Forex Trading Downsides – What you need to know about the Forex Trading Industry
If you had asked random strangers in Kuala Lumpur on a warm afternoon, four years prior, if they know about forex trading, many would have given blank stares. People in the financial sector and investors would not understand your words, click for source.
I was surprised to learn that people in 2009 are well aware of and familiar with forex trading. The same is true for those who live in urban areas. It is the Internet that has caused this. Online forex trading opened the markets up to the public in ways that were never before possible. This phenomenon affects all countries. Many individuals from Russia as well China, Africa and other smaller countries have used computers to experiment with the foreign exchange market.
This is because forex brokers have to compete with each other for business, and the attention that’s paid on the foreign exchange markets has been increasing every year. Due to the fierce competition, they have lowered their requirements to create an online forex account. For $20, you can open a trading account with the largest forex brokers. Twenty American dollars equals approximately 68 Malaysian ringgit. In Malaysia, the 68 Ringgit you have won’t be enough to buy a good steak. It is possible to open an account with a currency exchange for under a Dollar.
Now, anyone with a computer connected to broadband internet and some money can do forex trading. They will be in every business that is profitable. These scammers never leave anyone behind. They’ve climbed out of their dark corners to take advantage only those that are fortunate, stupid, or lucky. It seems that their question is this: Wouldn’t you attend a 3 Day Course to enable you to make $1,000 USD a day trading currencies if it was offered to?
The hotels are their preferred location, booking expensive conference rooms for sales presentations. I have been to at least thirty seminars. These people did not seem to have any idea what they are talking about. There to promote an already repackaged product. Some were even not interested in forex. You can find them on the web, in the newspaper or by word of mouth. What is the price? What’s the cost?