Staying clear of Forex Trading Rip-Offs

Today everyone wants to make extra money and the Forex market with its potential for huge profits is a very potent attraction! But many people who want to try their hands at Forex do not possess enough knowledge about the nuances/ basics of the trade. The likelihood of such people wasting their hard-earned money on Forex rip-offs is pretty high.

If you are among the beginners in Forex trading, then your first step should ideally be to gain maximum know-how on what you are letting yourself in for before you start pumping in your money into the market. And while you are at this, it would be a good idea for you to just launch a simple search on keywords like "forex" or "forex trading" and begin to look into the promising websites with useful and free information!

During this search process, you are very likely going to come across websites that not only offer free info but also try to sell Forex products and strategies that claim to bring in huge profits with bare minimum involvement and effort from your end. But the truth is that there is no sure-fire alternative or short cut to Forex glory other than understanding the market and following the movement of the various currency pairs. So, how can you avoid getting cornered into buying software and strategies that are nothing but tall claims?

Beware of false Sales pitches: There are three key sales pitches you should steer clear of – these ring true but do not have any basis for the claims they make. The first of them is the claim "We have removed the emotional quotient from Forex trading". With this statement, typically what is sold is a product that is supposed to give mechanical wisdom sans emotions telling you just what to do and when.

And what is more?
There is a lot of Forex data to support this statement but then these can be quite easily tailored! The next pitch is "We have cracked the Forex trading code" – with this the website tells the user that there is a secret code to excel in Forex trading and make pots of money and that they are willing to impart this secret for an infinitesimally small price.

Last but not the least is "The injured person" pitch in which a person states that he has made all possible mistakes in the Forex market and has lost thousands of dollars; just as he was going to quit the show, he has hit upon the sure-shot way to successful Forex trading. He says he wants everyone to possess this knowledge and benefit – but then he will share it only for a price!

Conclusion: The lesson to remember as you surf the net for valuable information on Forex market and how to become a player there, is to keep your eyes peeled for sales pitches that could just trick you into buying worthless Forex products. You should also remember that there is no alternative to good old knowledge of Forex nor a replacement for watching the currency pair progress in the real time. This is certainly a fool-proof way to avoid Forex rip-offs.

[posted by : OFP on Feb. 24, 2012]


TAGS: investment, forex, trading, rip-off

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