From time to time, I would check my FB site to get a glimpse of what's happening in the investment world out there. What's on offer and what's new that catches my attention.
I discovered as the global market is entering into recession, high job unemployment and resurgence of Covid-19 cases in Australia, SK and HK, even China, the "fake gurus" and scammers are making their inroads to con their victims.
Here are just a few examples of forex scams (here, here and here)
Here's a few things you can do to protect yourself :
1. Register with a licensed brokerage firm, one that is predominantly based in your own country. For me, I use Philips Capital, CMC, Tigertrade,etc.
2. Whatever advertisement that you come across , if it sounds too good to be true, then IT IS !!!
Eg. Invest 100 and make 5000 per week. Such preposterous claims works on the human greed who wants to make money fast, within the shortest possible time frame.
3. Friends's referral - Your friend may have attended a online/off-line seminar and had made some money out of it and enthusiastically invited you to join as well. Many of such firms are in disguise, one form of pyramid selling or another, promising high commission pay out.
You probably convince yourself that you are smart enough not to put in too much, maybe 5000 and get out when you make 15 to 20K. Yeah, sure there is a group of lucky fellas who managed to escape the tiger's den but more innocent or greedy folks will continue to feed this vicious cycle.
The pressure is on with so much retrenchment , cut in wages and difficulties in finding jobs. Out of desperation, many who stays at home and spend numerous hours online may be exposed to this.
If I could relive my trading/investment journey again, I would not have "invested" my hard earned money to any the courses. This sum of money could be used as your working capital and in the worst case scenario, putting all eggs in one basket and dumping it into a Global market ETF of SPX500 ETF would still generate a healthy returns over time.
The pressure to become a millionaire at 18, 20 or whatever age you want is a self-imposed pressure. Of course, if you do it diligently and with a proper system, it is always possible to achieve any dreams you want. But to take short cuts by participating in quick rich schemes is a sure path to more losses, pain and disappointment.
Put in the work, there is no too way about it. You need to practise, do the live trade. Learn from the charts, etc. Do your research and analysis.
Read this daily
I discovered as the global market is entering into recession, high job unemployment and resurgence of Covid-19 cases in Australia, SK and HK, even China, the "fake gurus" and scammers are making their inroads to con their victims.
Here are just a few examples of forex scams (here, here and here)
Here's a few things you can do to protect yourself :
1. Register with a licensed brokerage firm, one that is predominantly based in your own country. For me, I use Philips Capital, CMC, Tigertrade,etc.
2. Whatever advertisement that you come across , if it sounds too good to be true, then IT IS !!!
Eg. Invest 100 and make 5000 per week. Such preposterous claims works on the human greed who wants to make money fast, within the shortest possible time frame.
3. Friends's referral - Your friend may have attended a online/off-line seminar and had made some money out of it and enthusiastically invited you to join as well. Many of such firms are in disguise, one form of pyramid selling or another, promising high commission pay out.
You probably convince yourself that you are smart enough not to put in too much, maybe 5000 and get out when you make 15 to 20K. Yeah, sure there is a group of lucky fellas who managed to escape the tiger's den but more innocent or greedy folks will continue to feed this vicious cycle.
The pressure is on with so much retrenchment , cut in wages and difficulties in finding jobs. Out of desperation, many who stays at home and spend numerous hours online may be exposed to this.
If I could relive my trading/investment journey again, I would not have "invested" my hard earned money to any the courses. This sum of money could be used as your working capital and in the worst case scenario, putting all eggs in one basket and dumping it into a Global market ETF of SPX500 ETF would still generate a healthy returns over time.
The pressure to become a millionaire at 18, 20 or whatever age you want is a self-imposed pressure. Of course, if you do it diligently and with a proper system, it is always possible to achieve any dreams you want. But to take short cuts by participating in quick rich schemes is a sure path to more losses, pain and disappointment.
Put in the work, there is no too way about it. You need to practise, do the live trade. Learn from the charts, etc. Do your research and analysis.
Read this daily