Your Questions About Forex Trading Scams

Nancy asks…

is a forex currency trade scam or not?

recently i found that everyone can trade online with Forex and they even offer you a demo of ther trading platform. My q. is this a big and nice scam or something real?

kenspong answers:

The Forex market is actually the largest market in the world. There is $2 trillion traded in the Forex market every day. Up until the past few years, the market was only available to large institutional traders and individuals with substantial net worth. Now, the Forex market is open to all investors.

There are two major problems with the Forex market as I see it.

The first is the “potential” for large profits with a relatively small investment of a couple of hundred dollars. This tends to make it way too easy for the average person to trade in the Forex market in the same manner that they would take a seat at a blackjack table in Las Vegas. These people are no more than Forex gamblers and are certain to lose their money before they even know what the word Forex stands for.

The second problem is that everybody and their brother is now talking about Forex. It is very common to get introduced to Forex trading by someone who does not have the knowledge, support system, committment or compassion to make certain that your best interests are their primary concern.

There are methods of trading Forex with which you can quickly lose all your money. There are other more conservative methods of trading Forex with which you can generate a comfortable, consistent rate of return as a key element of a long term investment strategy.

I, personally, will not allow any of my clients to trade a live account and risk their own money until they have had sufficient training and experience trading demo accounts. Once you understand the risks, the market dynamics and the proper methodologies than trading in the Forex market can be an interesting and rewarding experience.

My advice to you is to take your time, learn-before-you-earn, save your money while simply trading with demo accounts and find an experienced Forex trader willing to devote the time and energy necessary to coach you and look out for your best interests.

Best wishes for a prosperous 2007.

Paul
pupp52@yahoo.com

Donald asks…

forex trading online brokers

which forex trading online brokers are legitimate and not scams…trusted brokers i mean

kenspong answers:

FXCM. Go see for yourself.

Ken asks…

New Forex Trading Robot – Real Or Scam ?

http://directnetbuy.net/forexya.html

They claim that there’s this software that trades forex for you. It buys and sells so you make the most profit. People say that they had $1000 in their account and ended up make $6000 in 3 weeks. There is alot of evedence on the site but i need your guys’ comments. Is it real.

Here’s the Site:
http://directnetbuy.net/forexya.html

kenspong answers:

Your link takes the reader to forexautopilot.com. I enjoy trading currencies and there is a lot less research than trading stocks. I use proprietary software I bought from 4xmadeeasy.com that retails for the price of a nice used car.

For under $100, I would give it a shot, although I recommend using a credit card, should something sketchy come up, you can always dispute the charge, whereas a debit card comes right from your personal checking account.

I plan to research this further, but thanks for sharing the link.

David asks…

Is this a scam, I seen this ad on craiglist, Can someone explain, What exactly is Forex Trading?

CLICK ON THE LINK

http://philadelphia.craigslist.org/fns/2198742701.html

kenspong answers:

To find trusted forex brokers use a forex review site like http://www.bestforex-broker.com

Mary asks…

Where can i find trading signal for STOCK market (not forex) …do they realy exist?are they all scams?

im looking for signal provider …daily or weekly basis thx

kenspong answers:

There are various stock tip subscription services but keep in mind, were the tips sufficiently reliable, they wouldn’t sell you a subscription to them. You’re better off with the usual magazines and periodicals. About the only one I would even think of subscribing to would be the Motley Fool but more because they’re a good read.

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