So far that’s been my experience. It doesn’t matter if they look like a nice guy who enjoys long walks on the beach and puppies or they look like a slick salesman. The difference seems to be the marketing image strategy but the result is the same - fraud. None are willing to provide verifiable track records and those who do on MyFXBook delete the results when they go south. Others provide cherrypicked images of MyFXBook and no link to MyFXBook because MyFXBook Profile is either closed or shows terrible results. And many others tricks.
The whole thing seems to be cold psychological manipulation. If you’ve read many of their sales pitches you can see common themes. Here’s a common pitch.
"Hey, I’m Joe. I like walks on the beach and puppies (I’m just a regular, sweet guy - DISARM).includes photo of himself doing innocent; puppies and kids, family man theme is great I discovered trading when I signed up for a book/seminar/course/whatever by some scammer (you see, every other educator is a scammer and I’m not!) Of course, it didn’t work and I lost money for X (2-10) years. (O, man, this is great, he’s just like me! COMMONALITY)
Now, me being the very persistent person who doesn’t give up, I decided to research trading on my own. I’ve spent 20,000 hours searching for what works and finally found it. The rest is history! I’ve been trading successfully for 15 years. I started sharing my trades and knowledge on the Internet and people started asking me to teach them more about my methods (You see, this is not a premeditated fraud, I was initially sharing my wisdom for free and people literally demanded that I start selling my course! It just happened and reluctantly… I agreed).
Now, I teach and consult hedge funds, mutual funds, family offices and retail traders. (I mention institutions first and retail last because retail traders know that retail traders lose and institutional win so if institutions work with me I must be the real deal).
I have great reviews on site ABC (man those Bangladeshi reviewers give great deals don’t they?) Go ahead, and give yourself a chance to become a consistently profitable trader. (HOPE)
forex Trading or internet trading is one of the businesses where scam people can not succeed unless they are dealing with some really naive people
just because any strategy or signal can be thoroughly tested on a demo account as many times as the trader desires
I’ll second this. I’ve found the same thing online and on instagram. I like the way you explain how each step is used to suck someone in further . The only thing you forgot was how these people now ‘show our losses’ because other scammers dont show their losers. I find that if you question an educator who is not genuine, he will not be able to answer you or will block you. And this is strange as they all say we are traders first but they dont like to discuss trading.
I think it’s very rare to find a real profitable trader teaching. I’m not saying it’s impossible. But it’s less than 1 out of 100. Maybe 1 out of 200. Or worse.
Not all. You can identify a scammer through their demeanour. A good trader is a humble trader. Forex is not a get rich quick scheme and it takes years of learning before one can become a profitable trader. The best way to tell if an educator is truly a profitable trader is to look at his live trading account. Check to see how long he has been trading that live account. I would recommend to check if he has at least 3 years of track record before you part your money with him. If he is hesitant to reveal his results, then he is most likely a scammer. You only have yourself to blame if you become his prey.
Please point me to a mentor who will let me look at their live account, Shinobi_Trader Just one. Maybe you’re living in a parallel universe but there aren’t any in mine.
There are many wonderful resources on the internet that teaches you how to trade.There is no need to part your money to learn from others unless that person is a credible one. Babypips is an excellent information site for learning. There are many trading videos available on YouTube but you need to exercise your discretion. To become a profitable trader, I believe you need three components. They are 1) profitable trading strategy, 2) good money and risk management and 3) good psychology. These information can be found on the internet readily. Last but not least, do your backtesting and paper trading.
You don’t live in a parallel world, yet you haven’t pointed me to even one mentor who’s willing to share a live trading record for 3 years C’mon let’s be serious.
Unfortunately slippage is a part of trading. Some brokers might have less slippage than others but trading before a volatile time always carry this risk. Thankfully they didnt get you out lower!
Always have a look at a forex economic calendar before trading so you dont have this situation happening again. Despite this, if your strategy is profitable keep disciplined and stick at it. It’ll work out in the end. Good luck.
. The only thing you forgot was how these people now ‘show our losses’ because other scammers dont show their losers. I find that if you question an educator who is not genuine, he will not be able to answer you or will block you. And this is strange as they all say we are traders first but they dont like to discuss trading.
Just one. Maybe you’re living in a parallel universe but there aren’t any in mine.
C’mon let’s be serious.