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Commodity and Futures - Physical commodity and financial futures markets.
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Posted by truth-b-told on November 26, 2006, 9:25 am
FOREX is huge business. It's the mamma of all industries. Almost $3
trillion dollars is exchanged on the Forex currency market every day.
With all that money going around, it's no surprise that there are
scammers and hyenas everywhere. You don't hear of too many scams in
the Bonsai tree market, do you?
There is a forex scam problem in the education section of the market in
particular, because it isn't as regulated as the other sections -
the forex dealer, broker, institution side. The latter need licenses,
government certificates etc., to operate. However, these so called
"forex gurus" that show you how to make a killing following their
trading systems - they don't need any certification to operate. They
spring up like weeds and no one really keeps them in check.
Ok, I'm going to show you now a quick 1 minute test that you can do
to spot if a product, company or a "guru" is a forex scam. Don't
do or buy anything until you do this:
Go to google and search:
"Name of product/person" and forums
"Name of product/person" and scam
"Name of product/person" and refund
People who have been scammed usually complain in forex chat forums.
People who want to purchase forex products also visit these forums to
hear the opinions of others. There are also a few independent websites
around which keep tabs on these scammers. You'll dig up a lot of
good, quick information and if you don't and the company or product
has been around in the market for a while, you are most likely fine and
it's all legitimate.
Other things to do? Use COMMON SENSE.
1. Price. If they're selling an educational product and the price is
too low it could be a 'teaser' type, meaning they're trying to
catch you only to sell you something more expensive later. If its way
too expensive - it's an automatic red flag.
2. Refund. If there is no money back guarantee, don't even bother.
Move on.
3. Pages. Don't be fooled by pages. If they are advertising their
product with "You Get 14352" pages as their main selling point,
it's a forex scam. They've more likely than not copied the
information from some freely available place where you could find it as
well. There is probably no original content there. Why would it take
someone 14534 pages to explain something that they're supposedly an
"expert" about?
Common sense. That's all it is. Unfortunately, that is the only
safeguard available to the retail forex participant.
Jovan Vucetic runs Margin-Strategies.info which provides unbiased
reviews of Online Forex Trading Systems. Margin-Strategies.info is
about helping the Forex trader develop both mind and method.
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