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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
Lack of Greek Deal Sends EUR Tumbling
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<a href="http://www.forexyard.com/en/market-analysis/lack_of_greek_deal_sends_eur_tumbling-2012-02-07" style="font-size:1.2em">Lack of Greek Deal Sends EUR Tumbling</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">The euro was largely bearish yesterday, after Greece once again failed to come to an agreement with its creditors to restructure its debt.</div>
<a href="http://www.bestsyndication.com/?q=20120205_forex_signals_usd_jpy_eur.htm">Forex Trading and Currency Exchange Rates ? USD/JPY rises as EUR/USD drops</a> - <span style="color:#888888">Best Syndication</span><br>
<a href="http://www.forexpros.com/news/forex-news/forex---euro-broadly-lower-as-greece-in-focus-229967">Forex - Euro broadly lower as Greece in focus</a> - <span style="color:#888888">Forex Pros</span><br>
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Canadian Dollar (CAD) Technical Major Currencies (2012-02-07)
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<a href="http://www.ibtimes.com/articles/294134/20120207/canadian-dollar-cad-technical-major-currencies-2012-02-07.htm" style="font-size:1.2em">Canadian Dollar (CAD) Technical Major Currencies (2012-02-07)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">3 hours ago </span>
<div style="width:80%;">The pair has been fluctuating with narrow ranges recently, within the descending short term channel shown on image, while MACD indicator continues to provide a bullish divergence over the four-hour timeframe, and momentum indicators are within oversold ...</div>
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British Pound Sterling: Currency continues advance against EUR, safe haven <b>...</b>
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<a href="http://www.euro-exchangerate.com/british-pound-eur-safe-haven-06021355.html" style="font-size:1.2em">British Pound Sterling: Currency continues advance against EUR, safe haven <b>...</b></a>
<br> <span style="color:#888888;">Euro Exchange Rate News</span> - <span style="white-space:nowrap">20 hours ago </span>
<div style="width:80%;">The Pound continued its advance against the Euro this morning, but the UK currency declined for a second day versus the US Dollar, as market speculation escalates over the prospect of further quantitative easing from the Bank of England this week.</div>
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Canadian dollar exchange rate (CAD) falls back vs USD as risk aversion takes <b>...</b>
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<a href="http://www.euro-exchangerate.com/canadian-dollar-cad-06021354.html" style="font-size:1.2em">Canadian dollar exchange rate (CAD) falls back vs USD as risk aversion takes <b>...</b></a>
<br> <span style="color:#888888;">Euro Exchange Rate News</span> - <span style="white-space:nowrap">20 hours ago </span>
<div style="width:80%;">The US dollar to Canadian dollar exchange rate (USD/CAD) is 0.54% higher at 0.9987. The euro Canadian dollar exchange rate (EUR/CAD) is 0.39% lower at 1.3018, the pound Canadian dollar exchange rate (GBP/CAD) is 0.22% higher at 1.5746.</div>
<a href="http://www.forexpros.com/analysis/usd-cad:-canadian-dollar-down-on-greek-concerns,-weaker-oil-prices-113296">USD/CAD: Canadian Dollar Down on Greek Concerns, Weaker Oil Prices</a> - <span style="color:#888888">Forex Pros</span><br>
<a href="http://www.dailyforex.com/forex-articles/2012/02/USDCAD-Daily-Outlook-Feb-7-2012/10802">USD/CAD Daily Outlook Feb. 7, 2012</a> - <span style="color:#888888">DailyForex.com</span><br>
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Canadian dollar exchange rates (CAD) are a big winner following strong Non <b>...</b>
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<a href="http://www.euro-exchangerate.com/canadian-dollar-exchange-rate-non-farm-03021348.html" style="font-size:1.2em">Canadian dollar exchange rates (CAD) are a big winner following strong Non <b>...</b></a>
<br> <span style="color:#888888;">Euro Exchange Rate News</span> - <span style="white-space:nowrap">Feb 3, 2012 </span>
<div style="width:80%;">Canadian dollar exchange rate: Global markets have been caught by surprise following the release of strong US Non-Farm Payroll data.</div>
