Check Out Our Amazing Hang Out Session (Main Session) With Lawrence Townsend
- Money Update
- Dec 6, 2017
- 3 min read
Hello Traders!!! Hope you are getting into the Christmas mood as we start the week in December. We had a great time on Saturday as we discussed during our weekend study about Popular Chart Indicators. We reviewed the RSI (Relative Strength Index, ADX (Average Directional Index) and Ichimoku Kinko Hyo also known as Ichimoku Cloud courtesy of Baby Pips. Please visit our Facebook Page, The Money Update here and visit Baby Pips .
Now back to what we are here for!
Our Hang Out Session with Lawrence Townsend
We had a very educative and fun time hanging out with Lawrence Townsend and we spoke extensively on how traders can spot scam brokers, scam traders and scam signal traders. You may ask what are the differences between these types of scams. We'll lets help break it down for you
Scam Brokers
First lets explain what brokers are. A broker is an individual person who arranges transactions between a buyer and a seller for a commission when the deal is executed. They are the guys who get you into the markets to trade. Scam brokers are illegitimate financial brokers. They are brokers who have characteristics of halting traders withdrawals for illegitimate reasons. That's why its advisable to work with regulated brokers.
How To Escape Scam Brokers
1. Work with regulated brokers.
2. Try to register with brokers in your country. (If you don't find one you can still work with brokers outside your country that are regulated.
3. Do your personal research trying to find out the User Experience of other traders who have used their platform. This gives you the ability to leverage the on the experience of other traders because knowledge is power.
And next we would talk about...
Scam Traders
This are people who pose as professional traders that advertise their ability to trade your capital promising outrageous returns on your invested money. They create fake profiles on social media platforms and they keep steady format advertising which look like posts that are copied and pasted. Here is an example of what I mean.
How to Spot Scam Traders
1. Always ask the trader for his recent trade history. Mostly about 3 to 7 Days of late.
2. You can ask for authentication in term of document from them to prove that are professional traders. This is like a proposal document that shows a little bio of him, details of his caeer and his trade growth over time.
3. Do you own personal research on the person's Facebook profile. Go FBI detective on them. Check their profiles to see if they really have a real life on Facebook. Check their photos and also their posts. Their profiles should have some posts of them saying something related to trading.
4. Try to contact the person personally. What we mean is take the traders phone number and call. Try and build a relationship with the trader and if he is in your city, try and meet him personally.
NB: If you have ever given a trader your money and the trader asks for extra money for withdrawal, Please do not fall for that. Any charges should be taken out of your profits if at all any commissions should be charged. You can also ask for documentation from the broker or trader charging you for this. And when taking any decisions concering any services after all research we advice you follow your intuition.
Scam Signal Traders
Scam Signal Traders are illegitimate traders that run false signals groups, who deliver fake signals for traders to take. Both Legit and Scam Signal groups are mostly on social media platforms like Facebook, Telegram, Messengers and Whatsapp groups.
How to Spot Scam Signal Traders
1. Do your personal research on the group. Try to find people in the trading industry and ask about their experience with the Signal traders group.
2. If you are in the Signal Group check the activity of the group. Legit trading groups always have activities running daily or weekly at most.
3. Check the comment session of the Signal trades to see if members are engaging with the traders and also this helps to see if the trades are fake because people can lay complains there.
4. Form a personal relationship with the trading group CEO (The major owner of the group).
Remember we do this every sunday on out hang out page and Live stream it on our YouTube page. Don't miss next weeks session guys!!
Want to get live details on the best trading groups out there? Go on and follow us on our Facebook Page The Money Update and Our Twitter handle @themoneyupdate
God bless you guys and we wish you profitable trades.
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