This news is from Singapore. Netizens are exposing a teen Tiktoker who 1st gained fame doing Mukbangs (aka self steaming eating large quantities of food).
This Tiktoker started his own Telegram forex channel to give out buy and sell signals and charges a premium to access his premier Telegram forex buy sell signal channel. He tells his followers his system has 80% win rate for his trades.
Netizens accused the Tiktoker of using a demo/practice trading account to show his trades instead of actual trades. In addition, a lot of the screenshots were heavily filtered out to show it is profitable, unprofitable trades were removed in the public Telegram account.
What these teen wannabe forex trading Tiktokers do is very common in the US, a lot of these Tiktokers subscribe to another buy sell channel and they just copy and paste whatever is given and pass down to their paid subscribers. They actually do not have real forex trading skills. It's also amazing people are put trust into a sub 20 year old to provide financial and trading advice.
Some years back I was playing around with copy trading on eToro and copied some top forex traders on the platform and what I found most of the forex trader's are mostly doing losses. Forex traders who are successful have very tight risk management, their profits are razor thin while forex traders who make big returns are only one hit wonders, making astronomical profits only by pure luck and lack of risk management. A start forex trader today is a loser the the next month, which brings to mind there isn't any long term forex traders who can be super consistent and is featured on investment articles. The long term forex traders who make money are there but their returns are not good enough to be shown and highlighted on the news.
Having a 70% and above win rate is not practical, as the best forex traders have only win rates 40%-50% at best. The trader still manages to stay profitable by having good risk management and trade size positions. Generally, most of the time the trader will wrongly interpret the market's direction and needs to cut his losses quick while he makes most of his profits by riding the trend if it favors the trader.
