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Forex Trading Education: Scam Artists are Everywhere

By : Harold Hsu
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There are many sources of Forex trading information available on the internet today, and new traders are spoilt for choice when choosing whom and where to learn about trading from. Unlike most other topics of interest, however, Forex trading is particularly susceptible to online marketing scams.

In any area of interest which involves making money, there will always be online scam artists trying to make a quick buck out of ignorant web surfers. These scammers usually tempt new traders to buy their latest "trading system" which guarantees "instant wealth". Needless to say, there are always unfortunate people who get conned by these scammers.

And because there are so many of these con artists, the genuinely helpful information about Forex trading has been buried among all the garbage information that these scammers produce.

After being online for more than 10 years, here are 5 tips that have served me well when choosing my Forex trading resources:

Look for a photograph: Most people who provide genuinely useful Forex trading information are not afraid to post up their photos because they have nothing to hide.

Look for a track record: Scam "trading systems" often don't include a track record simply because those "systems" just don't work. They're just there to cheat you of your money.

Look for visitor comments: Most useful Forex trading websites will attract good comments and testimonials by its visitors. Good comments found on external (i.e. other) websites are even better.

Look for LIVE trading videos: Any "trading system" based on hindsight will always look good on paper. However, such systems are only useful if they can be used in live trading. Look out for live trading videos for proof of a system's profitability.

Look for daily trade entries: See if you can find a blog that shows the daily trades taken by the trader who owns the website. A truly profitable trader will not be afraid to show his daily trades (even if it later results in a loss) because he has confidence that the system he uses will eventually lead to a net gain at the end of the month.

While the first three tips can generally be faked by scammers, the last two tips are hard to lie about, especially if you've been constantly visiting the website in question.

Basically, if a website promises you something that seems too good to be true, then you're probably right. Common sense goes a long way on the net, and you should always listen to your own intuition before handing over your money.

About the author:
Harold Hsu is the owner of ForexSystemProfits.com" target=_blank>http://www.ForexSystemProfits.com where he provides premium Forex trading information and resources. He is currently giving away a free 26-page report on how to trade profitably in the Forex market, and you can get it now at ForexSystemP" target=_blank>http://www.ForexSystemP rofits.com.


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