How to know if a trading mentor is a scam ?

[omar30]

Should i follow signals provided by claimed forex mentors who post their lifestyle on social media they usually ask for a percentage of the profit are they legit they post results with their customers.

How to know if they are legit or not, if it is a scam idk exactly how i will get scammed so if someone have some experience with that i would appreciate your input.

[John Paul]

Idk exactly what you’re doing but-if it seems too good to be true that’s a huge red flag. If no work or communication is involved it’s probably a scam.

[omar30]

@John Paul 

He said for every 25$ invested returns 100$ to 120$ a day is that too good to be true ?

 

He provides signals and reply to the questions i ask him if he is a scam i want to know how exactly he is scamming i can't find anything i guess the only option is to try and lose 25$.

 

I haven't followed any signals by him yet he is requiring 25 to be in the account before i start and he took my trading id and made me sign up with his referral.

Edited November 19, 2022 by omar30

[Phil King]

Learn a real marketable skill that provides value. Dont waste your time with forex or scalping or daytrading or any of that nonsense. People like this trading guru usually have a strategy where they tell half their audience that a currency will go up and the other half that it will go down so they always have people making some sort of profit that he can take. 

[omar30]

@Phil King

I am not interested in trading and this forex shit i am just doing it instead of wage slavery its not my main focus.

[evgn]

My question is why this guru is not working for himself if he is so good? And he is wasting his time for somebody else?

Just a question i would ask myself

[omar30]

@evgn

I did. he takes 10% of your profit + the referral link he gave me idk how much the platform give him based on my earnings.

Imagine if he does it with 2000 3000 subscribers is it worth the effort idk.

 

He posts signals that he is using so technically he is not wasting his time.

Edited November 19, 2022 by omar30

[Consept]

@omar30 

I don't get why he needs other people to trade though even if he is getting 10%. If he could get 125 from a 25 investment why not just do that himself if hes so sure he can get that return? Why only get 10% instead of 100%. The only reason would be that if he loses the money its no loss for him but if you make a profit he makes money, so for him it makes no difference. 

the reality is, a phenomenally good trader is not going to make more than around 4% per day so whatever he's claiming is insane. 

[omar30]

6 hours ago, Consept said:

@omar30 

I don't get why he needs other people to trade though even if he is getting 10%. If he could get 125 from a 25 investment why not just do that himself if hes so sure he can get that return? Why only get 10% instead of 100%. The only reason would be that if he loses the money its no loss for him but if you make a profit he makes money, so for him it makes no difference. 

the reality is, a phenomenally good trader is not going to make more than around 4% per day so whatever he's claiming is insane. 

4% of what ?

His balance ?

[Topspin715]

20 hours ago, omar30 said:

@evgn

I did. he takes 10% of your profit + the referral link he gave me idk how much the platform give him based on my earnings.

Imagine if he does it with 2000 3000 subscribers is it worth the effort idk.

 

He posts signals that he is using so technically he is not wasting his time.

Just some things to give you perspective:

 

the best investors of all time generated 20-30% per year over their careers, not 400% in a single day.  When you are dealing with extremely small sums of money and short term time horizon, you can maybe make more but 400% in a day seems completely absurd.

 

think about how it would work if you work a complete scam artist.  Get people to do whatever you tell them and have them send you 10% of their earnings.  You could be offering completely random trading decisions, and if they happen to make money (effectively playing roulette) they give you 10% of your earnings and you did nothing except find people to sign up for your scam.  If they follow your suggestions and lose money, they don't pay you anything but you don't lose anything except for your time.  they will prob be mad at you but they'll go away and not be able to do anything about it. 

[Consept]

4 hours ago, omar30 said:

4% of what ?

His balance ?

4% of whatever they put on that day, this is just for day trading btw. So if they put 100 that day they would make 4 profit for example, but that's a really good trader, most people would lose money 

[Topspin715]

For whatever its worth, I have spend a long time learning about financial markets and practicing investing professionally and I really don't know how I would learn how to become a day trader.  I think it probably is possible to figure it out but a lot of the people who report having success may very well have been gambling (most of it is gambling) and gotten lucky.

