If it Sounds Too Good to Be True…

Filed under: Learn Forex Trading |

There is a common phrase on the Internet these days… “If it sounds too good to be true… then it probably is.” There are so many people trying to sell something these days, and so many people who desperately want to escape their 9-5 job, that forex has become something of a false prophet to many. The problem is that a lot of vendors, who have great selling skills, but little knowledge of trading forex, push their products onto the market and create false hope for their customers, who inevitably end up losing money.  Many of these products come in the form of trading robots (software that trades for you), seminars, CDs, books, signals services, and trading ‘systems’. While there is knowledge to be gleaned from many of these products, they are expensive and generally, there is nothing there that cannot be learned on the vast resource of the World Wide Web or to a lesser extent, at the local library.

 

Before I realized that it is better to learn for yourself how to trade than to let others do all the hard work for you (other’s won’t do the hard work for you!), I bought several of these online products that promised easy riches, and they of course lost me money. The general rule of thumb is that, the more they promise, the more wonderful the product sounds, then probably the higher chance there is that it is not going to make you money. If it sounds too good, it probably is.

 

Personally, I now stay away from any trading robots or ‘free’ seminars. I do keep my eye out for any potentially profitable signals service providers, but even these have their downside. You can rarely mirror their trade results, and their profits tend to be less than they report for one reason or another. In the end, if you learn the skills of trading yourself, then you will have those skills for life. Anything less is taking an unfamiliar short cut; and short cuts usually end up in you getting hopelessly lost.

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