays or whatever has strong momo. ex: been playing FLWE past couple days, today got in some NSOL 1.09....also if you know a good promo is about to start on something

[StickyWicket]

Soooo, what you're reccommending (in what is likely your vast trading experience in BB issues and huge resulting net worth) is that:

1) while you have no knowledge of the poster's financial suitability for BB stock trading, that he use a "momentum" strategy" on a thinly traded issue?

AND

2)that he use a extremely short-term holding strategy on a penny stock (i.e.: "been playing FLWE past couple days"), UNDER $5/share, where his commission is likely +$5 per trade, with only a "couple thousand" to invest in his purchases, where his short-term capital gains hit and trading commissions are going to eat huge chunk or any profit he could ever expect to see?

Good grief, Charlie Brown. [img]/images/graemlins/confused.gif[/img]

I'm in the securities industry for a living, and I NEVER play with anyone's money. What this poster seems to be looking for is someone to teach him basic trading strategies and how to make long-term, profitable decisions within the equities market. Your "advice" is irresponsible, and the BEST advice I can give him at this point is to sit down with a MINIMUM of three financial professionals - NONE OF WHICH should charge him for a consultation and analysis of his situation - and present what he'd:

1) LIKE TO LEARN
2) LIKE TO DO
3) HIS INITIAL FINANCIAL COMMITMENT
4) A COMPLETE DISCLOSURE OF HIS OTHER ASSETS, LIABILITIES, AND INCOME

So he can collect a range of qualified, professional opinions on the best - AND MOST APPROPRIATE - approach to his goals.

If he finds ONE of them who reccommends BB stock trading at his financial and initial experience level, the NASD and SEC will have a field day with that advisor's licensure.

Sticky [img]/images/graemlins/heart.gif[/img]

[galahad_187]

thanks alot for the posts guys. And thank you sticky, a trip to a professionals office is in my near future.

[ QUOTE ]
1) while you have no knowledge of the poster's financial suitability for BB stock trading, that he use a "momentum" strategy" on a thinly traded issue?

[/ QUOTE ]

Last time I checked I'm a TRADER and not a financial advisor, he was looking for help on TRADING pennies.

[ QUOTE ]
2)that he use a extremely short-term holding strategy on a penny stock (i.e.: "been playing FLWE past couple days"), UNDER $5/share, where his commission is likely +$5 per trade, with only a "couple thousand" to invest in his purchases, where his short-term capital gains hit and trading commissions are going to eat huge chunk or any profit he could ever expect to see?

[/ QUOTE ]

If he uses a good broker for otc's(abwatley) his commissions will be dir cheap (3-7) and a couple thousand is enough to start trading otcs, hell i started with 800 back in 98.

Lastly from your post i'm assuming your a financial advisor, and fa know nothing about the market and trading lol.

[tek]

$100 won't kill you and you may learn something. One good idea will be worth the money. But I wouldn't go to any more of their "classes" (and they will have more...

The best thing you said was "After i return from the seminar im going to get a few books and decide where i want to go."

There are many good trading books you can obtain from the public library. Search Dan Mezick's posts for titles.

Please avoid bulletin board (aka pink sheet stocks with a '.pk' suffix for those who don't know).

Even with just 'a few grand' you can swing trade quality Nas NM stocks. It may not be exciting at first trading just a few hundred shares, but capital preservation is important at any level and you can't afford to blow trading illiquid stocks. It's better to be able to get in and out of a quality trade at a deent profit on small blocks than to buy thousands of shares in some chump issue where you are at the mercy of the MM's to get out of. It's easy to buy volume in bb's, but difficult to get out. I bought a bb stock ten years ago and still have it on my account because I won't pay the $25 to the brokerage to get it off. It's been a good reminder to play quality...

[galahad_187]

[ QUOTE ]
$100 won't kill you and you may learn something. One good idea will be worth the money. But I wouldn't go to any more of their "classes" (and they will have more...

[/ QUOTE ]

i know they'll have more, they already said they would, but i refuse to go to them. When they said i could go for 100 i jumped at the oportunity to atleast get the ball rolling/get my attention directed to it if nothing else.
[ QUOTE ]
Even with just 'a few grand' you can swing trade quality Nas NM stocks. It may not be exciting at first trading just a few hundred shares, but capital preservation is important at any level and you can't afford to blow trading illiquid stocks.

[/ QUOTE ]

that was my thought(or the thought the free preview gave me anyway). I'd rather have lower risk lower gain for most of my money than have high risk high gain right now. I plan to cross check many opinions/facts before actually putting any money on to this. Last time i bled money for something was -ev gambling and i refuse to fall back into that.

thanks again,

galahad

[StickyWicket]

And what makes you assume that as a registered financial advisor, working for one of the largest international firms, I know nothing about the market and trading stocks? What a nutjob you are. I can pretty much guarantee that the knowledge, licensing, and laws that the NASD and SEC require me to have and adhere to in my daily business practices put me forth as a much more credible source of information than some random guy on this board who can't type and encourages the trading of issues by a complete NOVICE that no registered professional can even SOLICIT, even to qualified customers.

And if you're a registered (which I have sincere doubts that you are) BROKER, you should know about suitability recommendations when it comes to OTC BB issues. Just because YOU started with $800 in pink sheet issues and didn't lose your a$$ doesn't mean you should support and encourage anyone else doing it.

If you want to flame me for being ethical and professional in reccommending that galahad seek out FREE, QUALIFIED, PROFESSIONAL ADVICE (and for the record, I told him to contact LOCAL professionals, not ME), go ahead. Galahad is looking for a beginning education in how the stock market works, and you're certainly not doing him any favors - educationally or otherwise.

Sticky [img]/images/graemlins/heart.gif[/img]