Yes, it's a Scam: 3 Tips To Help You Avoid Being Conned By Fake Trading Gurus Online
The internet is littered with ads offering to teach you how to make money as a trader:
Headlines just like these are used every day to lure people, both young and old, into the world of “trading education.”
And while some are legitimate, it can be hard to discern reputable companies and
experts from fraudsters – especially today as scammers are becoming increasingly
sophisticated in their tactics.
In this article we’re going to share three simple questions you can ask before buying
any type of trading course, newsletter or subscription:
Question #1: “How long have you been in business?”
Many scammers start new shell businesses every few months. This allows them to
move under the radar and makes it more difficult for authorities to track their digital
footprint. So the first question to ask is, “how long have you been in business?”
If the answer is less than 5 years, proceed with caution. The more reputable ones have
been around for at least ten years.
You can usually find this information out by visiting the company’s home page or about page. If they don’t list it, that's not a surefire sign it’s a scam, but you may want to email
them and ask how long they’ve been in business.
Question #2: “Do they showcase flashy lifestyles?”
Just because someone has a picture of them next to a Lamborghini doesn’t necessarily mean they’re a scammer, however it is a red flag to look for. That’s because most professional traders look more like normal people than the “influencers” you see on social media with lots of girls and fancy cars filling their social media profiles.
So it’s helpful to do some research on the “expert” you’re considering learning from.
Look at their online profiles and see what sort of lifestyle they’re projecting. Does it feel manufactured or is it authentic?
Question #3: “Are they teaching complex or simple strategies?”
Many scammers tend to take simple things and turn them into complex sounding
strategies. Again, there's a gray area here as sometimes there are legitimate educators who do teach more advanced strategies.
However, generally speaking you want to look for strategies and methodologies that are simple and easy to understand. Another red flag to look out for is when the strategy requires you to purchase a bunch of expensive indicators or software to use.
“This is where I really have a bone to pick with trading gurus,” says Thomas Wood,
author of the popular guide titled Naked Trading Mastery that went viral, having been
downloaded over 30,000 times.
“People hated me for publishing that guide because I basically showed people that you don’t need a bunch of fancy indicators and tech to trade,” says Wood. “You can do it with a simple stripped down price chart using nothing other than price action
fundamentals.”
“Trading is really not that complicated,” says Wood. “The problem is all these internet
gurus make the simple complex in order to sell more of their courses and indicators.”
Asking these questions won’t guarantee that you’ll be safe from all scammers, but they will help lower the odds that you’ll be taken advantage of online.
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