Trading Scams are still out there and they sound legitimate, but please do your due diligence! – better to have a healthy skepticism than be scammed…
I was contacted by someone today who was caught up in the “Aussie Method” scam. It really annoys me when these offshore scams take advantage of people who may not have the strongest of financial educations.
The True Way to Succeed at Trading
OK, so having been in the industry for more than 14 years, I have learned that the only way to have a higher probability of making money trading is to:
Be educated and responsible for your trade placement and exit.
Never enter a trade based upon someone else’s recommendation solely on price levels (there are so many other factors that come into play).
Always use a valid tested trading method and find your own broker independent of the advice of someone who may have a vested interest in you using a particular broker.
I always recommend using a locally registered AFS Licensed Broker that has an Australian physical contact address.
How Do Scams Work?
These scams work by the scammer referring you to trade with a broker that pays them a commission every time you place a trade. They don’t care if your trade is profitable for you or not – they get paid a commission regardless. They will give you random trade entry and exit points and let you watch your accounts drain while their commissions soar and then when you’ve lost the lot, they still have a thousand other traders they are getting commission from.
What to Do if You Have Been Scammed
If you think you have been scammed, please don’t delay – contact your local state Consumer Department and report the incident and see if there is any way for you to recover your money.
The ACCC link to follow is :
Education, Care and Responsibility
Of course it is better not to get into this situation in the first place.
I am a trading coach, but I will never tell someone when to enter a trade. I will ask them if they are following their entry point as per their trading method and let them make the decision – success only comes when you act for yourself – not at the direction of someone else. I will show you how to analyse your method to determine if it has a higher probability of giving you profitable trades, so that you can adjust it accordingly.
There are lots of different trading methods in the market place and if you do your research, you can find one that works for you – your level of knowledge, confidence, risk comfort etc.
In Trading, Education is the Key to Success.
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