Forex Trading: The Downside of the Forex Trading Sector
Four years ago, when you went down the streets of Kuala Lumpur during a hot afternoon lunch break, and asked strangers if FXCM Markets trading was something they knew, they would only give blank stares. Only those working in the banking and investment industry would know what you were referring to.
Fast forward to 2009, I’ve found that many people have an understanding of what forex trading looks like. This is especially true for urban dwellers. The internet is to thank for all of this. Forex trading online has made it easier for people to trade currencies. This phenomenon is not just restricted to certain countries. It affects all of the world. People from Russia to China, Africa, and even smaller nations such as Sri Lanka, are now trading in forex markets via their computer.
Why not? With the growing attention to the forex market each year, all forex brokers are vying for a piece. This has resulted in fierce competition among them which has brought down the requirements for online forex trading accounts to absurdly low levels. So low that you can get a forex account from major forex brokers for just twenty dollars. Twenty American Dollars are equivalent to about 68 Malaysian Rims. The 68 ringgit cannot buy a steak dinner for two in this nation. Forex accounts can be bought for one song.
This allows forex trading to be easily accessible to anyone with a computer and an internet connection. If you look for a business with great potential, you will also find the scammers. They don’t like being left out and they will crawl from whatever shadowy dens that they inhabit to prey upon the few, the lucky, and even the ignorant. This seems to be the question that they are asking everybody. How would you feel about a three day course that will help you trade currencies in $1000 USD per hour?
They prefer hotels that have expensive conference halls, as they are able to pitch their products. I’ve been to more than 30 of these seminars and I can confirm that the majority don’t really know what they’re talking about. They were selling a product that was likely repackaged or rehoned. Some of them, however, didn’t touch on forex trading. Their courses are advertised via the internet, in the newspaper or by word-of mouth. How much? The course lasts 3 months and costs up to $6000 ringgit