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THE REASONS

What are the reasons that the traders are still falling for a scam and fraudulent companies?

THE REASONS

Here you can find some of the reasons, why aspiring traders, rookie traders and sometimes even experienced traders are still falling for a fraudulent trading "gurus", trading schools or other related companies, that scam with online courses, classe, events, memberships or subscriptions.

1. Lack of Information

 

Very common reason. Many people, who are new to the stock trading or with very basic experience in stock trading, don't know that they can find legit information to learn how to trade online.99% of the information where you can learn how to trade online in free. They unfortunately believe, that there is some kind of magic secret formula or information to be successful in trading and that they have to pay thousands of dollars to obtain the information.

 

The unscrupulous and fraudulent companies, trading schools or self-proclaimed trading "GURUS" are taking advantage of it and ask them to pay them excessive amount of money for subscriptions and memberships, that of course in the end results in total waste of money, because they don't provide you with any other information, that is not for free online. If you are interested to learn how to trade, go to YouTube where you can find a lot for free, or go to Skillshare or Udemy and pay between $20 and $50 for a course. Never pay for any kind of trading course more than $50. 

2. Lack of Due Diligence

 

Another common reason. Many people new to the trading or with very basic experience in trading, don't do any or do very little Due Diligence and don't verify online the experience or testimonials of others, before they pay an excessive amount of money for a class, course, event, product or service to many of fraudulent companies or individuals out there.

3. People don't know how a fraudulent marketing works

 

A lot of people still don't know how a fraudulent marketing works. You can see it when you check their history of social media account. The majority of the account are new without any history.

 

The victims of the fraud marketing usually sign for a free webinar, class, course, event or service but they have no idea that it is the moment, when the scammer of fraudulent company will try to sell them, the real product. They are usually convinced by the sales pitch of a professional scammer and buy the upsold product.

4. No experience with social media

 

Even if they do a proper Due Diligence and see the negative reviews and complaints, they don't believe them only believe everything that the marketers say, even if the information is totally false and the majority of positive reviews are usually fake. You can show them them that the information is false and they will still hope and believe, that they can make $100,000 from $500 in 90 days or to make $5,000,000 from $500 in 3 years, etc. 

5. Naivety

 

Even if they do a proper Due Diligence and see the negative reviews and complaints, they don't believe them only believe everything that the marketers say, even if the information is totally false and the majority of positive reviews are usually fake. You can show them them that the information is false and they will still hope and believe, that they can make $100,000 from $500 in 90 days or to make $5,000,000 from $500 in 3 years, etc. 

6. Stupidity

 

Even if they do a proper Due Diligence and see the negative reviews and complaints, they still don't believe it. You can show them them that the information is false. They want to drive the same luxury cars, that the scammers are posting on their websites, YouTube or social media without believing that the pictures and videos that the scammers are showing off are fake (rentals or photoshopped).

7. Ignorance

 

A lot of these rookie traders, who, despite the warnings and negative reviews and testimonials of another victims, still moved forward and bought any of the product or service of these companies, are so ignorant, that they write on social media, how wonderful this product or service is, marketing gratis a csam, causing others, who read these testimonials, to purchase it as well. The majority of these traders even didn't make any trade yet. Usually these traders are instructed by the scammers to not trade, just watch and learn during first few weeks. The same occur when they made one or two trades, had a beginner's luck or received an alert (that is called: illegal financial and investment advice, in case of Raging Bull, because they are not licenced financial advisors) to make some secure small trades.

 

That it is similar to a Ponzi scheme. When you have somebody new, let them first make some money at the beginning and them when they have more confidence in you and they put more money in, you make a transaction, pump and dump a stock and they lost everything.

 

I remember a few rookie traders, who purchased some of the programs, subscriptions or memberships of Raging Bull and who were laughing and smashing me on social media, for criticizing the Raging Bull, praising and defending them during their first few weeks and months, because they made a few trades making between $100 or $500 per trade and a few months later, stucked with some ridiculous penny stock or other stock, losing all of their money. Some of them are waiting years for their stock to go up.

 

A lot of them don't understand how these schemes work. A lot of them subscribed to these programs with a few hundred dollars. The scammers are not interested in a few hundreds of dollars. They want you to make some money and to trade with more money and when you put there a few thousands more, then they pump and dump stocks and you lose it all.

Here you can see some examples a stupid comments of the rookie traders, who have no idea what they are talking about. It is just a few of examples that I received lately, but I have a lot of examples like these.

@RyanFbailey

@hardrow05

@ken1inspect

8. Fake websites and social media accounts

 

Scammers and fraudulent companies have a lot of fake social media accounts, websites and blogs. Raging Bull have thousands of those. A lot of them were closed already and canceled after constantly reporting them, but they still have a lot of them and create constantly a new ones.

9. Fake reviews and testimonials

 

Scammers and fraudulent companies pay for a fake positive reviews and testimonials. You can find a lot proofs online regarding Raging Bull and their fake reviews and testimonials, that they paid for.

10. Greed

 

One of the main motivations to become a victim. Many people are greedy and think that they need more money and

that the money solve everything.

11. Easy money

 

Unfortunately, many people still think that exist something as a easy money and that they

can become millionaire overnight without hard work.

12. Believing in secrets

 

A lot of people are still believing that exist some kind of secret or secret formula

can become millionaire overnight without hard work.

13. Greedy and unscrupulous Attorneys

 

One of the worst. Unscrupulous and greedy attorneys, who defends these

kind of scammers and fraudsters against victims and their complaints threatening the victims sending them Cease and Desist letters, threatening the victims with lawsuits, helping the scammers and fraudsters with removing the content from websites and social media accounts taking advantage of the loopholes and fears of copyright infringement. 

14. Government

 

The government is still not doing enough. Filing a complaint is still very complicated process and even if your

complaint is accepted, the investigation usually takes years.

15. Internet Companies

 

Google, Facebook, Twitter, Instagram, Pinterest many times remove a content or even close the account, that is totally legitimate testimonial, without any verification, communication with an author or allowing an appeal process. This is helping the scammers and fraudsters thrive.

16. BBB

 

Better Business Bureau (BBB) is doing a decent job regarding a complaints, but there are many things that they still should improve. First, NOT to remove the older complaints from their website (all the complaint of the company should be visible all the time). Second, if the company or professional is not in their database, you can suggest it, but it takes forever to be done, so you can not file a complaint about that company.

17. Review companies

 

Yelp, Facebook, Trustpilot, Google Maps, Amazon, ect. are not publishing negative reviews at all, responding with some lame excuse, that the complaint is not following their policy. A lot of these companies are hiding negative reviews on their website, so it is impossible to easily find it. Many of these companies are removing a negative reviews from their website, helping the scammers and unethical professionals and companies to continue for years in their fraudulent activity, 

18. Banks

 

Slow process of refunds and cancellations of orders by the banks is helping the scammers and unethical

companies to continue for years in their fraudulent activity as well, Even if they discover a fraud,

they don't do anything to punish or fine the fraudsters.

 

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