People usually get trapped by shady groups posing as if they are a pool of knowledgeable traders. These groups appear to be so appealing and promising that a newcomer tends to join and seek help from what they offer and eventually get deceived in return as they give money to such groups by trusting them. The money gets disappeared “magically.”
As Rusty Eric says, “As long as greed is stronger than compassion, there will always be suffering.”
If anyone approaches you offering such deals telling you they can successfully manage your money; just run away from such scammers.
The outcome of such Forex Trading deals mostly fails because people do not use any strategy, most of the investors are not even aware of current affairs, and they start trading.
How does the scam work?
Usually, several groups contact you randomly on platforms like Telegram or spam you via email. They try to convince you to invest your money with them and drag you towards fool’s paradise.
In most cases, they are successful in their sales pitch, and the investor sends them money in the form of Bitcoin or any other method that is not refundable. Once the money is in their account, they keep giving you false reports or stop answering you.
Why do people fail in Forex Trading and lose money?
In Forex Trading, people usually learn things after they lose. They do so by over-leveraging, multiple leveraging, trusting scammers, and many other factors are included. That’s why the ratio of successful traders is very low. Although many forex traders do well in trading, most newbies struggle and take much time to become proficient in trading.
How to avoid Scammers?
Try to find testimonials if anyone has worked with a potential company before or not and see their result statistics. One more thing to take into consideration is that what investment policy is being offered. Is the investor able to withdraw money later?
Faceless telegram chats should be avoided, and proper face to face online meetings should be held as it helps in verifying with whom you are working. Usage of alternative means to contact the person proves beneficial and can reduce the chances of scamming significantly.
Can Forex make you rich?
Yes! But it needs proper direction, skill, training, patience, diligence, and experience to restrain losses.
What to do?
Gain experience from successful traders before jumping into this Forex Trading pool. If an individual is considering a money manager, proper homework and research should be entertained to prevent scammers.
From the points described above we can deduce that relying on others for your own money is not a good option. Others do not have the value you possess for your money, and they may not live up to your expectations; instead, they disappear sooner or later after trapping you. What best you can do is, learn the forex trading thoroughly and try to practice it on demo account. Build your trading strategy, test it and once you become confident, then take start with live trading.