There is so many know it all traders on twitter that present themselves as some type of guru that ‘knows’ what will happen next and argue with anyone that disagrees with them that I just have to say a few things.
Here are 10 warning signs that your trading guru may just be a seller of products, a new trader that is arrogant enough to think they really know something when they don’t, an egomaniac, or a con-artist.
- Fake gurus are great at blowing up new traders accounts because they never discuss risk management or the risk of ruin. So followers go in way too big on a trader that should be a sure thing and can easily blow up their accounts quickly by holding a big loser too long with enough size against a trend.
- If a guru is 100% sure that they are right about what will happen in the future and have no stop loss or exit plan if they are wrong then they are truly foolish. The future does not exist yet and those with out functional crystal balls or time machines should stay flexible about how it plays out.
- If a guru says his way is the only way to make money trading then they are simply ignorant of all the other ways that traders are profitable. Just becasue they refuse to believe does not cancel out all the other methods that traders use for profits.
- A fake professional trader jumps to conclusions about other traders quickly do to their own ignorance and lack of understanding, they assume too much too quick before even asking questions.
- A fake trader is so set on convincing others that what they do works that you start believing they are trying to convince themselves. Great traders could care less about attacking what anyone else is doing for no apparent reason.
- Gurus sell services first, trade second, it is obvious.
- No one is on social media with a black box Holy Grail trading system, if one existed you would never hear about it.
- Fake gurus and new traders favorite past time is fighting a trend before it bends. They want to be that guy that called a top or bottom, if they make enough attempts they usually call one but a broken clock is right twice a day, so what.
- Great traders on social media are told they are great by others, fake traders tell others how great they are.
- Real traders that are profitable are very flexible and go with the price flow, gurus want to predict something all the time.
- If most of the fake gurus were just 5% as good as they pretend to be the last place they would every be is selling monthly subscriptions on social media.
- I suspect that the reason that the vast majority of the trading gurus focus on ‘picks’ and ‘predictions’ and almost never mention risk management or trader psychology is becasue they aren’t really traders, they are salesman, selling a service.
- Real traders are on social media primarily to share, to learn, to teach, to hang out with like minded people, and to trade, fakes primarily are there to sell shit.
