I keep seeing a lot of traders advertising their training services on instagram at the moment i.e. they post pictures of living this awesome lifestyle involving expensive cars, jewellery houses etc, and say they are willing to help you to achieve what they have. I usually take things like this with a pinch of salt, but being new to the trading game, I contacted one of them to ask more about his training, the costs involved and the initial investment needed to start.
He replied and said:
“My service basically consists of me sending trades into a group for all my followers to copy trades. All they have to do is copy what I send them. Its as simple as it sounds. A course is also included if you wanted to to learn rather than just relying on copying signals you can.
The service is free for 30 days. The only money you will need, during the 30 day free trial period is the money you will use to copy the trades with.
A trading account will require 450 usd minimum deposit. However this deposit is not a cost. Thats the money you trade with, it doesn’t have to be all used and it can be withdrawn at any time.
All Brokers are regulated with apps. Let me know if this is ok and we can go further into it”
Apologies if this is a stupid question, but is the worth a shot, or would I be better off researching and paying for a course/mentor?
Usually not consistent. If broker is attached to app then the trader is getting commission for every trade you put on. Who is it out of interest? The only good thing is 30 days free. Don’t put money in I repeat not even to the broker. Then follow the service for 30 days and see if you would make money. I wouldn’t pay for a course as you can do the babypips course which is brilliant. Secondly there are forums discussions here where people anslyse and discuss the market. So just get involved.
These “Instagram traders”, also found on Twitter, Facebook etc are to be avoided. 99.9% will not make you money and if they were successfully trading and making that much they wouldn’t be selling their service.
In my opinion, trusting strangers who offer account management and signals in exchange for $ is not advisable. They may make consistent profit but the problem is they are doing the work and you’re just following their lead. What happens when that $500 lifetime signal whatsapp group is closed? What and who are you going to rely on? Rather study forex and start making consistent profits before you sign up for a paid signals channel
Thanks again for the input people. I will steer clear of them. I actually much prefer to know the metrics of how things work, so as advised, I’ll research myself opposed to relying on other signals.
SO you’re opening a $500 account and letting somebody you have never met trade it !
SCAM !
WHo’s the broker ? (oh has it been removed ?)
Without knowledge of the broker we can’t know whether it is reputable or not. Many are scam brokers and this sounds like one of them. Many are not even brokers at all.
My guess is your $500 (450) would be gone before your 30 days is up.
Now I do manual trading, no way to depend on others! 1st 2 years were too horrible; by the way, learning is a continuous process; till now I do analyze on my losing trades in the weekend.
ignore those Instagram traders, they’re mostly involved in marketing or some type of scam. This one guy offered me packages starting at $500, but he only had like 10 pictures on his page and not too many followers. It most likely wasn’t even him lol just continue to learn on your own, and with your mentors. There are many people though that post their trading journey and those can be very motivating and helpful.
The best advise I could give is to Invest In Your Self not in other people; invest in your mind, as that is what the majority of trading is about, having the correct mindset.
I can understanding how following somebody else’s trades could be seen as the easy way to getting money, but you don’t understand the fundamentals as to why he/she got into that trade in the first place. Enjoy the long journey it takes to becoming a trader you will learn a lot about your self in the meantime.
