Watch Out For This Common YouTube Scam
As you probably know, I post a lot of videos on YouTube these days: Q&A sessions, replays of webinars, and so on.
Me and my team try to read every comment, but one comment in particular (and the responses) really caught my eye before we deleted it.
I preserved it here as a warning in case you don’t know about this particular scam:
Hopefully it’s clear this is nothing but a scam.
There’s no “Mr Kelvin Williams” out there waiting to give you awesome (or even randomly terrible) crypto trading signals.
Unfortunately, it’s much worse than that.
This scam is designed to do one thing: give unscrupulous people your phone number viaWhatsApp. They hijack your WhatsApp account and use it to solicit money from people who think it’s you.
The scammer sport your phone number to a new service provider, associate it with a SIM card under their control, and then run fraudulent schemes to rob your friends and family of their hard-earned funds because they think you need help.
This video explains how it works:
The reason this scam works so well is because it lures in newbie traders with a ‘get rich quick’ mentality who think it’s easy to make money in the markets if you have“secret signals” from an expert.
Such traders want the results without doing the work.
But learning to recognize profitable signals in the market -- and then trading them -- takes skill, practise, discipline, and patience. It’s not something you’ll master overnight. Or even in a month or two.
Just think about it: anything that can potentially deliver life-changing wealth isn’t going to be easy to learn. Otherwise everyone could become instant millionaires as traders.
And despite some of the ads (and scams) out there promising instant riches, it simply doesn’t happen that way.
So how do you become successful as a trader?
1) Pick a methodology you like and master all aspects of it. This consists of learning to recognize good and even great trade opportunities that give you a genuine edge in the market.
2) Apply consistent risk management/money management principles to every trade. This protects you from the inevitable losing trades that are always part of trading.
3) Build your discipline and patience. This is the hardest part to master but it’s critically important. It’s the invisible ingredient that keeps improving your ability to stick to 1) and 2) above.
Obviously I feel that identifying trends, price patterns and price action is the best trading methodology. That’s why I’m The Pattern Trader!
I also recommend risking no more than 1% in each trade while aiming for a profit that’s at least 2 times (ideally 3 times) bigger than your amount at risk.Those are excellent risk management rules to keep you safe and profitable.
But discipline and patience is harder to teach and even harder to learn.
However, they’re a LOT easier to learn when you start with a solid trading system AND you understand why you need to apply consistent risk management across all your trades.
That’s because when you know a system of rules is proven to work, then it’s a matter of training yourself to follow those rules consistently until they work for you.
That’s easier said than done, of course.
But it’s much easier than endlessly flailing around with something that doesn’t work and never will. Then you never know if it’s the system … or if it’s you.
Does that help you think about how to approach trading? Do you now understand there’s no ‘get rich quick’ shortcuts in the markets?