Forex Trading – What are the Downsides?
You were walking down Kuala Lumpur streets four years ago on a warm afternoon, when you asked people about Forex trading. Most would have replied with blank stares. The only people who are able to understand your message would be the banking professionals and those with investment knowledge, get the facts.
Flash forward to 2009 and I’ve discovered forex trading is well known. It is even possible for urban dwellers to understand forex trading. It is all thanks to the internet. The internet has allowed forex trading to be accessible online in a way never before possible. This phenomenon doesn’t affect one country only, it impacts the whole world. Numerous people have tried the forex market using computers in countries such as Sri Lanka, China, Africa and Russia.
It is not surprising that forex brokers all compete for one piece. This has led to fierce competition between them, and made it impossible to open an online forex trading accounts. You can obtain a forex trading account through the top forex brokers starting at $20 Around 68 Malaysian rubles are equal to 20 American dollars. You won’t be able to buy a steak dinner with just 68 Ringgit. Foreign currency accounts are easily available for less than one dollar.
Anybody can forex trade if they have the money and access to broadband Internet. Any business with high potential will be targeted by scammers. Scammers are not ones to be overlooked and will always find a way to exploit those with the most potential. The question they are asking is: Are you interested in a three-day Course to help you trade currencies for $1000 USD per day?
Hotels are their preferred venues. They book expensive conference spaces to promote their products. More than 30 seminars were attended. Many of them didn’t appear to have any idea what they were saying. They came to market a product they had already repackaged. Some were even not interested forex trading. The courses were promoted through the Internet, newspapers and word of mouth. The cost of the course? For as little as $6000, a three-month course is possible.