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Rightly said, Martin. That’s why we do our best to scare people away from forex with our Forex Shark video. At least, they won’t get eaten by the sharks so easily. Do I have your permission to post the link to the video?
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A timely and informative post, Lion!
Not just for forex, but more and more ads have popped up touting share trading schemes/systems, options trading and also property-flipping (though it’s packaged in a different way of course!). All these “free” seminars play on the greed of the common man and entice him with rewards and big gains without detailing the associated risks and probabilities.
I liken it to a casino touting its jackpot winner who may win $500,000 (example) with a simple $2 bet, or Toto winners whose names are published every week winning 6-digit sums. But what’s unsaid are the countless “losers” who can spend their whole lives trying to “hit the jackpot”. Similarly, these courses also have their multitudes of people who fail to make much of an impression – but everyone thinks they will be that “gifted” one, which is why these seminars are raking in the big bucks.
I’ve always maintained that the Govt or a regulatory body should be set up to monitor such false and misleading claims, and to ensure these charlatans get registered so as to prevent more people from being conned/swindled/hoodwinked. But so far nothing is being done, and I feel nothing will be done as Singapore’s approach is always “Caveat Emptor”!
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Yes, Singapore is Caveat Emptor!
An irony when you have to go through all the regulations to sell investments (and give advice 1 on 1), but any man in the street can teach people (one big group) how to invest!!!
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Great warning post Lion.
But greed will still steer many lemmings towards the forex traps.
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