Don’t be fooled by those “get rich” seminars, says a Sunday Times article today (as I interpreted it).
Flip open the papers, and you’ll see some advertisements on “How to make lots of money doing XYZ“, where XYZ can be “options trading”, “forex trading”, or “shares trading”.
As some will say, the only person definitely getting rich is the person who runs the seminar. Some of them charge thousands of dollars and upwards for a ticket to their seminars.
But are these seminars really effective? My guess: Out of every 100 people who paid good money to get the “exclusive” training, most will not benefit monetarily, but there will definitely be at least 1 or 2 lucky ones who made money.
Yes, only 1 or 2.
Were they simply lucky or did the techniques really work for them? That’s a good question, and we get a hint from the Sunday Times article:
“The Sunday Times spoke to 20 people who had attended previews… only six said they had benefited.”
Of the 3 people interviewed for the article, one spent $3,600 on a forex course and have made $2,000 (further?) loss so far, while another who attended some of such seminars claimed that they “merely sell hope”. The third person “studied and practised hard for six months” and made enough from forex trading to just recoup his fees.
In my opinion, all 3 were failures.
As I said, there will obviously be some lucky ones. 1 or 2 of them.
And it seems that such seminars are always quick to capitalise on these lucky ones. You sometimes see the advertisements claiming this guy or that gal managed to make N% return or $X profit after attending their seminars.
What the ads fail to highlight is the success rate. For all we know, maybe the success rate is only 10%.
Clearly, it’s a marketing tactic. Will you pay $5k if only 10% are successful?
If school teachers were to adopt such marketing tactics, every single one of them could publicly claim he/she always produces a top pupil!