Forums Complaints

Misleading advertising which is harmful to newbies

mrb23771mrb23771 Posts: 10
What I disgust the most about the binary option brokers, robot and many youtube movies is the way it's really misleading and harmful to people.
As a newbie I searched for a good broker, had brokers on the telephone who promised me thousands of euro within a matter of weeks, yeah right! Think about it, if it would be that easy everybody would do ithe right? So 6 billion people would turn 1000 euro into 20,000 euro in a matter of weeks, it would cause an inflation that would dwarf the inflation of the Weimar republic.

Second is the many scam sites, and also the anti scam sites which themselves are scam. Putting down a robot trader which is scam to them and promoting a robot trader which is also reported as scam. Basically to me it's the same as above, let's say there was a program that would really deliver 500 euro each month and you only had to invest 500 euro once, the rest of humanity would be quite silly that they don't do it and you are one of the exalted members of the human race who knows the secret to fortune while it's open available on the Internet.

Then there are those video's on Internet, showing you how to make 200 euro's in 20 minutes, why don't they show how to lose 200 euro I 5 minutes?

Basically you're very stupid if you work for your money and your not enormous wealthy right?

The sad part is that many people get robbed this way, they've only been sold dreams. Fortunately I know a lot of people who are actually running a business and nowadays earn a substantial sum of money. And repeatedly I hear the same things: work hard, be dedicated, learn from your mistakes, aim high go low.

The best advice is " I only believe I have money is when it's on my bank account or my wallet!"

I think its sad that people are sometimes so misguided, many people need money and get suckered into the lies of so called companies. Grazy that tobacco industry is limited to advertising, and these companies can ruin people with there lies.

Also I think you set a bad atmosphere, it's hard enough to learn trading. For instance what I found out for myself is the psychological factors even when trading on a demo account. In books you read all those errors, you completely agree, and then you make these mistakes. First I had to learn a lot, and I still do need to learn a lot, but now I'm generally start making profit. But when I lose I found out it's not so much the fact that you still have to learn a lot, but you have to start thinking as a trader. Winning doesn't count, profit counts! I think many beginners have this issue, first you start making profits, then you make a los and then you try to make up with that los. And if the last doesn't work you don't stop and take the profits for today, no you keep going because you want to win. Perfectly fine in a boxing match, bad in trading, combined with greed, which we all have to a certain extent it's the way you lose money. I can make money, I can make profit even with limited knowledge, if you actually act like a trader, take your profit and think like a trader I noticed. I loose money when I think I should reach targets and win a sort of game.

Basically the most I've seen on the Internet has nothing to do with actually trading, it's about making money fast, be a winner and all the wrong things a trader must leAve behind when trading, how can a beginner learn how to trade if it's mind is filled with the visions of enormous amounts of money?


  • Options
    OkaneOkane Posts: 1,282 admin
    Hey! That's why we are doing all these articles and videos for people to stop focusing on those scam artists.
    But the truth is, people are more drawn into scams.
    I often get to hear "Okane, your price action training videos are too long, "I only watched 2 minutes but I want to make money - can you make them 4 mins so I can learn how to make money in 4 mins? " ( the videos are by the way around 20-40 minutes).
    But if it was a "make millions over night video" they would have watched it even if it was 4 hours long and they would have watched it 10 times...

    My point is, most people are not in this industry to WORK hard and SMART to make money. They want to be spoon fed: an autotrader, a magic system,
    a secret, someone to give them signals. And hence, they create a market for the "sharks" (scammers).
    Not trying to put all the blame on the victims here but in a way, their own laziness and stupidity is a huge part of it as well.

    Anyway, it seems you know right from wrong so, welcome onboard :) . Let me know what you need!

  • Options
    TobiasRobinsonTobiasRobinson Posts: 45 admin
    Misleading marketing is one of binary options biggest problems - another is the brokers encouraging and exploiting it. People are being misled, plain and simple.

    As for the emotional side of trading, again I agree. But this is not restricted to binary options. How many people buy stocks and shares? How many of them researched the fundamentals?!! And in the same way, if an investor was faced with a defensive stock offering a 5% dividend and low volatility - or a biotech startup that *might* have a cancer cure that will make gazillions - they pile into the biotech.

    "get rich quick" is normally a phrase you hear before you are about to do the complete opposite....
  • Options
    FrJackHackettFrJackHackett Posts: 16
    To quote Homer Simpson...
    After years of disappointment with get-rich-quick schemes, I know I'm gonna get rich with this scheme. And quick!
    Needless to say, it didn't work out for poor old Homer! :tongue:
  • Options
    The_Geek_MHThe_Geek_MH Posts: 860 mod
    trading is not easy and the marketing is one of the biggest complaints in the binary universe. The regulators, CySEC, is starting to take steps to improve this but with so many brokers not regulated I'm afraid there will also be pushy marketers and scam brokers. We all need to beware and stick with trusted brokers.
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