Beware of fraud crypto analysts!

[Yogee]

Be careful of the influencers you follow on social media like twitter. There was one who was exposed recently of photoshopping his trades to fool his followers and get more subscribers to his paid group. He said he did that to make the images look better hehe. Please follow this thread https://twitter.com/Trapouts/status/1238598898559488000

Cointelegraph also covered the story https://cointelegraph.com/news/crypto-analyst-accused-of-photoshopping-trade-screenshots.

There will always be scammers who will take advantage of people's ignorance. Let's prevent that from happening to us by learning how to read charts on our own and not solely rely on free and paid signals from random people on the internet.

[franky1]

most influencers are not technical analysts but 'trend anals'
they stupidly just draw a line on a chart based on a random number of days of their choosing of previous trades and pretend that history repeats itself.

these 'trend anals' are better known as pump and dump groups. they are not predicting the future but instead trying to create a narative and hope people program their bots to blindly follow the narrative so that its the followers that create the situation.
thus not predictive but creative

having a line on a chart where the only piece of data it equates to is historic chart data is meaningless.
there are many other things that contribute to making the underlying value such as the cost of creating bitcoin(mining) and other things like monitoring the cold wallets of exchanges to see if they are at high supply or low supply.

however. if you are getting this information from some youtube influencer who spend hours glamourising charts, recording the video and then uploading it. then by the time you have seen it.. the data is old and too late and those who seen it first have already acted on the real information and are most probably just promoting what they desire as the after effect

EG if the price is dipping, they buy.. then they promote it hit bottom and people should then start to buy on the rise.. thus them other people cause the rise. for the initial person to sell at profit..
only after selling at profit would they then say the high hit the top and others should start selling. just so the first person can buy the dip again and repeat.
this is standard pump and dump tactics
so the best advice. dont be a follower, because your going to be the last to know and have most to lose following old data

[20kevin20]

Although I began using crypto many years ago, the first time I've ever played with the charts was somewhere around 2017-2018. At the time I also started following a few Twitter profiles, the "most successful traders" out there.

I first started by only taking a look over their predictions, taking notes and then coming back from time to time to see if their predictions came true.

What I found was pretty astonishing: the traders really did predict very well every single coin's move! Any signal came true, it was like you knew the future!

But that was because BTC and alts were going through a very bullish market. Any trade you would've gone for was a profit. Hence, most traders were going only for "purchase X coin!" signals and all of them were right.

Months later, the market went bearish. Very bearish. And guess what: these guys' predictions just vanished off Twitter as if they've never even traded before...

Lesson learned: most "crypto traders" are just guys who were very lucky to take the right moves at the right time.. there are only very few traders out there who have some really good history of successful trades and only very few misses. Hard to find them.

[Charles-Tim]

Before someone started to trade, there are basically trading rules to follow. And the rules are messed on how you can trade and minimize losses but maximize profits. It is all about how to have certain discipline in order not to loss by making profitable anlyses and predictions. Why all these, if trading should be the work of analysts. You call them analysts but they are scammers. Anybody can lose in trade and nobody is accurate than you learning it. It is easy to scam people this way, but, newbies are mostly scammed. The best is to analyze yourself and follow trading rules. If you do, it helps you become a good crypto trader than falling victims of scammers posing as a good analysts.

[target]

He admitted he photoshopped yet there are still people following pay to be just in his paid membership group! Sweet. This can be done and he doesn't even have to photoshop anything if he just go there in the Wall Observer thread and then posts in his twitter whatever is posted in that thread. Easy money for asking $10 for each member.

So much publicity for the drama of Canfield and King that cointelegraph has to publish an article about photo manipulation.

