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BOOK YOUR FREE STRATEGY SESSION NOW >>What if we told you that you might encounter different types of deceivers on your way to becoming a trader? Would you be able to recognize them when you come across one?
We're aware that in every area of life, there is a possibility of encountering them. But in the world of trading, these unpleasant encounters are very dangerous. Losses of significant amounts of money. Promises that are impossible to keep. And much more.
An example? A mentor urges you to start live trading immediately. Without any expertise. Without knowing how to manage risk. Doesn't that seem like a leap into the unknown?
Deciding who to trust is a fundamental step in your trading journey.
Are you curious about the categories of deceivers we've identified through our experience?
In this video, you will find:
-Categories and characteristics of the three types of deceivers;
-Tips on how to defend yourself if you encounter one of them;
-How you can act without taking dangerous shortcuts.
Enjoy the video!
Introduction
There are 3 categories of people who can jeopardize your money. Well, 2 plus 1, I would say. But let's start from the very beginning. Well, first of all, hi, I'm Andrea Unger, 4 time World Champion with real money in trading.
I've been trading for over 20 years, so I've seen plenty of things.
And just because I have seen this, I can tell you different stories. And when I talk about the categories of people who can lead you to lose your money, it's because I saw these things.
Trading "Gurus"
A first category of this kind of people is the category of teachers or gurus. There are gurus out there who sell, really sell, their trading method, which is normally a discretionary trading method. So that when things go wrong, it's your fault, not their fault. And first we had these kind of gurus showing them just boarding on their private jet, or surfing with their yacht in the sea of Dubai, or on their Lamborghini.
Now the messages are a bit more real, let's say. So they also explain that trading is not that simple, that it requires education, blah, blah, blah. But in the end, they still lead nowhere.
And the reality is shown by what happens in trading, because on a survey on 28 international brokers, it resulted that 76.06% of the traders lose money. So only 1 out of 4, more or less, is profitable, which shows that the other 3 probably made wrong choices.
Some of them certainly tried just so on their own skills, but most of them probably went for education and they chose the wrong one.
You have to be careful in this. I'm not telling you that all these gurus are fraud, no, because I believe that, some of them, are certainly good in what they teach, are certainly skilled in what they do, and they certainly made money in the market. But I fear that their success derived mostly from their talent, from their personal skills, from their brain.
And all these things hardly can be transmitted to somebody else, because genius cannot be transmitted easily. So either you find this kind of gurus, or you find those who are only interested in selling a method, selling for your money, but the result is that you will probably not be able to trade effectively after that.
Unethical Brokers
And then we go into the second category. And the second category makes things even worse, because the statistics I talked to you about were taken from 28 as said international brokers.
Here now, I will mention in the second category the brokers who are not completely serious, brokers who are not ethical in their behavior. Obviously all these brokers are not in those 28 which were analyzed. So all these brokers would probably add a different percentage of losing traders, a higher percentage of losing traders to the percentages I mentioned before.
Now, what is an analytical broker? That's brokers who mainly push you to trade, all they are interested is you to trade, and you are thrilled to trade. You want to trade.
So they have an easy deal in pushing you to trade. So they convince you that it's simple and they give you bonuses, cheap commissions, no commissions at all, all these kinds of incentives. And they also tell you that it's simple. Maybe they give you a very simple guide, how to learn to trade, and then you go live. And believe me, they earn money from every single transaction you make, even in case there is zero commissions they make money from the bid - ask spread and so on.
So the point is that, when you choose a broker you should carefully investigate about the broker. How big is this broker? Where is this broker working? In which countries? And what are the reviews about this broker? Are the customers of this broker satisfied?
Are the traders happy to trade through this broker? Do they have technical problems? Do they have a good support? All these things must be investigated. I believe when you go on holiday you read the reviews about the hotels you intend to book, so the same should be done here.
Scammers
Now we get to the third category, the 2 plus 1, why plus one? Because this is not directly in trading, but it pulls you into trading. And it's the category of the scammers. I already talked about this in another contribution here, but I just want to put this in here, because it's the third cause, for sure, for money losses among people.
So why aren't they directly in trading? Because normally they refer to people who are not yet traders, people who could be interested in trading, people who are thrilled by the idea of making money.
They heard something, but they don't know what to do to start with and so on, so they catch them. They catch them also with familiar names, maybe Amazon, high tech. So you know Amazon, okay, you think okay, I'm in the right place.
People who are not familiar have no idea about what is a decent percentage of gain in trading and so on... So they tell them stories about incredible returns and so on.
Normally they start asking you for a small amount of money, and then they start asking more and more, either to get larger gains, because they pretend you were making money in your account, or to recover from the losses you made, losses which are your fault, by the way.
And then they ask money again, money to unblock the accounts, to get money back, or money to pay for taxes. All things which are incredible from my point of view. But things who people who are not familiar with trading obviously don't know and they send money.
Conclusion and Final Thoughts
So the first category wants your money, so that they pretend you should invest in education, but they get your money on that purpose. The second category is people who look for your money, making you work, trade, but their only interest is you to trade.
They don't mind if you make money or not. They don't look for long-term profitable traders. They look for always new traders. People who start again the cash flow. And the third category, people who look for your money wires and they take the money and run. These are the scammers.
You should be careful of all of these. When you make a choice in trading, always double check everything. Ask questions, look, browse the internet. Look for anything you might be doubtful about in what you get.
Either a guru, make sure he is really good in what he teaches. Make sure he's a good teacher, so that his students can do what he's teaching them. And a broker, make sure he's big enough, make sure it's serious from all the reviews.
On the scammers, be careful when you hear incredible percentages. 10%, 20%, 30% a month, this is nothing real on the long term, so be always careful, and they promise even more. So don't be greedy.
You have to make your choices carefully. Your money is now in your pockets. You have to keep it there as long as possible and to protect it and why not multiply it, but in the right way.
And to choose the right way you need to investigate and to be careful about the choices you are making. That's it. Hope you get a good future and see you next time. Ciao from Andrea.
We'll help you map out a plan to fix the problems in your trading and get you to the next level. Answer a few questions on our application and then choose a time that works for you.
BOOK YOUR FREE STRATEGY SESSION NOW >>Andrea Unger here and I help retail traders to improve their trading, scientifically. I went from being a cog in the machine in a multinational company to the only 4-Time World Trading Champion in a little more than 10 years.
I've been a professional trader since 2001 and in 2008 I became World Champion using just 4 automated trading systems.
In 2015 I founded Unger Academy, where I teach my method of developing effecting trading strategies: a scientific, replicable and universal method, based on numbers and statistics, not hunches, which led me and my students to become Champions again and again.
Now I'm here to help you learn how to develop your own strategies, autonomously. This channel will help you improve your trading, know the markets better, and apply the scientific method to financial markets.
Becoming a trader is harder than you think, but if you have passion, will, and sufficient capital, you'll learn how to code and develop effective strategies, manage risk, and diversify a portfolio of trading systems to greatly improve your chances of becoming successful.
