Some time ago I found one of the most original scams I have found on the Net. The system seemed revolutionary.
That company explained very well that their business was differentiated from that of most Prop firms. They said they would give their own money to the best traders.
Forex courses online
Everything seems fine. The company offers you a training program about the forex market. Then, they say that you will have access to the real market (?), and you will be able to do “real” trading.
The best part is when they say that you will have access to the best Expert Advisors. But, if you have professional traders, why would you want Expert Advisors?
They also say that you will be able to analyze all the statistics of your account properly. That is going to help you see your weakness and strengths.
At the end, they say that they will pay you to trade for them. You will, supposedly, be given $2.500 to trade with them, and, if you win, you will keep 60% of the profits. The 40 is for them.
They also say that if you are a good trader, the conditions will improve. If you lose, it will be the company´s money, so you do not need to “worry”.
Best Forex course in the world
Is this story too good to be truth? Well, I think that yes, it is too good to be truth.
They count on the great amount of candidates for trading around the World.
The problem is that when you are going to ask for the service they will tell you that you have to pay $1.295 in the beginning, and $97 every month, for six months, while you trade the demo account. It makes $1.877, which is not that far from those $2.500 that they will give you once you finish the “training”.
The first thing that comes to mind is that, if these guys have a good trading system, why are they wasting their time educating traders?
They should be trading those good systems, and that is it.
Evidently, not all the traders will end up “managing” the company´s money. Only those who show a profit from the demo account, will be able to go to the next step.
I think that not many will be able to win trading in that demo account, especially when those traders will be following the company´s advice when trading.
Forex trading beginners course
I think that if the company “hires” 10 guys, maybe only one will make it to the second phase.
Doing day trading in six months you will not have many people winning. Suppose that nine out of ten do not make a profit after the six months. The company will have $18.770 (1.877*10), and will give $2.500 to the successful trader.
Those traders who are losing money after the first six months, will feel that they are not made for trading and will give up. The company´s experts will tell them that they are not good traders: “I am sorry”.
All this is evidently a beautiful scam dressed as a legit company.
This kind of service is about marketing and swindling.
The best is that they do not really need to lie too much.
They just say what the conditions are: “You pay us $1.877 and we teach you”. “If you win in six months, you will be given money to manage”. “If you do not, you are not a good trader, goodbye”.
This was an American company. I do not know if this sort of “service” is available in Spain, but I would not be surprised.
Forex course legit?
My recommendation with all this kind of business is to run away immediately.
Do not even waste your time calling them. Their greatest skill is their marketing and selling aggressive techniques. They make you feel that you are losing a once-in-a-lifetime opportunity.
Before you pay so much money for any trading course, you may do well buy a couple of good trading books, and search for someone that teaches trading courses much cheaper than that. Instead of paying 1.877, you can spend $100 in books and arrange a trading course for $300. You may save up a decent amount.
Free Forex courses?
Nobody is going to give us anything for free in the financial world.
Everyone wants easy money, but trading is not an easy way to get money. Actually, most guys who enter this world end up losing.
The majority of people who offer courses or services about this world, make a good living.
There are not many people who make a living as pure traders.
The number of scams is in, what we might consider a great bull market.
Honesty is in a secular bear market since long time ago.
Thanks for reading and sharing.