It’s time to skin this cat, alive.
Here’s the inside scoop:
Right after I published my post about the Death of Copy Trading, I was immediately alerted to the fact that many of these guys have “rebranded” their Copy Trading under many guises like Mirror Trading, Social Trading, and more laughably, Auto Income Finance or some rubbish Facebook Forex Hybrid.
But guess what?
In their haste to disguise their snake oil, they forgot to change the testimonials.
So don’t be fooled.
Copy Trading is exactly what it is – Copy Trading.
Think about it:
Why would they be afraid to call a spade a spade if they weren’t afraid of the fact that they are indeed promoting Copy Trading?
My dear readers, this is called a Red Herring.
And if you aren’t familiar with the term Red Herring, here’s the definition according to Wikipedia
“A red herring is something that misleads or distracts from a relevant or important issue. It may be either a logical fallacy or a literary device that leads readers or audiences towards a false conclusion.”
In Singapore, we call it a “throwing a smoke bomb”.
Another Red Herring commonly deployed is the presentation of HUGE cheques in recognition of top earners.
Don’t get me wrong, the money is real, and they truly look impressive and inspiring to the uninitiated.
Here lies the rub…
The money was NOT earned via trading, but from referral commissions.
What referral you may ask?
Well, referral to the Copy Trading workshops
In other words – We’re talking about people profiting from recruiting more potential victims of Copy Trading.
These guys are called “Wealth Ambassadors”.
Obviously, if Copy Trading were that profitable, they’d be showcasing the trading gains rather than referral commissions.
This is classic “Bait and Switch” at it’s best and is pretty insidious when you think about it.
And that’s why you have clowns giving testimonials like these:
Making money BEFORE attending a workshop?
Gimme a break.
But what truly pisses me off, is the blatant LIES and irresponsible FALSE income claims made in the advertising copy.
Look, as an entrepreneur, I totally get the importance of great marketing and writing advertising copy that sells.
But there is a HUGE difference between sales puffery and LYING your ass off.
To quote you some actual phrases:
“So effective that you can use this system to Make Up To $30,000 Within 3 Months… just like other hundreds Singaporeans before you!”
“Once this system is set-up, it evolves to auto-pilot mode… meaning auto-income, auto-money, auto-profits!”
“When you put that in to dollar terms… that’s a minimum of 4-5 figures of extra income for you, every month!”
“It’s a system based on tried-and-tested strategies…”
Auto money, up to $30k in 3 months, a minimum of 4-5 figures of extra income…
LIES, LIES LIES!
Frankly, the sheer amount of bullshit spewed by this lying douchebag is just plain disgusting.
If Copy Trading were that profitable, our douchebag friend should be driving a Rolls Royce by now.
Many victims whom I personally know have been hurt and hurt very badly by Copy Trading.
This nonsense needs to stop and unless it does, you can be sure that I will never end my crusade to restore the integrity and dignity of proper Forex Trading.
Let’s lock arms and fight the forces of Copy Trading evil.