Any practicing trader will say that Forex is not a divorce, but a highly profitable niche for earnings, but to succeed here is not as easy as it may seem to a beginner. Since a lot of money is spinning on Forex every day, this area attracts both honest participants and inveterate swindlers.
Today we will talk about the most popular methods and forms of fraud that a novice trader may encounter.
1.Unfair brokers (brokers, fraudsters, "kitchen", "lokhovozki", "scam", etc.). A detailed article about them, see above, we will not repeat.
2.Paid "win-win" strategy. Probably the second most popular method of siphoning money from gullible newbies. After all, what a novice trader usually does: trying to make money on Forex or BO using some popular free strategy, and when the first attempts fail, he decides to correct the situation and buy a paid “panacea”. Just in case, I clarify: there are no win-win strategies, although paid ones, although there are no free ones. No one can predict the market with 100% accuracy. Even if the Grail of the Trader were found, no one would sell this valuable information on the Internet, but would simply methodically earn money in the markets.
3.Paid indicators. This is when, instead of a whole strategy, you are offered to buy a “miracle indicator” that will give accurate signals to enter a trade. Everything said for strategies applies to indicators. There is no magic, and it is not possible to accurately predict the market for a paid indicator. For a beginner, an arsenal of free tools is quite enough, and a professional, before investing his money in a purchase, must understand how the indicator works, what it specifically shows, and what false signals it filters out.
4.Trading using robots. Automated trading has its advantages. The robot does not know fear, doubts and indecision are alien to it. On the other hand, the robot acts solely on a given algorithm and does not analyze additional factors. A trader who trades himself, in addition to the strategy, also gains experience, the intuitive sense of the market, and the robot does not have that. Beginners definitely should not invest their capital in the purchase of a robot, hoping to earn. It is necessary to understand the principles of trading yourself.
5. Assistance in the return of money from a broker-crook. Divorce for those who prefer to be cheated twice. Often, offices that offer chargeback assistance take money from a customer, and then feed on promises. Yes, yes, now, almost helped ... If you don’t want an intermediary who promises to help with a refund from a fraud’s broker deceive you, work only with those who take payment after the result. I assure you that these are rare.
7.Signalers. I would divide all signalmen into frankly dishonest and conditionally honest.
Conditionally honest signalmen are practicing traders, of which there are many in Telegram, on Youtube and VK. They promise to give free signals, provided that the newcomer registers via their link. “Almost honest signalmen” cooperate with legal trading platforms in the framework of affiliate programs, and, roughly speaking, receive bonuses for their friends. What is the catch? Every time a referral replenishes his trading account, the affiliate program participant receives a percentage of his deposits. Therefore, it is advantageous for signalmen that their referrals “merge” and do this as often as possible. For this, special “drain” days are arranged and false signals are given. In addition, no matter how cool the signalman did not position himself, he also has mistakes and mistakes in trade. If his deposit can withstand a drawdown, then a novice deposit is unlikely.
Separately, I would like to express a subjective opinion about two things: paid signals and paid training.
All the above is also true for paid signals:
100% market can not predict one. Often, even paid signals are given with a certain percentage of terrain: 86-92%, and you cannot blindly trust them.
All lie and signalmen too. There is no guarantee that you will sell the correct information for your money. It can always be said that this trader is “misunderstood”, “did not do so”, “the market suddenly turned around” and in general “we do not guarantee anything, there is a guarantee only at the cemetery”.
There are also decent analysts who, in the event of an incorrect signal, give the next forecast for free. But as a rule, the trader will need to increase the amount of investment to compensate for previous losses, i.e. your money will end up suffering.
In addition, assessing the economic feasibility of buying signals, measure how much they ask for information, and how much you can earn on them with your deposit.
Recently, all sorts of mentors, coaches, business trainers and other “informational gypsies” literally flooded the Internet. Paid training courses can be found for almost any profession: from the chef to the trader. Often, “profession sellers” trade in air — information that is freely available on Internet sites. Therefore, be prepared for the fact that under the guise of the author's course you will sell everything that you already know.
On the question of whether or not to pay tuition, my opinion is:
You can learn the basics by yourself. All information, both fragmented and structured, is open and accessible. Even on trading platforms there are a lot of theoretical materials, and the brokers themselves from time to time conduct free training webinars and marathons.
If you pay, you need to clearly understand what knowledge and skills you lack for successful trading and how the experience gained in the process of paid education will help you in your work.
Do not forget that tuition fees are also an investment and need to be monetized as a result. Consider what practical value the training will give you, and whether it is worth your time and money.
Thank you for reading my article to the end. I wish every trader that the scammers on the way meet as little as possible or not at all.