The Sharemarket College

[CFDtrader1]

So they require staff members to post on a website crappin' on the SMC to get credibility?

WOWZERS!!

Their course is simply extraordinary basic with little or no support , they don't provide backtesting or algorithms based systems.

Their systems consists of trendlines, support and resistance higher high and higher lows.


They're so called advisers don't even own trading account themselves

 

[CFDtrader1]

Ladybyrd, a hint for next time - don't make it too obvious...

You've joined on Sep 2012 and this is your first post. Who are you trying to fool?

Clearly a staff member or Rogers themselves,

I was member here several yrs ago and same regarding SMC still continues, think ASIC would've stepped in in out closed them down

 

[RT14]

Their course is simply extraordinary basic with little or no support , they don't provide backtesting or algorithms based systems.

Their systems consists of trendlines, support and resistance higher high and higher lows.


They're so called advisers don't even own trading account themselves

Could you explain more please?

 

[Bort]

Their course is simply extraordinary basic with little or no support , they don't provide backtesting or algorithms based systems.

Their systems consists of trendlines, support and resistance higher high and higher lows.


They're so called advisers don't even own trading account themselves

Only a staff member or supplier would know whether or not a companies advisors had trading accounts.

Over what time period do you say you were a member or staff/supplier?

 

[fractus]

Help! Re The Share Market College

Hi all, this is my first post. After 40 years of hard work and saving, my 60 year old in laws found themselves out of work. To their name they had around $500k of assets and their super fund. They decided to buy a business for $230k, and found one advertised that looked good on paper. 1 year on the business turned out to be a horrible disaster, and in paying off debts they have lost all their money and possessions.

All they have left is a modest super fund. In their search for options, they came across the share market college who have promised to help them trade their money in a self managed super fund?

When they told me, and mentioned that the sales person had given them the impression that it was the norm to get a 34% return per year! alarm bells started ringing. Like them I am clueless about investing, and can offer no advice to them. However I believe that I am possibly a bit less trusting than them, and am terrified of the consequences of them gambling away their last bit of security. If anybody has any experience with this college, or general advice I would be very grateful.

 

[Julia]

Re: Help! Re The Share Market College

Fractus, sorry to hear about your inlaws. There is an existing thread on the Share Market College.
https://www.aussiestockforums.com/forums/showthread.php?t=2344&highlight=The+Sharemarket+College

I haven't read it in any detail but it would seem to support your instincts. Hopefully you can persuade the inlaws not to waste any more money. Good luck to all of you. It's a sad situation to be in at their age.

 

[pixel]

Re: Help! Re The Share Market College

Fractus,
I definitely second what Julia said.
One of the very first rules my mentor (not from SMC) taught me: "Never trade with money you can't afford to lose."


With all due respect, your in-laws are probably not the most investment-savvy business people, who can make buy and sell decisions without being emotionally influenced by the need to earn an income from their last remaining Dollars. In that, they're part of a huge majority of Australians - and there is at least anecdotal evidence that more than 80% of wouldbe traders are forced to give up after a short while.

During the 15-odd years that I have been a full-time trader, I have lost count of the number of fellow travellers who have given up. A lucky few found a way back into paid employment. An even smaller number realised that trading wasn't for them, so they cashed in their chips, put it in low-risk cash, and make do with whatever interest that pays them. Oh - there is the odd exception: people who are still managing a small fortune because they started with a large one and only limit themselves to "play money" that - see above - they can afford to lose.

Now, on the sunny side, it is possible to make a living from trading. It only requires several years of studying either business/ accounting/ corporate law, or technical/ mathematical/ statistical science and trade by probabilities. Neither will give a guarantee that the student will graduate to be a great successful trader - just like you find in any other trade or profession that some become good plumbers/ electricians/ nurses, while others, in spite of the same apprenticeship/ schooling do not.
After many months (duration depending on the students' learning capabilities) of training, asking lots of questions, demanding proof of those 34% profits, comparing the predictions against a logical Plan and subsequent outcomes, it may be possible to start paper-trading. That means, you have developed a Trading Plan, tested its efficiency on years of historic data, then you start using the methodology to follow the Market. You write down any buy and sell decisions without actually executing the trade on Market!, and calculate your ratio of profits and losses. Ideally, paper-trading should run for one year because that exposes you at least to a full business cycle.

If, after one year, your paper profit exceeds 90% over the entire year, try your successful Plan with real money. Note however, that the psychology of suddenly "working" with real money, rather than "playing" with Monopoly notes, will reduce your success rate by about two thirds.

PS: Be aware that sellers of trading courses will argue dead-set against the above. That's because their income increases the more clients are trading and paying Brokerage on every trade. If a trade turns out a winner, the education was excellent. If you lose (they don't!) it's: "Bad luck. Persist. You'll get it right next time!"

