I don't even need to explain why you should learn to trade only from people who have been trading successfully for years because that's pretty self-explanatory.
What's even more surprising is that most of the forex teachers I've met in my life don't even trade their own money, as if they don't believe in their own trading knowledge.
Reasons for forex teachers when asked about trading results
You should know that trading results not only prove that you are a legitimate professional and not a fraud, but also the only evidence that forex tutors have to show that their teaching is, at least, empirically proven.
The most common reasons you will hear from fake forex tutors are:
1. We cannot provide it for privacy reasons
2. Some regulators don't allow us to do this
3. I only provide proof to people who have purchased some courses
Sometimes, though very rarely, they will give you something completely worthless to distract you, such as the following:
1. Trading performance in the form of an Excel spreadsheet
2. Demo account trading results
3. Edited trading results
4. Trading results from unknown forex brokers.
In some small brokers, you can ask them to delete some bad trading records for "marketing purposes"
5. Real account trading results, but on very small accounts
On Facebook, most forex gurus or tutors frequently share pictures of successful small trading accounts that are only a few months or even weeks old.
One might think that since they are making money—even if only for a few weeks—they should at least be doing something right, even if only for a very short time.
Unfortunately, very often, these people cheat by using some simple and well-known tricks.
That way, the forex gurus set up a well-designed trap and the client will be attracted to buying expensive courses from someone who is, at best, an online marketing expert, but not a forex trader.
The most common trick is very quick and consists of opening multiple trading accounts. After a few weeks, at least one of those accounts will have made a big profit, and this account will be used for Facebook ads.
The cost of doing this is that some accounts will explode to get to the winning ones. However, marketing still costs money. This is why this account remains small, otherwise this advertising strategy can be very expensive!
Often, these account sizes are between $10 USD and $500 USD, and the worse the trading results, the more accounts they have to create to have at least one winning.
Burning $500 USD by trading for a profit to show is a very profitable and dishonest strategy.
There are basically two ways to check if the account you see on Facebook ads belongs to a good trader or a good scammer:
First: if the account has an initial value above $10k, it is almost impossible for him to create another 20 accounts with the same deposit amount to have at least one "survived" account.
Second: if the account is small, but more than two years old, there must be something good behind whoever trades it, because in the long run, luck tends to have less effect.
If you are lucky while trading 20 accounts, after three months, you may have one that made a profit, but, because the person trading that account was unskilled, in the long run, that luck will be lost and the account that survives will die like the others.
It is now very often to mislead potential clients—or just to show friends that you are a good trader by using Myfxbook portfolio or similar online services. A quick search on Google reveals that there is even a tutorial on how to manipulate this. While it's very easy to cheat using it, it's not easy to see where it goes wrong or changes — especially for the untrained eye. These statements are not necessarily false, but it is increasingly difficult to tell which ones are real.
How can you tell if a forex tutor can actually make money?
For example, you want to apply for a job at a Fund manager that is regulated by FCA regulations. Before reading your CV, they will ask for a statement sent DIRECTLY from a broker or bank regulated in a G20 country.
A trader should ask for the same, but, of course, this is a bit more complicated even for a completely honest forex guru.
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