How To Protect Yourself From Forex Scams

So, what have we learned?

Scams DO EXIST!

Yes! There are some truly evil people out there trying to earn a living through deception. Unfortunately for them, you are astute!

You understand that the only way to win in forex trading is to start at the beginning and accumulate trading experience!

Say this three times loudly:

“I’m not going to fall for no-risk robots!” Guaranteed refunds will not deter me! Finally, I will not be lazy and let someone else to trade my fortunate charms, er, money for me!”

Now that it’s out of the way, let’s wrap things up with some frequently asked questions from our viewers!

Q: How can I protect myself from fraud?

A: Easy. Be educated. Be smart. Know what a scam looks like. Anything that seems too good to be true usually really isn’t true.

Q: How do I choose a Forex Broker?

A: First and foremost, make sure the broker is regulated by a national agency. DYOR. Research, research, and do more research!

Q: Can Forex Managed Account be trusted?

A: If your forex manager is yourself, yes! If not, I’d exercise extreme caution. But if you’re persistent and want to find out the hard way, do a background check and make sure the person has proper licenses and certifications.

You should find out if the person’s forex activities are regulated and by whom. If the person is not regulated, you may be exposed to additional risks.

Q: Are Forex robots profitable?

A: It’s possible, but because they’re usually built for a specific set of conditions, their profitability, and how long it may be profitable depends on the market.

Like human traders, they can go on long profitable runs, have a long string of losing trades in a row, or see-saw somewhere in-between.

If you take anything away from the school about them, just don’t think they’re a “set-and-forget” solution to trading; they must be monitored closely as well.