 

[RT14]

Re: Help! Re The Share Market College

Hi all, this is my first post. After 40 years of hard work and saving, my 60 year old in laws found themselves out of work. To their name they had around $500k of assets and their super fund. They decided to buy a business for $230k, and found one advertised that looked good on paper. 1 year on the business turned out to be a horrible disaster, and in paying off debts they have lost all their money and possessions.

All they have left is a modest super fund. In their search for options, they came across the share market college who have promised to help them trade their money in a self managed super fund?

When they told me, and mentioned that the sales person had given them the impression that it was the norm to get a 34% return per year! alarm bells started ringing. Like them I am clueless about investing, and can offer no advice to them. However I believe that I am possibly a bit less trusting than them, and am terrified of the consequences of them gambling away their last bit of security. If anybody has any experience with this college, or general advice I would be very grateful.

Isn't it against regulation to disclose numbers?

 

[RT14]

So does the SMC generate 34% returns like the poster said?

 

[cfdhunter]

So does the SMC generate 34% returns like the poster said?

I recently met with the owner of the sharemarket college and have to say I'm really impressed. The course does cost $15K but the owner of the company walks you through step by step on how to pay for it out of your superannuation if you don't want to take out a bank loan. I'm still undecided about whether joining or not but a lot of the negative comments here sound unfair. I mean I can pay for a educational course out of my super I didn't even know you could do that so they are very switched on.

 

[pixel]

I recently met with the owner of the sharemarket college and have to say I'm really impressed. The course does cost $15K but the owner of the company walks you through step by step on how to pay for it out of your superannuation if you don't want to take out a bank loan. I'm still undecided about whether joining or not but a lot of the negative comments here sound unfair. I mean I can pay for a educational course out of my super I didn't even know you could do that so they are very switched on.

In light of everything that's been stated above, it's up to you whether or not you take a sales pitch for gospel.
It's your money...

 

[burglar]

In light of everything that's been stated above, it's up to you whether or not you take a sales pitch for gospel.
It's your money...

Ohh!
pixel you are soo polite!

 

[pixel]

Ohh!
pixel you are soo polite!

What's the point of being rude to a new poster who, instead of introducing himself in "new members", heads straight for this thread to plug an unsubstantiated personal opinion. In the anonymity of Interwebz and nics, how do we know who this guy works for? how financially savvy he is? I could call myself OneStone if Einstein was already taken. But would that prove that my IQ is 160? "Honest: It really is."

PS: A reasonable observer would be more interested in what their 15 Grand help them achieve, not how they can siphon such an amount out of their Super to avoid taking out a bank loan. (Would be interesting to find out how a Bank would react if someone applied for a $15k loan with the promise to repay it from the proceeds as soon as they've put into practice what they've learned...)

 

[cfdhunter]

Hi there, thank you for the advice and for not being rude as I am a newby to this. I thought that I would follow up from my first post and give everybody an update.

I met again with Greame Rogers the owner of the sharemarket college and I have to admit that once again I liked his style of explaining to me how easy investing was. He did also explain that there were risks but when you learn how to trade they are lessened. Again, most of the meeting was about how to use your SMSF to pay for the course but again I didn't see the issue with that as as Greame explained it, paying for the course is an investment. And I liked the fact that they have advised their 10 000 members to do it this way.

I spoke with my wife and we decided to speak with our accountant to go over some of the finer points of our SMSF and how to exactly withdraw the funds to pay for share trading course.

Our accountant told us that it is illegal to pay for any educational courses with money from your SMSF fund and the ATO will prosecute you and you can receive a fine of up to $340 000 or 5 years in jail. I almost passed out.

Here is the link to part of the ATO information page that my accountant sent me. My wife and I have called the ATO and spoken to them about it but I cannot comment any further on that at this stage. But thank you to the advice from this forum.

https://www.ato.gov.au/individuals/...f-offers-to-withdraw-your-super-early/?page=3

 

[pixel]

Hi there, thank you for the advice and for not being rude as I am a newby to this. I thought that I would follow up from my first post and give everybody an update.

I met again with Greame Rogers the owner of the sharemarket college and I have to admit that once again I liked his style of explaining to me how easy investing was. He did also explain that there were risks but when you learn how to trade they are lessened. Again, most of the meeting was about how to use your SMSF to pay for the course but again I didn't see the issue with that as as Greame explained it, paying for the course is an investment. And I liked the fact that they have advised their 10 000 members to do it this way.

I spoke with my wife and we decided to speak with our accountant to go over some of the finer points of our SMSF and how to exactly withdraw the funds to pay for share trading course.

Our accountant told us that it is illegal to pay for any educational courses with money from your SMSF fund and the ATO will prosecute you and you can receive a fine of up to $340 000 or 5 years in jail. I almost passed out.

