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Atten-hut! Fellow traders, you’re very fortunate that you’ve landed on this legitimate and helpful website. In this article, we will attempt to discover how to spot Forex scams and protect ourselves from their devious actions. We will discuss some of the issues, and then identify their common motives and traps.

First of all, it’s good to know that you’ve made up your mind to get into forex market, the world’s largest financial market, and a place that provides abundant opportunities to make money. Forex is a marketplace where buyers and seller of worldwide currencies meet at the same time, although not at the same place. They trade in the market everyday from Monday to Friday, 24 hours a day.

Without a doubt, the market can be very lucrative, promising and engaging. With such easily available money making opportunities in Forex, it surely attracts more people to jump into the Forex Battleground. Many people enter the market with big dreams of being a winner in the market. Unfortunately, most of them forget that risk always come along with every opportunity.

Because of their burning desire to succeed, they neglect the importance of being a well-informed investor with an arsenal of intelligent trading weapons. They trade money they can’t afford to lose, get too excited with small and occasional profit, and too emotional when suffering a loss. At times, they even damage themselves greatly by ignoring a huge loss until it grows to the point that it wipes out their entire account.
In the eye of some unscrupulous people, the scam artists, the uneducated investor and novice trader are big money. Hence Forex scam artists have flooded the market, offering various bombastic products and services, ranging from “instuctional” Ebooks, so-called trading robots, trading signals, free trainings, trading awards and so on.

Their Ebooks don’t give you precious information on market analysis and trading. It only contains general info which you can get for free on the internet. Their trading robots or automated trading programs are selling at average $200 each, with huge promise from the scammy vendors: “Win 95% of all trades – Generate $100,000 per month” Do they think it’s so easy to be a winner in forex market? If their robots can generate huge amount of money consistently why they sell the robots with relatively cheap price?
Some of Forex scams also offer cheap trading signal, claiming their signals are the best. The bad side is they never give us the track record of their signals accuracy. After a certain amount of time, you’ll know why they don’t publish their signals – it’s because the accuracy is so low and if you follow the signals, you will be unprofitable. Some scammy online brokers also lurk in the internet market enticing wanna-be and inexperienced investors with low spread, free commission trading and free Forex training. Then soon after they have sufficient number of clients, they disappear without any warning, taking all the proceeds and deposits with them.

So wake up, friends! Be ready for those Forex scam artists’ attack! You have to protect your money from these thieves. You need to know how to spot Forex scams. Here is the list of some things you should remember when you come across any suspicious Forex website:

1. When something sounds too good to be true, the odd are that it’s not true. Traders play the odds and probabilities. Don’t start off your trading career with a bad “trade”.

2. Don’t fall into the over-hyped presentations of affiliate sales pages and “user’s” testimonials. These people are willing to lie to their own mothers to make a sale.

3. Make sure you only buy what you need. Trading does not have to be complicated, and continuing to look for the “next big thing” will always get you into trouble. Stop searching and focus on a good, quality education. It will help you to control yourself and avoid the predatory scam artists.

4. Use your common sense, don’t expect a quality product with cheap price, although there are exceptions to this rule. On the other hand, you have to be sure you’ll get your money’s worth.

5. When there is no clear contact person and business address, please place more caution on them.

6. Go to reliable trader forums, review websites and blogs if you are not sure on a product or service.

And even though you’re here and now know how to spot forex scams and avoid them, you certainly still need to acquire more knowledge and information to be successful as a Forex trader. We suggest you try to find the highest quality education possible, but be careful not to pay too much!

We at FXBattleground.com have witnessed and heard many horror stories concerning the educational “choices” on the market today, and to be truthful, we’ve certainly not been impressed. Our mission is to present an aspiring Forex trader with an extremely affordable training program that constitutes a Cutting Edge Paradigm in Forex Education. What we offer is truly dynamic, professional Forex instruction, tools and tactics that deliver a huge value when compared with whatever else is out there. If you are looking at becoming a trader in the Forex market, we simply ask that you honestly evaluate what we have to offer. Visit our site at: http://www.FXBattleground.com

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The majority of people have only heard the term “Forex” in passing conversation, and relatively few of them have a remotely accurate conception of what the Forex market really is. Most would tell you that their conception includes visions of high risk, fast action, heart pounding trading that can lead to financial nirvana or financial ruin, and most likely they have never really given any thought to the idea that they could venture into the FX Market at all, much less as a profitable participant. Their ideas of safety and security clearly do not match their ideas of trading the foreign exchange market, but this of course, is because they don’t know much about the realities of how the market can and should be traded.

Many of these same people are wage earning employees, and desperately desire to increase their monthly bottom line by bringing in an additional income. Often, however, these same people are already putting in 40-50 hours a week at their primary job, and are loathe to go out and work a second job that would most likely be underpaid and un-stimulating. Additionally, a traditional second job would add another 20-30 hours to their weekly workload making it extremely difficult to find time for the family, relaxation, recreation or a social life. So, the typical wage earner is faced with a very difficult choice about how to approach the future, and whether or not having a second income is worth the sacrifices that must be made.

