These days, more and more people are becoming aware of the importance of learning about the stock market, so they join courses to understand trading before investing their capital. Unfortunately, scammers are everywhere, and they’ve found a new way to profit by looting people’s hard-earned money.
What they generally do, they first invite people to subscribe to their Youtube channel or join their telegram group and then by displaying fake PnL’s of their fake students on the platform they attracts other to join their courses which provides no real value or benefits to their users.
Recently, one of the victims Vikas (name changed) approached us and told us one similar case where the Telegram channel name ‘The Shooter Traders’ (name changed) are selling their courses by displaying fake PnL of their supposed students and attracting others to buy their invaluable courses.
Here is the brief conversation between Vikas and our team member.
Vikas: Hi, have you heard about The Shooter Traders? They have this free Telegram channel where they show off their trading profits.
ADB: Oh really? How does that work?
Vikas: Well, once you join their Telegram channel, they start offering you an option to join their trading course. They start displaying PnL on the platform. No wonder, most of those PnL are fake. They then make it seem like if you join the course, you’ll start making the same profits they do.
ADB: Sounds tempting. How do they convince people to join?
Vikas: They talk about these trading concepts in their YouTube videos and then suggest you read about it in books. But here’s the catch – the information they mention isn’t actually in those books. It makes you think the course is the only way to learn.
ADB: That’s sneaky. So, what happens when you decide to take the course?
Vikas: They charge a fee of 10,000 INR and add you to a private channel. In the name of a course, they only teach basic concepts and pivot points – stuff that’s already freely available in many YouTube videos and books.
ADB: So, no real trading strategies?
Vikas: Exactly. They don’t teach any specific methods for taking trades. People end up trading the same way they were before and keep incurring losses. Basically, the course doesn’t provide any real learning.
ADB: That’s frustrating. Do they keep looking for new people to join?
Vikas: Yes, they constantly target new people to trap. Once you’ve taken their course, they don’t care about you anymore.
ADB: Are their trades at least good?
Vikas: Some of their trades are good, but they don’t provide any real learning. Even after taking the course, 99% of the people remain in losses. The methods taught in the course don’t lead to profitable trades. Meanwhile, they themselves take different kinds of trades and make profits.
ADB: Wow, that’s a clever scam. They’ve really found a way to profit off of people’s hopes and dreams of making money in trading.
Vikas: Yeah, it’s a shame. People need to be very careful and do thorough research before falling for such schemes.
ADB: Absolutely. Thanks for the heads up.
Now, what do you think why such scamsters are able to fool people so easily.
Because people without doing proper research and checking details get attracted towards those fake numbers displayed in PnL that are fake too.
To stop such scams it has therefore become crucial for people to think logically and spend their hard-earned money wisely especially when people use wrong ways to sell their products, tips and courses.
