Forex, Are All Products And Services Scams?
It is not hard to find people complaining about Forex products and services on the Internet. As a matter of fact, there is so much complaining going on you have to wonder if everything Forex related online is a scam. Contrary to what you might have been told, becoming a successful Forex trader is more involved than download a Forex system and studying it over the weekend. In my opinion, a person without the skills and experience to trade a system properly will inevitably find a way to turn a winning system into a loser. But this does not make the trading system a scam.
I believe there are far less Forex scams out there than people are lead to believe. What people want is a “turn key” Forex solution (one they can get and start trading perfectly from day 1). That kind of system really doesn’t exist. You only really need a trading system that has a positive profit expectancy if traded properly according to the rules. The you just have to trade the system consistently in order to be successful.
Every system has losing trades and “bad patches”. The trick is to gain confidence with the system you are trading so you will keep placing the trades in accordance to the rules and trading through the losses and bad patches. Once you have this confidence, you just need to keep on placing the trades according to the rules and you will eventually come out on top. Unfortunately, most people don’t trade a Forex system long enough to trust it and start screaming “scam” after the first losing trade.
Another problem which leads to prematurely calling systems scam is having unrealistic expectations. This happens a lot of the time because people want to make a certain amount a month trade, but have such a small account that it is impossible. If you only have a $1000 account, making 15% a month trading really doesn’t create a lot of income. But what about 15% of a $100,000 account? Don’t get me wrong, you don’t need a big account to start out with. As a matter of fact, I would advise starting with a smaller account and using compounding to grow it to a substantial account. The point is, when people find out they are not going to be making 1000% gain every month, they say the system is a scam.
The truth is, there are plenty of good systems out there. If you can trade a proven system consistently and in the way it was designed, the system will make you a profitable trader. The problem is, most people don’t have the proper mentality or skills to trade the system properly, especially when real money is on the line. This leads to less than desirable results. Basically, the person is responsible for the poor performance of the trading system, not the trading strategy. But it is easier on the ego to call the system a scam, instead of having to admit their role in their failure.
If you think every Forex trading solution is a scam you’ll have to give up on your dream of making a nice living as a trader. Be part of Forex Insider Pips for free, and learn what it really takes to trade effectively. I’ll also share with you some exclusive trading tools and point you to Forex systems, products and services that are definitely not scams.
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