[Gozie51]

Before someone started to trade, there are basically trading rules to follow. And the rules are messed on how you can trade and minimize losses but maximize profits. It is all about how to have certain discipline in order not to loss by making profitable anlyses and predictions. Why all these, if trading should be the work of analysts. You call them analysts but they are scammers. Anybody can lose in trade and nobody is accurate than you learning it. It is easy to scam people this way, but, newbies are mostly scammed. The best is to analyze yourself and follow trading rules. If you do, it helps you become a good crypto trader than falling victims of scammers posing as a good analysts.

I believe in this post for sure. Being a good trader is about making little losses and big profit. Nobody goes into swimming with their eyes closed because if you do so, you might hit underneath rick. Therefore, you trade with care, not to put all your money chessing little profit. Paid group for signal is just a new found business.

[Twentyonepaylots]

Most influencers are under Dunning-Kruger effect because have no idea what they're talking about, it's foolish to believe those influencers if they don't give reason behind their analysis or their perspective is narrow (e.g. only think chart is enough to predict)

Let's prevent that from happening to us by learning how to read charts on our own and not solely rely on free and paid signals from random people on the internet.

Or look at event that related to the cryptocurreny or world/national event that could affect cryptocurrency instead.

Seeing tons of useless pieces in youtube and other medias lately and some people are believing on them like what the hell. There are reliable charts to based on and there is nothing wrong to be influenced, what is wrong is found at these influencer coz some are just doing it for their personal advantage towards their audience creating a big scam speculation and creating a back door. I'd better be spending time reading and analyzing than hearing any of these 'influencers'.

[AniviaBtc]

Before someone started to trade, there are basically trading rules to follow. And the rules are messed on how you can trade and minimize losses but maximize profits. It is all about how to have certain discipline in order not to loss by making profitable anlyses and predictions. Why all these, if trading should be the work of analysts. You call them analysts but they are scammers. Anybody can lose in trade and nobody is accurate than you learning it. It is easy to scam people this way, but, newbies are mostly scammed. The best is to analyze yourself and follow trading rules. If you do, it helps you become a good crypto trader than falling victims of scammers posing as a good analysts.

I believe in this post for sure. Being a good trader is about making little losses and big profit. Nobody goes into swimming with their eyes closed because if you do so, you might hit underneath rick. Therefore, you trade with care, not to put all your money chessing little profit. Paid group for signal is just a new found business.

Never believe and never trust easily most especially if you don't know the person or the account. Some analysts are trolls or fool you to caught your trust and attention and you will become their victim. Learn how to trade with your own and don't let your actions be affected by the other people. In order to become a responsible and legit trader, you must create your own plans and decisions and think of the things that will help yourself grow. Help yourself learn in trading, help yourself analyze the problems and make a solution for it. Don't rely on others, don't rely on analysts because they will just ruin your opportunity to earn money with yourself. Scammers are also those analysts that will put you to a big losses. Make your own prediction so that all the credits is yours and you will become accountable for your strategies and actions in trading.

[buwaytress]

Trust me. People didn't need to photoshop anything to be frauds. I've seen first hand a supposedly super exclusive, super whale super whatever rope people in, and showing years of profit and buckets of analytical advice and "calls". Then I sit in the group myself for three months (plus a free fourth month wow) and see absolutely no shred of evidence proving they're any better than the rest. And in fact, when making every call they put out, losses were huge.

Called out the owner and he actually told me I literally (yea, literally, he said it) chose the worst three months of all the history of the group. I was gracious and simply left. I satisfied my curiosity and proved what I'd always suspected all along.

They all fall. Eventually.

[gundala]

~
EG if the price is dipping, they buy.. then they promote it hit bottom and people should then start to buy on the rise.. thus them other people cause the rise. for the initial person to sell at profit..
only after selling at profit would they then say the high hit the top and others should start selling. just so the first person can buy the dip again and repeat.
this is standard pump and dump tactics
so the best advice. dont be a follower, because your going to be the last to know and have most to lose following old data

A very detailed explanation, this information is very important for new investors or anyone who has just joined the crypto ecosystem so as not to get caught up in unclear signals. The basic ability to analyze and utilize indicators on charts is very important as an effort to get the right positions to buy and sell, so it is not easily affected by influencers or paid promoters who are less competent and only use it to manipulate their tactics. As you explained, they say buy after buying before and say sell after selling it first, to manipulate the opportunity so that you can get the price below again. So we have to prepare our abilities well, don't just rely on signals to get the best opportunities.

