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Old 15th Aug 2012, 16:59
  #10 (permalink)  
moosp

Cool as a moosp
 
Join Date: Aug 2001
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Remember that when you "give" your money to a bank or investment advisor or broker you are buying something. You are buying a service, like many others.

That brings you into the realms of "Caveat Emptor" or let the buyer beware. This came from a ruling that however devious and illegal a seller might be there is a responsibility in law that each individual should take care to protect his own interests in a transaction.

I do not pity for one moment the drongoes who are camped out under the HSBC building, and have been making working in Central unpleasant in the last year. They were offered complex financial products. If they did not understand them, they should have walked away. They claim "Miss selling" but the real problem is "Miss buying". In the Cantonese vernacular, if you buy an old fish, you are too old to go to market.

The opportunity to make an unusually high return is the first red flag in investing. If I it looks too good to be true it probably is...

Understand that the investment advisors (heck even the retail tellers) in the biggest and most respected banks in the world are on a commission to sell to you, like a real estate agent, a jeweller or a waiter in a top restaurant. If you sense a hard sell, back off as politely or as rudely as is your natural character.

So to return to the thread, Not Orange got burned, he is unlikely to be burned in the same way again. Most of us have been at some time in our lives, for " The world is full of trickery". We all learn from these tricks, and we get smarter the next time. Don't whine about it, just get back into the world as a wiser trader. There is always another sucker for you to tap.

There are still some great investment opportunities around, and the more you learn the better it gets.
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