The Dictionary of Financial Scam Terms: The truth vs. the scam

 

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International Currency Trading,  Forex

Truth:

The cross-border trading of currencies from one market to another for profit.  Currency trading is very risky, just like the stock market.  Currency values change on a daily basis, and their worth fluctuates from country to country.  For instance, I may be able to purchase 5 French Francs for one Dollar today, and tomorrow sell those five Francs for $1.02, or exchange them for Rands, the Rands for Pounds, the Pounds for Australian Dollars, the Aussie Dollars for Yen, the Yen for US Dollars, and make $1.05.  Or ending up owning my margin account $10.00.

Forex is not for amateurs.  Let me give you an example of the variables a Currency Trader needs to understand. Currency fluctuates with the times.  It is affected by politics, war, strife, feast and famine, drought and floods, crop yields, international relations and relationships.  A Currency Trader must keep abreast of the news on a minute to minute basis, and must have a full understanding of leverage, exchange rates, and the hourly movement of funds from one account to another and one market to another.

Scam:

The scam is pretty basic.  It consists of persuading someone that he or she can make huge profits by joining an investment club that uses forex markets to make money, or by sending away for secret information based on "currency market flaws" that enable huge profits to be made in forex.  Either way, the investment is gone.  Before investing in any forex pool, it is very important to fully and independently investigate the traders, their licenses, and their track record.  

 

 

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