The internet is now full of videos of people making fortunes in a very short amount of time. The stock market has been rising for years, so why shouldn't it be? So one could think. Many cryptocurrencies exploded in 2017 and of course a great example of how to make quick money. And of course this is exploited in this industry, even if the reality is completely different.
A lot of people want a piece of the pie. Unfortunately, I can say one thing from many years of experience: nowhere is there more cheating and lying than in this area!
Unfortunately, when it comes to money, a lot of people seem to believe everything they're told. False information is deliberately spread to lure customers and then of course to fleece them. Many hundred percent are promised and top performances and various winning trades are advertised in numerous videos. Of course, this information is wrong and was of course NEVER realized in real life. For example, it may be a signal service where the customer actually only has to follow the signals. It's that easy! That is what is often suggested. Unfortunately, only some bunglers are at work who have no idea about trading. Eventually the customer realizes this and stops trading. Of course, after all the capital has been burned. But the game goes on and on as long as new people are recruited. Some companies even give you money or have set up a bonus system when they land new people. The more people are found, the more money is paid out. Often one has to open an account with a certain broker. And of course this broker pays some commission to these scammers! Many people make a lot of money from the stock market, but unfortunately the trader does not! The more money there is, the more scammers there are!
There are now many people on the Internet selling strategies of any kind for money. In most cases you can't earn anything with it. No matter how nice a strategy may be in the back test, whether it works in live trading is something completely different. After many years of strategy development, I have already seen many nice backtests, but the results in live trading then look completely different. Any strategy can be manipulated to make it look profitable in the backtest. With a few tricks, this is easily possible.
Other services, in turn, offer signal trading. But what do you know about the person behind it. Does he master his craft or is everything just a rip-off again.
My most important tip if you are in the field of trading/finance/money:
Always be skeptical, use common sense and question EVERYTHING! Account statements shown may also be forged. So be suspicious! The nicer everything looks, the more suspicious you have to be! But of course there are also good services that you can definitely do something with and learn something from!