Are People Who Sell Trading Courses Scammers?

bargain huntress on 03/01/2024 - 17:18
Last edited 03/01/2024 - 17:56 by 1 other user

There are lots of people online selling trading courses - all kinds of trading - stocks, currency, crypto.

I follow a few on their socials where they attempt to sell their courses. One thing I've noticed is they have multiple trading accounts. They'll show positive results from them. This obviously means that they could have a bunch of losing accounts too, that they just never admit too. It could also obviously mean their trading strategies are useless, because hypothetically they could take opposing positions and then only show the successful one.

My question is why are they allowed to have multiple accounts at exchanges? Is everyone allowed to do that?

Do people sometimes wipe themselves out doing leveraged trading, and have a huge negative balance, and then just open a new account without ever paying the negative one?

Financial

Comments

    • digitalbath on 05/01/2024 - 14:23
      +1

      It does exist. But only if you’re a hot chick.

      • Roe Jogan on 05/01/2024 - 17:22
        +1

        yes OnlyFans, western society is going down the drain..

        • digitalbath on 05/01/2024 - 18:10

          Don’t forget the hookers. They been making back for decades.
          If I was a hot chick, I’d be a hooker. Good money, and sex on tap.

          • bargain huntress on 05/01/2024 - 23:10
            +1

            @digitalbath: What about having sex with men you werent attracted to though?

          • Roe Jogan on 06/01/2024 - 14:43
            +2

            @digitalbath: nah man you got girls who are wanting to be OF as their future career the same way you got young boys wanting to be youtubers. its the female version of a "YouTuber career" only you sell your body and dignity, with life long consequences. easy money comes with slow lasting problems. imagine in the future that OF chick now has a family and children, the kids on the playground will find his moms naked pics online coz the internet is forever, now you got school life bullying, depression, maybe even suicide, im not speaking out my behind there has been multiple cases of suicide coz they got teased so much because their mom was a hooker or online ho3

  • 900dollaridoos on 05/01/2024 - 10:57
    +1

    If i made FU money on the markets the last thing i'd do is exposuse myself to the embarassment, shame, guilt and even minor effort of launching an online course.

    There's a phrase about university lecturers that applies well here: "Those that can, do. Those that can't, teach."

    • Roe Jogan on 06/01/2024 - 14:48

      facts! those who can do it, do it, those who cant do it, teach it

  • Brianqpr on 05/01/2024 - 11:27
    +2

    These types never seem to be able to afford to have their advertising in prime time slots.

    Just saying.

  • Cluster on 05/01/2024 - 13:56
    +4

    The cars and houses these course spruikers pose in front of are rented. The cash stacks are borrowed. The only way they make money is by convincing people to hand over cash for courses.

  • mirridon on 05/01/2024 - 14:27
    +1

    If you think of it logically you'll have your answer. That is, if this person had something that made massive profits, then why sell a product/service learning about it? Why not just keep all the profits, and not make any competition.

    You'll find nuggets of good advice out there from people time to time, but it's basic information that you can learn from a book.

  • penguincat on 05/01/2024 - 18:14
    +1

    A lot of courses and advice for how to get money is just a scam based at heart.

    The person who is meant to be moving into my house to avoid homelessness. Was sucked into a pyramid scheme/scam course and can't seem to escape.
    They where looking for a course of something new for a life change. (nothing bad about that right?)
    They did the course then did another and another one and currently spent like >$50,000 USD on 28 worthless certificates anyone could make in Microsoft Paint on this supposed business so they can now teach people to do it. But the higher ups get a cut from each person you teach. Which to me screams pyramid scheme.

    For the past 4 years they go on with the following "I'm only a week/month away from making $30,000-$60,000 USD a month and every month selling the training courses to others. I just need $10,000 for advertising on social media and a accountant. Can I have a loan?"
    I thought your not going to need an accountant your going to need someone to process refunds.
    You get put into the I will never talk to you again basket if you try and point out how stupid the course was/is even with reasoning.
    Hence why they refuse to snap out of it. No one wants to live with them and well they can't afford rent by themselves as it all goes to this course and it's mandatory unlimited refreshers.

    So I have no idea what I can do about it.

