Forex Trading (Instagram etc..)

AMG1988
AMG1988 Posts: 5 Forumite
in Savings & investments
On Instagram recently there seems to be a surge in young people APPEARING to make an absolute fortune on Forex Trading & giving advice etc.. You subscribe monthly & receive updates of buying/selling etc..


Has anyone any experience in using them? Good or Bad


When I say young, I myself am 30yo, I feel I've missed out on something?

Comments

  • AlanP_2
    AlanP_2 Posts: 3,252 Forumite
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    The only thing you have missed out on is an opportunity to be fleeced - you are to be congratulated.

    Do you back all the horse racing tips that you can subscribe to as well?

    What about all the penny share tips?

    Digital currency tips?


    If the tipster could make money by backing his tips then he wouldn't need an income from you would he?
  • masonic
    masonic Posts: 23,245 Forumite
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    I suppose you have missed the opportunity of making money by APPEARING to make an absolute fortune on Forex Trading & giving advice etc.. But could you sleep at night?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    It's just complete dross trying encouraging you to make financial mistakes.

    Or, only slightly worse, it might be an outright scam.

    If you want to lose your money give it to a good local charity.
  • ryannnking
    ryannnking Posts: 45 Forumite
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    I agree, I get these 'sponsored' post on my feeds every other day. You go onto their profiles and see they are 18 years old with a Lamborghini...

    At the end of the day, if they were so good at trading forex, why are they trying to sell courses, or sell memberships?

    Stay clear of all of this!

    Ryan
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    AMG1988 wrote: »
    Has anyone any experience in using them? Good or Bad

    Yes, lots of people have lost their money. You won't find many of them here though as people who lost all their savings trying to get rich quick don't have any reason to hang around a Savings and Investments Forum.

    See https://www.theguardian.com/news/2018/apr/19/wolves-of-instagram-jordan-belmont-social-media-traders
  • darkidoe
    darkidoe Posts: 1,125 Forumite
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    Or Binary Trading.

    If it sounds too good to be true, it is likely too good to be true.

    Save 12K in 2020 # 38 £0/£20,000
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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    Malthusian wrote: »
    Yes, lots of people have lost their money. You won't find many of them here though as people who lost all their savings trying to get rich quick don't have any reason to hang around a Savings and Investments Forum.

    See https://www.theguardian.com/news/2018/apr/19/wolves-of-instagram-jordan-belmont-social-media-traders

    That Guardian report is excellent. A real fur coat and no knickers story.;)
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    AMG1988 wrote: »
    On Instagram recently there seems to be a surge in young people APPEARING to make an absolute fortune on Forex Trading & giving advice etc.. You subscribe monthly & receive updates of buying/selling etc..


    Lets say I have a way of knowing which stocks or currencies will rise or fall in price next month. Do I (a) use that knowledge to make myself literally billions, or (b) set up elaborate schemes to sell subscriptions on Instagram? Hmm, tough choice.

    Or since no one except in exceptional circumstances such as insider trading can possibly know what will happen in the future (and certainly not with foreign currency trading) , do i just, as you allude to ("seemingly" etc) , fake i have that knowledge and then sell elaborate schemes to the unwary to rip them off ? This is as old as the hills. Whats being done on Instagram now was being done in stock tip newsletters back in the 1920's.




    AMG1988 wrote: »
    When I say young, I myself am 30yo, I feel I've missed out on something?


    Being taken for a mug and scammed.
  • Reaper
    Reaper Posts: 7,279 Forumite
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    Malthusian wrote: »
    See https://www.theguardian.com/news/2018/apr/19/wolves-of-instagram-jordan-belmont-social-media-traders
    Great link. Following more links from that one you can find some great statistics from a Powerpoint presentation by one of the main companies providing the betting platform. They include:
    * Only 20% of traders withdraw any of their money at all before it is all gone.
    * The average trader makes 220 trades over five months before losing all their money
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