Rayner Teo once said that,
Trading the Forex market may be easy, at the same time it can also turn into a nightmare.
Because when you are trading the market with a real account and of course which contains your real investment (that maybe you've gathered from a lot of sweating and hard work) there are a lot of factors to look out for. Such as,
1. Often your emotions take over you.
2. You suffer to make decisions due to psychological effects.
And that's not even the BIGGER picture.
There is a very specified error that is causing havoc to the online trading industry. I'm sure that you're aware of my claims. Don't you?
Let me clarify it to you, " I'm talking about Forex scammers ". And tell me, "Are you a victim too"? Not gonna lie, it is becoming a WILD DISEASE man!
Various people with low and cheap mentality are doing this sort of disgraceful work and I think all of you guys know the reflexive action of their work.
And let me tell you that I'll be shedding a light on a few types of scams that are seen quite often these days. My only hope is that you might get the idea of scamming by reading this.
So, that being said, Let's fight together.
But before all the fuss. You might be wondering how you're gonna identify a certain appearance whether it is a scam or not. From that perspective metaphorically speaking, there are few certain things that can help you examine the scams.
Here is the ABSOLUTE procedure-
The first thing you wanna look out for is certain commitments like "Guaranteed Profits". I mean let's be honest here, the Foreign exchange market is HUGELY volatile and due to that circumstance, not even the BEST market trader can guarantee 100% profits. So, don't fall into this wicked trap.
Moving on, the next important thing that you should always remember that scammers don't oblige with authority.
Feeling a little dizzy? I understand!
In simple words, what I'm trying to say is, it is a wise choice to avoid all the aspects that don't come up with the regulatory license. There are some unregulated brokers who possess quite a reputation". You know what I totally agree with you. That's the reason I specifically said it is a wise decision to avoid them not to use them. Hope you've understood.
Now, let's get ourselves with some ongoing Forex trading scams.
The revolution of technology was meant to be the solution to every problem, Alas! It's now the center of numerous scamming acts.
Also in the Forex Industry, There is no exception to it. Moving on, the Forex robots were created using algorithms or computer codes whatever you may call them. And there is another important thing that you should know is "Not All Robots Are Scam".
And, trust me, I mean it!
There are some trading robots that hold quite a reputation due to the feedback of their users. Also, you can get access to an effective trading robot if you do enough digging. Now you might be wondering, "How the hell I'm gonna find an effective trading robot because almost 80% of them are just myths". If that is the problem, then I might know the solution.
We often encounter several commitments such as a robot providing 100% guaranteed profits. Let just be clear, I'm not saying that this is impossible but from my point of view rather unusual. And like I've mentioned earlier always try to ignore these sorts of appearances. Because from my perspective that's a wise move otherwise you may end up losing BIG time.
Again, these sorts of greedy offers may tempt your mind but don't forget to check the statistics. The profits may be fabricated as a delusion. Think about that for a moment!
Don't fall for their marketing tactics. Scammers will do anything to make you believe that they are not a myth and that's the primary symptom that will help you to find out whether they are a scammer or not.
So, the moral is: If anyone tries their heart out to convince you then simply just ignore them. On the other hand, if they show you the statistics of their trading history then you might consider them. Because the numbers don't lie, do they?
"To get pure trading signals from the experts, we recommend PipsWin
Right now they're offering a lifetime membership of only $200. For more details contact here."
Scamming using a trading signal as a metaphor is happening quite often these days. Rather, it has become a daily life schedule for the scammers. And I bet you already know enough regarding the Forex signal providers so I'm not pulling an in-depth conversation regarding it.
But if you're a freshman then you should know that the Maximum number of signal providers are individual traders and they provide several market predictions. Again, it's not an easy task, you've to be ABSOLUTELY tremendous with the charts and the timeframes. Also, a signal provider always stays up to date with the latest economic and political affairs. Speaking of signal providers, there is something that you should know. Which is what?
Now, let's showcase a few sorts of signal scamming factors. Here are they:
Signal Charges: This signal charge is something that you've to pay in order to access the market predictions that a provider supplies you. And they show you their tremendous results to motivate you with a definite purpose that you may buy them. And often the signal turns out otherwise and you end up losing money.
Broker Related Signals: This sort of scams are quite rare to see but for your kind information you should know that it still exists. Some of you might be wondering, "what the heck is he talking about?" Well, this the brief explanation: Broker-related or broker-tied signal means you've to actually register with a brokerage company in order to get certain market predictions from an individual signal provider.
Moving on, in this procedure the signal provider benefits from both ways and which obviously includes you and the brokerage company as they give some percentage to him. And from numerous market geniuses' point of view, this is actually illegal.
I think many of us are familiar with these sorts of scams. For those who still haven't faced this, you guys should know that there are few tricky people out there who will sell their service thoroughly by calling you.
They are experts in this field, so they will tell you mind-boggling stories if you invest with them. Some of them might sound like-
If you invest with us, you'll be rich in 7 days
Invest with us and double your money in 3 days
Invest and become a millionaire in under 30 days.
I mean like seriously! Lol!
For your own safety if you encounter something like this, simply just ignore it. Trust me, it's for your betterment and you'll thank me later for this. So, these are some of the examples of the scams which are often happening around us simultaneously. And also it's quite sad but true that people are really buying this sort of scams. We all need to avoid it.
Well, first of all, you've to be ABSOLUTELY patient while making the decisions. Don't rush in anything, it doesn't end well, and history says it all. One of the primary things that you should always live by is learning to check the backgrounds. Uncover the truth, it's a good habit.
Again, if the offer is very tempting then ask yourself a few questions while making a decision. Such as-
What'll be your approach when you don't think the offer is made for you?
How obligatory the contract is?
Is the Broker or service provider giving you enough contract info about them?
Do they have a business address that is verified by other customers?
Is the company registered by maintaining absolute authority?
Do they give you their background info and recent performance stats?
There are some questions that you should ask yourself before making a haste decision. I'm confident that it will help you to avoid unbeneficial decisions. Also, if you have faced a different sort of scam which I didn't mention or I'm not familiar with, then feel free to tell me. I'll look into it and try to discuss it with an in-depth explanation.
Till then stay clean, stay safe. Gratitudes.