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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
Businesses Benefit As Canadian Dollar Gains Strength Against The US Dollar
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<a href="http://www.9and10news.com/Category/Story/?id=212646&cID=1" style="font-size:1.2em">Businesses Benefit As Canadian Dollar Gains Strength Against The US Dollar</a>
<br> <span style="color:#888888;">9&10 News</span> - <span style="white-space:nowrap">23 minutes ago </span>
<div style="width:80%;">As the strength of the Canadian dollar gains on the US dollar, businesses in Sault Ste. Marie, Michigan are noticing a positive impact. When the Canadian dollar is higher, more Canadians tend to ...</div>
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New contract high for the Canadian Dollar
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<a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/New_contract_high_for_the_Canadian_Dollar/190797" style="font-size:1.2em">New contract high for the Canadian Dollar</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">2 hours ago </span>
<div style="width:80%;">CURRENCIES: 03/11/10 Higher closes yesterday for the Aussie Dollar, Euro Fx and Swiss Franc while lower for the Canadian Dollar, Japanese Yen, British Pound and dollar index. The euro and franc ...</div>
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Targeting the Canadian Dollar Today
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<a href="http://www.fxstreet.com/fundamental/market-view/currency-currents/2010-03-11.html" style="font-size:1.2em">Targeting the Canadian Dollar Today</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">by John Ross Crooks III ? LONDON, March 11 (Reuters) - Britons' expectations for inflation over the next 12 months rose slightly to 2.5 percent in February from 2.4 percent in November, a ...</div>
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Canadian Dollar Forecast to Remain Volatile Against USD
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<a href="http://www.dailyfx.com/forex/technical/ssi/usd-cad/2010-03-11-1554-Canadian_Dollar_Forecast_to_Remain.html" style="font-size:1.2em">Canadian Dollar Forecast to Remain Volatile Against USD</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">USDCAD ? Dramatic declines in the US Dollar/Canadian Dollar pair has led our Speculative Sentiment Index to its biggest extremes since October, 2007?underlining the level of extreme sentiment on ...</div>
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Canadian Dollar Needs A Stronger Push To Break Through The Buck (FXC)
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<a href="http://www.benzinga.com/forex/168845/canadian-dollar-needs-a-stronger-push-to-break-through-the-buck-fxc" style="font-size:1.2em">Canadian Dollar Needs A Stronger Push To Break Through The Buck (FXC)</a>
<br> <span style="color:#888888;">Benzinga</span> - <span style="white-space:nowrap">8 hours ago </span>
<div style="width:80%;">Canada reported a larger than expected trade surplus earlier today. At C$0.8 bln, it was four times larger than expected and the December figures were revised to show a C$0.1 bln surplus instead ...</div>
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Higher-Yielding Currencies Mounting Comeback
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<a href="http://www.istockanalyst.com/mobile/viewarticle.aspx?articleid=3938626" style="font-size:1.2em">Higher-Yielding Currencies Mounting Comeback</a>
<br> <span style="color:#888888;">istockAnalyst.com</span> - <span style="white-space:nowrap">9 hours ago </span>
<div style="width:80%;">China's consumer-price index spiked higher in February, leading to speculation that its central bank will raise interest rates to curb economic growth. The inflation report showed an acceleration ...</div>
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USD Firm against EUR; Declining vs. AUD and CAD
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<a href="http://www.forexyard.com/en/market-analysis/usd/usd_firm_against_eur;_declining_vs_aud_and_cad-2010-03-10" style="font-size:1.2em">USD Firm against EUR; Declining vs. AUD and CAD</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">17 hours ago </span>
<div style="width:80%;">The US Dollar remained strong against the Pound and the Euro yesterday. Credit downgrade warnings by rating agencies regarding some European countries such as Greece, Portugal and the UK continued ...</div>
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Canadian Dollar Rises for Ninth Straight Day on Growth Outlook
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<a href="http://www.businessweek.com/news/2010-03-10/canada-dollar-trades-at-almost-two-month-high-as-oil-nears-82.html" style="font-size:1.2em">Canadian Dollar Rises for Ninth Straight Day on Growth Outlook</a>
<br> <span style="color:#888888;">BusinessWeek</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">By Allison Bennett and Chris Fournier March 10 (Bloomberg) -- The Canadian dollar rose for a ninth day against its US counterpart, the longest streak in five and a half years, as investors bet the ...</div>
<a href="http://macedoniaonline.eu/content/view/13017/61/">Canadian Dollar set to beat US Dollar</a> - <span style="color:#888888">MINA</span><br>
<a href="http://www.rttnews.com/Content/CurrencyMarket.aspx?Node=b3&Id=1237914">Canadian Dollar Weakens Against Majors After Economic Reports</a> - <span style="color:#888888">RTT News</span><br>
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Canadian Dollar Declines Against Yen
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<a href="http://www.rttnews.com/ArticleView.aspx?Id=1235627&SMap=1" style="font-size:1.2em">Canadian Dollar Declines Against Yen</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">(RTTNews) - The Canadian dollar edged lower against the Japanese yen on Wednesday's early trading, mainly due to across the board rallying of the latter. The loonie-yen pair declined to 87.46 ...</div>
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Neutral on the Yen, but turning Bullish on the Aussie $
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<a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/Neutral_on_the_Yen_but_turning_Bullish_on_the_Aussie/190110" style="font-size:1.2em">Neutral on the Yen, but turning Bullish on the Aussie $</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Mar 9, 2010 </span>
<div style="width:80%;">CURRENCIES: 03/09/10 Higher closes yesterday for the Canadian and Aussie Dollar along with the Japanese Yen, Euro Fx and Swiss Franc while lower for the British Pound and dollar index. The euro ...</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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