How to Avoid Forex Scams? – A very common question that we see asked on Quora and in other forex trading forums. Another one is:
“Hey, if you’re such a successful trader in the forex markets, why are you charging others to teach them how to trade? Why don’t you just trade yourself and make money?”
Well, the answer to that question is – why not do.. both? If you’re really good at something, you should never do it for free right? It’s just smart business.
Now, there are two kinds of traders out there who are educators:
- Successful traders who are passionate about education and love the financial markets and want to shine light on the scams and BS that is out there.
- Failed traders who make money selling crap to people.
There are very few examples of #1 and an unlimited amount of the #2.
A great majority of the education out there is misleading. A great majority is a sales pitch. A great majority of it is a SCAM.
Here are some signs you should look to avoid forex scams…
A good sign that something is a scam is if you see someone wearing sunglasses on a yacht, with his Hawaiian shirt undone, surrounded by bikinis. A good sign that something is a scam is if they guarantee INSANE GAINS FOR DAYS. The best traders in the world are not very flashy, they are humbled – because they went through hell and back to attain profitability in the forex markets. Forex trading is not easy, but it’s real, and it’s profitable. See my Quora article on how real and profitable forex trading is – How Real & Profitable is Forex Trading .
Scrutinize who you let teach you and who you give money to. Assume everyone and everything is out to take advantage of you. Not many of them can show you their verified myfxbook results.
But here’s mine: https://www.myfxbook.com/members/theforexlens/forex-lens-mam/2485158
And you can also check out this email from me to one of our Forex Lens MAM account members who had a few questions about my Risk Management Strategy, Expected Draw-Down, Use & Lack of use for Stop Loss, and Equity Guard – How is the Forex Lens MAM Account Traded?