- Who are trading gurus in the first place?
- How to differentiate between a real guru and a fake guru?
- Are all gurus bad?
- What do you think?
Who are trading gurus in the first place?
You may even know them as mentors and they are there to help people learn about forex and trading and start their trading journey.
See them as teachers that are supposed to guide you through the entire grueling process right from getting started, figuring things out, and hopefully making money by trading.
Now, trading gurus are often frowned upon by people as there have been lots of cases of these gurus being fake and even scamming people.
Are all gurus like that? How to know who is good and who is fake? How to save yourself from being duped by the fake ones? I’ll get to all that now.
How to differentiate between a real guru and a fake guru?
I know, forex trading can be hard to understand and you may need someone’s help to get you through it.
Forex gurus or mentors can actually save you a lot of time, money, and effort by putting you in the right direction right from the beginning.
But, there are thousands of fake gurus compared to hundreds of real gurus. So, how to know which one should you trust?
Here are some things that you can look for, or some red flags you should point out before you choose a guru:
1. Promising you nothing vs Promising you the world
You’ll often see that these forex gurus will promise all sorts of things. They’ll make you believe that trading will make you a millionaire and you should waste no time getting started.
This is a tactic that almost every fake guru uses. They’ll promise you the world and they just want to lure you into whatever they are selling.
On the other hand, a real guru won’t promise you the world or anything. They might not even promise you anything.
A real guru will know that nothing in this business of trading will be given without doing any work.
So they won’t unnecessarily try to paint a rosy picture for you and try to convince you to sign up with them.
Look, selling a course or a mentorship isn’t wrong, it’s just a business after all. But, what’s wrong is the promises they make, or the claims they make, which traps innocent and naïve people.
So the next time you come across a trading guru, look for this red flag of the promises they make.
2. Clean track record vs Fishy track record
Whenever you sign up with a guru or a mentor, you are basically trusting them with your time and of course, your money too.
If you are going to pay someone to teach you and if you are going to spend a lot of time to learn all that they will be teaching you, won’t it be prudent if they had some credible and legitimate track record?
So, looking for a good and genuine track record is very important before choosing a guru.
Now, there are many gurus that put forth a story about their past and how they got into trading.
But if you pay attention, quite a lot of times, these stories may just not add up. I have come across gurus that said that they traded with banks but when I tried to validate it, it just didn’t.
Now, this is not something that a real guru would do. They won’t have anything to hide and why would they even. They’re not mentoring others to scam them, they’re doing it with the right intentions.
Even if you ask them for their trading journal, they will have no hesitation in sharing it with you, as it’s only going to increase their credibility.
3. Less salesy vs Too salesy
Have you ever come across people that are just hell bent upon selling you stuff? I come across such people all the time and this industry of forex gurus isn’t any different.
You’ll find so many gurus that use all sorts of marketing techniques to convince you to buy their course or enroll in their mentorship.
They’ll give you discounts, freebies, some gifts, concessions in other stuff, and whatnot.
But if you see a real guru, they won’t do such things you know and they won’t even need to do it.
See it this way, if someone has a good course or if someone is a good mentor, why would they pay so much money to their marketing team, when their student’s testimonies can do the work for them.
I have seen so many gurus ramp up their marketing and if only they spent the time and money in improving their service, things would’ve been different for them.
This is the third red flag that you should look for. Make sure that the guru isn’t just trying to sell you stuff but is also concerned about actually teaching you good and valuable things.
Are all gurus bad?
If there are rotten apples then there are also good and ripe apples at the same time.
I know that most of the people in this forex industry are fake and may seem scammy, but there are some good ones out there who actually care for their clients or students.
If you have this mindset that everyone is fake then you will never be able to find that good person.
That’s why I gave you those three things to look for before you sign up with a guru.
I’m not guaranteeing anything here, but you will still need to be careful with wherever you put your money. Do your own research and due diligence and then only proceed.
What do you think?
What do you think about forex gurus? Do you think they can help people in their trading journey?
Also, do you think that all gurus are fake and are out there just to take your money? Or do you think that there are some good ones too who actually care?
Share this blog post with others and let them also know what red flags they need to look for while choosing a trading guru. Who knows, they might just save themselves from a disaster.
Also, feel free to ask me anything in the comments section below, I’ll get to it at the earliest.