Jayden The forex trading market is a legitimate trading market for trading world currencies. It’s not a scam in itself. Without a forex market, it can be difficult to trade the currency needed to buy import and export goods, or conduct business across borders.
However, highly leveraged positions have the potential to make a lot of money for traders, and since there are no centralized/regulated exchanges, inexperienced traders want to enter the market, and scammers take advantage of the situation.
There is deception wherever profit is involved and the forex trading market is no exception, oftentimes even the law has a hard time dealing with the deception. You are probably already aware that the forex market is full of untrue advertisements and deliberate commercial deceptions. Such companies claim that they have discovered miraculous trading methods that allow users to easily make huge profits, misleading people into thinking that it is very easy to make money in the forex market.
However, these untrue advertisements are not being taken seriously enough by law enforcement authorities and the public. Although agencies such as the Commodity Futures Trading Commission exist, forex trading scams are still on the rise. Most of these exaggerated advertisements are published in the form of online advertisements because of the low cost of the internet and the limited regulatory coverage.
You must have seen the business scammers who peddle magical systems and methods on many websites. They make the public think unrealistically about financial trading, especially forex trading, with too high expectations of returns. So, when I see these market “lambs” who have been misinformed by misinformation, I always lament the lack of reason in people. Why don’t people think about the fact, according to those advertisements, in a year most of the world’s wealth will be his, and that many trading systems claim to double in a month, it will be astronomical in a year’s time!
Whatever the shortcut, the only viable way to achieve success is by building your own trading system. Whether your trading system is completely original or comes from someone else, it should be a system that you have proven, you should proficient in your system and it matches your trading personality. Systems that have a win rate of 90% or more are also unreliable, even has such a high win rate, the profit is likely to be very low, or even negative.
Don’t trust companies that promise high returns, even if they show you a history. Because history can be selective and can be faked. While the history of the market cannot be faked, they can pick and choose the occasional beautiful trade, or they can falsify the record of trading operations. The trading history they provide must be glorious, surprising and admirable to you, and the money figures on the records are rising and the momentum is exhilarating.
Note: We don’t say you can’t commission a trade, of course, you can. But please don’t believe the hype that seems too good to be true. And if you want to trade on your own, then you won’t need these services. You must bear in mind that there is always commercial deception in this market.
Trading in the forex market, everything is changing, many changes have driven out scammers and old scams and legitimized the systems of many good companies. However, always be wary of new forex scams; the lure of huge profits will always bring new and more sophisticated scammers to this market.
Whether you are paying attention or not. Be wary of those who sell software, systems and methods. Be aware of unknown traders who offer overly favourable terms as well, as there may be something wrong with their platform. Protect your pocketbook carefully, there are always people in this world who want to empty your wallet, and deception is one of the tricks they often use.
