Forex – and finance as a whole – seems particularly prone to scammers and con-artists and there are several reasons for this. The first is that finance involves money, and anything that is directly involved in money is prone to the type of individual who only wants to get their hands on someone else’s. See part 1 of how to avoid the scammers on social media Secondly, financial markets offer up great riches to those who can master them, a fact that we are repeatedly reminded of by the media. Third, finance is secretive. Vast riches are possible but most people lose so becoming good at trading becomes a means to an end. A Guest Post by FXTM The most irritating part of all this is that it sometimes seems that the most successful trading products turn out to be the most damaging. Take a look at any number of popular affiliate products and they are stuffed full of companies peddling broken systems, newsletter scams, and poorly edited information. OK, some might be legitimate but the vast majority are not. It’s best to avoid them altogether. Here’s some more advice for who to follow on social media: Look for teachers not tipsters As mentioned before, the real key to trading success is to educate yourself on how to trade. Only then can you truly master the markets. Relying on other peoples tips rarely works in the long run and there are many reasons why, such as the fact that tipsters rarely disclose their other positions. It’s far better to look for those who seek to teach the skills rather than the signals. Look for traders who are recommend by others Clearly then, the Internet offers a lot of help to those looking for supportive teachers. Those who are any good at teaching the art of trading will often come recommended in books, forums or web articles. It’s important of course to ignore any paid for advertisements or recommendations which you sometimes see in magazines. If a trader or teacher has a good social following and the praise for that trader seems genuine then it’s a good start. Either way, it’s much better than putting your trust in a guru that popped up through a Google ad. Look for traders who are polite and friendly It’s interesting because you can often tell who’s legitimate and who’s a scammer by how that individual behaves. Authentic traders and teachers tend to be polite and friendly. They tend to take part in regular conversations with their audience and they avoid engaging in any type of Internet ‘hate’ or ‘trolling’. The same can’t always be said for the scammers. Another tip if you are unsure is to Google the guru that you’ve found and ask Google whether or not that guru is involved in a scam. If they are, Google normally has the answer you’re looking for. Further reading: 5 Most Predictable Currency Pairs Guest Guest View All Post By Guest Basics & IndustryForex Basics share Read Next ECB becomes first major central bank to introduce negative Guest 8 years Forex - and finance as a whole - seems particularly prone to scammers and con-artists and there are several reasons for this. The first is that finance involves money, and anything that is directly involved in money is prone to the type of individual who only wants to get their hands on someone else's. See part 1 of how to avoid the scammers on social media Secondly, financial markets offer up great riches to those who can master them, a fact that we are repeatedly reminded of by the media. Third, finance is secretive. Vast riches are possible but most… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.