This Must Be A Scam
I joined a social network the other day; one of those ones where you join voice chat rooms. I figured I would seek out either some entrepreneurs (for advice scaling my business) or some other forex people. I like to talk currency pairs and all things forex.
I found a forex channel and in chat I was talking about my story; what I’ve done and how I got to where I am. They were increasingly incredulous. They let me have a chance to speak and I started to explain my software and what it does.
I hadn’t been speaking for more than 30 seconds when some people cut into my talk and said, “who wrote the software?” — I replied that I did. They asked what analysis needs to be done before the software starts. I replied that it doesn’t require analysis. At this point they decided that I could not have written the software.
Next they decided I must be a scam. Or that I must be trying to sell them an opportunity to get rich quick.
In all, it took a full five minutes for them to kick me out of their room, deciding I must be a scam. I think they really could have understood my software and what it does, if only they took the time to listen to what I had to say and approach me with an open mind.
I think these days there are so many scams associated with Forex that nobody believes it might be possible to create a successful trading bot. Especially one that makes consistent profits and doesn’t require months of research.
It can be quite lonely being successful because once you have something that is really working — nobody believes you. I wanted a partner to help me invest another £25k into my trading positions — that’s nothing for venture capitalists. But despite joining many, many VC groups I never found a single genuine VC. And all the small business or entrepreneur groups I joined, they were mostly not interested or when they were, again, they didn’t believe in the software.
One guy said he owned several businesses in Scotland and was ready to invest up to £50k but he wanted to see the software work first. I set him up. a demo account with the brokerage I use, and I had my software trade on that demo account for him for a week. The profits were evident and it made moret than 2% profit in just that week. At the end of the week, I said to him, OK so, how about you put in a bit of money as a start, and when you’re confident you can scale up. He responded that he wasn’t sure, and wanted to see the software run for a few months.
That was too much for me. Getting to see every specific trade my software was making, I was worried he could simply try to guess the specifics of my algorithm and make clone software. His lack of belief somehow meant I should disclose months of live trading data from my algorithm for nothing.
I am making good money to date. I would be making far more if I had access to investors who wanted to make mutually beneficial deals with me. But I have to just do as much as I can by myself. Lack of funds is definitely a limiting factor.
The problem is, everyone is sure I must be a scam.
