There is an ongoing forex craze fueled by multi-level marketing schemes with the promise to earn you passive income on Forex As A Pyramid Scheme. Why you should stay clear of forex multi It’s not a pyramid scheme. It’s not “safe”, it’s gambling pure and simple. You can and probably will lose money. Trading is extremely challenging, and thinking it’s easy or that there is “one weird trick” that will make you consistent profits is s Difference Between Ponzi Schemes and Pyramid Schemes. A Ponzi scheme is similar to a pyramid scheme in that new members end up paying existing members. However, in a Ponzi scheme, there is no product to sell. Instead, a Ponzi scheme is an investment account where earlier investors earn a return as new investors join and contribute to the fund
Is Mirror Trading Legit? Or Is It Yet Another Pyramid Scheme? – TradeVeda
iMarketsLive IML is a modern day pyramid scheme that gets your attention through FOMO. Once you have reached out to an IML person and signed up, they do a bait and switch to recruiting.
Anyone is forex a pyramid scheme reddit became rich from IML is done from recruiting. None from actual trading. Understand the key to win in real financial markets is information, and trading is a zero-sum game. Two years ago, I first heard about a company called iMarketsLive IMLthrough social media posts from someone I know.
Since then, I kept on seeing more and more posts about IML in my feed across all social media platforms. It may have been in your feed by now.
At first glance, the nature of IML is murky at best. To their credit, they are able to capture your attention quickly, because they make you think you can make easy money fast, is forex a pyramid scheme reddit. You probably have googled a little on your own, or is forex a pyramid scheme reddit listened to a spiel from someone at IML. Now you are wondering, is IML a foreign exchange platform, an education platform, a pyramid scheme, a recruiting firm, or your best chance to get rich?
The chances are, all of them have come across your mind, but out of human nature, you make yourself buy into the belief - this is your chance to get rich quick with minimal effort. Today I am going to give you my two cents on why it is a pyramid scheme, and why you should stay away, especially if your motivation is to make easy money through currency trading.
On paper, IML is an online education platform that provides education products in the space of foreign exchange, with four pillars: tv, is forex a pyramid scheme reddit, academy, harmonic scanner and web analyzer. It sounds fantastic and sophisticated, right? But IML did the opposite.
They drew people in. They did so by taking advantage of our greedy human nature via social media. Think back about the first interaction you had with anything IML related. Instead it showed someone making a lot of money in a nice car. All of a sudden, we became interested, because they are telling us we can be filthy rich by quitting our day jobs, is forex a pyramid scheme reddit, and trade in our pajamas, pretty much a typical dream for most millennials.
IML is no exception. IML is a modern day pyramid scheme that gets your attention through FOMO fear of missing out. They do so through the following two simple, effective steps. Step 1: Social media is their customer acquisition strategy. You typically see three types of is forex a pyramid scheme reddit money flash, inspirational speeches, and why IML is not a scam.
Money Flash : Most of the posts you see are how IML traders are getting rich through trading. You may see a screenshot of their profit from that day, or you may see a nice car, a nice pool, or a nice apartment in the background. At this point, you are not thinking about how awesome these people are, instead you are thinking about how awesome it would be if you were in their shoes. Inspirational Speech: The second type of posts is about some kind of life lesson or a generic inspirational speech.
None of them have any direct correlation to making money through trading. But they help build a persona of social good. Why IML is not a scam : A lot of posts are about defending why IML is not a scam. Why do they do that? Because it sure feels like one, is forex a pyramid scheme reddit.
The latter is absolutely true, but the former is not. I have a section below to explain it in detail. Step 2: Once you have reached out to an IML person and signed up, they do a bait and switch. Before you signed up, you may have had the idea that you can make money through trading in your pajamas. After you signed up, you learn that being an independent business owner IBO is the true way to make money here.
How does it work exactly? You make money through recruiting more people, typically from showing how rich you have become by posting on social media. But first, you have to sign up as an IBO yourself. By the way, did you know, before anyone signs up, you have to enter who referred you? It is not a coincidence. No one who joins IML joins organically. Think about your other experiences in life. Why do you have to do it here at IML? Because it is a pyramid scheme, the person who referred you is making money off of you.
IML does a good job of celebrating people who are rich through the company, and posting it on social media. But if you look carefully, is forex a pyramid scheme reddit of them became rich because of trading. They did so because of recruitment. You can replace it with almost any other random businesses, such as selling GoT mugs, or bouncy houses. The business is to wave it as a flag to make it seem legit, so you can bring people in for the real recruitment business.
When people question the legitimacy of IML, its most effective and clever defense is that Forex is not a scam. But IML is a pyramid scheme. This is also a fact. Here is an analogy. Instead of replying directly, he tells you that investing is not a scam. You probably sense something is off with the logic. And you would be right. Similarly, IML is a pyramid scheme exactly because it does not really do trading, instead, its real business is recruiting.
Asset prices are determined on future expectations discounted back to the present value. The same is true for the foreign exchange markets. Every trade you execute has another end. When you buy, someone has to sell. When you make a profit, someone has to take a loss. If you think about it this way, it is just mathematically impossible that EVERYONE wins. Why share? HOW I LEARNED ABOUT iMarketsLive Two years ago, I first heard about a company called iMarketsLive IMLthrough social media posts from someone I know.
THIS IS WHAT IML TELLS YOU On paper, IML is an online education platform that provides education products in the space of foreign exchange, with four pillars: tv, academy, harmonic scanner and web analyzer. THIS IS WHAT IML ACTUALLY IS IML is a modern day pyramid scheme that gets your attention through FOMO fear of missing out. Social media posts that exploit your FOMO Bait and switch Step 1: Social media is their customer acquisition strategy. Facebook 0 Twitter LinkedIn 0 Reddit Tumblr Pinterest 0 0 Likes.
Is the Forex pyramid scheme?
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22/8/ · 5) Pyramid schemes require new investors to pay a fee for the right to sell the products to others or in other words, pay a fee for the right to recruit others into the scheme so as to gain rewards/income for bringing more people in and not rewards/income related to the actual product sales (FOREX) It’s not a pyramid scheme. It’s not “safe”, it’s gambling pure and simple. You can and probably will lose money. Trading is extremely challenging, and thinking it’s easy or that there is “one weird trick” that will make you consistent profits is s Forex trading also has a purpose. If you travel from the USA to Europe you will probably make a forex trade to convert your dollars to the Euro. The scam is when a company or individual tells you that its easy to make money trading foreign currency which just is not true. Trading is something that takes years of time and money to learn
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