Let me share with you a short story of mine.
I am big on crypto. Big to the point that every month nearly half of my salary is invested into this financial asset. And 100% of the latter is held in Bitcoin. You may say – “do not put all eggs to the same basket”. I disagree.
We are very early adopters, and this space seems to have endless room for growth. I am conscious of my actions and amount of the money invested.
Nevertheless, the subject of this post is about Paid Channels, whereas people behind it are signalling when to buy or sell a certain asset.
I have learned the hard way. I got caught into this trap, when I came across a very convincing YouTube live streams of certain person (no names). After each stream, the Followers are assured that they can join free Telegram channel for an open discussion. This seems nice, right?
But then, all newcomers joining that channels are offered paid, private channel whereas low risk / high reward signals are given. Bear in mind that people behind those channels are very convincing, even though the cost for monthly fee is expensive.
I was naïve and with cash on hand, therefore I joined.
I'd like to think, that I am a financial analyst and trader myself. I was sharing my experience and expertise with other members, for free. The group admin was using me at the same. I was offered couple of months for free in exchange for my knowledge.
Long story short, I was running this channel on behalf of the person, who never shared a dime with me, but was counting the profits.
Putting all of the abive on the side, the strategy of those admins is as follows: • A group of people is being “recruited” to the channel • The members are divided into 2 groups • First group is given signal to go “long”, second group to “short” • Winning group is divided in 2 and yet again the story continues • After all small group is left, and then they are offered expensive courses or special one to one advise. Sure thing, this is expensive too.
The admins have no trading skills (maybe basics)!
Majority of people fall for this giving away their hard-earned money. I realised the issue fairly early and quit.
After all, I trust numbers, my own judgment and expertise. Unless I am taking an advice from the professional broker, there is really no point of taking such risk.
The main point I wish to share here is to do not fall into the trap of Charlatans wanting nothing else but your money.
Keep educating yourself, always do your own due diligence and never ever invest more money than you may afford to lose!