A short report of trading activities on news factors for the first week of November 2019 for some major accounts (FOREX investment program). 🌐 https://tbm-trust.com #TBMTRUST #result #investor #mlm #business #bitcoin #forex #hagefunds #mining #forks #IPO #betting #bet #ETF
A short report of trading activities for the first half of September for some major accounts of the FOREX investment program (https://tbm-trust.com) #investmentPortfolio #analytics #mlm #business #cryptocurrency #crypto #bitcoin #coins #forex #hagefund #mining #forks #IPO #betting #bet #ETF
My boyfriend is starting Forex. I think it’s a “get rich quick scheme”. Please teach me about the reality of it.
Hi. So I like to call myself a big skeptic of all things “get rich quick”. I’ve always hated MLM’s and other sorts of marketing businesses. I’ve seen many people and heard many stories of people losing thousands and I’ve always been super skeptical about them. However, my boyfriend, let’s call him Cody, has become interested in Forex. He has been a partner with Primerica for a while now but hasn’t done anything with that. He is a manager at a gym here and makes decent money from that. He was approached by a friend to start working with Forex. When I heard about this, I was shocked, just because I’ve heard horror stories about Forex. When I look up reviews online, all I see is people losing money. When I spoke to his friend to see what this is all about, all I got was attacked and hated on for being a “non-believer”. He essentially just said that people who lose money are lazy and don’t even try. I am genuinely curious in learning more and want to be more educated in this. From what I’ve read, it depends a lot on gambling and knowing a lot about the craft. Cody is convinced he will earn $40,000 (approximately) by February doing 6% everyday excluding weekends (I have no clue what that means but I know that’s what he’s doing). I want to know if and how this is actually a legit endeavor or if he’s just delusional. Please, no attacks, I want serious, informative answers. Thanks so much. TL;DR: my bf is starting Forex and I think it’s a scam, how legit is it? Edit: I told him that if he actually does make that $40,000, I’ll apologize for my skepticism and not question this typa shit anymore. We’ll see 🤷🏼♀️ Edit: He works all day with no break and gets home at 11-12 and gets EXHAUSTED. He goes to sleep at like 1 every night and spends that free time watching tv. Nothing wrong with that I just don’t see how he has time to do this stuff. From what I’ve gathered, this has to be done in the afternoon and takes a while. Update: So I spoke to him and mentioned all the advice y’all have given me here. He said he is already doing research but he’s down to join an MLM. He says “everything is an MLM, college, businesses, everything”, which is ridiculous to me but ok. I’m scared for him but I guess there’s not much I can do. He’s writing all this advice off as idiots that had a bad experience even though most people here have said that they have had ups and downs. He also says I’m being super negative and the least bit supportive. Idk what to do😕
Ever since i started business, I've noticed this cancerous trend of young and old entrepreneurs who have been promoting the "Marketing Master" "Dr" Azizan Osman, who has been exposed in Malaysia for his fake PhD's (but people are just gonna give him a pass so they can feel good about wasting their money to sit in his VIP seminars). Local entrepreneurs who have been duped into his cult "mentorship" will mention his name in every newspaper, radio, video interview to promote him. They will sound very confident about how they have "mastered marketing". There are some youtube videos of his giving business and marketing advice with the emotional background music to lure local entrepreneurs into his trap. His ticket prices go up to almost 4000 myr, and its mostly marketing or business advice you can get from a nice cheap book or browsing the internet or those awesome Jack Ma (alibaba.com) videos (free) on youtube. Why am I so salty? Coz i have a special hate in my heart for MLM's and MLM-ish cults and their deceptive methods of bleeding our people dry, and i hate that his cult slaves are promoting him everywhere. Now I know that mentioning his name here might promote him in a way, but i trust that the majority of the reddit community will not fall into his trap. I wanna know what people think of this cult movement being present in Brunei. Even in the west, marketing or business coaching is considered a new way of ponzi or scamming people. Here is some logic, if youre successful you will share your knowledge for free. This is similar to the "Master Forex Trader" scam where they charge people to teach them how to be a master, and if things go south its your fault, not the scammer.
Being forced to be a MLM down-line by my own parents...