[kisfoxs]

Thank you friend's information because this is very important. For new people who start trading Crypto assets and do not analyze them will surely be deceived. The fraudsters are now smarter in cheating actions.

In the trading of crypto assets, I do not follow free and paid signals. For me to do trading Chart analysis myself is very important.

If you have any doubts you don't have to follow such a group and it will only make us lose money easily.

[chaser15]

This kind of activity is already present way back then.

People should now be used to see this so-called analyst and professionals.

That kind of doings won't stop so it's better that people will use their common sense to determine if some analysis is good and worth reading. It's not wrong to follow for gathering knowledge purposes, just take caution when doing that.

[Meowth05]

That's like the most basic skill you should know when you are on the Internet. When in doubt, do your own research, also don't go giving away your attention and time when you know that you won't get anything from them. Information dissemination should be regulated and don't forget to use your common sense, stop following people blindly.

[pakhitheboss]

Everytime when these so called gurus says Bitcoin will go up it always goes down and when they say it will go down it goes up. I have noticed charts never work in crypto. It is always the news and historical data that can easily help you to understand where the market will go. I do not follow anyone in particular and do not plan to in the future.

[sunsilk]

It's an open secret if you have been in the crypto verse for quite a while and you understand trends vs. markets, you'll get to notice that some of these influencers will support their claims and analysis without any valid chart analysis.

They all base on the market trends and if you somehow find that they have an agenda to sell or shill something, you better get off and stop following them. That's how they milk with their audiences.

[btc_angela]

I think it doesn't make sense of successful traders to share their 'secret sauce' to many people thru Youtube right? So I don't know why there are people who still followed this so called experts trade and presented itself as if they are really doing good in their trading. I wouldn't even put 1 sat for those who claim to share their trades and help others become successful.  It's all scam!

[Bttzed03]

I think it doesn't make sense of successful traders to share their 'secret sauce' to many people thru Youtube right?
~

Cashing in on their "secret sauce" makes sense to them but before going public with their "expert analysis", they already bought when the price was cheaper. @franky1 has a more detailed explanation on this.

~
So I don't know why there are people who still followed this so called experts trade and presented itself as if they are really doing good in their trading.

Many subscribers to these groups are somewhat brainwashed in believing that these "experts" are only trying to help.

[TheUltraElite]

I think it doesn't make sense of successful traders to share their 'secret sauce' to many people thru Youtube right? So I don't know why there are people who still followed this so called experts trade and presented itself as if they are really doing good in their trading. I wouldn't even put 1 sat for those who claim to share their trades and help others become successful.  It's all scam!

You are correct. The fact that people believe such things said by self proclaimed people is a sign of stupidity of the people using crypto. Now there are some people whose prediction may end up being correct but these are luck by chance things and not always based on any fundamental or technical stuff.

Often the stuff said is just paid promotion of a project. If it is about an altcoin then one can be fairly sure it is such a propaganda. Better to always do your own research before investing.

[pooya87]

if you want to be successful in trading and investment with your money then you must not even look at any social media for "analysis". they are simply ALL bad but the degree of it is different. majority of them are idiots who have no clue about the market and in some cases they don't even have any money in the market! they just create content and earn money as you follow them, watch their videos,...
that is why i dislike the term "influencer" used to describe these idiots. the only thing they influence is some newbies who fall for their scams.

[Asuspawer09]

This is not cool:-\, I can't believe anyone would do this kind of thing just to make lies, but anyway we are not really relaying to his trade and I think no one care.

Link for some of the photoshop images:
https://twitter.com/Trapouts/status/1238598898559488000