Is this a scam?

stubbtoestubbtoe Posts: 18
I was approached by a couple guys out when I was drinking, he asked for a lighter and somehow he mentioned that he was a trader, the other one then said its super easy you should try it, you deposit £150 and ill get 25% of your profits and I send signals through. Didn't think anything of it. He then messaged me again like 'what happened to you trading' and then I thought ill research and see whats happening, he told me to research binary options and then RSI initially. He now also said if I get 15 people to sign up with him through 365binaryoption hell give me £1500 a month each month. I'm very wary, although it seems like people actually trust him and use his signals locally as in live in same city and all meet to trade. But him offering that much, and its ambiguous how I can definitively say I 'got' someone to sign up, makes this seem very shady, he said he is affiliated with that site. What does this mean?

Has anyone got any advice or similar scenarios? Any takes on this would be great.

I study marketing and so me 'attaining' 15 new people to unregulated broker wouldn't cost me money, or lots of effort. Only a decent amount of time.

The whole thing seems a bit too good to be true

Comments

  • OkaneOkane Posts: 1,279 admin
    It means he will send people to 365binaryoption which is a scam broker with lots of complaints. Unregulated too.

    Then he makes money when people lose money (commissions).
    Well, I tell you what, if you can send 15 people to a broker why not send them to a regulated well-known broker and make pretty much
    twice as that instead? Why fool people and get fooled yourself and get a bad rep?
  • stubbtoestubbtoe Posts: 18
    Okane, thanks for the reply, I agree the sentiment and motive does not seem to add up. Glad I got your advice early before making any sudden decisions! Watching all your beginner series and trying my demo account on IQ option.

    Out of interest how many trades do you think you have to make until you see a strategy become either good or bad? In poker we say we need a certain no. of hands (volume) before variance stops becoming a huge factor and our winrate or ITM becomes realised.

    How many trades would you say this concept applies too?

    By the way great content on here
  • The_Geek_MHThe_Geek_MH Posts: 645 mod
    about your question, the more trades the better, but at least like 100. You need to be sure it works, and you are using it right.
  • OkaneOkane Posts: 1,279 admin
    stubbtoe said:

    Okane, thanks for the reply, I agree the sentiment and motive does not seem to add up. Glad I got your advice early before making any sudden decisions! Watching all your beginner series and trying my demo account on IQ option.

    Out of interest how many trades do you think you have to make until you see a strategy become either good or bad? In poker we say we need a certain no. of hands (volume) before variance stops becoming a huge factor and our winrate or ITM becomes realised.

    How many trades would you say this concept applies too?

    By the way great content on here

    Thank you!
    Well, Agree with above, the more the better. However, don't chase strategies.
    The time should be spent on learning how to properly analyze and read the charts.
    Where is price likely heading? Trends, microtrends, candlesticks, volume, divergence, convergence,
    support and resistance, patterns, timing, expiry calculation and a whole lot more. A strategy is normally just a setup of
    a few indicators and rules that most beginners blindly follow and I can't honestly say that's a good approach.
    However, you need to get started with something, just to try the platform and get the hang of using your charts so surely you can try out
    a simple strategy but in the long run and specially before you go live, you should be able to read the charts.
    An example of such trading techniques is illustrated here in my trend following strategy
    And Michael wrote a good article on patterns, magnitude and expiry
    Check them out, might be too advanced for you at the moment but it will give you an idea of what I mean you need to learn :)
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