The forex trading craze has taken the world by storm, and you can see forex traders everywhere flaunting their penthouses and fast cars. People get tempted to join forex and create their dream lives. But why are forex traders so annoying?
Forex traders are so annoying because the pundits you see on social media aren’t genuine traders. They’re cons who promise six-figure profits if you buy their services or join their multilevel schemes. True forex traders don’t waste their time trying to impress others and flashing their properties.
In the rest of the article, we’ll elaborate on why these fake forex traders are annoying. We’ll also talk about how they deceive people and how to avoid them.
IMPORTANT SIDENOTE: I surveyed 1500+ traders to understand how social trading impacted their trading outcomes. The results shocked my belief system! Read my latest article: ‘Exploring Social Trading: Community, Profit, and Collaboration’ for my in-depth findings through the data collected from this survey!
Table of Contents
Annoying Forex Traders on Social Media
As you scroll down your Instagram, Facebook, or YouTube feeds, you’ll come across numerous forex trader accounts with flashy profiles flaunting their luxury cars and celebrity-like lifestyles.
They frequently post everything related to their forex trading activities to show how they’re growing their accounts and tempting other people to join forex. However, their actions are more likely to annoy or even disgust you than encourage you to do the same.
Why are they so annoying?
They’re Fake
The most important reason is that they’re not genuine. We somehow feel that these traders are fake with all their posts showing them on the beach claiming to work one hour a day. That’s not what a real trader does.
Genuine forex traders are low-key committed to their jobs and don’t have time to waste on social media trying to impress others. They have their own account, working hard to grow their portfolio, making profits, and probably no reason to showcase them on their social media accounts.
They Lie
Forex trading is hard. No genuine trader promises guaranteed money through this venture, and according to statistics, 80% of all forex day traders stop trading within two years. Experienced traders have lost more than what they have earned, which could discourage many people from joining the venture.
However, these bogus traders downplay all these difficulties and paint a dreamy picture that not many people can achieve.
They’re Scams
These so-called forex traders share their portfolios and throw in some positive-thinking advice to lure their followers into believing they can achieve anything in their lives through forex. They’re annoying to us because we know they’re trying to sell a pipe dream.
That’s why you should be careful since most of these accounts are probably scams. Rather than true traders, they’re a bunch of social media influencers who recruit teenagers and young adults to use a shady trading platform.
They use these platforms to sell anything related to forex, from trading platforms to signals or advertise brokers. They claim that only by using what they recommend can you be as rich as them. They even boast you can make hundreds a day with no experience needed.
If you browse through their pages, you’ll see no content related to trading tips, analysis, or any signs that show they’re traders. Most of these people aren’t even authorized forex traders, and if you ask them for documents, they refuse to show you.
They’re Just Everywhere
Even if they’re legit forex traders, they seem to be advertising their brokers, platforms, signals, etc., everywhere on the internet. It’s like they’re taking advantage of this forex trade advertising to push their agendas and make people follow them.
They use every opportunity to convince you the service they promote is better than others. That’s what you can see in any saturated market. They show up under every internet thread and talk about how they’ve succeeded through working with a particular broker or platform.
How Do Social Media Forex Scams Work?
Most of these social media accounts are pyramid schemes that promise high profits by flashing the account owner’s money. Most of them feature attractive young men and women posing in front of a car or mansion and even holding up some cash. They want to instill in their target audience that “this could be you.”
They mostly target young people who fall for get-rich-quick schemes more readily. Young people follow these accounts looking for a way to get retired in their 20s with big, fat bank accounts.
These scams identify and choose their victims from young people and contact them via social media messaging. They try to sell the unsuspecting victim the dream of making tons of cash in the forex market and earning financial freedom.
Then, they try to sell the victim a forex-related product such as signals, platforms, or educational videos. They convince you that such products are essential if you want to become a successful trader.
As soon as you buy the product, you become a part of the pyramid scheme that considers you the trader’s downline. They earn commissions by recruiting you and whenever you recruit another person into your downline.
They make you believe that to earn more money, you need to bring in other people. They let you trade in the forex, but since you’ll be most likely to lose, you’ll go back to recruiting because you can make more money. That’s where you’ll get busy doing other things than trading forex.
They keep selling you the dream by holding conferences and showcasing top recruiters who advise you not to give up. So, you continue paying for their products and recruiting new members until somewhere down the line, you’ll discover it’s all a lie but have made the scams rich.
How To Avoid These Scams?
Scammers use different ways to squeeze money out of their victims, from taking money to trade on their behalf, binary options, and simply selling useless products.
To fend off these bogus accounts:
- Don’t accept everything you see on social media. If something is too good to be true, it’s most likely a scam. If someone promises astronomic numbers in a short time, stay away from them.
- Check their profiles and look for links to their websites. Most of these self-proclaimed traders don’t have any.
- To be on the safe side, steer clear of all the investment proposals and opportunities on social media. There have been so many fraud cases on these channels that it’s safe to follow your investment activities on other venues.
- Know your regulating bodies in your country and check if the individual or firm you want to work with is regulated. These regulatory authorities have a list of regulated entities that you can easily find on their websites.
- Before making any decisions, do thorough research and seek advice from knowledgeable people or authorities. There’s going to be large sums of money at stake, so don’t take it lightly.
- If you see a swindler approaching you, don’t hesitate to report them. This way, you’ll help many other people who are likely to fall for these scammers.
- Forex trading has a clear path. You find a legit mentor with a good track-record and documents that show they have worked with an authorized broker. Then, you spend months learning the ropes and gaining experience through a demo account. After developing a well-thought strategy, you start trading with whatever capital you feel is right. There’s no way around it.
Author’s Recommendations: Top Trading and Investment Resources To Consider
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Conclusion
Most people you see on social media and the internet trying to recruit you aren’t real forex traders. They’re swindlers who don’t know the first thing about forex trading and try to take advantage of young people’s greed and naivety. These are the main reasons we find them annoying.
They don’t tell you about the problems and difficulties of trading forex and only focus on the things you could buy. The best thing to do is avoid them altogether, follow a proper channel, and join a regulated entity to start forex trading.
BEFORE YOU GO: Don’t forget to check out my latest article – ‘Exploring Social Trading: Community, Profit, and Collaboration’. I surveyed 1500+ traders to identify the impact social trading can have on your trading performance, and shared all my findings in this article. No matter where you are in your trading journey today, I am confident that you will find this article helpful!
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