Online Trading: How to Spot Scams
Online brokers and stock trading moves billions of dollars per day, and more and more people are interested in entering this “new” profitable business.
About stock trading though, we have always to remember that there is no “magic formula” for achieving success in the financial world, and risks are everywhere. You can easily lose all of your investment in a blink of an eye if things turn rough on the market and you didn’t brace yourself and made the right adjustments.
That is why the internet is filled with misinformation about this world, mostly spread by incompetents or scammers and their fake online trading courses.
Anyway, there are websites like OnlineTradingCourse.net that are an extremely valuable resource to understand where and when to invest and discover the best assets on the net.
But, most importantly, you can find on this platform an huge amount of info to start learning how to trade online thanks to stock trading platforms… and how to spot scams.
Thanks to this info that we gathered around the net on trustful sites like the aforementioned and other ones of the same type, we decide to categorize the most common way of scamming people on the stock trading market.
“Everyone is on the deal!” Sales Pitch
How many times we heard, not only in our financial field, that “Everyone is doing it, so you should do it!” or “If they do it, I’ll do it!” about this or that business going on? You should never follow, nor believe, these proclaims.
This is probably the oldest way to get caught (maybe with the ones who convinced you in the deal, if he or she is not the one who organized it of course).
These scams are usually called affinity frauds and usually are perpetrated against people coming from the same social group, cultural background or religious beliefs.
Limited only offers
This is another cross-scam that we can find basically on any business that involves selling, not only the stock market environment.
Every time someone tries to rush you in choosing their assets or products as fast as you can, you should realize that something is not right. If it would be all right, the deal will be there for a longer time, not only for a “limited time”.
No Proof of Legitimacy
Scammers can’t prove that they are legit by a registration with a regulatory authority.
For example, CySEC license is a must if you want to trade on the European soil with an online broker. If you think that an online broker is becoming increasingly suspect once you start using its services, you should contact the regulatory authority of your jurisdiction and check their list of regulated companies allowed to operate In that territory.
The regulatory authorities have usually not only a list of regulated companies, but also a list of open cases against regulated companies.
Do not rely on promises made on phone calls or online
Any information, statement, promise or deal between you and your potential new broker must be written. Anything else but written form communication is basically useless in legal terms.
That’s why you should always have a paper contract by your side for your own safety before starting in trading stocks or Forex.
Forex Robot Scams
These robost are nothing but trading programs supported by lines of computer code or algorithms as a technical signal to choose when to open and when to close trades.
With that being said, not all of those forex robots are “scammers”. There are also expert FX robots built using Expert Advisors (EAs), which are one of the most popular features of MetaTrader 3 and MetaTrader4.
To spot Forex robot scam, you can find useful Forex robot scam lists that will help you to find out right on the spot if you are dealing or dealt with these sophisticated algorithms.
Online trading courses also give you the right info about how to recognize right away a Forex robot scam.
The Ultimate Guide to the Essential Social Skills in Business
Effective communication and strong relationships are essential for success in the workplace. One factor that can greatly influence these qualities is emotional intelligence, often abbreviated as EQ. EQ refers to the ability to identify, understand, and manage one’s own emotions, as well as the emotions of others. Research has shown that individuals with high levels of EQ are better equipped to handle stress, communicate effectively, and work collaboratively with others (Chamorro-Premuzic & Sanger, 2016).
Research has consistently shown that emotional intelligence (EQ) is an important predictor of job performance and success in the workplace. EQ is comprised of a set of skills that allow individuals to recognize, understand, and regulate their own emotions, as well as the emotions of others. In addition, individuals with high EQ are better able to communicate effectively, build relationships, and navigate complex social situations. As a result, they are often viewed as effective leaders and collaborators, and are more likely to achieve their personal and professional goals.
In fact, a number of studies have demonstrated the significant impact that EQ has on job performance and success. For example, one study of 85 upper-level managers found that those with higher EQ scores were rated as more effective leaders by their subordinates (Law, Wong, & Song, 2004). Another study of 151 employees found that those with higher EQ were more likely to be promoted within their organization over a five-year period (Carmeli, Brueller, & Dutton, 2009). These findings highlight the importance of EQ in the workplace and suggest that developing these skills can lead to significant benefits for both individuals and organizations.
