Where is the scam in this?
Discussion
First of all I'm not stupid to fall for this but it just left me wondering - what actually is the scam?
Someone on Twitter (apparently a CNBC Senior Markets Commentator) private messaged me - "Hello Man, It’s great connecting with you here!". In my naivety (I'm not into social media) I politely replied with "You too" wondering why he's messaging some random with about as many followers as I can count on one hand
. I loosely (curiously) played along for about 3or4 replies until their last reply just now -
"Okay I'm excited to have you join me on this trading journey! Here's how we'll proceed: You'll receive trade signals from me via Telegram, and you’ll simply copy those trades exactly as I provide them. The good news is, you can place these trades at your convenience, so no need to constantly monitor the markets or stay on your computer screen.
I will also recommend a 3A-brokerage, which is highly compatible with this strategy we plan to implement. We'll be utilizing leverage, with ratios like 1:5 or even 1:10, combining both fundamental and technical analysis to maximize our daily profits.
Additionally, we'll establish a trading routine, likely meeting twice a week, maybe on weekends. During these sessions, I'll guide you on how to execute trades and provide further direction. This program will be an "EARN and LEARN" experience, allowing you to grow your trading skills while generating potential profits."
Now this is way above my head and as above - not something I am interested in in the slightest. It's an obvious scam. But what is the scam??
Someone on Twitter (apparently a CNBC Senior Markets Commentator) private messaged me - "Hello Man, It’s great connecting with you here!". In my naivety (I'm not into social media) I politely replied with "You too" wondering why he's messaging some random with about as many followers as I can count on one hand
. I loosely (curiously) played along for about 3or4 replies until their last reply just now -"Okay I'm excited to have you join me on this trading journey! Here's how we'll proceed: You'll receive trade signals from me via Telegram, and you’ll simply copy those trades exactly as I provide them. The good news is, you can place these trades at your convenience, so no need to constantly monitor the markets or stay on your computer screen.
I will also recommend a 3A-brokerage, which is highly compatible with this strategy we plan to implement. We'll be utilizing leverage, with ratios like 1:5 or even 1:10, combining both fundamental and technical analysis to maximize our daily profits.
Additionally, we'll establish a trading routine, likely meeting twice a week, maybe on weekends. During these sessions, I'll guide you on how to execute trades and provide further direction. This program will be an "EARN and LEARN" experience, allowing you to grow your trading skills while generating potential profits."
Now this is way above my head and as above - not something I am interested in in the slightest. It's an obvious scam. But what is the scam??
They will either get you with a membership fee or load it on any trades you actually choose to do, perhaps both.
They might get you to bung in a lump sum to start.
It’s not likely a scam in the sense they will steal anything from you more they get you in then ramp up the fees over time.
They might get you to bung in a lump sum to start.
It’s not likely a scam in the sense they will steal anything from you more they get you in then ramp up the fees over time.
Any number of potential scams in there.
"I'll recommend a brokerage" - could well be a fake site into which you transfer funds.
Any kind of leverage can leave you with a large bill should the price go down.
The underlying investments could be crappy.
They could be taking very large fees or commissions.
Clearly one to stay well clear of.
"I'll recommend a brokerage" - could well be a fake site into which you transfer funds.
Any kind of leverage can leave you with a large bill should the price go down.
The underlying investments could be crappy.
They could be taking very large fees or commissions.
Clearly one to stay well clear of.
Phooey said:
First of all I'm not stupid to fall for this but it just left me wondering - what actually is the scam?
Additionally, we'll establish a trading routine, likely meeting twice a week, maybe on weekends. During these sessions, I'll guide you on how to execute trades and provide further direction. This program will be an "EARN and LEARN" experience, allowing you to grow your trading skills while generating potential profits."
The scam is to establish trust. Additionally, we'll establish a trading routine, likely meeting twice a week, maybe on weekends. During these sessions, I'll guide you on how to execute trades and provide further direction. This program will be an "EARN and LEARN" experience, allowing you to grow your trading skills while generating potential profits."
Long term thinking. See if that person has more than just a telegram account.
The more they have to loose the higher become chances that those traders are legit.
We live in a time where everyone can claim to be a specialist.
Backing up the claim makes the difference.
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