Good trading should be boring. That is something I had to learn. When I started to deal with that trading thing, I was very excited. My first trade made 16 Cents within 2 minutes and I was in heaven.
I had big plans for the next few weeks and I wanted to become the fastest trading millionaire in the world. I mean how easy was that? You only had to do the right thing often enough and cash in the profits – at least I thought so.
So I started to look outkp for a good advisor. But everybody did something else. One guy was all about trend following, the next one said that channel trading was the real thing and another one would swear that gap trading was the thing to do.
And everybody claimed to be very successful and – just for you for a limited time he would make that special offer to buy that All-In-One-Trading-Robot. But you needed to buy today, quick before the last two spots were gone and you would be doomed to cry forever.
Today a member of my German MQL4 course sent me a link to a sales letter where someone was announced to be the “Binary Professor” with over 35 years of trading experience and – of course – the secret weapon to beat the market worth $3600 – a bargain and just for you!
You can find that same guy on fiverr.com selling faked testimonials. If you pay him $5 he will say whatever you want him to say. He is the leading expert for everything you want to pay for.
If you think this is weird, here comes the next example how to rip customers off. If you want to sell your wonder weapon for trading and be right all the time you only have to know the future.
How can that be done? You only have to think big enough. There is an Expert Advisor for sale that is making big profits because the future is always a few seconds late. That might have something to do with the fact that the vendor is his own broker and if you can delay real time courses you can get any system to trade profitable.
Its like winning the lottery by turning back the calendar for a week. You know the future because it already happened.
Another way to predict the future is to split a list of customers each month. These folks buy a customer list and tell one half that the gold price will go up and the other half that the gold price will go down next month.
30 days later they apologize for their wrong prediction and cut of 50 percent from their list. Afterwards theiy repeat the process with the 50 percent that got the right prediction. They only have to repeat this process three or four times and they will be left with a tiny fraction of the former list. But these list members will buy nearly everything after they have gotten three or four correct predictions.
And there is still simple luck. It can last for a while and it might seem to be a very intelligent system, but here is a quote that Jack Bogle made in an interview with Tony Robbins:
“Tony, if you pack 1024 gorillas into a gymnasium, and teach them each to flip a coin, one of them will flip heads ten times in a row. Most would call that luck, but when that happens in fund buisiness we call him a genius!”
( from the book “Money Master the Game” by Anthony Robbins, page 97)
I think in the same book they said that it is no problem to create 5 star rated product on Morning Star if you are simply willing to toss the other 10 that failed. And if you are willing to create 10 new products to have something when the current one tanks…
I believe that you should know these things to protect yourself. If you still want to pay for a solution that promises to make you rich, there are a few questions you could ask yourself.
- Is the vendor using the product?
If not, why not? Would you sell something that makes other people rich and not use it yourself?
- Is the vendor giving you guarantees?
Do you have a money back guarantee? Most serious companies offer one these days. I do it because I know that most people are honest and prospects are more willing to buy if you can take all the risk from their shoulders.
- Does it sound to good to be true?
Do you know these job advertisements where they say: “You can make $10000 a month with a side job”. What is the reason you don’t believe that? Why should you believe that when it comes to trading?
- Do they show their real face?
People buy from People they trust. Here in Germany it is required for companies to have a page with the title “Impressum” where customers can get the name, the adress and the tax information. No disguise here.
If you keep these questions in mind, it should be hard to take away your money – especially for $5 actors that claim to be somebody they are not.