Topic: Must Read: Scams disguised as premium signal groups/channel (Read 580 times)

This is very related to several pump groups that have gone viral in my country, their method is to buy coins before pumping then after they finish buying, they will do a buzz so that their members buy the coins, as a result after the pump reaches thousands of percent the pump group sells them until a quick dump occurs back to the initial price. This causes large losses that vary for each member. Some people with capital of $7000 end up with $80. Some even wanted to commit suicide because they experienced major losses. This is very unfortunate due to the lack of awareness among members. In fact, there are still those who remain in the bullshit group.

There are many people who take different signals in trading and face losses. Basically in terms of trading I think these types of signals give wrong decisions and most of their suggestions turn out to be scams. Basically, all other people take other's advice and trading signals hoping to profit, but they end up losing most of the time. I have seen several times that there are many channels that only offer scam altcoins, and they often take people's money. All of these coins signal where they once pumped, then dumped, and at some point in the future, the coin never came back to the top. Individuals who make such plans and trade by adopting different groups of channel signals will never succeed. It is true that one can be successful in the work one can do with one's experience, so one should use one's skills in order to advance in the future. When you trade, you need to know better and practice more knowledge so you can trade profit in future.

Here are some basic questions we need to ask ourselves:
1. If they can help you earn so much profit they would already be ultra rich and wouldn't be spamming your inbox to join their paid group
2. Why don't they share the daily report or weekly to check their accuracy percentage
3. Why don't they make it free even on trail basis so that users can get a first hand experience and join

There are many traders who join various signal groups and trade following those signals and are the ones commenting on such warning posts that trading following signals is risky. That is, on the one hand they follow the signal and on the other hand they discuss the warning of the signal. 

I don't understand why people are so fond of trading by following other people's signals. I don't trust other people's signals, we who follow trading signals may think that those who provide signals may have very good idea about trading and they analyze the market very well then they may give us signals. People who think like this and follow trading signals, I think there is something wrong in their thinking because they are not that much experienced about trading. Maybe a very small number of trading signals match them to some extent, it will happen to you as well, when you give out ten signals, one signal will definitely go in your favor. So I think we should always stay away from such trading signal groups.

the thing that people should know about most of these paid groups are that, the signal giver doesn't even have any idea about their own signal, they just see some anomaly like sudden rise in trading volume as well as some good news and call it signal. its a good heads up for those that already observing the market in the first place and can see whether the coin have potential to ever rise, but definitely not something that anyone should just followly blind. thats why sometime you see some newbies went bankrupt,they choose to follow signal blindly, i've been following quite many signals in the past and its not a rare thing to see the prediction is miss.
these signal aren't financial advice, so better keeping ourselves from just flocking onto it, who knows the signal group owner might just be seeking for liquidation and you will become the food.
after all there are so many such cases that actually its quite an ordinary thing to see some signal group owner taking advantage of their member just for the sake of exiting the market.

I think it's a common sense that no one can predict the market so it should also be a common sense when someone is trying to get you into a signal group and that their calls are accurate to the teeth which most of them tells you so you join in their group. I can tolerate those free signal groups but the ones that are asking to be paid is just deplorable like dude, how can you make this kind of mistake? You should be building a community but then again, money is such an attractive thing so they always go for making their groups a paid one even though the predictions are off or not even that accurate. Unless someone in that signal group is doing insider trading and many other things which I doubt a thing that someone with insider knowledge do which is creating a signal group, with insider trading you should just do what Bernie Madoff did.

Here are some basic questions we need to ask ourselves:
1. If they can help you earn so much profit they would already be ultra rich and wouldn't be spamming your inbox to join their paid group
2. Why don't they share the daily report or weekly to check their accuracy percentage
3. Why don't they make it free even on trail basis so that users can get a first hand experience and join

Most of the times people who are new to this forum make these mistakes because they don't have that much knowledge. Because of that all these groups target newbies. Those groups understandably try to trap newcomers in various ways. So newbies should find out the right things without falling into their traps. Earn lots of money in currency and become rich overnight. They must have enough knowledge about Bitcoin to avoid falling into this trap or else they could be at risk.

Here are some basic questions we need to ask ourselves:
1. If they can help you earn so much profit they would already be ultra rich and wouldn't be spamming your inbox to join their paid group
2. Why don't they share the daily report or weekly to check their accuracy percentage
3. Why don't they make it free even on trail basis so that users can get a first hand experience and join

Some signal group owners pump their own coins, other just raise money from the membership fee and feed bullshit to the members. It varies but either of them is a scam that you cannot bring justice to in a court of law.

This made me grin a little. Are the owners of this signal group really good at trading or are they just making money by fooling their members?

And what doesn't make sense to me is that newbie traders and even old traders are also willing to pay for these signals or groups of signals and sometimes complain if they suffer losses. Yes, as you said, most skilled people will use it for their own benefit. Doesn't analysis and trading require concentration and time discipline to get maximum results? why now switch to managing signal groups? which might break your concentration due to comments from members? Or is the group signal profit bigger than the trading profit? Or is this just a ploy to raise money so that the signal owner's portfolio will grow?

Many of the signal group and pump group scammers have been exposed for their rottenness. For the sake of profit, they are willing to drain their members' money. Unfortunately newbie traders still believe in this, it's ridiculous!

Before I go any further I would like to clarify that no one can predict the market and I am going to shed some light to the modus operandi of those signal mafia as they add you to their group which is created to attract customers where you will find screenshots about how their signals has helped members to earn a lot of profit and even you can earn huge amount provided you join their premium channel:

Here are some basic questions we need to ask ourselves:
1. If they can help you earn so much profit they would already be ultra rich and wouldn't be spamming your inbox to join their paid group
2. Why don't they share the daily report or weekly to check their accuracy percentage
3. Why don't they make it free even on trail basis so that users can get a first hand experience and join

My observations after being a part of a paid and few free group who provide limited signal for free users and more for premium:

1. Let's say they make `6 predictions/signal a day and even if 5 signal fails they will still share screenshots about that one signal which was succesful and it's a simple maths lets say you have $100 and you divide that investment between 4 bets which the channel/group has to offer and you go for long/short based on the update by splitting $25 each and end up losing everything in 3 signals and gaining 200% (inflated number just to explain) from 1 signal they will take that screenshot and start marketing and use it as bait but you will only have $75 though you won 200% in one coin but lost in other three and maximum number os users will lose everything.

2. Why don't they make a report though it can be manipulated, still sharing a daily report or weekly report to define the profit and loss which members have incurred will help other to decide whether it's worth joining or not. But if they start sharing it, trust me no one will join looking at absolute numbers.

3. If they make it free trail then users will understand it's a trap and will not join the channel/group

4. They will have 4 stage for take profit and if it hits 1st target and liquidates while you are waiting for 4th target to be achieved still they advertise that you have got a profit of 1st target and vice versa

Conclusion:
Rather go for technical analysis nad learn to read indicators and back test the data you will be in a better position to trade rather than joining paid groups.

They even have free and premium memberships for the groups.

Just imagine, someone is selling you rotten eggs and to get those rotten eggs you need  pay an entry fee. Its a multi-level scam operating in unregulated waters. People just have to learn to avoid these scams and not jump into the gutter.

Only remind them of the first few lines from the OP - if they really had such cool predictions, they would not share it with the world but be rich themselves. Remember that rich people dont come among the common chatrooms, they live their lives in private.