Occasionally a potential trader can come across a trading and education system that is a total and complete rip-oﬀ. While this isn’t always the case, it’s still a possibility. In most cases, these systems promise huge proﬁts on little eﬀort from the trader. What we are talking about here is a scam. A company that is making money oﬀering huge returns and may not even be using your money to trade. Now these are often delayed to discover and you may not fall victim to them if you pull your money out before a recession. The problem is, when they send your money back, they are often using new deposits to pay you back and your fake return. Warren Buﬀett said it best, “Only when the tide goes out do you discover who was swimming naked.”
There are certain safeguards that are regularly being put into place to help guard against this type of fraud, including federal laws requiring risk disclaimers on all trading websites and online entities. It is also important to never give your money that is to be invested directly to a middle man. You should always have your money sent to a reputable holding account or broker. While this precaution will prevent certain losses or fraud, it is not by any means the only thing to vet. You can send your money to a reputable broker or ﬁduciary and still lose money. So let’s continue.
Now, this last one might be a given, but beware of the salesperson; they might come at you with phrases such as “even a monkey could trade this.” That is something a presenter might say while showing you a trade system demonstration. This may sound like they are trying to convince you, but in a sense, they could be right.
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