Trading Advisors Are (Most Likely) Scamming You

in steem •  2 years ago




About 9 months ago (more or less when I joined Steemit) I witnessed a trend that I haven't come across before. Due to the nature of cryptocurrencies, many have taken the role of the fortune teller, labelling themselves as 'experts in trading and technical analysis'. I wrote a post about this debunking technical analysis altogether.

Unfortunately, we see thing trend spreading even further today. It is mostly propagated from 'high-stake players' aka those who can essentially control price movements. Since the beginning, specific people on Steemit have managed to lure quite a few followers. Having also built a high number of reputation, they are now cashing out on the fools that entrusted them and the new members. I am all about the free market so I am calling these guys out as downright scammers and enemies of Steemit. I would advise you to unfollow them, even downvote them. At least let us return some of the money back to the community and to those who deserve it.





No one can predict the future. No one can beat the market by trading. Heck, a monkey can beat the market by HODL'ing random stocks. It doesn't matter what they tell you about "trends" and "analysis". It's all bullshit. At the end, you end up buying into their narrative. You are expected to act in a certain way (let's say go long and they instead go short, literally stealing your money. Sad thing is that these people appear as highly ethical, religious, community supporters and humanitarians. No surprise here. Always be wary of those who appear to be the most benevolent.

Fortune tellers are so good with what they do for the same very reason. People with very low self-esteem and poor understanding of basic math fall under their spell of suggestion and blindly follow what the "oracle" foresees for them. If the fortune teller sees a blond with a fine ass they go chase the blond with a fine ass and believe that the fortune teller "saw it". More or less this is what we call a self-fulfilling prophecy.

[ I have called scammers before by name (check my early posts) and I was spot on, but suffered greatly with flagging. They simply have way too much power and influence so allow me to refrain from calling these guys by name. ]

These "trading advisors" also have a specific rhetoric in their language that makes them stand out. They often use technical language, they appear highly optimistic and overconfident and somehow they all want you to be rich. The very fact that it is impossible for all to make a profit based on the same info (requires an I.Q of a potato peel) should have given them out. Nonetheless, since some people are new to the sphere of cryptos and trading I am giving to our new members at least the heads up. Trading Advice is as much of a career as gambling. Stay away. At the end 'The House' always wins. ALWAYS.





My grandfather used to tell me that it is very easy to 'separate the wheat from the chaff' once you have come to realise some basic facts about life. The crypto-sphere is infested with these slimy opportunists and is up to us to separate them from those who are truly worthy. Most people I have tried to introduce recently to cryptocurrencies are hesitant because of scammers such as "trading advisors". This is the main reason the general public stays away from places like Steemit. If these people really cared about cryptocurrencies (or Steemit), they would refrain from trying to steal from the community.







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It's a good deed to warn the unwary. Markets have been promoted as safe for people's retirement funds, but the institutional investors fleece people every other generation in huge bubble bursts from dumping. People need only read the required disclaimer on financial products to know that it's a crap shoot. Past performance is no indication of future performance.

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I had to read the book 'Flash Boys' to realize the grander scheme of things.
Literally stealing from people.

I think this is why people need to be wary of anyone predicting anything. Nobody knows the future for sure and markets often surprise people.

https://twitter.com/Soul_Eater_43/status/863361084127891456

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There is nothing wrong with speculations in mine opinion.
The problem is people acting like sheeple.
To read speculations and to speculate is 1 of the reasons Im here for.
What bugs me is the crypto posts advertisements use this and that code over and over again..

peace

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Soul_Eater_43 The Cryptofiend tweeted @ 13 May 2017 - 11:51 UTC

Kyriacos as controversial as ever: "Trading Advisors Are (Most Likely) Scamming You" — @Steemittwitter.com/i/web/status/8…

Disclaimer: I am just a bot trying to be helpful.

Good article. I know from having been involved with trading stocks. Super active trading accounts tend to burn out.
BTW I think your grandfathers saying would be "separate the WHEAT from the chaff".

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Oups typo. Thank you.

You're up early! You may want to have a laugh at this.

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Yes i've seen it. Had a good laugh man :D

Any fking thing that has the potential to make money for you, if you're good, attracts hustlers and scammers.
Your argument that your friends don't join because of them does not hold water. They should trust you, right? :)
Maybe just get them to trust you more before throwing under the bus all the cryptotraders out there who take money out of the markets all the time. Too bad they don't post though...

