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Wednesday, April 29, 2009

The Truth About Forex Scams

By Jack Sawyer

What are Forex scams? Many people mistakenly think that any Forex product or trading system which does not make them instantly wealthy is a scam. These people do not want to put in any time or effort on their own part. They want a magical, get rich quick system ? well, there?s no such thing. If there was, we?d all be using it and of course, this system wouldn?t work for long. It?s just basic economics.

All that money has to come from somewhere. While the standard of living can be raised universally by technological developments and other innovations, all trading or any other economic activity where there is no value being produced is a zero-sum game. For one person to make money, someone else has to lose it.

There are always losses being taken by individuals and institutions who are either unaware of the currency exchange market or cannot for one reason or another allow exchange rates to dictate their activities. You wouldn?t put off a vacation because of exchange rates ? and businesses also cannot wait for favorable currency exchange rates to import or export goods. It?s just not a possibility for each and every Forex investor to get rich ? simple as that.

Next time you?re trying to decide whether the negative comments you?re reading about a Forex product or system on web forums mean that it is really just another of the Forex scams, you should take a minute and think of how a scam operates in the offline world (remember that?).

Suppose you go to the bookstore and pick up a book on Forex trading. You find that the techniques given in the book do not work out in your case. It can be that the information here is out of date, or there could be any number of other reasons why this book didn?t give you the results you had hoped for. You may have learned a little and simply decided that this book wasn?t the answer for you ? you wouldn?t storm into the bookstore and accuse them of being a scam.

However, if this same bookstore was urging people to pre-order a new book which they were hyping up and you were to show up on the day of sale to find the bookstore had closed up and the owners skipped town; now that would be a scam.

A scam is a completely fraudulent business activity which is created with the intention of swindling people. A scam is by definition illegal ? if a product or service is offered in good faith, it is not a scam.

With the word ?scam? being thrown around so often, it can be hard to know what products are legitimate and which are not ? this makes people, already a little hesitant of buying online even more nervous. In many cases, products are accused of being scams simply because they didn?t work the way a customer expected. You may take their advice and not want to buy these products; after all, not every legitimate product is a winner ? but it would be wrong to call these products or services Forex scams. - 23208

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