Tips to Avoid Scam Trading Courses

During my time as a sports trader, I have bought several trading courses with many of them helping me to improve my trading and to learn new trading strategies (e.g. Goal Profits).

However, I have also bought courses that turned out to be a complete waste of my money.

Therefore I decided to write this article to provide some tips on how to avoid making the same mistakes I did.

Scam Trading Courses
Tips to Avoid Scam Trading Courses

Top Tips to Avoid Scam Trading Courses

The below list is by no means exhaustive but I believe it includes the main red flags that you should look out for when deciding whether to buy a trading course.

Some of the marketing techniques detailed below (e.g. pre-recorded webinars or once-off payments) may also be used by legitimate courses but if you find a course that is ticking three or more of these red flags then you need to consider whether the course is legit or not.

1. Little to no evidence that they make a living from trading and not from selling courses

You need to ask yourself the question if they are so successful at trading, why do they need to sell a course.

If the answer the guru gives to this question is that they want others to achieve the same success they have or that they do it to avoid being bored then do they really need to charge people £££ to do that.

You should also be sceptical of any screenshots they provide from Betfair showing big profits as this can easily be faked.

Also, any testimonials on the websites of sports trading courses should be taken with a grain of salt, especially if the sports trading guru is running an affiliate program for their course.

The best thing to do is to google the course to see what other people think of it.

However, it is best to ignore any reviews on sites that have an affiliate relationship with whoever is running the course.

No matter what the website owner says, the review is likely to be biased as they will earn commissions if you sign up for the course.

Often you will find the most honest reviews on forums from customers that have actually taken the course.

It is also a good idea to check to see if the company running the course is on Trustpilot.com.

2. Videos explaining their strategies don’t reflect the chance of the strategies winning

This is another common thing I see, where the so called guru will give you examples of their strategy where they will show four winning trades and if you are lucky, one losing trade or one scratch trade.

This gives beginners the false impression that the strategy will win more often than not.

Then when they actually trade the strategy themselves, they might find that it actually wins about 50% of the time and that it is not profitable over the long term.

3. The course will often be a one off payment

Although you shouldn’t immediately discount a course just because it is a one off payment, I have found that most scam trading courses will be sold this way.

A course that has a recurring payment structure will constantly have to keep their information up to date and fine tune any strategies they use so that they keep their subscribers happy.

In contrast, a course with a one time payment does not need to do this.

4. They often will not have a clear refund policy or they will make claiming a refund very difficult

The lack of a clear refund policy is something you will see frequently in scam trading courses and even those that have refund policies will make you jump through a lot of hoops before issuing a refund.

5. They will often use pre recorded webinars but will pretend they are live

This is one that really annoys me.

It’s fine to use a pre recorded webinar as long as you make it clear to the people watching it that it is pre recorded.

Otherwise, I think you are showing disrespect to the viewers of a webinar.

6. They will often limit when you can sign up for the course

This is a clever marketing ploy used by some scam trading courses where they will only allow people to sign up at certain times of the year.

At other times of the year, you will need to sign up to the waiting list.

They do this to create a feeling of exclusivity with their course so that when you finally do get a chance to sign up, you are more likely to sign up as you have been waiting so long for it.

It creates the feeling that if I don’t sign up today, I will have to wait a long time before I get the same opportunity again.

7. They will always offer a discount price to new customers signing up

If they always offer the same discount price for the course to new customers, then is it really a discount or is it just the actual price of the course.

8. They will often say there are absolutely no barriers to entry

For me, this is one of the key things to look out for when judging the merits of a sports trading course.

If they are saying literally anyone can make money trading sports online, then I think this is a red flag that they are more interested in getting their hands on your hard earned money than they are in helping you become a successful sports trader.

In my opinion, sports trading is not for everyone.

If you are risk averse, hate maths and numbers and don’t understand probabilities, then sports trading is probably not for you.

9. They will try and sell you the dream

If the sports trading guru is overly focused on selling you the dream of quitting your job, sleeping in until 12 each day, having a big house and a fast car and all you have to do to get all these things, is to sign up for their course, then this is a major red flag for me.

10. They will often offer a free course but will quickly try and upsell you to a paid course

In these situations, the main reason they are offering a free course is to get your email so that they can upsell you to their paid course.

You will usually get a series of emails showing the success of other paid course members and why you can join them by signing up for the paid course.