Back when the FPA was new, there was one unique bit of Felix’s philosophy that really struck me. What caught my attention was that he talked about always donating 10% of his trading profits to a worthy cause. He said that when he did this, new opportunities opened up, and when he didn’t do this, good opportunities were few and far between. This helped to resolve a deep ethical dilemma I have had with the whole concept of forex trading.
With the collapse of Bernard Madoff’s 50 billion dollar investment fund, Ponzi schemes are very much in the news. Recently, the FPA investigated CRE Capitol Corporation and the TradeLite HYIP, both of which turned out to be Ponzi schemes. I’ve covered some of this before in my article about managed forex, but since so many people have lost so much money to both classic Ponzi schemes and HYIPS, I thought this style of scam deserved a more in-depth analysis.
I’ve been observing the growing cancer of binary options scam since it first slithered up from the darkest pits of financial crime. I’ve worked long and hard to do what I can to warn traders away from binary options and to help binary victims fight back. Unfortunately explaining facts like how badly the odds are stacked against anyone who “trades” binaries and how many complaints their are against binary companies doesn’t pierce the mental defenses of many people who desperately want to believe in easy money.
I’ve given advice on how to reduce your chances of getting scammed buying forex products, I also told you a method for picking a forex broker that meets your needs, I’ve given you advice on how to avoid losing everything to bad account management, and even warned you how improper risk management can wipe out your account even if you have a successful trading system. One thing I never talked about was what to do to protect your money if you become a very successful and wealthy forex trader.
Three years ago in September of 2008, I wrote an article on Wealth Protection. It was a general overview of how to keep your money as safe as possible in the uncertain economic times during the banking crisis of 2008. I’m saddened to report that the world economy and the world of forex doesn’t seem to have settled down and looks even more dangerous than it was back in 2008. Let’s check up and see how things are going.
Early History of the Forex Peace Army In 2005, Dmitri Chavkerov started a website called Free-Forex-Trading-System.com (Currently Inactive). On this website, Dmitri listed quite a few different forex-related companies that he was involved with. He shared his experience with each of those companies and personally ranked each of them from 1 to 5 stars. The Middle Ages …
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