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Disclaimers! |
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kneighbour 
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Joined: 12 Feb 2005 Location: Australia Posts: 57 |
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 Topic: Disclaimers!Posted: 22 Feb 2005 at 11:30pm |
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Just to change the topic slightly - has anyone here EVER sought advice from a financial advisor on a particular trade? Would you go to this financial advisor, and give him all your technical analysis reasons for buying the stock (ie the MACD just crossed up, there was a bullish candlestick reversal with an up gap..etc). I might be mis-informed or incorrect - are financial advisors skilled traders? Let us say that the advisor is not skilled in trading matters - so we ignore the technical reasons for trading. How about the financial considerations. Would this financial advisor be full bottle on portfolio management, reward/risk analysis, etc. I might be completly wrong - but I do not think that financial advisors know very much about any of this. No doubt a few do - those that are traders - the rest I imagine are more interested in your superannuation and managed funds. PS - my apologies for any financial advisor who might be reading this!
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davkell
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Joined: 01 Dec 2004 Location: Australia Posts: 47 |
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Posted: 22 Feb 2005 at 7:51pm |
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Your trader probably doesn't have a license to make financial advice, hense the Disclaimer he puts on his newletters. So, if you trade his 'advice' and then try to sue him because it didn't work out the way he 'suggested' it might, then you have no recourse! Disclaimers are an annoying but necessary thing in this age of do-gooders, don't blame me'ers, and it's not my faulters!!!!! So long as we're all doing the 'right' thing, who give's a damn what's printed at the bottom of the advice!!! Disclaimer: Any comments or suggestions, read or assumed, in this posting are not considered trading advice in any way! You should consult a financial planner at your own risk and expense should you wish to buy 500 shares of XYZ tommorrow on the opening!!!!
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"Trade Your Way To Financial Freedom."
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Peter
BullCharts Staff 
Joined: 09 Sep 2004 Location: Australia Posts: 241 |
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Posted: 22 Feb 2005 at 9:29am |
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The increase in disclaimers in this industry over the last few years
has been due to the introduction of the Financial Services Reform Act
2001.
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kneighbour
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Joined: 12 Feb 2005 Location: Australia Posts: 57 |
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Posted: 21 Feb 2005 at 10:25pm |
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I certainly have no trouble with Bullcharts. It was more of a general comment. Almost everywhere you turn to in trading are the disclaimers. What REALLY gets me is the statement along the lines "that you should consult a qualified financial consultant before purchasing this stock". This really annoys me - both for it's stupidity, and crass commercialism. I really doubt that any financial consultant that I ring up from the Yellow Pages is going to know any more than I do about trading - and whether or not I should buy a particular stock. Perhaps if I rang up Darryl Guppy or some other real trader - but a "financical advisor" - please! I think it is just that the financial advisors have lobbied government to try to force people to use their services. Personally, I think the very fact that we are trying to trade on our own - and to educate ourselves - speaks volumes for how little we all value the advice of financial advisors. Mind you - I have never met one of these fine people - so for all I know they might be all right. I just think that it is silly to expect these people to also be traders. The only time I could every conceive of blaming someone else in trading - is if your broker rang you up and advised you to buy a stock - and it was a loser. First of all - if you have a full service broker, then more fool you. If you then listen to that broker without doing your own analysis, then more fool you again. And to listen to a broker - and not a trader - well, silly old you. I fully understand the World we are in - but enough is enough. For example - I am looking at signing up for a newsletter with a well known trader. Everyone who signs up for this newsletter is a trader (one would assume). Everyone who goes to this website are looking for advice to help them in their trading from a fellow trader who is proven to be successful. So why would this chap have to put disclaimers all over his site - and on every bit of newsletter he sends you - that this information "is not to be taken as advice to buy or sell a particualr stock". Or words to that effect. It is plainly ludicrous and almost self-defeating. Of course it is advice to sell or buy stock. And of course that is what all of hist customers want. It is what I want. It is what I pay for. Of course, that is not to say that I will take his advice blindly - I will still do my own analysis - and of course if trades go badly - I would not dream of blaming him or his advice. I think that it might come to the point where us new traders will not be able to get advice from anyone. That is where the danger lies. |
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Seahorse
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Joined: 11 Sep 2004 Location: Australia Posts: 35 |
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Posted: 21 Feb 2005 at 9:21pm |
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It is just a sign of the times....There are more and more boneheads out there who are unable or incapabable of accepting responsibility for their own foolish actions. (More precisely their own stupidity.) I for one, have no problems with BullCharts using a disclaimer and placing conditions for use of their forum.. After all, BullCharts are software developers, not financial advisors. I can fully understand and support their decision to place a disclaimer. It is an unfortunate fact of life, for all of us, that we now have to make provisions for the "lowest common denominator". Otherwise we potentially risk being dragged through our legal system. A system that clearly bends over backwards to cater for those pathetic souls.... who are quite prepared to blame everyone but themselves for their own mistakes. The very fact that we have a Forum developed and supported by BullCharts staff is in my opinion incredible. BullCharts deserve to be congratulated for this. As for disclaimers on other forums or sites...I simply read them and make a decision to agree or disagree......My decision, no problem.
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My Reality Check bounced
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kneighbour
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Joined: 12 Feb 2005 Location: Australia Posts: 57 |
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Posted: 21 Feb 2005 at 2:35pm |
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Am I alone in this - or are you sick of disclaimers all over the place? I understand that some disclaimers are required by law - but fo rthe rest - it drives me silly. I am not singling out this forum in particular by any means. Bu tI would have thought that every user of this forum would be a trader or potential trader. And that he/she was into technical analysis. Furthermore, most likely a user of Bullcharts. So given all this backgound - why should so many discalimers be given?
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