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Chapter 39, Part I. Forex Scam - Money Managers. Page 5

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

    Aug 28, 2009
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    Commander in Pips: Yep. This is also of this kind. So, anybody has to understand that the major rule – There is no Holy Grail on Forex. You can get money and profit only as a result of hard work – sounds equal to any other sphere right? Those swindlers also get money by hard work – but their work is of another kind. Trading is an exciting journey, but there is no trigger that adds to your 1000 USD the letter “K”, turning your cash to 1000 K USD. 90% of all who offers you such products mostly are swindlers and as we call them – scam. They are not some mystic substance – they do really exist and their hard work is to grab your money once you have become careless.

    But why does it continue to happen even now, since this fact is well known already?

    Commander in Pips: I hope you know demand/supply financial law. While demand exists – supply will exist also. In other words, while people exists that buy into these frauds – there will be swindlers always near them. Another reason is that people are less familiar with currency trading compared to bonds and stock shares. Bonds and stocks are intuitively easier to understand and they have solid barriers to start trading. At the same time there is a huge campaign to show that trading on forex is easy. On TV you see a well dressed person who sits in front of a laptop somewhere on the see shore with cup of coffee. With a smile, he or she presses buttons on trading software. After that he or she jumps into an expensive car and drives to some country club. That makes people think that this is really so. When they match advertisement on TV with some “great trading system” being offered – that’s it! One desire confirms the other!

    So Forex Scam does exist.

    But not all forex companies, managers, brokers are evildoers.

    Be careful and keep your eyes open – and you will be fine.​

    But fortunately, the Forex Peace Army is here. If you spend some more time with us and not just in our Military School – you will get much more material, both theoretical and practical, that will prevent you from been a scam victim of any forex scam.

    P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon.

    Note: FPA ranks are earned in the battles against scam, not in the classroom.
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