  • lilyesp on 05/01/2024 - 20:45
    +1

    That's bit like saying though a coach is a scammer because why wouldn't they just participate in their sport and win

    That's said..yeh most are scams or teach you stuff you mostly can get online

  • garage sale on 05/01/2024 - 22:43
    +1

    the courses teach you through a particular software platform, so they are teaching you trade using their software. they make money as the software takes a percentage, no different to stockbrokers taking a percentage, it’s no risk for the teacher as like your stock broker they make a margin when you buy or sell as long as you use their software.

  • quikchip on 06/01/2024 - 02:05

    Enrol into my ozbargain course for the real answers.

  • electronicbits on 06/01/2024 - 10:59
    +1

    Hey

    You need to do your own research .

    What does that mean ?

    Do a proper backtesting, then a forward testing. Read the metrics. Then do paper trading. Look for a trading system that has high win rate, with perhaps small wins each times. Why ? Because of your pshychology. At least that's my case.

    Had I focused on a system with a low win rate, but with a 4+ R, I wouldn't have been able to tolerate the drawdowns. They can hit heavily on you.

    It is so easy for those that don't know, or think they do, but really don't (Dunning-Kruger effect), to say this is all BS.

    There are a lot of people that are self taught, and have failed for years, therefore, they just conclude "it doesn't work"

    Aside from that, culturally speaking, lots of Australians I have spoken say this is all BS. And yet, they have no proof that what they've done, doesn't really work.

    You need to test whatever system you are applying, after you have proven there is a chance for it to work, and then apply it consistently (the most difficult part)

    Trading is one of the most difficult ways of making money, but if you manage to be consistent, it is possible, and rewarding

    • electronicbits on 06/01/2024 - 11:08
      +1

      And then, you need to keep monitoring your system

      Have you been consistent ? yes or no … easy to fool yourself to think "yes I have been consistent" but turns out, you learn new stuff from yourself, therefore realizing you were not consistent.

      Have you hit max drawdown, you need to review if it is part of the system/metrics you have analyzed before, or perhaps because market conditions may have change.

      This last bit is quite difficult to figure out, and (in my opinion) is an empirical method based on observations

      If you conclude market conditions possibly changed, like for example last year when volatility overall went down (check the VIX) since mid year, due to high increase if interest rates, the market took a hit… less money, less opportunities for traders.

      Anyway, I could be writing for days here.

      My answer to you :

      There are a lot of scammers, but not all mentors are. I would dare to say, there is a tiny % of mentors that do trade the markets, and have valid robust strategies.

  • sectokia on 06/01/2024 - 11:03
    +1

    I can recommend courses by 'Neil McCoy-Ward' (search him on youtube). These are general courses for $99 that teach you stuff you should have been taught in school - how economics/wealth/stocks work.

    Anyone telling you where to put your money is a scam, but the ones teaching you how all the different investments work and how to buy in and out is useful general knowledge.

    If you are looking for fast money - its s scam. If you want to know what is likely to return above inflation over 5-10 years, then there is much to learn and consider.

  • cenakhoa on 07/01/2024 - 02:58
    +1

    All scam, they made money from:

    • Selling the course material.
    • Retrieving user interaction with the course, combine with live webinar, they can separate the user pool and target the big-fishes personally.
    • Collaboration with shady financial products and service providers and earn commission.
    • Upsell with VIP course, VVIP course.
    • Sell the user information to second level scammers to start scamming victims again with history of what happened.
    • Sell the user information to third party advertiser so that they can use the email and phone to create lookalike audiences advertisement on Google or Facebook.

    Making the course costs a lot of production time, money and energy on top of the real financial trading, this usually take a team

  • Waltervp on 07/01/2024 - 23:44
    +2

    The problem with being rich from trading is you have plenty of time to yourself. Most of your friends are working CEOs and other successful and busy people. You have a yacht, a private plane, holiday homes,… but noone to share it with. You don't want a full time job either as they don't need it and like to sleep in and do what they want to do. So they run occasional courses for others hoping to get more time and money rich friends. They don't want to get out of bed for a few measly dollars so they charge big and find expensive comfortable professional venues where nothing will break or give them headaches, where the provided morning tea won't get complaints and with ample parking…. and they don't guarantee success, they show what worked for them and why they think it works.

  • Nathan1994 on 10/01/2024 - 08:57

    IMO Yes. Most likely teaching you things that are readily available for free online. It doesn't and never will make sense to me. They apparently know how to make you 'thousands per day', but want to sell you that information for a one off cost of $20… If i knew how to make thousands a day, I wouldn't give that information away, let alone for $20.

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