Avoiding Forex Scams and Scammers

October 12, 2015

I love trading, I wouldn't do anything else! The feeling that I get when I close a profitable trade is so satisfying, the feeling that I also get after seeing months (and now even years!) of consecutive profits is incredible. I am so grateful for the trading ability that I have been able to nurture and develop.

 

I often receive emails from individuals seeking to become profitable Forex traders, these emails usually contain the recurring story of scammers and non-profitable trading systems. In this post, I will try to tackle this issue and hopefully provide some helpful insights. Please remember that all advice is based on my own experience, if you have anything to add, please use the comment section below.

 

(P.S This post is totally not what I am use to writing, hopefully it will read well)

 

Forex Scammers

 

How do you know if a Forex mentor, signal service or trading course is legit?

 

Genuine Traders Share Live Trades - Real traders generally don't upload material which states they have gone long, they then pause the video, press play after a period and then show that the market has moved higher, without any evidence of a position open or closed. Real life traders also don't give you an overview of their 'profitable' day without any supporting evidence. Live trading videos should include entry, exit, clear reasons to why a position was opened and closed and most importantly some sort of position or account evidence. In my videos I try to show the closed positions report or the open positions activity. My recent GBPCAD daily short trading video demonstrates this.

 

Genuine Traders Make Sense - their trading systems are not over-complicated and don't aim to confuse you. They generally have a clear and logical approach to trading and usually a strategy that you will be able to understand and implement. All the successful traders I have followed in the past have met this criteria, I also try my best to ensure that what I say and teach is transparent and to the point. This live Forex trade of the EURCAD is pretty straightforward.

 

Genuine Traders have a Following - some traders are relatively new on the YouTube or internet 'scene', this should be taken into consideration. But those who are successful usually have a strong or growing following, beware of traders that have no YouTube, Facebook or Twitter following.

 

Genuine Traders Sell Themselves as Much as Their Services - they are not afraid to be on camera, they are confident and let you get to know them. Scammers may not want their face on camera and usually do not share any personal details (obviously they wouldn't share any sensitive information or details).

 

Genuine Traders Share Results - this does not include a one-off video stating that they turned $1,000 into $1,500,000 trading binary options. Some traders won't share results as they wish to have privacy over account balances, I can understand this but I feel something should always be provided. I periodically upload video result videos of my £8,500-£100,000 challenge, these videos clearly show trading results using reports produced by my brokers. My trading results videos can be found on my Trading Results page.

 

Are Binary Options a Scam?

 

I am also asked about binary options fairly regularly. I did this video to help provide some insight into binary options...

 

 

Identified Forex Scams

 

There is a great thread that identifies potential Forex scams. I suggest you take a look, it may be quite educational. You can view the Forex scam thread here.

 

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