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2012 Forecasts: Canadian Dollar To Be Support By QE3 In 2H12
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<a href="http://www.actionforex.com/action-insight/special-reports/2012-forecasts:--canadian-dollar-to-be-support-by-qe3-in-2h12-20120203158825/" style="font-size:1.2em">2012 Forecasts: Canadian Dollar To Be Support By QE3 In 2H12</a>
<br> <span style="color:#888888;">Action Forex</span> - <span style="white-space:nowrap">Feb 3, 2012 </span>
<div style="width:80%;">Canada will by no means escape from the recent global economic turmoil. As an economy heavily reliant on exports, the sovereign debt crisis in the Eurozone and the stringent fiscal consolidation to be adopted by the US are expected to hurt Canadian ...</div>
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Canadian Dollar (CAD) Technical Major Currencies (2012-02-03)
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<a href="http://www.ibtimes.com/articles/292363/20120203/canadian-dollar-cad-technical-major-currencies-2012-02-03.htm" style="font-size:1.2em">Canadian Dollar (CAD) Technical Major Currencies (2012-02-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">Feb 3, 2012 </span>
<div style="width:80%;">The pair has been trading within a narrow range above the 200-days SMA; the pair is having difficulties breaching this support area around the average as see on chart, while price is clearly oversold as seen on Stochastic.</div>
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Canadian dollar exchange rate: CAD finds risk environment unconstructive <b>...</b>
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<a href="http://www.euro-exchangerate.com/canadian-dollar-exchange-rate-02021342.html" style="font-size:1.2em">Canadian dollar exchange rate: CAD finds risk environment unconstructive <b>...</b></a>
<br> <span style="color:#888888;">Euro Exchange Rate News</span> - <span style="white-space:nowrap">Feb 2, 2012 </span>
<div style="width:80%;">The CAD was not a participant in the overnight push up in risk currencies, with USD/CAD remaining well-entrenched in familiar ranges.</div>
<a href="http://www.forexpros.com/news/forex-news/forex---usd-cad-up-on-jobs-data-229907">Forex - USD/CAD up on jobs data</a> - <span style="color:#888888">Forex Pros</span><br>
<a href="http://www.actionforex.com/index.php?option=com_content&view=article&id=158866:mixed-reactions-in-the-us-dollar-to-the-non-farm-payroll&catid=191:daily-forex-technicals">Mixed Reactions in the US Dollar to the Non-Farm Payroll</a> - <span style="color:#888888">Action Forex</span><br>
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Canadian Dollar (CAD) Technical Major Currencies (2012-02-02)
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<a href="http://www.ibtimes.com/articles/291619/20120202/canadian-dollar-cad-technical-major-currencies-2012-02-02.htm" style="font-size:1.2em">Canadian Dollar (CAD) Technical Major Currencies (2012-02-02)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">Feb 2, 2012 </span>
<div style="width:80%;">The pivotal support around 0.9965 is still providing the pair with a good support as seen on the provided four-hour chart. The struggle around the middle line of the descending channel that dominated the movements from 1.0285 zones continues fixing RSI ...</div>
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Canadian dollar exchange rate: CAD is cross currency under-performer <b>...</b>
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<a href="http://www.euro-exchangerate.com/canadian-dollar-vs-australian-dollar-01021335.html" style="font-size:1.2em">Canadian dollar exchange rate: CAD is cross currency under-performer <b>...</b></a>
<br> <span style="color:#888888;">Euro Exchange Rate News</span> - <span style="white-space:nowrap">Feb 1, 2012 </span>
<div style="width:80%;">The pound Canadian dollar exchange rate is 0.02% higher at 1.5810, the euro Canadian dollar exchange rate is 0.22% higher at 1.3148, the US dollar to Canadian dollar exchange rate is 0.5% lower with 1 USD = 0.9971 CAD.</div>
<a href="http://www.thestreet.com/story/11394595/1/usd-cad-susceptible-to-weakness.html">USD-CAD: Susceptible to Weakness</a> - <span style="color:#888888">TheStreet.com</span><br>
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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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