Please why so many distractions and adverts of various fake promises here and there. Can’t these be curved - many will promise ‘within three months you become millionaire’. Why all these lies.
Kindly help and advice.
My guess is that those who can’t trade sell promises to those that are trying
Its a sad part of the industry unfortunately.
But there have been system vendors goiing back generations, there must be something about newbies who want to get rich quick with as little effort as possible.
The marketing industry sees these people as easy fodder.
Nothing you can do but stop noticing it and focus on something else.
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There is demand there is supply. People want get “easy money”, high return low risk, unfortunately, there is no such thing like this.
“Those who can’t do, teach”
exactly as @Johnscott31 put it
The “gurus” that offer you a course or series are ones that had interest in the topic but ultimately failed or realized the limitations of the niche. Now the gurus are making 100x more money selling these mastermind/courses/series/universities to people who are near desperation to change their life or make money without any risk.
I was a contractor with a crypto trading school/group. Nobody in the leadership were successful in trading or investing. The lead trading instructor often blew his account, sometimes multiple times A WEEK. So they would read a bunch of books and compile their course based on this info, no real first-hand knowledge learned or earned. They actually did help a few standouts become profitable traders. Most “students” were using the group for trade ideas or investment signals. The money was good and they were posting profits the first month. Quickly edged near the $50k/month mark by the time I left. Not bad for a handful of guys in their early 20s and no degrees or trade skills to their names.
The group had good intentions but I doubt they fully understood the potential damage they were doing since they weren’t trading with meaningful money like their students were.
Market and Forex trading is a way for wealthy people to make passive income, a partial strategy for banks to mitigate loss in inflation, brokerages to make money trading with other people’s’ money, and a way for a select few to change their life. Everyone else is providing liquidity, feeding a gambling addiction they fail to recognize, or maintaining an expensive hobby.
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They know what you or majority is looking. And that is easy money.
If you see ad showing you that you can earn $10 per day and if you see ad showing you that you can $10,000 per week, which one would you click first?
Majority will click second one becaise first one is not so tempting.
Each of us wants quick and easy money. That is why you see so many ads that are luring you with awsome offers.
If you are experienced you will not click those ads because you understand what is behind them.
Why do the person behind the ad do this thing?
He knows there are many desperate traders who will click and he will earn money by selling something to them.
If he tricks at least one of 100’s he makes money.
And, on average, 1 visitor of 1000 visitor that clicks the ad will spend his money.
This is normal that you see ad with this kind of promise.
If you go into another area, like personal finance, you will also see similar ads.
It is the way how today marketing works.
You started you post with ‘those who cant do, teach’.
But seems like these guys can do and are teaching.
So which one is it?
Which is the truth?
What are you trying to tell us here?
No, at that time they were not profitable traders. One was sitting on a near six-figure loss from buying bitcoin at $18k. One made a lot of claims of trades with no proof ever. One would leverage 100x on bitmex & crypto fx and put 80% into 1 trade and blow his account. The other posted trade ideas from other groups and “hodled” crypto. I was there to help introduce stocks & forex; but often hit a wall when they didn’t approve of my more conservative trading methods. They wanted big numbers from practice accounts show people how to turn $50 to $100k in 6 months or less.
I am unaware of their status now, and will not disclose the name in the event I can get pulled into a libel or slander case.
The income quoted was from the course sales, not trading. The information, trade setups, trade strategies, and ideas were often from other signals groups, books, other courses…etc. They had a key audience, knew how to speak to this targeted group and marketed aggressively.
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It was actually me who said that and I do think there is a large element of that.
Marketing 101 is appeal to people’s base desires, and nowhere is that more prevalent than among new traders.
If I was a system vendor that’s what I would do
I stand by the fact many are probably failed traders, but of course not all.
For some I guess they love the markets and just want to help.
However I really would question anyone who charges an obscene fee for a course, they are clearly not doing it because they want to help.
There is one guy, Adam Grimes who offers a course totally free, it’s comprehensive and he has spent a lot of time on it.
Yes he offers other services but non of it is a hard sell. I’m sure his free stuff is better than most of the paid for stuff out there.
Newbies keep asking what to do after Babypips, my recommendation is check his stuff out.
You’ll find such lies almost everywhere… you need to keep yourself alert so that you don’t fall a prey to any of such lies/scams.
Tip 1: Stay away from Instagram as much as possible. Try and cut out the noise. Seeing people making x amount will put you off from your long term goal.
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It’s a case of Supply and Demand. The Demand is so high to be successful in FX that the Supply of scammers is huge .Stay on forums like this and you should be quite safe
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