I am not into stocks, plain FDs and EPF, that’s me.

But a few of my friends have been in a group Whatsapp called BOCI club. Has anyone heard of them? My friends said it is only for getting stock picking advice and they’ve been making money. But why would anyone give advice to others when they could use the advice to make money for themselves?

I hope it’s not a prelude to something more serious. My friends only have a small limited amount to risk.

problem with advice from others is everyone is shilling their own investment approach

some do well in forex, they promote that
some do well in o&g stocks, they promote that
some do well in goreng stocks, they promote that,
i do well in crypto, i promote that.
some can't do well in anything, so they end up with EPF and FD, which is fine.

you should know what your investment approach and appetite is. What you are comfortable in. Don't invest just because other people recommend. You basically just a blind followers, and if you are unlucky, you get dumped being the last person to hold the stocks.

People would recommend stocks to you - 1. you are their exit liquidity. 2. Because it's really good and you buying them making you creating a new support.

I believe investment is very personal. Do what you are COMFORTABLE at, and listen to others but don't follow. You make your own decisions at the end of the day.

People are generally lazy. Lazy to research. Want to be spoonfed. So if someone doing research already. They expect it's good and just follow.

gashout you should know that there is an additional group. Paid stock picking group. The owner is paid to come out with good recommendations. So if he doesn't have good recommendations, he got no business. Btw some of this paid stock picking guys are good. I only know 3 which are good. Rest all rubbish.🤭

They are Adam Khoo, Mr firedupwealth and stockado. Stockado is like no more.

This post has been edited by Ramjade: Jul 29 2024, 08:18 AM

stock picking paid group is also depend on their own investment approach. if you focus on adam khoo, you are basically invest according to his appetite and approach.

one still needs to find their own investment journey.

but since so many lazy ones, ram, let's create one together

Actually Adam Khoo is a very conservative guy. For someine very conservative, it is surprising that he can beat the S&P500. His holdings are the typical US stocks.

Google, Amazon, Facebook, mcd, United health, visa card, Adobe. Based off what he shown on his YouTube.

Yes, he is very conservative, and teach the basic of the basic finance knowledge.

Conclusion: DIY

Not sure if my friends will listen to me since I am FD and EPF type. Will pass comments to them.

Thank you all.

Whatever you do don't ruin ur friendships over personal finance issues.

It’s natural to be cautious when friends are getting stock-picking advice, especially if it seems too good to be true. People join these groups for the potential to get insights they may not have on their own, but as with any investment, there’s always risk involved. Why would they share advice instead of keeping it? Well, some groups thrive on shared knowledge or charge fees to offer recommendations.

If your friends only have a limited amount to risk, make sure they also understand the tax implications and potential costs. For example, certain instruments like CFDs can be more tax-efficient compared to direct share dealing due to the exemption from stamp duty. However, they’re not tax-free, as profits are still subject to capital gains tax. It’s always good to see here for more detailed tax advice and ensure they’re fully informed before jumping in.

This post has been edited by AnNamir: Sep 6 2024, 05:47 PM

If you said not good, then your friend see those group earn money, he might blame you secretly.

If it is my normal friend, my best advice is try some small amount they dont mind losing.

I still remember Cathie Wood's ARRK. That time she was like the best. Even unit trust in Malaysia here also try to copy her portfolio. See where is it today.

Now making money doesnt mean forever making money.

FYI, I also plain FDs guy 4 years ago. When I started go into stock, I got burned by just 1 stock (blindly follow advice, hoping it will double even triple, not GME).
Fast forward today, I just manage to covered back the lost this year. That is if I sell all my ETF and stock.
Now 95% of my investment are top US company, unless some scandal etc, their price will always be there.

I've been earning quite alot during the last 3 years, but I never recommended my friend to invest in anything, I'm happy to share my knowledge, but I will NEVER recommend them to buy any stock or fund.

Your friend are earning following the group, but for how long? Last 3 years are pretty bull because the economy is recovering from the Covid damage. It's not rare if someone is doing good during the bull period, and we never know when the market will enter bear, and we will never know if our friend can take it, I don't want to lose friend just because of bear movement, even the best stock in the world cant fight the market trend.

I'm currently holding a stock which earned me 5x, which fell from 7x profit, and also way before that, this stock was tumble with 30% during the covid period, if my friends enter the stock following my appetite , I might have lose those friends during the tumble period. I do my research, and I understand what I'm doing, they don't, what they see is just I causing them to lose money.

You need to come out with your own strategy and understanding if u wanted to profit long term in investment market.

This post has been edited by ragk: Sep 5 2024, 04:41 PM

My friends and I are still in a Whatsapp group but there’s very little talk about their investments.

I am still unclear what the club does, the last time we chatted, they were telling me what candlesticks were, moving average, blah blah. Haiyya we are supposed to be pensioners and not create headaches anymore.

BOCI club is a scam.

It was a scam. An elaborate scam as a person put it. I tried googling many times before posting the question here but only the legit Bank of China International came up.

The guy who detailed the scam posted it in Linkedld. The scammers or he or she used BOCI blatantly.
It was really easy to check if the club was bonafide. I used Bank OCI online contact and they replied quickly that it had no connection with them.

So if you wish to read ‘I can’t believe it details’, go to Linkedld. I am curious if they had been successful.
Not with the people I know though. 😄

P/S I hope that when someone googles, they can find it in Low Yat forum easily.

This post has been edited by arabella: Sep 15 2024, 02:04 PM

Don't follow anyone, you'll become exit liquidity.

Generally don't trust any paid or closed group.

The best advices and info you can get are publics one. Those are vetted, dissected and analysed by the general public, but even with so much public scrutiny scammers like trevor milton and elizabeth holmes still managed to deceive.

Always fact check everything and consider all your information sources and never just blindly follow.

There is no easy way to investing, apart from doing alot of research and have a deep understanding of what you are investing in, like their business models, their financials and even their key executive teams.

If you feel this is not for you, the best bet are etfs or similar passive index fund.

I watched videos of adam khoo and Mr fireupwealth too. Btw do you join their so called group ? Noticed the membership are expensive.

Nope why should I pay them when it's so simple? Live below your means as much as possible. Sacrifice for 10 years. Invest the excess. Buy and hodl high quality stocks. Use whatever dips given by the market to build wealth. Basically BTFD. Don't be scared of red market. Rinse and repeat.

When you have quality companies, you don't need to keep looking for new companies. Just keep buying them.

Yeah im of the same opinion when it comes to stock picking groups.but im constantly looking for new companies on the Internet mostly from X,reddit sub, comment section of seeking alpha and then ran them through stock analysis. For some reason I enjoy having one part of my money in long term investment like etf and quality stocks ,another in shorter duration investment like position trading which I'll hold for weeks or months. But lately time constraint hampered it and I just signed up to simplywallstreet 😆 .love using the screener to input data and it recommends which stock based on the criteria we keyed in

beware of scam group. hahaha

Always beware of groups, they can let you win a lot first, one off take everything from you, as plan

Whatever guru, they are the ones to make your money, it is better to invest in their company, even more profitable than buying stocks.

Remember this, everyone's portfolio appetite is different, even if he/she think is low risk, but maybe high risk to you. because the value of money/capital is different