Byblos, Lebanon – September 7, 2021 – Many people would like to become full-time traders, especially in the wake of the Covid-19 Pandemic where many jobs are gone forever. The choice is to go it alone, and maybe lose a pile of money while going through the trial & error phase or take advantage of the knowledge of successful people in this field. Knowledge is power… lack of knowledge can mean failure.
Richard Nasr is the CEO and Founder of RichTL and the Signalyst. He is going to share some Tips on how to avoid a Forex Trading Scam.
These are the major types of forex scams that are common today:
- Expert Advisors or Forex Robots Scams: A forex robot is a trading program that uses computer code using the mql4 language on MetaTrader 4. These EAs make trading decisions based on rules that the owner wrote into the code. Clues to watch out for to avoid falling in the scammers’ trap:
- Marketing Messages That Are Unrealistic: Extremely high growth returns offered (4000% in a month)
- The absence of a myfxbook live account proving that this expert advisor is not manipulated.
Forex Signals Scams: Signal sellers send out trade ideas and setups where traders can enter with the promise of profit and success. Traders don’t need to spend any effort; all they need to do is enter the trades they tell them to enter. What to look for so one won’t fall into the traps of these scams:
- Subscription Fees: These kinds of people will send results that are unverified in order to lure traders into subscribing to their services. In order to have access to these amazing ideas, traders need to pay a monthly subscription.
- Broker Tied Signals: Some sellers provide traders with signals if they subscribe to a specific broker; in return, they get a commission from that broker. Thus, they are motivated to send as many trade ideas as possible in order to receive the highest commission possible.
- Unverified Results: The same goes to signal providers, they will give results that are forged or unverified in order to lure traders to subscribe with them.
Here are precautions to take to avoid scammers:
Stay away from people who promise fantasies, and empty promises. Be especially careful of software or expert advisors that claim to have found the Holy Grail in trading. Double-check the website and its credibility before downloading any software that may damage the computer.
Richard Nasr (@RichTheSignalyst) is a full-time Trader, Coach and Founder of RichTL and the Signalyst. In this fast-growing sector of the global financial market, Richard has contributed over the course of the past 9 years to the development of his own and unique “A to Z Coaching Program” which covers everything a person needs to become an independent trader.
He is featured as a TOP author on TradingView platform, in addition, he has been hosted in a live streaming trading challenge with the “Trading Nut” where he still ranks the First. His simple and rule-based approach, dedicated spirit, and proven track record allowed him to coach hundreds of traders from 32 different countries.
Since trading is an Art, every trader sees the same chart in a different way. This subjectivity is one of the main reasons that 90% of traders fail. As a solution, Richard has developed “RichTL“, which is the first and only indicator of its kind to help traders make Objective Technical Analysis.
Trader Testimonials tell the story. Take a look at what Kevin Oh of Singapore, a Verified Subscriber, has to say, “After struggling with Forex trading for the last 3 yrs. and basically about to give up, I stumbled upon RichTL in YouTube. You will never find anything that simple, straightforward and effective such as RichTL.”
Andreas Hadjipavlis of Cyprus, another Verified Subscriber, has this to say, “Thank you Rich for the one-of-a-kind support! RichTL indicator is so helpful, literally took my trading to the next level. Now I can easily draw good trendlines and patterns… all the best for you.”
Stop by YouTube to see Rich’s amazing video: https://youtube.com/c/thesignalyst?sub_confirmation=1
For complete information, visit: https://www.richtl.com/