What’s up Painless Traders! After being scammed and misled by many fake services and unreliable information online, I have come up with these criteria that I personally use before investing. These might be very simple to some of you, but I am sure it will benefit the beginners!
3 Criteria to Make Your Trading Painless
Always search for reviews. We always do that when we are picking out a restaurant to eat, so why not do it when finding a legit company to invest in too? You can search on your search engines terms like:
‘Is *company name* *service name* a scam?’
‘*company name* *service name* reviews’
Take note that some reviews are fake and posted by competitors or scammers to mislead you. Look at the way the reviews are posted and the location the accounts are from. Some are obviously copy and pasted by some bot or paid services to write randomly even though they have not engaged in the company or services. This is why I have grown a liking to forexpeacearmy.com for carefully filtering out these fake reviews. They also monitor the interaction between the reviewers and the company and try to mediate whenever possible. From my time reading many reviews there, I believe there are still many reviews that go unchecked. Perhaps it’s due to the large amount of reviews available, so please continue to exercise due diligence. Make sure your 6th or 7th senses are up when checking these.
Company Details and Promise
When looking at company details, make sure that they are still registered and active.
Things like the company location, phone number, business registration details should be publicly made available for all to see.
There are sites that are created and generated just for the sake of scamming people into investing money and they go POOF just like that. Look out for the company’s history, the website and the promise they make. If they promise to make you rich overnight with claims like ‘3000% in 3 days‘, skip and move on. I personally fell for such a trick at the start of my journey because I was intrigued by the promise of a forex bot having 95.72% win rate and bought it without much thought. You can read it here at Review: Is Night Profit 2 by StarTrade a scam?
‘If anything sounds too good to be true, it probably is.’ – This will never get old.
A company might be all legit but if the products are not profitable then I am not investing anything. Please do the following search terms:
For generic search: ‘*company name* *service name* results’
For forex trading: ‘*company name* *service name* results myfxbook’
myfxbook.com is a site/service that requires you to share your account and investor password (they can only see your account and do nothing else, this site is legit), so they can track your trading activity and store it on the database. You can then share this link so it’s easier to showcase your trading activity.
For this method, one criteria you should look at is the broker, that the particular account is using, regulated? Just do a search for ‘is *broker name* regulated?’. If the broker is not regulated, exit and move on immediately. Unregulated brokers are known to work with some services or accounts to show crazy amount of profits so that people invest in the unregulated brokers. Once they have your investment, they will go POOF whenever they want.
There you have it, 3 criteria that you can use each time you are trying to find out about a company or service. Of course there is so much more to this, but you can start with these 3.