brokers yes or no , page-2

There are good brokers and bad brokers out there. Good brokers are the one's who have been traders before they were brokers and know how to read and understand the market and became brokers because they want to contribute to others.

Bad brokers are those who came into the firm with no prior experience and have only been taught how to 'make you' buy stocks and desperately need to pay off the mortgage... (I am exaggerating here ok..)

The problem here is not that your broker got you into this position, the problem is that he didn't get you out on time as Zinifex was a good stock once upon a time.

It is also an ASIC problem I believe, because being a broker you are put in a place of trust and just because someone has a title we believe that this person knows what they are doing. I believe a broker should be someone who has had to do an apprenticeship to learn his craft well and to become someone who is an expert in this area, very much like doctors and lawyers. But there are no regulations on the training a broker receives, it is really up to the broking firm and the PS146 qualification to be honest is a big joke.

But as with doctors and lawyers you have to kiss many frogs before you find a good one.

So, before you get yourself into another dead end position, I would suggest you either find a broker who knows what he is doing (and I am happy to recommend you one who I know knows his stuff) or you learn how to do it yourself.

I opted for the second option, it took me several years, but now I am not dependent on other people but make my profits based on my own expertise, oh what a feeling... that is the true freedom!

So, come on dudes, re-evaluate your business relationships, take responsibility for having been naive in the past and chose a new future.

All the best...