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Stats: 2,755,980 members, 6,547,993 topics. Date: Wednesday, 20 October 2021 at 06:55 PM
|Forex Trading - A Need To Be On Your Guard! by SavageResponse(m): 1:26am On Nov 01, 2020|
A while ago I opened a thread where I asked if it was possible to make a living from just forex trading. My reason for doing it at the time was because I had noticed that a lot of the so-called forex traders were living a lie.
If you go through the posts of most forex traders here in Nairaland and elsewhere you will notice that most of them are always more interested in getting people to pay them for signals or for trainings.
In all fairness there are actually forex traders who are making money from forex trading but they are few and far-in-between but you really need to be very skilled for you to make a consistent monthly ROI of 15% and above.
I noticed that instead of actually trading forex which they hail as a money spinner most of them are more interested in chasing trainings while giving the impression that they are making money from forex trading.
As a result of this newbies have been misled into thinking that forex traing is a get rich quick business. My purpose for opening this thread is to alert newbies to the presence of scams and impostors who claim to be professional forex traders but whose purpose is to deceive you into parting with your money by claiming to have skills which they do not possess.
Recently a longstanding member of this forum who was assumed to be knowledgeable in forex trading was been found out to be a scam.
He was caught passing off the results of another trader as his own.
In addition he was deceiving people that he was trading with a live account but in actual fact he was using a demo trading account.
The fraud was discovered by another member of this forum who performed a close scrutiny of some of the trading results he was posting here.
Apparently his reason for deceiving people is to give the impression of being a good trader with fantastic results and thereby increase his followership so as to get more people to potentially entrust their forex accounts to him to manage.
If you’re a newbie you need to be very careful; do not believe all the crap you here when someone tells you that he’s making fantastic ROI.
Always do a thorough due diligence before give out your forex account for management by a third party or start buying signals from anyone.
All that glitters is not gold!
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