Some background - first of all, I'm a midterm college student currently staying at home for obvious reasons. In recent months my parents have pressured me to start making money, saying "You need to start working on financial independence" or something like that. First off I opened an online shop selling my parents' merchandise clothing (they have actual stores for this one tho, no LLR stuff or whatever). Decided to pull out as academic stuff takes over my life. As time and the pandemic rolls on, my parents have started hinting on how lazy I am by refusing to earn money on my own, asking "What do you wanna do in your life then to start earning money ?". When I told them I can't restart the online shop just yet because of my college, they then said "okay, we understand your situation" ... Oh, how wrong I was. Shortly thereafter my mother got ecstatic when she came across an "opportunity" on instagram posted by one of her church friends. We set up a (physical, not that I think its wise) meeting not long after and by the time we arrived I know already - I'm being roped into a MLM by MY OWN PARENTS. For context, the MLM is some sort of forex trading investment company called NET89 I honestly would have refused joining, but with my mother there and my parents' pressure on me I was scared and didn't dare saying 'no' since in this pandemic & amid college sh** I don't have a chance yet to pursue a career, meaning I'm still very much dependent on my parents for sustenance (like most college students where I am - not in the USA, student loans are a foreign concept here). My parents used their personal money to pay for it though. A few months have gone by since, and with me NOT EVEN MENTIONING the MLM to anyone else and flat-out refusing to support the company in any way I decided to pull out the money from my account. My parents got furious at me, saying "What you've done was an obvious loss", "You're being stupid by acting that way", "All companies may as well be MLMs since they ask consumers to promote them" ... Yeah, so ... Here I am. Being involved in an obvious scam because of my parents pulling me in without an option to get out of it whatsoever. What do you think I should do ? How can I get out of this ? FYI ; I wish I could look for a job but like I said before, with my college being super busy right now despite being online (they think students are just slacking around at home, thus churning out assignments at breakneck pace) ... I can't, yet.
Lately I've seen a couple of old friends joining these 'digital entrepreneur' groups on fb. As someone who almost joined Amway AND Herbalife during her broke highschool years, sirens immediately started going off in my head because these groups sound way too good to be true. The thing is, there's hardly any info on either of them when I search online. One of the groups is run by a woman who calls her group members "Action Takers" and gives them the title of "business consultant/digital marketer"; however, when you go to her website (not sure if I'm allowed to link it since it contains her name)/any of the members' sites, it's all extremely vague info like "join our virtual workshop and learn how to make thousands at home!". But what really stuck out for me was that the sites talk about having "mentors" and using "attraction marketing" to avoid being "that pushy salesperson" (aka a hunbot). Regardless, it all sounds very scheme-y and MLM-y. I don't know exactly what this woman's going to have her "Action Takers" sell to the public, but my guess is it's gonna be something like Amway's products, especially since they mention that there's no need to hold inventory because they'll be working with suppliers themselves (so something like dropshipping maybe?) Another group I've seen calls themselves "Bounty Hunters" and uses something called "Boyd Pips" which, after some googling, seems to be Forex-related or along those lines. Not sure if that's legit either, but they're also peddling the "digital entrepreneuearn 2 incomes from home" spiel and giving lots of vague information, which makes it seem just as MLM-y as the first one. Has anyone ever heard of either of these things/anything similar?
I'm pretty sure Tradera is an MLM. One of my family members reached out to me about a way to make money with Forex trading and asked me to join a call to learn more. My MLM senses were already tingling but when I dialed in the talk about teams and general motivational stuff made me think that it was definitely an MLM. Also the after follow up (I left the call early), the fact that this family member has made posts about why all businesses are pyramids, and the $99 per month buy-in to supposedly make $500 or more per month. I feel bad because my family member is really into this and I can't really tell them to F off, so I just go with soft let downs. I'm genuinely interested in investing (learned about Forex and it's not for me) but I hate that now there is a new way for people to get scammed.
Weekly In The Wild Wednesdays and Q&A Discussion Post
Please use this thread to post your weekly In The Wild Posts as well as a discussion post for topics such as: is_____ an MLM? In need of helpful resources to give a friend? Or just want to start a MLM related convo? Post it here!
IM Academy - Are they/their "Affiliates" breaking FINRA regulations on Communications with the Public?
