Learn To Avoid Forex Scams
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Since I do a little investing in the Foreign Exchange I took a personal interest in these scams. Forex scams abound on the Internet, and every one of them is trying to sell you the latest gimmick to rake in automated profits... "In your sleep." Everything from Red Light/Green Light type of software and "Robots" that automatically make trades for you, to training courses and guides.
The very first thing you have to get into your head is that while Forex trading can be enjoyable and exciting there is no magic button that will instantly turn your pennies into millions of dollars. No software or robot on the market can predict market nuances. No automated system can beat the human brain! Your brain picks up on things subconsciously that a computer program just can't. Robots .. known as "bots" are just big calculators, they take previous statistics and make an guess based on past trends. Now these bots might be good at playing poker where everything stays constant (only 4 kings in a deck) but the Foreign Exchange is constantly changing based on new information. These bots don't take this information in to account when it makes "picks." There is absolutely no Forex strategy behind it's guesses. A strategy is what you need.
These Forex scams are filling the marketplace at a rapid pace!
These so called "gurus" and "mentors" purposely mislead people into thinking that making money in Forex is easy and that they have found the "Magic Answer" to easily make huge profits over and over every day. These type of "automated" Forex scams are everywhere. In fact, the Commodities Futures Trading Commission (CFTC) released a report that had this to say.
"The CFTC has witnessed increasing numbers, and a growing complexity, of financial investment opportunities in recent years, including a sharp rise in foreign currency (forex) trading scams."
The CFTC warns consumers to be suspicious of Forex solicitations in email, direct mail, television, and even radio. I've personally seen these ads in the newspaper as well. Almost all of these scams make outrageous ROI claims. I've seen some that claim they consistently make a 100% return on investment. What a crock! A lot of these guys go around bragging with their brokerage account screen shots and huge bank statements. 99% of the time these guys are using Photoshop to alter their statements to make themselves look like million dollar traders. It would almost be laughable if they weren't scamming hard working people out of their money.
Forex trading itself is not a scam!
When I talk to people about Forex trading I usually get a lot of flack, and they outright call Forex investing a scam. This makes me both angry and sad at the same time. It makes me angry because the scam industry has abused the Forex market to the point that investors think the whole thing is one giant scam. This of course makes me sad to hear investors aren't taking advantage of the power of Forex investing. These people are missing out on real, legitimate investments that have been proven time and time again to provide a legitimate return on investment.
The the simple, honest truth is ... education is the only real, guaranteed way to consistently make money in the Foreign Exchange. Even after you finish reading through all the free material you can find, your career as a Forex trader is only just beginning. Truly successful Forex traders never stop learning. Just like any market there is always something new and exciting to learn, and you must hunt down this information constantly. The best investment you can ever make is in your education.
Here are some quick tips to avoid getting scammed:
- Don’t spend your money on a company that promises huge returns; even if they send you photos of their brokerage accounts.
- Don't trust anyone that runs around flashing screen shots and bragging about their earnings.
- Don't buy software/robots/automated trading software. This stuff never works, and it isn't accurate. Are you going to trust your money to a piece of software running on your computer? I'm not.
- Avoid HYIP (High Yield Investment Programs) and Ponzi schemes. People that claim to invest your money for you and guarantee high returns in a short period of time can't be trusted. There is no free lunch.
All of these things might look and sound great, but don't let greed get the best of you. Take the time to educate yourself from trusted sources and mentors. Use some common sense and reasoning, if it sounds too good to be true it probably is. Overall I'd say the majority of Forex products out there are scams, and quite frankly I am shocked at the number of products out there.
The good news is that there ARE legitimate Forex training materials out there. Out of every Forex guide, course, and software I've reviewed I found only one worthy of recommending! The Forex Revolution is quite possibly the largest Forex community I've found. They hunt down crucial information and strategies daily so you don't have to. The amount of resources they provide is astonishing. If you are interested in The Forex Revolution you need to act quickly. They are only accepting 1000 members to this private club. After that the doors will be closed permanently. Read my full review below to see exactly what is included with your membership. As always I will keep you updated on my findings.
The Forex Revolution
Website: Click Here Visit Forex Revolution
Money Back Guarantee: Yes
The Forex Revolution is THE site to be on for serious Forex traders. They have created an incredible private community of "inner circle" investors. Just like the title suggests, this is a private membership club. There are less than 1000 spots to be purchased and they will not be accepting new members after that. When you first sign up you are immediately transferred to the members area, there is no waiting period.
Here is what is included with your membership:
- Quick Start Forex Guide.
- Two daily reports, one in the morning and one in the evening.
- Two daily webinars full of up to the minute information. No outdated information.
- Access to teams of advisors and meta experts.
- Access to the video archive. Several months worth of video training courses and audio courses.
- Access to the private members only forums.
- VIP program for serious, high volume traders.
Everyday you are sent 2 expert reports on the market, one in the morning and one in the afternoon. These are invaluable in making decisions and this is information you don't have to go hunt down. It's in your members area every day. They hold 2 webinars (a seminar done over the web) every day. In these webinars Jason and other investors explain new strategies, give tips, market analysis and answer questions. This alone is worth the monthly fee. Jason has over 20 years experience in the Foreign Exchange and it shows. Each one of these videos is transferred to the Archives so you can always go back and use them as a reference. Think of it as your personal investing video library. On Jason's team are several expert advisors which you, as a member of his inner circle, will have access to! These guys are available to answer questions live during business hours via online chat, email and the private forums. I can't stress enough how valuable this is, you literally have 20 years of experience at your fingertips. This beats any "mentoring" package out there hands down. How many mentors can say they have a team of advisors at their fingertips?
The real gold nugget in this whole package is the private forums. This forum is for members only and is quite possibly one of the largest communities of big money traders on the Internet. You won't find any brag sheets or screenshots in these forums, just real strategies that real traders are using to make consistent returns day in and day out. You can compare notes, and rub elbows with some of the big wigs in the market. The public will never see this forum, it's for members only.