Canadian Forex Trading Tools and Information
Forex trading has definitely become the hottest fad of the past few years, with legitimate companies and scammers both selling the dream of easy riches to millions of desperate people. It's shameful, and hopefully I can provide some guidance and education for you if you've been swept up in the hype.
Sadly, many Americans now find themselves out of a job, potentially out of a home, with credit maxed out or cut off, and in a terrible financial situation. Which is the perfect time for salespeople to swoop in and take advantage of the despair.
The good news is that yes, you can make money trading currencies, with little money down, and in your spare time. The not-so-good news is you aren't going to be doing it over night. If you jump right in and start trading with no experience, even if using someone's plan or system you've bought, you are doing nothing more than guessing.
Let me expose a very nasty, long-hidden little secret:
Let's pretend I go around telling people that I've got a sure-fire trading system, and you can get my latest hot tip for $50. I don't care if you want to risk $10 or $5,000 on a trade, that's up to you.
Now let's say only 200 people pay for my trade tip (I just made $10,000 - not bad!). The trick is this - all I have to do is tell 100 people to buy the US dollar, and at the same time tell 100 people to sell the US dollar. (I could make it sound clever by telling them to make their trade tomorrow between 2pm and 3pm or something.) So then what happens? Well, it doesn't matter if it goes up OR down, because here's what would happen: Half the people will lose their money, and half will make money. Now let's say that all 100 of the people who lost money are angry and quit my service (which wouldn't really happen, because some would pay for another hot tip, figuring I'd made a rare mistake. I could even make up a story of how some unexpected bank move caused panic, or whatever). Regardless of what happens, I'm left with 100 people who are thrilled with the "accurate" advice. They immediately pay for another hot tip (so I make $5,000). I get glowing testimonials from some of them to put on my web site. And again, I tell half those people to buy and half to sell... Pretty soon I've gone from 200 to 100 to 50 to 25, each person paying me $50 along the way. But at the same time I can get new "members" or "clients" through my site. This scam will shaft half the people, and make a fortune off the other half.
More news and information to come...