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They are not stupid. Shilling "trading tips" is like watching a voodoo ceremony. They know it is price manipulation.

They trust me. They don't trust the platform who let me say has its fair amount or scams and circle -jerking. We all know the usual suspects. No need to throw the ball elsewhere mate.

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I'm not. Merely opening up a new direction :)
If they can't see the value of steemit because of some quacks, i'm sorry for them. Imho steemit has many facets and a lot of interesting worthy people.

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It is not just that. Voting bots also contribute to the trust problem. I just wrote a post about this as well.

Haha.... So true! Luckily i have learned the hard way in the stockmarket. Which has the same problem. The only difference is the scammers in crypto often wear caps and have a hard time disguising their pimples.

Of course, otherwise they would not have to make such crap :-)

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Thing is many people new to the scene are not bullet proof for this nonsense.

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Agree totally with you!

Where's my crystal ball? :) Cryptos are like penny stocks. Remember that 80% or more of the cryptos will go nowhere in the long run, so you're better off at a casino. All the technical trading stuff is interesting, but the volumes are so low and easily manipulated that all you can do is guess where the big money is moving. Fortunately, we already know we have a big score with Steem/it...just have to keep building and promoting it!

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I think it is important for newcomers to understand at least the basics. The technical stuff are as interesting as following constellations for making life decisions. They are deceptive. Steemit is here to stay. I believe this to. Nonetheless, people have to feel at ease before joining.

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Signing up for a steemit account is free. Posting is free. What ease?

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The cynic me would wonder if all of the low volume potentially manipulated Cryptos are being purposefully manipulated so that "our friends from the Government" can save us from ourselves. Or just set things up so that the person on the street decides to stay away from that invisible money thats made "from thin air" unlike this dollar I'm holding in my hand.

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The government invented crypto, didn't it? Satoshi was NSA. Just another way to keep track of us :)

Nothing at all wrong with calling people out by name. If they can't handle it, then that's on them. I'd be curious to know who you're referring to though. You can message me on Steemit chat, if you'd like.

Have you seen this one yet?

https://steemit.com/steemit/@wingz/trading-analysis-circle-jerking-charlatans-or-guys-that-offer-value-gavvet-and-jrcornel

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Yes. Check your messages

Many good points, but a professional can inform you about about different options strategies and help you to hedge against the market moving against you. They might also be more familiar with the fundamentals of a certain company or cryptocurrency you are curious about. That said, I always do my own research before investing or hedging or trading :) Definitely never listen to anyone saying "market X will go up/down."

Well, you are certainly attacking me in this article, I suppose, but you haven't called me out by name yet. And, I do agree with you that many 'advisors' are charlatans. One important measure of a good trader is that they have an invalidation point, where they are wrong. I certainly, or at least intend to, always put a 'stop' on each trade. I am cautious to say that I can predict the market. Using that language is a mistake. But having a target where trade should go and a stop on each trade is the only way to keep you from going broke, along with proper funds management. The targets I use which are based on mathematic patterns learned from one of my mentors are valid places to take profit. Taking profit too early can also make you a loser, so targets are important. I personally have quarters where I was only 30% right in my calls, in terms of direction but stop out before it landslides. And, some of those quarters I was still profitable due to keeping loses small. I freely admit that statistic. But I also have stellar quarters, like this last one where few went wrong. That's how trading goes and you must always manage each trade such that it doesn't blow up your account. I am not a professional trader, at least full time. But trading pays some of my bills. And, I trade on multiple markets, nand have for the last 15 years. But I am no 'whale' as they are called in the industry who is here to pump and dump. But I am a sophisticated, experienced trader for sure, who has been mentored by people in the trade.

Well you can bet that a lot of traders are going to be pissed of by this article ;)

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Did you just take betting (trading) advice from me and confirmed it's a sure bet?......I'm not a monkey you know :)

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Investing =/= Trading.

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I don't get your reply in regard to mine. Mine was kind of a joke.
I know that investing is trading though...Never mind.
Liked you post.

One question; Do you think that traders who studied, human psychology or group psychology have a better change? Because if the bank always wins....they must have some knowledge I guess ...."the bank" are people too.

Just like one of commentators here is saying, everyone should separate the WHEAT from the chaff. Do a little research, not believe everything in media (99% of it is fake)

"requires an I.Q of a potato peel"

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You like that huh? :)

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Its very original