The Forex Market offers a solution to these seekers that, as mentioned above, they are most likely unaware of and/or unwilling to consider because they lack knowledge about what is truly possible. The FX Market is, by far, the most accessible market in the world, and for reasons we’ve discussed in previous articles, is hands down the most desirable market for any aspiring trader to study and enter. This is especially true for someone who is considering trading as a source of income to supplement their wages from a full time primary job.

The typical Eastern Time Zone wage earner begins work at 8am and gets off of work around 5pm. This schedule would make it nearly impossible to trade the US stock markets successfully as they open at 9:30am and close at 4pm. But the Forex Market on the other hand, is open 24 hours a day during the work week, and fortuitously, some of the most lucrative trading sessions happen outside of that wage earner’s day time work schedule. Of course, the person with a full time day job can’t stay awake all hours of the night trying to catch every 20 pip move during the Asian/London sessions. But, there is another way.

The secret to success for the Second Career Forex Trader lies in the Daily and Four Hour Charts. The daily chart candlesticks close only once per day, and the four hour chart’s candlesticks close only 6 times per day. So, a trader who was only concerned with where those charts closed each day could limit the amount of time he/she was required to pay attention to the market, and could then successful integrate profitable Forex trading with their primary career.

The New York Forex Market closes at 5pm every day, and the next two hours before the Tokyo Market opens is usually a very low volume, low follow through trading session. As a result, the trader who’s strategy only involves trading off of the daily charts has a perfect window of opportunity from 5pm-7pm to sit down at their computer, analyze the charts, and make their trading decisions. This only needs to be done once a day, and should take no more than 1 hour per day. This is certainly better than the additional 5 or 6 hours per day that a traditional second job would require.

For the prospective trader who wants to see a little more action, the four hour chart offers more intra-week and intra-day opportunities for someone who is able to access the market 6 times per day, which translates to 30 times per week. Most smart phones have alarm clock apps that allow the user to set multiple repeating alarms – the four hour chart trader should use this type of alarm to become regimented to looking at the charts every four hours, just as the candlesticks are closing so that the proper entries can be identified. Sometimes, this means waking up in the early hours of the night to check on the markets, but this routine evolves to a fairly comfortable affair that becomes second nature and often results in high quality entries that makes money while the trader sleeps the rest of the night away.

These scenarios are certainly possible and available to anyone out there who has the dedication and discipline to become a properly trained Forex trader. Getting a genuine education is no doubt the first step to making this dream a reality, and no one should even consider venturing into the market without one. A real Forex Education & Training Course should offer the budding trader a well-rounded and multi-faceted approach to trading the market, and should focus on the conservative and attainable strategies like the ones mentioned above. Additionally, this forex education should be affordably priced, and by no means should any one consider paying excessive amounts of money to be trained, as this would effectively defeat the purpose of trading as a second career, which is to bring money in, not send it out.

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We at FXBattleground.com have witnessed and listened to horror stories concerning the educational choices on the market today, and to be truthful, we’ve certainly not been impressed. Our mission is to present an aspiring Forex trader with an extremely affordable training program that constitutes a Cutting Edge Paradigm in Forex Education. What we offer is truly dynamic, professional Forex instruction, tools and tactics that deliver a huge value when compared with whatever else is out there. If you are looking at becoming a trader in the FX market, we simply ask that you honestly evaluate what we have to offer.

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There are three models of education that dominate the Forex Market today. They all claim to have the magic formula, exclusive knowledge about the market, or some hyped up set of proprietary indicators. Their promise to the ever re-generating gaggle of hopeful FX traders is the easiest road possible to the promised land of Forex Enlightenment.

Understanding the realities of what’s out there on the market as far as education is an important thing for someone who is out there trying to become a Forex trader. This article addresses some of the more common paradigms of the current Forex Education Market.

The Seminar – This is, perhaps, the most common form taken in the FX Education Market, because it usually leverages the notoriety or charisma of a supposed master trader to convince their potential devotees to plunk down anywhere from $3,000 to $8,000 for the privilege of spending a short weekend “learning how to trade”.

Starting at nine in the morning, usually a 9:00 AM, the host of the seminar will begin. After a lunch and several breaks you might get a total of 6 hours per day a Forex education.

This type of education is marginal at best because you are only exposed to the information for a short and inefficient weekend – after that you’re on your own. If you’re lucky, you were able to take notes and make scattered “next level” observations that might carry you through until you’re able to retake the course – if they allow that!

