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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: USD/CAD hits 20-month high below 1.0070 after retail sales
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<a href="http://www.nasdaq.com/newscontent/20100319/forex-usdcad-hits-20-month-high-below-10070-after-retail-sales.aspx?storyid=20100319_5d0d6f6a-4e3f-4ee5-9736-cc7a7b099b2c_fxstreet.com" style="font-size:1.2em">Forex: USD/CAD hits 20-month high below 1.0070 after retail sales</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">FXstreet.com (Barcelona) - The Canadian Dollar has rallied more than 120 pips during the day, fuelled by favourable Canada CPI and retain sales figures, and the USD/CAD decline from 1.0185 session ...</div>
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Canadian Dollar Targets Parity on Inflation, Higher Rate Bets
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<a href="http://www.bloomberg.com/apps/news?pid=20601082&sid=apVzgCImz__I" style="font-size:1.2em">Canadian Dollar Targets Parity on Inflation, Higher Rate Bets</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">15 hours ago </span>
<div style="width:80%;">By Chris Fournier and Allison Bennett March 19 (Bloomberg) -- The Canadian currency came the closest to parity with its US counterpart in almost 20 months after a report showed consumer prices ...</div>
<a href="http://www.businessweek.com/news/2010-03-19/canadian-dollar-may-decline-on-crowded-bets-barclays-says.html">Canadian Dollar May Decline on 'Crowded' Bets, Barclays Says</a> - <span style="color:#888888">BusinessWeek</span><br>
<a href="http://www.rttnews.com/Content/CanadianNews.aspx?Id=1246211&SM=1">Canadian Dollar Declines From Early Highs Against Major Rivals</a> - <span style="color:#888888">RTT News</span><br>
<a href="http://beforeitsnews.com/news/26150/Canadian_Dollar_In_Purgatory.html" style="color:#009900">Before It's News</a>
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Canada's Airlines Helped By Strong Canadian Dollar
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<a href="http://online.wsj.com/article/BT-CO-20100318-714485.html?mod=WSJ_latestheadlines" style="font-size:1.2em">Canada's Airlines Helped By Strong Canadian Dollar</a>
<br> <span style="color:#888888;">Wall Street Journal</span> - <span style="white-space:nowrap">23 hours ago </span>
<div style="width:80%;">By Caroline Van Hasselt Of DOW JONES NEWSWIRES TORONTO (Dow Jones)--Canada's airline industry is one sector of the country's economy that benefits from a strong currency, given that fuel, their ...</div>
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| EXCHANGE RATE
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<a href="http://www.dailynews.lk/2010/03/19/ExchangeRate.asp" style="font-size:1.2em">| EXCHANGE RATE</a>
<br> <span style="color:#888888;">Ceylon Daily News</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">Exchange Rates on 18.03.2010 The average rates of the following currencies quoted by commercial banks in Colombo for Telegraphic Transfers (TT) at 9.30 am are as follow: Currency Buying Rate ...</div>
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Fund Managers Don't Fret Canadian Dollar At Par; Some Even Like It
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<a href="http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201003181514dowjonesdjonline000762&title=fund-managers-dont-fret-canadian-dollar-at-parsome-even-like-it" style="font-size:1.2em">Fund Managers Don't Fret Canadian Dollar At Par; Some Even Like It</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">By Stuart Weinberg, OF DOW JONES NEWSWIRES TORONTO -(Dow Jones)- Peter Hodson won't stop investing in US equities now that the Canadian dollar is near par with the greenback, but he does offer the ...</div>
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A Double Top in Oil Could Spell End For Canadian Dollar Rally
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<a href="http://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2010-03-18-1856-A_Double_Top_in_Oil.html" style="font-size:1.2em">A Double Top in Oil Could Spell End For Canadian Dollar Rally</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">The Canadian dollar rally took a breather today as the re-emergence of troubles in Greece cooled prevailing risk appetite. The ?loonie" is on pace to test parity against the dollar as rising oil ...</div>
<a href="http://www.nasdaq.com/newscontent/20100319/forex-cad-suffers-greenback-strength.aspx?storyid=20100319_b680d205-5415-49b9-91cf-6583f6bc4a0e_fxstreet.com">Forex: CAD suffers Greenback strength</a> - <span style="color:#888888">NASDAQ</span><br>
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CANADIAN DOLLAR MAKES ANOTHER NEW CONTRACT HIGH. NEW BUY SIGNAL FOR THE POUND
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<a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/CANADIAN_DOLLAR_MAKES_ANOTHER_NEW_CONTRACT_HIGH_NEW_BUY_SIGNAL_FOR_THE_POUND/192500" style="font-size:1.2em">CANADIAN DOLLAR MAKES ANOTHER NEW CONTRACT HIGH. NEW BUY SIGNAL FOR THE POUND</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">CURRENCIES: 03/18/10 Higher closes yesterday for the Canadian Dollar, Swiss Franc , British Pound, Japanese Yen, and Aussie Dollar while lower for the Euro Fx and dollar index. The euro continues ...</div>
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Canadian Dollar May Soon Reverse Against US Dollar
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<a href="http://www.dailyfx.com/forex/technical/ssi/usd-cad/2010-03-18-1554-Canadian_Dollar_May_Soon_Reverse.html" style="font-size:1.2em">Canadian Dollar May Soon Reverse Against US Dollar</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">USDCAD ? Continued USDCAD declines have left the pair's SSI ratio in strongly net-long territory, but it is interesting to note that said ratio has not hit further extremes as the pair drops to ...</div>
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Canadian Dollar at Risk of Pullback on Turn in Forex Sentiment
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<a href="http://www.dailyfx.com/forex/technical/ssi/table/2010-03-18-1536-Canadian_Dollar_at_Risk_of.html" style="font-size:1.2em">Canadian Dollar at Risk of Pullback on Turn in Forex Sentiment</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">Interested in building your own SSI-based strategy? Request SSI data on our forex forum. Strong declines in the US Dollar/Canadian Dollar currency pair have persistently been met with crowd buying ...</div>
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Good Numbers In UK
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<a href="http://www.istockanalyst.com/mobile/viewarticle.aspx?articleid=3957634" style="font-size:1.2em">Good Numbers In UK</a>
<br> <span style="color:#888888;">istockAnalyst.com</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">Some good news out of UK, for a change. After recent avalanche of doom and gloom reports, employment numbers turned positive today. Unemployment count for January was revised down, but February ...</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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