With this new frontier of Social Media we are the first to explore it and see what it really means to the world. To me being involved on Social Media gives me a chance to connect with great traders from around the world, both those seasoned traders I can learn from and those new traders I can help. I have met and connected with some great people, it is great to have a place to go where it is filled with like minded people that is difficult to find in the real world. But… there is another aspect that is not so great. Social Media is filled with many fakes and scammers promising a lot and delivering nothing good. So many promises for easy money if you just buy a forex system, trading robot, sign up for a newsletter, pay for a seminar, pay to be in a trading group, or subscribe to something, they will make you rich! If these things were true they would be running hedge funds or working for them not spamming social media all day.
I am a huge fan of trader education, I learned and profited from many books and legitimate people that are teaching the REAL process of trading a robust system with risk management and the right trading psychology. I also believe their are a few great newsletters written by real traders that can give a new trader a short cut for the kind of picks they are looking for. The real deal trading education is not the same as the ‘pie in the sky’ that the vast majority are selling. Be careful out there, really take your time to separate the wheat from the chaff. It will cost you if you don’t.
You Might Be Following a Fake Trader on Social Media if…..
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Using a fake avatar of a very attractive female model seems to be one of the biggest scams going on Social Media..
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They NEVER admit or follow up on their losing trades, this is a huge red flag, pumping winning trades and ignoring losing trades.
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You catch them deleting tweets or posts about losing trades.
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You Google them to research if they are legit and nothing comes up.
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They have no credentials of where they came from, do they manage a real fund? Were they featured in a book or website about top traders? Have they published a book or have a website? Do they review trading books or blog?
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They are more worried about subscribers than real trading or helping others.
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They do not use a real name or real avatar of themselves, they hide their identity completely.
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They block people VERY quickly without responding to criticism openly and transparently.
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They say they trade a large position size on a thinly traded option or stock but the live block trades on the tape do not match their position size.
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They want to impress you with luxury cars, hotel views, gourmet dinners, and maybe mansions. I am friends with real millionaire traders on facebook and have never seen any of them do this. Why would they?
