How to Spot Trading Furus and Scammers
There are a few easy ways.
Do you smell BS? Do you see marketing tactics? A year ago one guy “enlightened” me to the growing, glowing fact that Furus are popping up all over creation like mushrooms in a forest after rain. What they do is interesting:
- They buy a ton of followers so that it looks like they are very important and have a great following. I guess this looks impressive to the ignorant and uniformed sheep.
- They create a lot of fake accounts, log in under those names and talk to themselves but appear to be talking with all these other names. These fake accounts will sing the praises of the Furu; how great they are, how much money they made in their trade rooms and how awesome that trade was. “We nailed it! Thanks Furu X! You so totally rock! Keep those great trades coming.”
- They create a ton of posts about stocks or trades and then cherry pick the ones that work. Then they retweet or boast about how “spot on!” they were. What about the ones that did not pan out so well? Well, of course those tweets get deleted!
- They talk about wins all the time. They never talk about losses or very little mention of any losses whatsoever.
- They are usually inexperienced but try hard to paint a picture of experience.
- They trade demo a lot or…. they never reveal their scores. If they do reveal them they lie like dogs. They possess quite a few Photoshop skills!
Reality is that Furus are basically liars, crooks and charlatans out to deceive and defraud everyone so that they can get 500 to 1000 “subs” giving them $100 a month for their expert advice. These Furus will buy internet ads and engage in mass social media interactions to win followers and subscribers. It’s all about the money.
- Rarely, if ever, will they actually make a real trade call to the world… for free.
I was just a victim of a new Forex scam myself. Sadly it captured over a dozen of my roomies too. Many months ago we had a “trader” come in that claimed to be good. Damn good. Heck, great even. He showed us screenshots of turning $5K into $1.5 million. I have to admit that it did really set bells off in my head, but the way he talked and acted made me think that he might have really done this in 6 months. He claimed to be a former Market Maker for a bank for 20+ years. I should have seen this coming… but regrettably did not! I guess he photo-shopped the trades he was in. The calls were not made in advance but when the stock markets of the world crashed he was claiming to be in a few hundred lots of every one of them and supposedly really cleaned up. Some calls he made on Gold were pretty accurate, I have to admit. I myself made a trade call on Oil and I was spot on over time. I told my roomies when it was down darn near the lows of the year that we were heading back to $58 and to just swing it. He claimed to have made $50K+ on that trade. Well….
Long story made short, in 3 months he started poaching off roomies from me. He would talk to them secretly on Skype after contacting them out of the chat group and sold them on his skills. He got a whole bunch of them to drop off and leave me, go with him… and he sold them training for thousands each. How much did he make? Over $50K I suppose knowing his rates for teaching. Well…
Here we are now and finally a few of them came forth and were honest enough to contact me and tell me of this whole thing. They found out he was a scammer, he got them into 50% draw-downs on some trade within a day or so (trading too big of course) and now they are screwed over and out of money.
It’s a tragedy.
So, I would add this to the list of scams being perpetrated on others out there. One man goes into a bunch of various trade rooms and siphons off newbies that are desperately wanting to learn. He/she could sell them on the skills they have and make great promises and as long as this person is getting $5,000 a head. I guess they have zero conscience and do not care. There will always be another group or bunch of folks to sell and scam.
I do wish there was a way to stop such horrible things from happening, but buyer beware I guess !
Don’t let this happen to you.
I’ve been on Twitter since 2010. In that time I made 3 to 5 real (and quite valid) trade calls on currencies per week for years. I’ve shown the gains and I’ve shown the losses. I never hid the bad trades. If you followed me all that time you know this already. I basically had around 70% good trades and 30% bad trades. That is called reality.
In the last few years I called out over 15,000 pips worth of trade calls. In the last year or so, perhaps 100+ stock ideas. Again, I guess with around 70% success.
I don’t buy followers. I don’t create fake accounts and talk to myself. I don’t use Instagram or Facebook and I don’t market.
So when scanning Twitter and looking for traders who are real or who have knowledge to impart to you, consider stuff like that. Real traders will give you some things you can use. Talk to them and ask questions and they will probably answer. Talk to a Furu and you will get a constant stream of sales and marketing BS. They don’t give anything away for free… ever. It’s always “join us!” and that is pretty much it; after the fact trades and never before hand. Remember that for Furus.
It’s sales, its marketing, it’s all appearance. Learn to spot the scammers. It will save you a whole deal of grief.