Hardly a day goes by without at least one advertisement in the newspapers for 'wealth seminars', including courses on trading shares, options and even more complex financial products. Beware of the spiel.

Here is a true account of someone who has learnt it the hard way:

'I did a course recently about trading 'contracts for difference'. [Also known as spread betting, where you bet on whether market prices will go up or down.] It seems a lot of people, including myself, have been grossly misled with the promise that the particular system these guys trade by can make thousands per night. They didn't mention that you can potentially lose the same amount and more at the same time.

I've been at it every night and have progressively gone downhill. It's really difficult to make money and very easy to lose money it seems. I have contacted a few people who did the course and no-one has made money. In fact everyone has lost. Painful lessons. Check out their ads on their website. They are so convincing.'

Before paying out thousands for a course:

• ask yourself whether trading the financial markets is a job that would really suit you
• consider how much money you're prepared to lose
• thoroughly check the credentials of the trainers
• ask questions before your commit; if you are put down for asking questions, you will know that the people you are dealing are not genuine educators but probably just sales people trying to rope you in.

Original Article: Get rich quick trading courses: painful lessons

For more financial tips, visit ASIC's FIDO website.