 

If you learn how to do longer term investing, you learn more general business skills and it is a more sustainable way to make money.  I generally recommend using very diversified index investing though if you aren't going to spend a lot of time focusing on it.

[omar30]

1 hour ago, Consept said:

4% of whatever they put on that day, this is just for day trading btw. So if they put 100 that day they would make 4 profit for example, but that's a really good trader, most people would lose money 

i have made 60$ with 150$ capital on my own yesterday lol.

Its all about pattern recognition and being intuitive.

What about telegram channels that provides accurate signals have you guys tried this stuff or just being pessimistic ?

 

 

 

4 hours ago, Topspin715 said:

Just some things to give you perspective:

 

the best investors of all time generated 20-30% per year over their careers, not 400% in a single day.  When you are dealing with extremely small sums of money and short term time horizon, you can maybe make more but 400% in a day seems completely absurd.

 

think about how it would work if you work a complete scam artist.  Get people to do whatever you tell them and have them send you 10% of their earnings.  You could be offering completely random trading decisions, and if they happen to make money (effectively playing roulette) they give you 10% of your earnings and you did nothing except find people to sign up for your scam.  If they follow your suggestions and lose money, they don't pay you anything but you don't lose anything except for your time.  they will prob be mad  and not be able to do anything about it. 

12 hours ago, Consept said:

@omar30 

I don't get why he needs other people to trade though even if he is getting 10%. If he could get 125 from a 25 investment why not just do that himself if hes so sure he can get that return? Why only get 10% instead of 100%. The only reason would be that if he loses the money its no loss for him but if you make a profit he makes money, so for him it makes no difference. 

the reality is, a phenomenally good trader is not going to make more than around 4% per day so whatever he's

[thisintegrated]

Expert here.

 

They're scams.  If they advertise to you, then they're scams.

The best you can get is access to a premium discord for like $100/m.

[omar30]

25 minutes ago, thisintegrated said:

Expert here.

 

They're scams.  If they advertise to you, then they're scams.

The best you can get is access to a premium discord for like $100/m.

How does it work ?

How much is the expected roi ?

[thisintegrated]

6 minutes ago, omar30 said:

How much is the expected roi ?

idk, what's roi? rupee? Republic Of Ireland?

ohh rate of income?

Well that's a silly question.  You might make 3% a day.  So either millions per day or pennies.

If it's a good day, you might make 1000% in a day.

Trading isn't a steady/reliable thing. You get whatever the market gives you.

And in a recession you can expect weeks with nothing.

 

6 minutes ago, omar30 said:

How does it work ?

You pay them $100 each month, and they sometimes post ideas/signals, and answer any questions you have or analyse your charts for you.

Edited November 21, 2022 by thisintegrated

[omar30]

@thisintegrated

Someone provides a 100$ monthly subscription for forex signals he said you will get 4000 pips a month is he a scam ?

[thisintegrated]

1 minute ago, omar30 said:

@thisintegrated

Someone provides a 100$ monthly subscription for forex signals he said you will get 4000 pips a month is he a scam ?

Can't know without knowing him properly.  If he has Instagram then it's for sure a scam.

But it doesn't even matter.  If you don't have the skills yourself, then you should be investing in your skills before anything else.

If you don't understand what you're doing, you won't be progressing with time.

[omar30]

@thisintegrated

I am not interested in trading at all I hate it but it's better than wage slavery if there is something like trading that doesn't take so much of my time I would go for it to focus on my life's work.

 

[thisintegrated]

2 minutes ago, omar30 said:

@thisintegrated

I am not interested in trading at all I hate it but it's better than wage slavery if there is something like trading that doesn't take so much of my time I would go for it to focus on my life's work.

1. If you rely on others for trades, you'll never go far enough to retire from it.  It's all or nothing.  If you pay for shortcuts you're just wasting money.

2. It's easy to make a million in a day an hour without knowing anything about trading.  Just already have a million, and wait months/years for the perfect opportunity to come around, and a single 100% trade will profit you a million.

How do you even find these scammers anyway?  What are you googling to find them?  "get rich quick scheme that's not a scam"?