It's alarming how many people on platforms like Binance Square have little to no knowledge about trading futures or spot markets yet still follow so-called "pro traders." Let me share some insights to help you avoid falling victim to these scammers.
The Fake "Pro Traders" 😆😆
Many people create fake accounts with names like X-Trade Pro, Ben The Trader, ProTrader747, and so on. These are fictional names I said, I will not tell their real names. These individuals aren't sharing trading signals to help you; they do it expecting tips if you profit from their posts. The reality is, these "pro traders" often copy signals from external groups (e.g., Telegram) and pass them off as their own.
The Trap 🙈🙈
I’ve seen numerous people get liquidated and lament their losses because the price moved in the opposite direction of the signal. Here's why: 99.99% of posts on Binance Square are copied or stolen from other people or groups. Some posts may be helpful, but most are designed to make you buy something that benefits the poster financially.
Spotting the Scammers 🔍🔍
One guy, with 90k followers, has been copying and pasting posts for years. People thank him for his "great signals" and tip him when they profit. But his real intention is to earn money from these tips by sharing content he neither created nor analyzed.
Their True Motive 😈😈
These scammers don't have their own money deposited; they earn from the tips you give them. They often post screenshots of huge profits, pretending they made those trades. In reality, these screenshots are years old and belong to other traders.
Protect Yourself 🪬🪬
1. Stop Following Fakes: Do your own research (DYOR) and verify the legitimacy of the traders you follow.
2. Avoid High Leverage: High leverage (30-125x) can quickly deplete your funds. Instead, use a maximum of 3-5x leverage and risk no more than 20% of your capital on a single trade.
3. Use Stop Losses: Always use stop-loss (SL) orders to protect your capital in case the market moves against you.
A Real-Life Example 🫠🙈
I saw a trader who used 50x leverage with a $50 margin and ended up with a $5000 loss because he didn't use a stop loss and followed a bad signal. This is a common scenario, and many have experienced similar losses.
Conclusion 📔🗒️
I’m not sharing signals to attract followers. My goal is to warn you that Binance Square is rife with scammers, copy-paste content, fake news, and misleading signals. Always do your own research and trade responsibly.
Always DYOR - Do Your Own Research ✅✅