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Chapter 39, Part I. Forex Scam - Money Managers. Page 2

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    That is the thought sequence of many people. When they come to this conclusion, the next thought is: "They take just a part of my profit. This sounds reasonable” and then “What do I know about trading and forex – nothing. But they are professionals with large experience of successful trading, they know what to do, since they have spent a long time in this business. With my job on my shoulders – I have no time to study trading and forex, why I shouldn’t trust professionals?"

    Pipruit: Well, you’re right, sir. I’ve had such thoughts initially, because a professional manager will probably trade much better than me. I think I'll look online for forex account managers and see if there's one showing good returns on his website.

    Commander in Pips: Well, don’t you think that this is a bit of curious venture – give your money to the first comer?

    Pipruit: … I don’t know, he is still a manager…
    Commander in Pips: Right. The major question is manager of what and to where? To take clients money is very simple task, especially on over-the-counter market as Forex, that are not so strictly regulated, compared to exchange markets. As a result your so-called manager charter a private plan and leave for some tropic personal island somewhere and will use your money to help pay to build a castle on the shore. And you will try to start a lawsuit to catch this bastard and get your money back. If you will get very lucky and lawsuit will start – it will appear that there is huge drawdown in client’s assets, but your manager now claims to be unemployed and all his property is hidden away in some banana republic offshore and does not appear to belong to him legally.

    Pipruit: I can’t believe it…
     
    #1 Sive Morten, Dec 28, 2013
    Lasted edited by : Oct 15, 2016
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