You’re only one of maybe 100 people in the room who are all vying for the attention of the supposed master trader or trading celebrity who is running room. So, you have to wait in line in the chat to get your questions answered, and what’s worse, you have to wait behind the questions of the slowest people in the room who, no matter how many times the material is explained still have questions that are very basic, and range from repetitive to astoundingly pedestrian, As a result, the presenter must spend enormous amounts of time trying to remedially educate the slower members of the room while you wait, minute after minute watching your very expensive Forex education be wasted.

So the bottom line is that it’s a very expensive way to obtain what is usually only a rudimentary Forex education, simply because there’s not enough time to train the group in the basics of trading, much less the advanced topics that are necessary in order to profit in the the Forex market

The other type of education that is very popular among the online Forex education web sites is the ubiquitous chat room. This is where a group of moderators spend the morning or just a part of the morning attempting to disseminate educational tidbits to a large group of hundreds of people. If your lucky enough not to be completely annoyed by the voices that are coming through your computer speakers, you may be able to collect enough information over the course of the next few months to construct some semblance of a proper education. There is never an organized lesson or consistent pre-scheduled teaching, and the moderators, because they are distracted from trading by the continuous questions from novice traders, become less effective as traders themselves.

Any nuggets of trading wisdom that are doled out in these chat rooms comes in sporadic bursts that are unpredictable and varying in quality. So the trader that hopes to receive a proper Forex education by participating in one of these chat rooms must do several things in order to succeed #1. He must be able to spend every available hour in the chat room to avoid missing valuable information as it is discussed, and #2 He must be able to efficiently and effectively collect all of these various data points into one organized structure, which clearly presents even the most precise thinkers a difficult challenge.

Another issue associated with chat rooms is that novice traders often use them as a crutch to avoid the difficult work of writing a trading plan, testing a training plan, and learning to read the market on their own. They often blindly follow the trades and advise of the moderators or other senior members of the room, who post loudly of their numerous winning trades (this assumes that they are honest, wink wink). And so the trader’s development is slowed for years as they just limp along, trying to follow trades of other people, trying to figure out who in the room is the best trader, so that they can mimic their style. This process retards the development of the trader for years and sometimes forever if the trader never figure is out the cause of their desperate gyrations.

The social aspect of the chat room paradigm is tempting, but there are a great many successful traders out there today who will tell you that their true success in the markets did not begin until they turned all the chat rooms off.

The third main category of Forex education comes in the form of the downloadable course. Almost always delivered in PDF format these courses promise to show you proven strategies that let you easily take profits out of the Forex market.

The worst offenders out there are those who simply copy and paste volumes of information from all over the web that the unsuspecting buyer could have easily found on his own. Many a trader has been disappointed by this newly downloaded Forex course, when he or she realizes that the sum total of unique information in the course consists of nine or 10 pages, while the other 99 or so pages contain standard definitions of Forex trading and explanations that answer the eternal question ” what is a pip”?

Slightly more honest but equally ineffective are the outfits who tout their unbelievably reliable, proprietary setups which usually consist of a collection of bar patterns or moving average crosses that are corroborated by chart after chart that the authors handpicked from the market. They fail to tell you that in a sideways market, that these types of setups often lead to a series of damaging losses and a devastated psychological profile.

As a result, the trader gives up on these newly learned methods, and continues his search for the next Holy Grail.

The common thread that runs through each of these educational methods, is that they’re quite expensive and leave the blossoming Forex trader with much less of the one commodity that he must value the most, trading capital. While it’s difficult to argue that a Forex trader would be better off entering the market with no education at all, it’s quite possible that there is a better paradigm out there at a fraction of the cost.

Academic knowledge of how the market moves and how technical analysis works is something that must be taught over an extended period. The concepts, in many cases are counter-intuitive, and therefore require a continuing education that allows the apprentice trader the opportunity to repetitively access the educational material, and be able to post questions and receive answers about its content.

As the technical side of trading is being developed under this educational model, the aspiring trader also needs some method of psychological support. We’ve already established that the moderated chat room model is an impediment to true trading mastery but surely there is another way for traders to interact, while still retaining their integrity of mind.

The current belief by our team of professionals, is that a Forex course consisting of dynamically illustrated and logically explained high quality videos is the best and most efficient way to train a novice or intermediate trader. This allows the student to repetitively access the information as many times as they deem necessary, and eliminates the negative issues associated with the other types of education mentioned above.

The trader that is able to learn with the assistance of professionally taught high definition videos has an edge, and if that trader is then supported with the latest in continuing education, then that trader has the best possible chance of success.

Price, of course, is another issue. If the trader is able to spend far less money to acquire a top quality forex education, then that would be a good trade indeed.

We at FXBattleground.com have seen and heard horror stories about a great many of these types of educational offerings, and to be honest, we’ve never been impressed.  Our goal is to present an aspiring FX trader with a New Paradigm in Forex Education.  What we offer is a dynamic, professional Forex education that offers an incredible value when compared to what else is out there.  If you are considering entering the FX market, we simply ask that you evaluate what we have to offer.

Author:   FXBattleground.com Staff

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