The consumer share his experience on how he was tricked into attending a forex training course and the distress that he suffered as a result of this incident. He wants other consumers to avoid falling into this trap.
http://tankinlian.com/admin/file.aspx?id=721&IID=727
http://tankinlian.com/admin/file.aspx?id=721&IID=727
11 comments:
I agree that there are peoples who use "forex training" to trick people. But please do not make FOREX=SCAM.
In fact, i am making consistent profit using forex trading. I did it by self learning, i took 3 years to learn before i trade real money. I do my homework!
Those people who "lost" money to forex trainer, are in fact educated. They should take partial responsibility for their own mistake.
The story struck me as strange - why did the consumer sign up and pay for the course if he has no intention to attend? Nobody took a gun to force him to take out his credit card.
However, I agree that the provider should provide a refund. If provider is good, people who don't attend the course is in fact missing out.
Providers who don't refund are usually lousy or no substance, that's why they keep the money because they are dependent on it.
I am sure for FISCA, anyone who wants a refund from any of the seminars or courses conducted by FISCA providers (due the same reasons as the consumer "George"), they will readily get it. That's why it is better for people to attend FISCA's activities.
"George" was conned into believing that he can learn how to make money, so he signed up foolishly. Later, he changed his mind and did not attend the course, citing that a family member had passed away. He asked for a refund and was refused. When he learned from his friend, who attended the course, that was a "load of rubbish", he desperately wanted to get a refund.
Reply to freemanland,
It is your personal business if you want to trade forex; nobody cares.
But if you want to start a course and charge $5,000 to teach people about "how to make money with forex", you would be considered to be "scamming people".
Strongly agreed with Mr. Tan.
By all means, make money from the market if you can. Nobody is stopping you.
Recently, my friend who is one of the best Singapore option and curency trader, shared his experience on currency trading. He attended numerous courses on how to trade in a more profitable way.
I asked him the following:
1. Why he chose to trade currency. The reason is: A BIG MARKET and 24 hours. The volume is too huge for anyone to manipulate.
2. Have you made good money? He humbly replied: He managed to make even so far.
3. Why George Soro could make a US$1 billion in his one day single trade for shorting pound in Sept. 1992? He pondered a while and answered: George Soro used his gut-feeling to trade and win. And it could not be found in the text book.
4. Is profitable currency trading about studying the economy and its fundamentals? He said: "Yes. However, sometimes and somehow, the so-called fundamental becomes funnymatter."
Good luck to all.
"how to make money with forex", which part of the above title indicate that this is a scam?
similarly,
"how to make money on ebay?"
"how to make money during free time?"
"how to make money at home?"
...
Example, somebody teach you
"how to make money using STI ETF?"
if the student do not follow advice and, make stupid decision to close position everytime he lost and risk averse everytime he profit. Can we says that this is a scam?
Reply to freemanland
This is where the forex trainer cheats the public:
1. He tells them that he has trading techniques that will make money for them (which is not true)
2. He tells them that his trainees have made money all the time (which is also not true).
He then charges $5,000 for a 3 day rubbish course.
This is how he cheats people.
Freemanland,
I have not met a single person who profit from forex and make it a career.
Banks and financial instituitions can make money from forex because they are the "chong", either way they make money from the forex traders.
Bank Trader is trading very differently, they are broker-dealer model which helps clients to execute trade to collect fees because all these clients are interntaional company (eg. GM, Intel,Apple etc), pension fund, and hedge fund which are very large in scale. And they need the sell side which is usually those investment banks likes JPMorgan, GoldmanSachs, UBS, Deutsche, CitiBank etc..to help them to source liquidity. Thus the bank trader can trade on liquidity flow model which is those rubbish retail FX trainer can never able to teach you because they simply don't have such properarity information. Moreover bank trader can trade on high frequency trading infrastructure, while your MT4 trading platform takes 5 to 10 sec to execute one single trade, the bank trader can do it within 30ms, they can always running ahead of you. Trade on better pricing.That few seconds different is good enough for the bank trader to buy ahead of you and sell back to the market already, by the time your MT4 executed your trade, the bank trader already locked the profit in that few seconds
Next time when you attend a FX training course preview, you can ask the coach why not he sells his operation to a hedge fund or ask the hedge fund to invest on his FX trading operation if the coach strategy can easily make over 10% return monthly likes a fixed income product. For example, the fund runs by Bill Gross is over 300 billion, if he is willing to dump 1% of his 300 billion fund into the FX coach's strategy, the coach can earn much more than conducting a course, why he needs to hard sell the course and even allows students to pay the course fee by installement.
Most people trading in such commodities or FX would require some tools to see the trend. There trends are backed by statistics. I.e. if an event happening is deemed 3 sigma or 5 sigma means that is is very unlikely to happen. In other words, the punter stands to win if he waited for a 3 sigma event/trend. But it is precisely due to this that he lets his guard down. And instead of moving in 1 direction, it moves in another. And before he knows it, (A black swan event) his capital is wiped out. So it is important to develop emotional intelligence in investing and do not overly believe in Quants.
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