Forex Trading – The Downside of the Forex Trading Market

Four years ago, if you asked someone walking along the streets of Kuala Lumpur for a hot afternoon snack break if they knew anything about FXCM Markets trading, you’d get blank stares. Only those who work in the banking industry and are investment-savvy would be able to understand what you were talking.

Fast forward to 2009 and I found that most people have some knowledge of forex trading. For city people, at least. This is all thanks to the internet. Online forex trading has made the currency markets more accessible than ever before. This phenomenon isn’t restricted to just a few countries, it affects everyone. People from Russia, China and Africa have taken up forex trading via their computers.

With increasing attention paid to forex market each year, forex brokers all want a piece. This has led to fierce competition and has caused the requirements for an online Forex trading account to plummet. It is possible to get a forex trading account through major forex brokers for only twenty dollars. Twenty American dollars equals 68 Malaysian ringsgit. This country’s 68 ringgit is not enough to buy two steak meals. Forex accounts can be purchased for just a few dollars.

This makes forex trading easy for anyone who has some spare change, a computer, and a broadband connection. Scammers are always found wherever there is business activity that offers great opportunities. Never one to be ignored, they are always looking for opportunities to exploit the weak, the unlucky, and the ignorant. The question they seem to ask everyone is this. Would you be interested in a 3-day course that will teach you how to make $1000 USD per trading currency currencies every day for a total of $1000 USD?

The hotels they choose are the ones where they can give their pitch. I can confidently say that I was at least 30 times to these “seminars” and the majority of them didn’t know much about what they were talking. They were simply trying to sell a product which was undoubtedly repackaged and repackaged. It was distressing to note that some of them did not touch on any aspect of forex trading. Instead, they were salespeople planting ideas of wealth in the minds and skirting the subject of forex trading. The courses are advertised in the newspaper, online or through word-of-mouth. How much? For a 3-month course, you can get as high as $6000 Ringgit

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