Forex Trading – The Downsides to the Forex Trading Industry
When you walked down the streets of Kuala Lumpur on a hot afternoon and asked random people whether they knew anything about FXCM Markets trading four years ago, most would have given blank stares. Only people who are highly educated in investment and banking would be able to understand what you were saying.
Fast forward to 2009 and I discovered forex trading is well-known. Even for those who live in cities, this is true. This is possible because of the internet. Forex trading online has made it possible for people to trade currencies in a way that was not possible before. This phenomenon is not limited to one country, but it affects the whole world. Many people have experimented with forex markets via computers in countries such as Russia, China and Africa.
Forex brokers compete for the same piece of the market and it’s no surprise they are. They have had to compete for their business and the requirements to open an account online to trade forex has fallen to ridiculous levels. For $20, you can get a forex trading account from major forex brokers. Twenty American dollars equals approximately 68 Malaysian Rupees. A nice steak dinner will not be purchased with 68 Ringgit in this country. Forex accounts are easily available for as little as a dollar.
Anyone can trade forex if they have money and an internet connection. Scammers are always present in any business with great potential. They are not ones to be ignored and have made a career of stealing from those in the shadowy places where they live to prey on the lucky, the ignorant, or the lucky. They ask if you would consider attending a 3-day course that will allow you to trade currencies for $1000 USD per day.
They prefer hotels as they can book expensive conference rooms for their sales pitches. At least 30 seminars have been attended by me. Most of the people there didn’t seem like they knew what they were talking about. They were there to sell a product already repackaged. Some were not interested in forex trading. They spread their courses through the internet, newspapers and word-of-mouth. How much does it cost? The cost of a 3-month course can be as high as $6000 Ringgit