According to a study conducted by TalentSmart, a leading provider of EQ assessments, EQ is responsible for 58% of success in all job types (Bradberry & Greaves, 2009). In contrast, IQ only accounts for about 4% of success in the workplace. This suggests that EQ is a crucial skill set for individuals in any professional field. Fortunately, EQ is a skill that can be developed and honed over time with practice and awareness.
There are several key components of EQ that are particularly important for success in the workplace. These include:
Self-Regulation: This refers to your capacity to recognize and control your emotions. Sometimes treating them when they arise may be necessary. Understanding how to manage your anger is essential. However, it can also cover how to control the feelings you’ll experience.
Self-Awareness: This implies recognizing and understanding your own feelings. Do noisy places make you nervous? Do other people talking over you make you angry? Knowing these truths about yourself shows that you are working on your self-awareness. Being conscious of yourself is necessary for this phase, which can be more complex than it sounds.
Socialization: This category focuses on your capacity to manage social interactions and direct relationships. It doesn’t entail dominating others but knowing how to work with others to achieve your goals. This could entail presenting your ideas to coworkers, leading a team, or resolving a personal disagreement.
Motivation: Strong motivators include external forces like money, status, or suffering. Internal motivation, however, plays a significant role in Goleman’s concept. By doing so, you demonstrate your ability to control your cause and initiate or continue initiatives of your own volition rather than in response to external demands.
Empathy: It’s equally critical to be sensitive to others’ feelings. This may entail learning to identify different emotional states in individuals — for example, can you tell the difference between someone at ease and someone anxious? — but it also requires comprehension of how other people may react to their current situation. Empathy is one of the essential traits in business and business leadership.
A thought leader in this space, Michael Ventura has built a career advising organizations on the importance of emotional intelligence in the workplace. In his book, Applied Empathy, Ventura highlights the value of empathy in business and provides strategies for developing and applying this skill set. With two decades of experience as a leader, facilitator, and educator, Ventura’s work has made impact in with prestigious institutions such as Princeton University and the United Nations as well as corporate clients such as Google and Nike.
Through his work, Ventura advises leaders to focus on the development of EQ in order to help individuals improve their communication, collaboration, and leadership skills, ultimately leading to greater success in the workplace. Experts like Ventura continue to support the growing body of research on the value of EQ in business, and the evidence that organizations who invest in the EQ of their teams help to create a more empathetic and successful professional environment.
And it’s worth noting that EQ isn’t just important for individual success in the workplace, but also for overall organizational success. A study by the Center for Creative Leadership found that EQ was a better predictor of success than IQ or technical skills in the workplace, and that teams with higher levels of EQ tend to be more effective and productive (Boyatzis, Goleman, & Rhee, 1999). By cultivating a culture of empathy and emotional intelligence, organizations can improve their overall performance and create a more positive work environment for their employees.
In conclusion, emotional intelligence is a crucial component of success in the workplace, and individuals and organizations alike should prioritize the development of these skills. The ones that do not only develop a leading edge in their category, but also become a meaningful place to work for their teams. And in today’s rapidly changing talent landscape, the retention of highly capable, emotionally intelligent leaders is one of the greatest keys to unlocking success.
Boyatzis, R. E., Goleman, D., & Rhee, K. S. (1999). Clustering competence in emotional intelligence: Insights from the emotional competence inventory (ECI). In R. Bar-On & J. D. A. Parker (Eds.), Handbook of emotional intelligence (pp. 343-362). Jossey-Bass.
Bradberry, T., & Greaves, J. (2009). Emotional intelligence 2.0. TalentSmart.
Chamorro-Premuzic, T., & Sanger, M. N. (2016). Does employee happiness matter? Journal of Organizational Effectiveness: People and Performance, 3(2), 168-191.
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