Here is the link to part of the ATO information page that my accountant sent me. My wife and I have called the ATO and spoken to them about it but I cannot comment any further on that at this stage. But thank you to the advice from this forum.

https://www.ato.gov.au/individuals/...f-offers-to-withdraw-your-super-early/?page=3

Thanks Mate, for coming back with this update;

I really appreciate that you didn't take offense at our initial - let's call ir "doubt".
Especially those of us who have been around the traps for a number of years or decades, have seen far too many fake recommendations that our Bull$hitometer is likely to fire once too often. Your calling yourself CFD Hunter, yet, as it turns out, being new to the game, would have been part of the reason.

Congratulations on your decision to do more homework and ask your accountant, presumably someone you know and trust and who does NOT have a vested interest either way. I hadn't gone to the same length as he, although I do know that SMSF rules are pretty strict. If I had thought about that "loan" a little more, I probably would've picked it up too.

One further question that I'm curious about: Are you sure SMC claims 10,000 (ten Thousand!) members? Over what length of time? Surely it's not the current number. OK, they've been active as early as 1998.

 

[cfdhunter]

Hi there and thanks again for your help. I'm not sure if he meant that the sharemarket college has 10 000 members or over the years the number of members add up to 10 000 but I think he meant the latter. That's kind of how we took it anyway.

What really scares us the most is that he told us they advise everyone who is thinking of becoming a member to open a SMSF through them so you can pay for the course. Seriously I thought I was going to faint when our accountant told us I could go to prison for 5 years if I went through with it and my wife and I hope that other members have not gone to jail either. We have decided to leave our super with our current fund and to hope we never get called by another telemarketer ever again!

Part of me wants to hear other peoples experiences and part of me just wants to hide and pretend this never happens. At my age I do not want to go to jail.

 

[tech/a]

Hi there and thanks again for your help. I'm not sure if he meant that the sharemarket college has 10 000 members or over the years the number of members add up to 10 000 but I think he meant the latter. That's kind of how we took it anyway.

What really scares us the most is that he told us they advise everyone who is thinking of becoming a member to open a SMSF through them so you can pay for the course. Seriously I thought I was going to faint when our accountant told us I could go to prison for 5 years if I went through with it and my wife and I hope that other members have not gone to jail either. We have decided to leave our super with our current fund and to hope we never get called by another telemarketer ever again!

Part of me wants to hear other peoples experiences and part of me just wants to hide and pretend this never happens. At my age I do not want to go to jail.

OMG

This stuff is better than "Days of our lives"

 

[Ruby]

I just cannot believe the negative things people are saying about the share market college. Let me tell you my story. After a terrible divorce I didn't know what to do but then I met with the wealth creators at the share market college they blew me away. After borrowing $15000 to study at their prestigious campus in kangaroo point I can safely say that I will be a trading millionaire one day just like the people on wall street. The trainer is Jason and when he waves his magical super wand over the stock market charts it all makes sense. He's such a good stock market trainer he's probably a millionaire ten times over. Even at the information night before I joined there was a currency trader told us about hedging and how superannuation companies rip you off AND he drives a Porsche!!! That was sooooo exciting because there must be millionaire traders everywhere at the sharemarket college. Not that you would tell from the campus but one of the expert staff told me the campus looks run down because they believe in putting their money into the stock market and not into other things. The software people complain about is amazing and it even tells you what stocks or shares to buy and when. I can't wait to be a millionaire trader and to show off to all of the nay Sayers in this forum. I went from being scared of banks to being excited and I can't wait to start buying stocks, shares or even gold!

Chartman, I was very interested in your post and wonder if you could give us an update. You must have been trading for several months now - time to make quite a lot of money, given the fluctuations in the stock market in recent months - so can you tell us how it is all progressing? Are you right up there with those millionaire traders at the Sharemarket College? Absolutely dying to hear!

 

[pixel]

Chartman, I was very interested in your post and wonder if you could give us an update. You must have been trading for several months now - time to make quite a lot of money, given the fluctuations in the stock market in recent months - so can you tell us how it is all progressing? Are you right up there with those millionaire traders at the Sharemarket College? Absolutely dying to hear!

Hi Ruby;
You may need to IM the poster; he hasn't logged-in again since his gushing testimony in February.

Maybe the email notice will wake him up. But more likely, he is so busy counting his Millions that he simply can't be bothered enlightening us mere mortal Doubting Thomases. As Jason's magical super wand is guiding him, why should he share that wisdom with people, who haven't even paid the $15,000 he borrowed - and indubitably has meanwhile paid back with interest.

 

[Ruby]

Hi Ruby;
You may need to IM the poster; he hasn't logged-in again since his gushing testimony in February.

Maybe the email notice will wake him up. But more likely, he is so busy counting his Millions that he simply can't be bothered enlightening us mere mortal Doubting Thomases. As Jason's magical super wand is guiding him, why should he share that wisdom with people, who haven't even paid the $15,000 he borrowed - and indubitably has meanwhile paid back with interest.

I expect you're right Pixel. Silly me, to think that he might like to share a trading statement with us! Now THAT would be a good testimonial for SMC!