Get rich plans sound alarm
Published in the Geelong Advertiser, August 2013 by Dale Gillham
One of the primary reasons I started Wealth Within was to provide education for those looking to learn how to profitably trade or invest in the share market.
I was tired of seeing those new to the markets ripped off by companies promoting the latest whiz-bang product, with empty promises of making millions overnight.
Thankfully, authorities have become smarter in cracking down on rip-off merchants.
However, I believe more can be done to help those tricked into such schemes.
Only this week I was talking to a gentleman on the phone who told me of his experience with a company promoting "black box" trading software he was led to believe would select profitable stocks with the touch of a button.
Further, the company claimed the software could turn a small investment into tens of thousands of dollars in a short time all of which could be yours for under $20,000!
Thankfully, he did his research and realised the company was not using a physical business address and was also not licensed to deal in financial products or provide financial advice.
Let this be a warning. If an investment sounds too good to be true it probably is, so do your research.
So what do we expect in the market? Last week we saw the market move down slightly, as if to gently test 5000 points.
And although it dipped to 4993 points, it managed to close at 5038 points.
It is pleasing to see a further rise this week and for the market to be unfolding in a more gentle rhythm.
Right now I believe radical moves are far less likely, even though we are in the midst of company reporting season.
For this I give credit to the federal election, which has had a dampening effect, and reporting from a number of stocks, such as the Commonwealth Bank, that have produced solid results to support the rise.
Investors are likely to see further gains in coming months and can look to add solid companies to their portfolios.
Good opportunities exist in important sectors such as financials, consumer discretionary and some industrials are starting to look interesting.
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