In the article last weekend, I wrote about education with some
emphasis on coaching. I promised to write a little about seminars this
week, so here goes. First, let me say that I am a fan of seminars.
Much of my trading education came from attending seminars and they
probably came second only to reading for me. Not only did I attend
many, but also I actually ran a seminar company for a few years so I
have a great deal of familiarity with the pros and cons.
Seminars come in several varieties. Brokerage firms like
OptionsXpress, for example, may put on seminars lasting two or three
days where their own trainers as well as entities like the CBOE and
outside vendors make presentations. These programs usually are
relatively inexpensive and can be very worthwhile though sometimes the
outside vendors overdo the sales pitches during their presentations.
In general, though, while you can expect a small sales pitch (why not,
they are not being paid to do the seminar), you can get an awful lot
of valuable information as well. In addition, some brokers also offer
free webinars that are quite valuable and are aimed at differing
levels of knowledge.
Some software vendors like Worden Brothers also provide live
seminars to teach the use of their products. Right now, they are in
the process of releasing a new version of Blocks, a charting service,
and are traveling the country giving free demonstrations. These
seminars, in my view, are quite valuable.
Recently, I spoke at Traders Expo in New York. Traders Expo is
a several day affair attended by many vendors and traders. Seminars
are offered all day at these events. The vast majority are free
though some of the best known speakers charge a fee for attendance at
their talks. Traders Expo makes a small charge for attendance, but my
experience teaches that the value received is far in excess of the
costs paid. Traders Expo, in my estimation, is a wonderful opportunity
for all levels of trader to enhance their knowledge in many different
areas, whether it be stock, options, forex, or futures, at a very low
cost. Maybe we'll meet each other at one down the road.
There are also a number of companies that are in the business
and offer seminars at a price. Often those companies will advertise
what I call a "come-on" seminar on a televised infomercial or on the
radio. That seminar is ordinarily free and some trading principle is
taught, but the primary purpose is to sell another seminar. Often,
the seminar that is being sold is relatively expensive and pressure to
buy can be high. That is not to say that these seminars are not worth
it. In fact, when I started my trading career, after some reading, I
attended one of these seminars (it cost $3,400 for my wife and I some
10 years ago)and it literally changed my life. I would be remiss not
to credit that first seminar instructor, Doug Sutton, for pointing me
in a great direction. Doug is now associated with a pay for seminar
company known as BetterTrades.com along with two other super
instructors I had, Ryan Litchfield and Darlene Nelson. If you ever use
these folks, please make sure you tell them I mentioned them. I get
nothing for plugging them, but I would like them to know how much I
appreciate what they did for me.
Normally the paid-for seminars are a day or two and are devoted
to an in-depth treatment of a specific topic. I have attended
seminars put on by a number of companies and have never failed to have
a positive learning experience. While many of these companies also
put on webinars, I personally prefer attendance at a live seminar
since those events seem to generate an energy that is absent on
webinars. One also has the chance to exchange ideas with other
traders and learn what some are doing right or wrong.
One serious, but necessary draw back of the paid seminar is the
seemingly endless pitch for the next seminar. I have attended the
"come on" seminar for what is perhaps the largest company in the field
and can attest to a very hard sell approach. I have been told that
their seminars are filled with hard sell for the next seminar in the
series. Of course, these folks are in the business of selling
seminars so they have little choice but to promote their other
offerings. It is a matter of balance and approach. I understand and
appreciate the need to do some selling, but I am really put off by the
"arm-twisting" hard sell approach.
In that same regard, I should note that taking a whole series of
seminars can be quite costly. I have been told that taking the whole
series offered by one of the very large providers can total $18,000.
Though the number is high, it does not necessarily mean it isn't worth
it. Obtaining a good thorough education on how to profit in the
markets can certainly be worth the money, but we must keep in mind
that just attending does not assure profits. Ultimately, it is the
work you do that will make the difference. At some point, private
coaching which may even be less costly, may make more sense since it
is directed to the trader personally and not to a group.
Education is key. Read, study, watch DVDs, watch webinars,
attend free seminars, attend paid seminars and then practice what you
learn before putting real money at risk. In this game, the ball is
always in your court.
Good Trading!
Bill Kraft
Success Trading Group -- by the Success Trading Group Team
Our Success Trading service delivers quality trading ideas for the elite investor that has the financial wherewithal and market nimbleness to profit on small moves in a stock's price. Become a member and you will be provided with email and/or PDA alerts intended to provide you with the opportunity to make many, many profitable trades.
Here is a play from the Success Trading Group:
Equity Residential (EQR)
Many companies will be announcing earnings over the next few weeks so we
will be careful with our trades. Many stocks, including Equity Residential
(Ticker: EQR), are on our radar for upcoming trades. We will look at EQR's
trading activity if it drops below $39 for a possible trade.
Have a great weekend and we'll trade next week.
Success Trading Group Team
