Forex, Are All Products And Services Scams?
If you look on the Internet for a Forex product, system or service, you will undoubtedly find people complaining about scams. If you look long enough, you are going to start to wonder it everything you find online is a scam. Contrary to what you might have been told, becoming a successful Forex trader is more involved than download a Forex system and studying it over the weekend. In my opinion, a person without the skills and experience to trade a system properly will inevitably find a way to turn a winning system into a loser. But this does not make the trading system a scam.
I think there are less Forex scams than people think. What people want is a "turn key" Forex solution (one they can get and start trading perfectly from day 1). That kind of system really doesn't exist. All you need is a trading system with a positive expectancy that you can trade according to the rules and consistently. Then you just have to settle in to trading the system over and over again.
Every system has losing trades and "bad patches". The trick is to gain confidence with the system you are trading so you will keep placing the trades according to the rules and trading through the losses and bad patches. Once you have this confidence, you just need to keep on placing the trades according to the rules and you will ultimately come out on top. Unfortunately, most people don't trade a Forex system long enough to trust it and start screaming "scam" after the first losing trade.
Another problem which leads to prematurely calling systems scam is having unrealistic expectations. This happens a lot of the time because people want to make a certain amount a month trade, but have such a small account that it is impossible. If you only have a $1000 account, making 15% a month trading really doesn't create a lot of income. But what about 15% of a $100,000 account? Don't get me wrong, you don't need a big account to start out with. As a matter of fact, I would advise starting with a smaller account and using compounding to grow it to a substantial account. The point is, when people find out they are not going to be making 1000% gain every month, they say the system is a scam.
In my experience, there are plenty of good Forex trading systems out there. If you can trade a proven system consistently and in the way it was designed, the system will make you a profitable trader. The trouble is, most traders don't have the skill level or mental discipline to trade the system properly, especially when real money is at risk. This is what leads to poor results. Basically, the person is responsible for the poor performance of the trading system, not the trading strategy. But since it is very hard to admit fault, they say the system is a scam instead of admitting they are lousy traders.
Article Source: FxTradingStock.com
About the Author
To find out how really to go from Forex dreamer to profitable trader, join Forex Insider Pips for free. Get video training and exclusive trading tools to help you succeed. Visit http://www.tradetheforexmarket.com for more info.
by: Edward Lomax
Total views: 24
Word Count: 506
Date: Fri, 14 Jan 2011
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