usa, page-19

I agree vidi - I initially went with a big name broker in town and took their advice initially and seemed to be buying close to the peak just before negative news and then watching the SP go down and having to wait for the next run to make a slim profit or wear a loss. Other times advice to sell came not too long before great news.

I don't know who was the seller to me though I would not be surprised if it was the broker offloading near the top prior to bad news, and soaking up my shares prior to good news (Which I presume they had advance ("inside") knowledge of.

I have since moved to direct internet trading, mixed with and ear to the ground through HC and TS for tips to research and to pick sentiment early. I kept with the broker for a short time longer, except now when the broker advised sell I would buy more through comsec (after some research through company reports/HC of course), and when told to buy I would sell through comsec if I had any of that company (also after research).

It was very interesting to see my profit turnaround in very quick time. I believe, though have no proof, that the broker had a very good market knowledge and knew that the advise they were giving me was for their benefit, not mine.

After a while the broker gave up with trying to "advise" me after me taking no notice for a while, which was a shame as it was now a very useful information source as long as I did the opposite of what was suggested.

I can't name the broker as they have deep pockets, being a major, very prominent dealer, with lots of money for legal action from what they have ripped off investors, and I have no hard evidence to back up my claim (though an amazing run of "coincidences" potentially in their favour).

I am sure there are honest brokers as I have friends with much better experiences than mine with brokers, I would just advise that those who always seem to have such bad luck with broker recommendations look elsewhere, or do what I did and go the much more profitable DIY route.