Forex and so called 'traders'


(Danny) #1

So it seems everyone on Instagram want’s to be a trader and there are loads and loads of these so call ‘traders’ touting their wares and banging on about signals etc.

Are these guys just part of a ponzi scheme, are they real and would you trust them or this whole signal business?

Examples below:

https://www.instagram.com/explore/tags/forexsignals/

I don’t get it, seems like a scam to me tbh.


#2

100% seems like a scam of some kind


(Danny) #3

I just don’t get how it works, seems like some kinda MLM bait and switch scam?


(Christopher) #4

@Danny well done for bringing this up. These guys are categorically not traders. It’s essentially a betting/gambling product and a lot of the the social media profiles are just affiliate marketeers. It’s exploitative and can be highly destructive. Average losses are in excess of £2000 from what I recall from a recent study into this.

There was a discussion over at freetrade.io about this here.


(Tom ) #5

It’s incredibly difficult to make money on FOREX.

However, there are some people who are really good at it, even managing to short the pound.

Example: Concede defeat in the Brexit referendum in order to make you and all of your mates £millions.


(Stephen Brinda) #6

Great post…I was big in Amway in the 80s, I spent years and £1000s looking for business opportunities. Now I’m a affiliate for a travel company, I know loads of 7 figure earners living the laptop lifestyle , but is not a quick rich, it takes proper hard work and a growth mindset. The problem is people join these business and they either give up or don’t work the plan…then they call it a scam…I’ve studied various ways making it online…got to the stage of losing certain friends and family members because they worried about me being scammed wtf🤔. Of course there’s loads of scams ,pyrimids and ponzi out there.
But the biggest scam I think is a job.Its useful for paying bills and that’s it. you’ll never make it rich working for other people. For me now I’m focusing on day job for bills , online for retirement.
Remember , with a correct mindset you can accomplish anything.

“It’s not what it cost to build a business, its how much money it can make you” Ricard Branson.

Sorry for waffling on guys…injoy your day


(Christopher) #7

@tomsr is absolutely right, FX trading takes a fair whack of skill, knowledge and experience.

Crucially, the accounts Danny has referenced, are not usually trading directly on FX markets, and are actually not ‘trading’ at all. Add a sprinkle of leverage and watch those losses balloon.

Oh heeeyyyyy George Soros! :wave:t3: :boom:


(Andre Borie) #8

I guess this is the men’s version of MLMs; usually they are about cosmetics/weight loss/essential oils and prey on vulnerable stay-at-home moms but now they want to diversify their target market.

Of course it’s a scam, don’t fall for it. If you want to mess with them maybe pretend to be interested and when the inevitable question of the entry fee comes up, just ask them to loan you the money for a month or so - after all, according to them it’s so easy to make money so surely there should be no risk in them lending you some cash? :joy:

If there was a reliable source of “forex signals” it would not be some random people on Instagram.


(Danny) #9

Yeah I was thinking about using them all for the free stuff coz that’s when it seems all the ‘wins’ come through then after that just jog them on.


(jamesbrierley) #10

Simple scam,

They make you sign up using a Plus500 affiliate code, they then send you ‘signals’ taking a commission on all of your trades via plus500. They have no incentive to make sure that you make money.

Then then Instagram all the people who by luck make money, which drives more footfall and so it goes on.

Plus500 recent market announcements have done wonders for it’s shareprice but how much revenue it driven via these 'fx trader’s doesn’t get broken out!!

It’s a horrific scheme!


(Richard Grey) #11

Is Forex trading advice regulated? Is it an investment, and as such, are they technically providing investment advice? Seems a bit of a grey area to me.

Personally, the moment I saw the images of the Mercedes and Rolex, I closed the browser tab.


(brandon skerritt) #12

Hey! I actually have friends involved in these schemes. Another popular one is Litecoin. You pay a company litecoin, and they mine it for you. My friend pays around 10 litecoin for 5 months, which is around £1k. He receives Whatsapp messages every hour with “you have just made 0.00000319573 litecoin from mining” or something. I’m almost certain that he loses more than what he puts in. But it looks really cool on Instagram.


(Danny) #13

It’s these kinda videos that scream scam, also why the new account? :eyes: