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people asked me so i delivered: why is the forex trading going around instagram and everywhere SO problematic? (a very long thread)
1. First let’s understand that it isn’t the actual idea of forex trading that is the problem but instead the business that are running the “training” and giving the “opportunity” to join their trading team.
2. The most common company that i see running these “training” schemes otherwise known as IM Mastery Academy. Orginally it was called iMarketsLive but they had to change it to avoid the lawsuit of it being a pyramid scheme
3. Although very similar IM Mastery Live is NOT a pyramid scheme but instead a MLM. However, the only difference between the two is that they are selling “products” (training) and not simply making the money from the typical recruitment method you see with pyramid schemes.
4. So if it’s not a pyramid scheme, why is it a problem? Well, MLM’s are almost, if not, equally problematic and scummy as pyramid schemes. They hide under the image of “training” and the “products”, but the only real way to make money is by the RECRUITMENT of downlines.
5. The statistics for the actual turnover profit on MLM’s is insane. (more information here https://www.ftc.gov/sites/default/files/documents/public_comments/trade-regulation-rule-disclosure-requirements-and-prohibitions-concerning-business-opportunities-ftc.r511993-00008%C2%A0/00008-57281.pdf)
6. So by no way am I saying that NO ONE can make any money from this, all I’m saying is that you have to have got in early to make a feasible income. In terms of getting into higher ranks, it would be almost impossible.
7. So why is this so scummy? Because especially with IM Mastery Academy and the whole forex trading thing - they are targeting TEENAGERS! Exploiting kids and making them PAY to learn something they could easily find online w/o hundreds of pounds leaving your bank every month.
8. As you’ve probably seen a lot of the forex “traders” seem to have very similar bios or stories. Preaching about a lifestyle that YOU could have if you sign up with them. They BEG you to join because in all reality that is the only way they make money.
9. They are being taught on these team calls how to recruit other people. The flashy cars, the nice watches and those fucking shite quotes plastered EVERYWHERE convincing some people that these forex traders have some how hit the jack pot??
10. The reason why I got so intrigued into looking into this is because one of my friends had joined it. I thought nah this is WAYY too good to be true - big shock... it is. However, trying to convince people who have already invested money is unbelievably difficult!
11. They have been taught that people who disagree with what they are doing are just jealous or haters who just simply can’t grasp their motivational mindset
But it is SO much more than that! MLM’s can cause so much austerity! Especially during a time like this!!
But it is SO much more than that! MLM’s can cause so much austerity! Especially during a time like this!!
12. MLM’s THRIVE in this environment that we have ALL been burdened with. What better way to make a new stream of income than forex trading from home??
These people need to WAKE UP and realize that the majority of them are losing money.
These people need to WAKE UP and realize that the majority of them are losing money.
13. And that sad thing is, the only way they can make that little bit of profit is by rinsing their friends and practically everyone on instagram to join their team, putting them same people in that fucking awful financial position!!
14. I am NOT saying I am an expert on this topic but this lockdown has meant that I have done hella research on MLM’s for some reason and got sucked into countless videos about it.Seeing all my friends being sucked into this scam upsets me but no matter what I say it won’t change
15. I dread to think what people who are truly struggling during this time are going through and by these people convincing them that all will be okay if you sign up with them are making it so much worse.
16. BEFORE THE FUCKING COMPANY SUES ME OR SOMETHING THIS IS ALL OPINION IDK AHHH DONT SUE ME I DONT HAVE ENOUGH MONEY TO JOIN UR FUCKING TEAM!! also lmk if i have missed anything out/ this shit is very interesting to me
17. also here’s a link on how to learn forex for guess what... FREEE!!
https://www.babypips.com
https://www.babypips.com
