Forex scam artists – their scams are seductive, well crafted and, in most cases, truly believable – at least a first glance. Or in a frenzy of lust for the easy buck.
In this article, you will find out how to spot a forex scam and what you can do to prevent becoming victims to the forex scam artist.
Did you know that over 95% of purchase decisions are made based on an emotional response? Yes, 95%. The forex scam artist knows this and exploit it! Even those people who create a spreadsheet matrix with weighted values have been known to tweak the numbers so they lean in the direction they REALLY want it to go.
I’m not here to bash emotion. It makes the world go round. And there’s nothing wrong with making an emotional buying decision – as long as you know that’s what you’re doing! As long as it’s an informed decision.
How do you inoculate yourself from jumping in feet first, from rushing into the decision to buy a forex training system, when even angels should fear to tread the path paved by some of these training systems? How do you prevent yourself from becoming yet another victim of the forex scam artist?
Outrageous claims – do you really think any systems can consistently deliver 40-50-60% gains, day after day? Do you really believe you can turn $1,000 dollars into six figures in just a few months? The forex scam artist will have you believe this!
Screen captures – do a few screen shots – real or photo shopped – tell you everything you need to know? The forex scam artist be very selective in what they show you an will paint a wholly unrealistic picture of what they are really offering.
Glowing testimonials – from people like “Joe in Canada” or “J.T., London. Really? The guy got so rich, so fast, and he’s afraid for the scammer to use his real name?
Great expectations – does the forex scam artist nurture your desire for the unattainable? A Ferrari in your garage in three months, champagne with your breakfast every day – in 12 short weeks? The ability to thumb your nose at your know-it-all brother-in-law while you wave huge piles of cash in his face?
You’re captive – the only way to get their secret sauce or magic beans is to open a trading account with a specific broker, who just happens to be affiliated with the site.
It’s too easy – everything on the site is slick, beautiful and polished. Just click this easy “Order here” button. There is no voice of reason giving you warnings, telling you to make sure you know there is no overnight miracle, that your computer is not going to turn into a cash machine, that forex trading is work, and lots of it to get consistent success.
Wizard of oz syndrome – the people behind the business are just that, hidden way behind the curtain like the Wizard of Oz. Is there a real person behind there who is candid, with a real business model ensured to be here next year and tenor twenty years from now?
There are reputable forex trainers are there. Just give yourself the chance to find them. They’re the ones saying take the long term approach, learn some serious skills.
When you’re researching trainers, do it when you’re rested and well fed, not tired and hungry. Did you know I was told by a marketing guru that all those last night infomercial people pay a higher fee per hour to show their infomercials between 1:00 and 3:00 in the morning? Why do you think that is?
Ask yourself what emotions make you most vulnerable to an impulse buy decision? If you’re already feeling vulnerable and anxious about your expertise or your trading account, watch sports or music videos. Don’t go shopping for a forex trainer.
Ditto for looking for a resource after you’ve had a fight with your spouse or significant other – especially about money of “getting a real job”.
Make a list of specific things you want from a forex trainer or system. Start with realistic results and a REAL proven track record, not sprinklings of pixie dust.
Know that the forex scam artist’s sites are designed specifically to prey on your vulnerabilities, like sharks are drawn to blood in the water. Keep your emotional impulses in check and don’t become so much fresh meat for the forex scam artist.