We have all heard allegations about fx scams but the truth is that many scams are perpetrated by traders trying to get an edge. The most common mistakes are:
DON’T CHEAT - Using third party software or EAs to try to trick trading software systems….this is just STUPID! The software designer takes no responsibility and you WILL be breaking the terms and conditions of the trading software so WHEN you get caught, you WILL lose everything. Pick a trusted Broker and do your research…Cheats always lose!
READ THE SMALL PRINT – Small print on software packages as many have a clause like ‘this software is for educational purposes only and is not meant for real trades’ so make sure that you READ IT ALL. It boring I know and they make it deliberately very small to make it difficult so just copy and paste it into Word and increase the font size….Simple when you know how!
DON’T LIE – Don’t lie on your FX broker application! This is a classic and the FX Brokers will always catch you out and close your account….Simple! Shout and scream all you like but you if you can’t do the time….you know the rest.
TRUST NO-ONE - There are a million (OK slight extradition) Brokers out there using Boiler Room tactics to get you to buy into their clients accounts. If you don’t do your research and just invest with some guy…or girl who has called you out of the blue then don;t be surprised when you get ripped off. These guys are relentless, high pressure sales people who are REALLY good at convincing you of their track record and legitimacy. DON’T TRUST ANYONE….Do your research, look on the FSA website and just simply Google them to see what others are saying about them.