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Forex Scams
By John Bekian, Thu Dec 8th
In recent years, investors have witnessed increased number ofinvestment opportunities and offerings. While the complexity andsuccess of these investment products vary, technologicalinnovation has made the Forex market one of the fastest growthareas. Many of the leading Forex brokers reported up to 500%rise in the number of new retail customers. However, the growthof the Forex market has been accompanied by a sharp rise inforeign trading scams. Many of these Forex scams arepromoted on the radio, television, newspapers and the Internet.Investors who fall victim to these schemes, often lose all oftheir money. As an illustration, let’s examine the facts of arecent case involving Forex fraud and its consequences. Wlearned of a foreign trading opportunity through aninfomercial on the radio. K, the owner of a Forex assetmanagement firm, spoke during the infomercial, promising viewerssignificant profits with minimum risk. After seeing theinfomercial, W contacted K, and later attended a seminarpresented by K and his firm. The seminar was so convincing thatW wrote a check to K for $100,000. Several months later, Wreceived statements (which were false) from K’s firm reflectingsignificant returns on his initial $100,000 investment.Thereafter, W attended another seminar and decided to investmore money. W took a loan and invested another $800,000 in K’sForex trading operation. Short while after W’s secondinvestment, the Securities and Exchange Commission filed acomplaint against K and his firm for engaging in a scheme todefraud investors. K’s firm’s assets were frozen, including the$900,000 invested by W. A receiver was appointed to distributethe remaining assets of K’s firm to defrauded investors. Theassets were distributed on pro-rata basis with no legalpreference given to any of the victims. Since K’s firm’s assetswere not enough to satisfy all of the defrauded investor’sclaims, W received only about $22,000 of the $900,000 heinvested. Since a whole book can be written on the varioustactics and methods used by Forex scam artists, in this article,I will focus on the major warning signs that one needs toidentify to avoid falling victim to Forex swindlers. 1. Promises of Little or No Risk If you encounter a Forex firmthat claims to have developed a foreign tradingstrategy that carries very little or no risk, stay away. Thereason Forex trading can be very profitable is because it alsocarries a very high risk of loss. The Forex market is veryvolatile, and, without good money management, an investor canlose most if not all her capital within few days. Thus,individuals and firms who make claims that are far from marketrealities, as is riskless Forex trading, are really after yourmoney. 2.Guarantees of Large Profits Beware of firms that guaranteelarge profits in Forex trading. These so called “guarantees” aremere ploys to entice investors and make them believe that theirmoney is safe and that they will
Forex: Dollar still under pressure against commodity currencies
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<a href="http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=b5591558-af3e-4081-909d-e51147530009" style="font-size:1.2em">Forex: Dollar still under pressure against commodity currencies</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">5 hours ago </span>
<div style="width:80%;">FXstreet.com (Córdoba) ? Greenback is falling sharply on Friday against currencies tied to commodities weakened by risk aversion. AUD and NZD are approaching to daily highs together with main US ...</div>
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Saskatchewan Roughriders Centennial Canadian Dollar Coin Launched
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<a href="http://www.coinnews.net/2010/09/03/saskatchewan-roughriders-centennial-canadian-dollar-coin-launched/" style="font-size:1.2em">Saskatchewan Roughriders Centennial Canadian Dollar Coin Launched</a>
<br> <span style="color:#888888;">CoinNews.net</span> - <span style="white-space:nowrap">6 hours ago </span>
<div style="width:80%;">by Royal Canadian Mint on September 3, 2010 Rider pride was in full swing as the Royal Canadian Mint launched a new commemorative one-dollar circulation coin honouring the Saskatchewan Roughriders ...</div>
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Canadian Dollar Tests Short Term Channel
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/usd-cad/2010/09/03/eliottWaves_usd-jpy_1.html" style="font-size:1.2em">Canadian Dollar Tests Short Term Channel</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">6 hours ago </span>
<div style="width:80%;">USDCAD channel support comes into play at current price although I do expect the level to give way next week as the rally from 10105 is left in 3 waves. The USDCAD continues to respect its summer ...</div>
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Canadian Dollar Spikes Up Sharply Against Major Rivals After US Unemployment Report
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<a href="http://www.rttnews.com/Content/CanadianNews.aspx?Node=B1&Id=1409797" style="font-size:1.2em">Canadian Dollar Spikes Up Sharply Against Major Rivals After US Unemployment Report</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">8 hours ago </span>
<div style="width:80%;">(RTTNews) - The Canadian dollar spiked up sharply against major currencies after the release of US unemployment and non-farm payroll reports in early New York trading on Friday. As of now, the ...</div>
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Russia May Soon Add Canadian Dollar to Reserves
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<a href="http://www.smartmoney.com/bn/ON/index.cfm?story=ON-20100903-000389" style="font-size:1.2em">Russia May Soon Add Canadian Dollar to Reserves</a>
<br> <span style="color:#888888;">Smartmoney.com</span> - <span style="white-space:nowrap">13 hours ago </span>
