Day in and day out, young men and women are looking for alternate sources of income to gain their financial freedom. The concept of fishing for money with money predates modern civilization.
When it comes to making money and growing one’s wealth, there are a lot of ways to do that both legally and illegally. If you have ever asked anyone for advice on how to make more money and ultimately gain financial stability, some of the common terms you would hear are; Investments, Buying shares, Treasury bills, Bank Bonds, and Starting a business, trading, forex trading. The list goes on and on.
In recent times, the most common and ‘convincing’ trend of making money in the internet age is crypto trading, forex trading, digital marketing etc. The word convincing is quoted because those who present or try to get you onboard make it sound so good to be true. It always looks like a faster way to MAKE MONEY UNTIL YOU START. Most of these methods of making money aren’t so much different from gambling as it mostly based on luck and educated guesses.
The forex market is huge and is valued at 6 Trillion dollars. The hard truth is if you really want to make money or make a living out of forex, then you would need a huge amount of money to enjoy the trade. If you are a beginner, there is nothing wrong with starting small as your losses wouldn’t be huge.
If you are into this specific area of trading, then you would have noticed some kind of change in trend. All the self-acclaimed successful traders have turned into forex trading teachers or mentors and oftentimes, they charge unreasonable amounts just to teach you how to make money.
Some even under the pretext of teaching the trade encourage their followers or students to subscribe to their youtube channels or social media. It makes you wonder if they make their monies from forex trading or from Youtube, Adsense or social media. I mean if you are making it big in trading why not share trading tips for free or at a reasonable price. Why must there always be a free class that teaches the bogus and then a paid VIP class where trading tips are shared. some of these tips that are shared in the VIP group have less than a 60% success rate.
There is absolutely nothing wrong with trying to pass on a piece of your knowledge to someone else but they deserve some clarity.
Some self-acclaimed forex mentors even borrow to live a flashy lifestyle on social media just to convince their followers that they have made it big while trading forex. They usually post screenshots of successful trade charts to support their false success online. On several occasions, I came across the same screenshot shared by different forex “mentors”.
It has been said that ” When Everybody Is Digging for Gold, It’s Good To Be in the Pick and Shovel Business” It is this same principle that your favourite forex trading teachers have been using. There is no doubt that forex has made people wealthy and it still can if you manage to minimise all risk. However, most of these fake forex mentors have found a way around the risk and that is to charge you and teach you trading knowing very well that the gold is finished.
Realistically speaking, trading isn’t as lucrative as it was before.