Beware of Fake Forex Mentors: How to Protect Yourself

The forex trading industry is one rife with manipulation. It's not just about the trading activities themselves, but even in the realm of education, there's a lot of deception. Perhaps this is the reason why the forex trading industry remains stagnant. Both in terms of its popularity and the success rate of its participants.

Just imagine, there are numerous forex trading courses where the mentors lack transparency. Instead of providing proof through their trading portfolios, they try to prove themselves with external achievements like buying luxury cars, houses, clothes, and so on. Yet, there's no guarantee that the money they used to buy all that came from trading. And it's not even certain that all those things truly belong to them.

Meanwhile, when asked to show their trading portfolios, they refuse and lash out, saying "asking about portfolios is inappropriate, tacky, uncultured, and so forth." But the portfolio is the only way to know if someone is competent in trading. Maybe they can't trade, and that's why they choose to sell classes, books, and education instead.

Okay, let's say directly asking about their trading portfolio is impolite. But let's look at what these mentors say. Most of their talk is general theory found in books and on the internet. The methods they teach are often existing ones, they just add some new terms and give them new names, then claim it's their discovery.

Furthermore, it's not uncommon for mentors to provide misleading information about proper trading. I once encountered a mentor who said there's no need to use risk management anymore because they claimed their trading strategy is 100% accurate. Of course, they showed proof in the form of a backtest image on MQL5.

And because of that, many people, including myself, immediately believed it. But a few years later, they urged people using their method to use risk management. Because it turned out, after making that claim, many people using their strategy actually failed, and even they themselves experienced significant losses.

Then there are mentors who link certain conditions to the role of big players or big boys to sound cool and knowledgeable. They say certain market conditions are how big boys manipulate retail traders. But who knows the positions others are taking? Even institutional traders don't know what other institutions are doing in the market. And that's why the market is uncertain for everyone.

Unfortunately, many believe their words. They cling tightly to that knowledge and teach it to their friends who are new to the forex trading industry. So this misinformation spreads widely among traders and is considered true.

So, don't be surprised if failure after failure continues to be experienced by many traders. Yes, because from the beginning, beginners are constantly fed misinformation about forex trading. In the end, they struggle to survive in this industry and many choose to give up.

How to Avoid the Trap of Fake Forex Mentors

Even though these bastards can't trade, most of them are great marketers. They know the tricks to make us interested in buying their classes, their books, and other products they offer. Therefore, escaping their traps is difficult, especially if we are naive beginners.

But, if we've been in this industry long enough, it's easy to distinguish between mentors who only talk nonsense and real mentors.

First, check their track record as a trader. Have they really traded before? Do they have achievements during their trading, such as being the best signal provider, the most successful trader, and so on.

To do this, we can check their footprint on third-party platforms like MQL5, Followme, and others. Maybe they've linked their account on one of these platforms or have been a signal provider there or even been awarded by one of those platforms. Never trust their claims without confirming them directly yourself. Because anyone can make claims, but not everyone can provide evidence for those claims.

If there's no trace of them, then we need to ask them to show their portfolio directly. Because after all, we have the right to be suspicious, since by offering their product to us, they intend to make a business deal with us, so we have the right to ask them to be transparent. If they don't want to, then we shouldn't learn from them either.

Second, if we've already taken a class, bought a DVD, book, or something else, then pay attention to the content of the material presented. Try to use our reasoning to assess whether what they say makes sense. As a foundation, let's use the axiom that trading is a business. So, if the content of the material is not in line with how to do business well, for example by saying that the strategy taught is guaranteed to be profitable, there's no need to manage risk and so on, then it can be ascertained that the content of the material is misleading.

In addition, even if everything presented seems reasonable and nothing violates our conventional business rules, we also shouldn't immediately believe it. For example, if the mentor teaches us a trading strategy, then we are obliged to check the performance of that strategy by doing a backtest. Yes, if we immediately use it in real trading, while it turns out the trading strategy doesn't work, in the end, we are the ones who lose. We've already paid dearly for the class, and we still lose money because of using an unreliable strategy.

Third, if we've already fallen into the trap of a fake forex mentor and lost a lot of time and money learning useless things, then we can make that experience a valuable lesson. We can prevent the things we experienced from happening to other traders, especially those who are new. At the very least, we will make it difficult for those mentors to find victims. And eventually, they will surely give up too because traders can no longer be fooled by them. This is the best way to get revenge for what they did to us, while also saving the new generation of forex traders and opening up opportunities for the forex industry to progre

ss and develop further in the future.

#OPINIONLEADER#