<div style="width:80%;">MOSCOW -(Dow Jones)- Russia will be ready to add the Canadian dollar to its reserves in several weeks, First Deputy Central Bank Chairman Alexei Ulyukayev said in an interview with the ...</div>
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Canadian Dollar (CAD) Technical Major Currencies (2010-09-03)
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<a href="http://www.ibtimes.com/articles/48998/20100903/canadian-dollar-cad-technical-major-currencies-2010-09-03.htm" style="font-size:1.2em">Canadian Dollar (CAD) Technical Major Currencies (2010-09-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">The pair attempted to breach the support levels mentioned in yesterday's report, while currently the pair is rising towards 1.0490 levels, but facingSMA 50 levels as strong resistance that ...</div>
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Canadian Dollar Slides Against Majors
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<a href="http://www.rttnews.com/Content/CanadianNews.aspx?Id=1409038&SM=1" style="font-size:1.2em">Canadian Dollar Slides Against Majors</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">(RTTNews) - The Canadian dollar traded lower against major opponents from early morning session's upward trading in New York afternoon deals on Thursday. After edging up to 1.0474 against the US ...</div>
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Canadian Dollar May Appreciate Against USD
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<a href="http://www.dailyfx.com/forex/technical/ssi/usd-cad/2010/09/02/ssi_usd-cad.html" style="font-size:1.2em">Canadian Dollar May Appreciate Against USD</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">USDCAD ? The ratio of long to short positions in the USDCAD stands at 1.17 as nearly 54% of traders are long. Yesterday, the ratio was at 1.28 as 56% of open positions were long. In detail, long ...</div>
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Canadian Dollar Short Term Channels are Points of Reference
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/usd-cad/2010/09/02/Canadian_Dollar_Short_Term_Channels_are_Points_of_Reference.html" style="font-size:1.2em">Canadian Dollar Short Term Channels are Points of Reference</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">The USDCAD continues to respect its summer range. The June, July, and August highs all occurred within several pips of 10680. There is little to comment on other than the range. Use the channels ...</div>
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Canadian Dollar (CAD) Technical Major Currencies (2010-09-02)
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<a href="http://www.ibtimes.com/articles/48530/20100902/canadian-dollar-cad-technical-major-currencies-2010-09-02.htm" style="font-size:1.2em">Canadian Dollar (CAD) Technical Major Currencies (2010-09-02)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">The pair expected its decline yesterday where further correction is projected. Supporting this suggestion is stability below SMA 50 levels along with the negative signs onStochastic forming on the ...</div>
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definitely make large profits.Such claims are simply untrue, because even the bestprofessional traders cannot guarantee that they will make aprofit any given day. The Forex market, as most financialmarkets, is very unpredictable. Hence, be suspicious of suchclaims and those who make them.
3.Employment Ads For Forex Traders Many Forex trading firms useemployment ads to attract individuals with capital to tradeusing their systems. The employment ads, which often appear innewspapers and on the Internet, state that a foreign currencytrading firm is looking for individuals to teach them how totrade the foreign market using firm capital. Those whoreply to the ad are convinced by the firm that they will make afortune trading currencies if they participate in the firm’straining program. During the training process, which oftenoccurs on a demo system, the novice traders are encouraged andtold that their demo trading records show that have madesignificant profits, that they are ready to make real money andwould very successful. Despite the firm’s assessment of thenovice trader as a brilliant newcomer, no firm capital isprovided to the trader, instead the excited novice is told touse her own capital to trade using the firm’s platform. Inaddition to various fees imposed on traders using the firm’splatform, the Forex firm makes money as an introducing broker.Each time the novice trader trades through the firm’s system, agood part of the spread charged by the broker is shared and goesinto the firm’s coffers. After few months, the novice traderloses all of her capital and leaves. The Forex firm, having mademoney during the novice trader’s short stint, moves on to newtraders eager to become rich trading foreign currencies. 4.Is the Forex Firm a CFTC or NFA Member Before you sign a checkand give your capital to a Forex company, make sure youinvestigate the entity. Check to see whether the Forex firm,with which you want to do business, is registered with theUnited States Commodity Futures Trading Commission or theNational Futures Association. Many scam artists falsely claimthat their firms are registered with the CFTC or the NFA to gaina perspective investor’s trust. Do not trust anyone, researchthe firm and the background of the individuals involved beforeparting with your hard earned money. The Internet has paved the way for many new opportunities forretail investors. The Forex market is both exciting and fastpaced. Investor’s who are careful and diligent are likely toavoid the perils of this market, and will profit from the growthand opportunities of foreign trading. About the author: John Bekian is the founder of www.electronicforextrading.com, an informative resource for novice andprofessional Forex traders.
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