For the uninitiated, IM Academy, formerly iMarketsLive, is an MLM whose scheme centers around a SaaS model for their forex (foreign exchange) trading software. I'm still early in the research, but I think the way they get around the legal definition of a pyramid scheme is by providing referral commissions to their affiliates, who are the ones ultimately posting about their purported 'success' and the opportunities they want to share with their friends and families and doing the recruiting. Now, perhaps save for the ballsier MLM brands involved in health and wellness products, where running afoul of the FDA is the primary concern (and having worked as someone designing junk mail for a health food/grocery store [the owner of which was decidedly ANTI MLM, thank apollo] for a decade, I can tell you that the magic "These statements have not been endorsed by the FDA. These products are not meant to diagnose, treat, cure, or prevent any disease." is almost an impervious shield, if you're not a total sketchman and literally saying those things in the ad copy for the product), the SEC and the FTC are the regulatory bodies at play; and FINRA, I believe, is the US regulatory body overseeing forex, specifically. I dig economics. I like listening to economics shows. I've heard plenty of ads for forex trading solutions on the radio, and one constant is the inclusion at the end of the ad of a disclaimer saying, more or less, that 'Forex trading carries substantial risk and consumers should not trade more than what they can afford to lose', or something along those lines. Of course, the folks peddling IM Academy on facebook are just posting about the opportunity to make money trading forex. That got me thinking -- if the company is paying these guys commissions on referrals for the software, they are effectively communicating to the public. FINRA has some very specific guidelines on this (emphasis mine): Communications with the Public NASD Rule 2210, applicable to all FINRA members, prohibits firms from making any false, exaggerated, unwarranted or misleading statement or claim in any communication with the public. Rule 2210 is not limited to a broker-dealer's securities and investment banking business. A firm's forex-related communications—whether the firm is acting as a dealer or is soliciting forex business for a dealer—must be fair and balanced and based on principles of fair dealing and good faith, and firms must provide a sound basis for evaluating the facts regarding both the forex market generally, as well as the customers' specific transactions. These obligations may not be waived or met by disclaimer. New FINRA member firms that engage in forex-related activities must file their advertisements with FINRA. Rule 2210 requires any firm that has not previously filed advertisements with FINRA to file all of its advertisements at least 10 days prior to first use; this filing requirement continues for one year from the first submission. Rule 2210's internal approval, filing requirements and recording-keeping provisions also apply to forex-related communications. The rule requires that a registered principal give written approval of all advertisements and sales literature prior to use. Rule 2210 prohibits predictions or projections of performance, or the implication that past performance will recur. Communications used by firms in connection with retail forex activities may not tout future returns. The rule prohibits the omission of material facts or qualifications that would cause a communication to be misleading. Accordingly, firms' communications must adequately disclose the risks associated with forex trading, including the risks of highly leveraged trading. Firms must also make sure that their communications with the public are not misleading regarding, among other things:
The likelihood of profits or the risks of forex trading, including leveraged trading;• The firm's role in or compensation from the trade;
The firm's or the customer's access to the interbank currency market; or
The performance or accuracy of electronic trading platforms or software sold or licensed by or through the firm to customers in connection with forex trading, including falsely advertising claims regarding slippage rates.
FINRA also reminds firms that SIPC rules prohibit references to SIPC membership or protection in communications regarding commodities, including forex.
Am I onto something here? Even if IM Academy seems to skirt around the traditional definition of a pyramid scheme, their affiliates are breaking the regulations the company, at least, is obligated to adhere to. This IM Academy scheme specifically seems particularly predatory. I can see a vast gulf between being out a few hundred bucks on shitty inventory you'll never push and forex leverages, which can sometimes mean you losemore than you put in.
Okay, I didn't even know what tag I should even put under this post because this is definitely going to be a rant, but I'm also going to ask a lot of questions. Anyway.. A lot of people in my city, including close friends of mine, have recently been trading on Forex and it seemed cool so I wanted to do it as well. I didn't think too much of it at the time because, well my friends were doing it so.. what could go wrong? I joined an MLM company. Idk if I should even say the name of it, but it's a pretty big company. The specific team of "traders" that I joined have increased their numbers in the past one month from 900-something, to 3,000 people. It feels crazy because I know this definitely is a pyramid scheme, but my friends, and so many people just don't care. They continue to put money in, put more people in, all because there are actual successful people in the business. There's someone who hit the max contract with the company recently and is making $6,000,000 a year. BUT THAT'S NOT FROM TRADING! It's from getting dumbass people like me to invest and blow accounts. Is success and wealth really worth it if you're getting it in an unethical way? They constantly say "everyone eats" but if everyone eats in the team, why am I so starving? Is it because my morals are hindering my work ethic? Is it because I want to actually work for my money? But genuinely, do my morals matter? Am I being stupid for believing that morals should play a role in your success? Is there anything wrong with MLMs if "everyone eats"? I know I can make money if I brought people in, and I know those people could make money, so is there something wrong with it? I don't really know what I'm asking. I'm just flustered. I feel so overwhelmed and confused.
Untold Truths About IM Mastery Academy Pyramid Scheme Rumors
Here're some of the highlights in my unbiased review on IM Mastery Academy - An MLM company that sells Forex trading courses. I hope this info can keep every beginneFX lovers fully-informed before joining their program. Please note, I am not a member or an affiliate for IM Mastery Academy. This review is based on research and information available online in the public domain. Any recommendation and conclusions are only opinions and may not apply to all persons or situations. ----------------- #1: What Is IM Mastery Academy (IMMA)? IM Mastery Academy is a multi-level marketing (MLM) company solely in the Forex trading niche. They offer a range of forex trading courses, tools, and resources that help beginners develop trading strategies and show them real-time trade ideas. #2: How Big is The Income Potential Of IMMA? 2018 IMMA income disclosure Here're some of the key points from their 2018 income disclosure:
96.3% of the members earned less than $1,367 on average in 2018.
45,924 of the 52,706 never made it past the entry rank of ‘IBO’.
40.25% of all IBO’s earned nothing from IM Mastery Academy.
Only 20,107 IBO’s earned any income at the entry rank. The remaining 25,817 earned absolutely nothing.
Only 1 in 909 IBO’s earn a full-time income from IM Mastery Academy.
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