Broker Advice - When Not To Listen
Just ran across this:
I have been reading a lot of stuff about how to choose a broker, I keep reading that you want someone who will give you good advice. Hey, this is a broker we are talking about, the last thing you want is this guy giving you advice.
In the last 20 years I am pretty sure I have never had a broker give me a good call.
When they call and say “hey, oil is hot, you need to be buying lots of oil”.
I now have a come back that shuts them up every time, I say: “ok, you tell me when to get in and when to get out 10 minutes prior to when I should take the trade – not a week after, and I will track your trades over the next few months. If your trades show a profit then I will open an account with you.”
Then next they you will hear is - “uuuuuhhh, I have to go, goodbye.”
I think every broker I have said this to has known it would be a waste of their time.
If they could make money in the market picking futures then they wouldn’t be calling me trying to talk me into opening an account so they can get one more commission.
- Recommends asking for a financial statement. Because it's the financial worthiness of the brokerage that guarantees your account, you need to know how well capitalized the firm is: "If a broker is reluctant to give you written proof of profits, they may not be telling you the complete truth."
I have been reading a lot of stuff about how to choose a broker, I keep reading that you want someone who will give you good advice. Hey, this is a broker we are talking about, the last thing you want is this guy giving you advice.
In the last 20 years I am pretty sure I have never had a broker give me a good call.
When they call and say “hey, oil is hot, you need to be buying lots of oil”.
I now have a come back that shuts them up every time, I say: “ok, you tell me when to get in and when to get out 10 minutes prior to when I should take the trade – not a week after, and I will track your trades over the next few months. If your trades show a profit then I will open an account with you.”
Then next they you will hear is - “uuuuuhhh, I have to go, goodbye.”
I think every broker I have said this to has known it would be a waste of their time.
If they could make money in the market picking futures then they wouldn’t be calling me trying to talk me into opening an account so they can get one more commission.
