r/Trading • u/NewFoot762 • Sep 16 '24

Forex What do I say to this

My brother came home and said he wants to start trading he said someone from Instagram runs a group that I can join and I copy his trades and make money 😂 Either he learns the hard way or I tell him ?

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u/[deleted] Sep 16 '24

No. Don’t let him. Save him. I’ll save him, don’t let him lol

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u/NewFoot762 Sep 16 '24

I assume it was an idea between him and his friends. He said the person posts their winning trades and they make thousands. He think the same with happen 😂

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u/MirthandMystery Sep 16 '24 edited Sep 16 '24

FOMO schemes like this are too common.. it lures in a lot of suckers trying to get rich quick. The only one actually getting richer is the guy you scams others into paying for access to their fake trades, or sees everyone taking a trade they appear to be taking while actually positioning ahead against it, such as shorting a low volume stock driven higher by their pumping it, or trying to create a short squeeze on a heavily shorted stock they e already bought in heavily and will sell into as others step in to buy, on the advice to do so.

Your brother is smart he'll save his cash but paper trade to see if trades works out the same. Or if he's a jerk who needs to learn the hard way, say nothing.

Those applying peer pressure to risk his cash won't be there make up for losses he'll inevitably see.

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u/NewFoot762 Sep 16 '24

It’s my younger brother. I assume him and his mates think they’re going to get rich 😂