Hi Nithin- wanted your views on this as morally this is really disturbing
There are thousands of folks entering trading world coz of these YouTubers/ traders who are basically scamming tier2,3 city folks by selling dreams and while doing so these guys show live fake screenshots or live fake pnl’s of zerodha … shouldn’t there be responsibility of zerodha as well from ethical point of view to expose such scamster who have lakhs of followers and claims crores of profit while using zerodha and they earn money with sub- brokerage as well by sharing zerodha links … @nithin
The idea behind introducing Verified P&L was to ensure that if someone is sharing a screenshot of the P&L, the audience can demand to see a verified P&L link.
The affiliate link business itself is a tricky spot for us. We don’t track any customer’s P&L and we don’t want to get into the job of tracking P&L for everyone who is sharing affiliate links. We have tens of thousands of customers along with partners who share these across the internet.
But that said, SEBI has been talking about a regulation that might start restricting the type of activities of partners or customers who earn any referral income from a brokerage firm. Here is the consultation paper that was just published.
I think some of these issues that you are pointing out will be stopped soon.
Thxs for your views on this Nithin… But I still feel that it’s sacrosanct for someone as big as Zerodha to figure out ways and means to stop these scamsters… while Sebi has their own sweet way of handling these things but as leaders of this industry along with others I think it’s high time for you guys to put your foot down and save innocent people of this country from these scamsters… . … @nithin
Over the years what I have realised is trading as a skill can’t be taught to anyone it’s an acquired skill that can be developed with patience and self practice with discipline
Not a correct statement.
There are many good learning sources/youtube channels, Which can reduce your learning Curve.
And if they are earning through course or any type of subscription then there is nothing bad in it. (It is just one source of income for them). No one is forcing anyone.
It’s is a responsibility of a lerner:
For not getting scammed
Use the brain that God Gave them. (Comon bro, you are taking about trading which require brain and a good one)
This statement is 100% true
Although. I agree that awarness is important and Brokers should do the things requied for it.
Mostly as you spend time in the market, the most important thing you can do for survival and profitability is unlearning a lot of stuff you learned in the intial enthusiastic time.
Again not sure for how long you have been trading but theory of trading is completely different from practical aspects of trading … Once the market is dead after 3.30 pm all trend line , support resistance, pivots everything works for these YouTubers… live market trading is a different game altogether … my problem is stop selling dreams to people of tier 2,3 city who are getting duped by these scamsters, someone in the position of power and influencer should really do something soon
Not here to argue about how long I have been trading (It is a pointless discussion). A noob with the right mindset can be a better trader/investor than a guy who spent 10 years on knowledge and not applying it practically.
Agree on this.
Agree but you can’t say something will not work if it is not working for you. (Again, I am not supporting any YouTuber or any style of trading).
Nowadays it is fashion to call everything a scam. (Because many are too lazy to figure out what is a scam and what is not)
Don’t want to debate just for the sake of debating… not sure if your comprehending it correctly …all my connotations are about YouTubers so just peace out //\
@kp123 You can close and then reopen it. Zerodha unlike others holds no grudge against you for closing accounts.
@Zodiac@Sleepy_Weasel Tier 1 cities actually have the most to lose, the majority of revenue comes from Mumbai and Ahmedabad, somewhere around 70-80%, and since 90% of derivatives traders lose money, those cities have to suffer the most. Math denies otherwise. Although impossible to tell how much Finfluence have role there, but I guess a lot. But those cities due their inherent rich-poor gaps and the inseparation of the same make the not-so-rich people trade in order to get rich quick. No public awareness campaign can work there, they will succumb to the jealousy and lust of shiny flashy lives no matter what. We can only hope SEBI stops the Finfluencers.
Give that Zerodha is only around 20% of the volume, I guess SEBI acting on it will be much better than Zerodha acting directly. Perhaps Zerodha can work under SEBI’s directions or something like that, but excluding SEBI from the conversation is totally pointless. The complaints and (for the lack of a better word) PILs must include SEBI. Because otherwise the jealous of shiny flashy lives of the super-rich will simply quit Zerodha and join others who don’t take such measures. They have the option only if they’re fallen victim to it.
But selling a course to a person from tier -2 &3 city is a cake walk for these called finfluencer coz of lack of awareness… and obviously tier-1 folks have lager capitals and the greed to top it up hence the magnitude of losses are big … but atleast one step at a time someone should take and pull this shady business down of minting money by selling dreams on YouTube
If any influencer trader or a stock market guru is not showing their verified pnl, then consider it as a scam. Either they don’t want to show you their bad trades and over all pnl or they manipulate the live trading page with html editing.
Even if they are showing their PnL it doesn’t resonates with their lifestyle that they portrait on social media. Check out this post on Reddit, it blew my mind about how much money they actually earn from trading is merely a percentage of their total earning which they earn from affiliations, youtube views, sponsorships, training etc and they mention that they earn it from trading and you can also earn the same (selling dreams)
… @nithin
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