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Thursday, June 26, 2008

Online Forex Trading – 4 Tips To Avoid Scams

Forex trading scams are plastered all over the internet, and scam artists are getting better at what they do. In this article, I’ll give you 4 tips to help you better identify and avoid potential Forex scam websites.

Tip #1:
Don’t buy from websites that tell you Forex trading is easy

Ask any profitable trader, and he’ll tell you that it took a lot of hard work and patience before he started making any money in Forex. It is in our human nature to want things quick, convenient and easy, but unfortunately learning to trade Forex profitably is anything but that.

New traders are lured by the scammer’s promises of "quick" and "easy" profits in Forex trading; but as much as I would love to believe them, the only people who are going to make quick and easy profits are the scammers themselves… at YOUR expense!

Tip #2:
Don’t buy from websites that claim to have a "secret" trading method

This is another myth about Forex trading that many new traders want to believe. Similar to Tip #1, many traders like to believe that there is a "secret" or "holy grail" trading system that can make profitable Forex trading as easy as pie. All you’ll need to do is to purchase this ultra-secret, "underground" trading method for $197 and you’ll be set for life! …yeah right.

Most of the time, if something sounds too good to be true, it probably is. Don’t fall prey to these lame offers… they’re there to cheat the ignorant and the dreamers. Good Forex traders aren’t dreamers, they trade on sound logic and calculated risk.

Tip #3
Avoid trading systems with over 90% accuracy

Again, such incredible claims are there to try and convince you that Forex trading can be easy. There are many things I can say about this topic, but just let me cut things short for you: even the big investment banks with their advanced technology, lower spreads, larger capital and highly-trained traders don’t enjoy such high percentages of success. It’s very, very unlikely for some "underground trader" to be able to beat their winning percentages.

Tip #4:
Ask for an ACTUAL trading track record

Many scam Forex websites like to post up hypothetical or back-tested trading results. Don’t be fooled by them. You see, anyone can develop trading systems that work very well on past market prices… after all, who can’t make money if they know what’s going to happen next?

Before you purchase any trading system, make sure you’ve seen the track record of the system’s actual gains and losses.

To learn more, download my free 26-page guide here: "Forex Trading Traps!" Harold Hsu is the owner of where he provides premium Forex trading information and resources.

Author : Harold Hsu
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