It is somewhat easy for a new Forex trader to get taken by one Forex scam or another, because it can be hard for a new trader to recognize a scam, with beginner knowledge of what the Forex is, and how the Forex works.
The scams can include just about any idea under the sun that scammers can come up with. Usually the types of scams the scammers try to pull on new Forex traders/investors are the following: trading programs, sure fire systems, get rich quick courses, zero risk strategies, “can’t lose tips”, e-books that guarantee a profit, etc.
Here are 9 tips that will help to prevent new Forex traders from being scammed:
1. Stay away from opportunities that seem too good to be true.
2. Avoid any company or individual that guarantees profits.
3. Stay away from companies that offer little to no risk investments.
4. Be wary of trading on margin unless you know what that means/you know the risks.
5. Be suspicious of anyone claiming to trade on the Interbank Market because it is safer.
6. Be wary of sending or transferring money to unknown/little known institutions/organizations/companies.
7. Scams often target the elderly and minorities.
8. Get the company’s performance track record
9. Avoid anyone, or any company who won’t give you their background information.
Many Forex scams rely on getting dollar signs to appear in their victims eyes in order to pull off the scam. If at any point in the decision-making process you start to feel yourself getting overly excited by the prospect of making what seems like easy money, don’t take any further steps until you verify the information being presented to you.
If something sounds too good to be true, then it probably is. That said, sometimes things are as they appear, and can be a good opportunity.
“Down is not out. Broke is not broken. With the right outlook on life, impossible stands for I’m possible, and comeback stories of epic proportions, are the stories we remember forever!” Michael “MJ The Terrible” Johnson – Founder & Owner – Masters of Money, LLC.
Fortunes In Forex – https://www.mastersofmoney.com/fortunesinforex/
Risk disclosure: *All investments involve risk. Before making any financial or investment decisions, we highly advise that you seek the advice of a properly licensed and trained investment professional.