Various Types of Scams in Forex Trading Business
Percentage Allocation Management Module (PAMM) Account
Do you not have time to run a forex trading business? and also want to be a rich person from this business? if your answer is “YES” then you have to be careful because it is likely that you can become a victim of SCAM from the PAMM Account. Do you know what is called a PAMM Account ? Okay, if I don’t know, I’ll explain just a little about what is PAMM Account. So, PAMM Account is a professional trader that you can trust to carry out the task of managing the funds or capital that you have and you will get a profit if the PAMM Account prints profits and you will experience a loss if the PAMM Account loses. But before you choose this strategy to make a profit then there is one thing that must be remembered that even though they have good forex trading performance at the time of yesterday but not necessarily the performance is valid the next time.
Maybe before you use the PAMM Account service, you can ask yourself. Are you willing to give up your hard-earned capital to other forex traders that you just know and even that introduction you only do through a graph of forex trading performance that is likely to be manipulated? And as you search for your answer, then please do some things first such as valid research on the PAMM Account itself and detailed evaluation of the PAMM Account background.
Why do you have to do valid and detailed research about the PAMM Account? because there are so many forex traders out there who claim to be professional Forex traders but actually he’s just a failed forex trader who only seeks instant profits by tricking novice traders who don’t know much about the ins and outs of the forex tarding business. Actually, not all PAMM Accounts are scam, there are also PAMM Accounts that are actually run by professional forex traders, but to find a PAMM Account like this is not easy, bro. So your job is to find a PAMM Account that is really good in terms of the quality of trading results and that’s your job. And to find PAMM Acoount like this, you can see some basic parameters such as how long the account has, the reputation like what ?, and what kind of performance graph does it have? And these data can usually be obtained in detail through forex brokers that provide PAMM Account facilities.
We do have to avoid the name SCAM because if we have been exposed to SCAM, the capital that we have will be used up either partially or completely, and it must be very detrimental because the loss is very painful. But there is something that is no less painful than the loss, namely the loss of confidence running this forex trading business, why? because if you are a beginner forex trader and experience a failure at the beginning that is very painful then there could be a SCAM like this makes you always be cynical about the forex trading business so you might always think that the name is a forex trading business that is full of fraud.
Yes, indeed, the name LEARNING is very boring and difficult to do, but there really is no other way to make a successful forex trader run this business without having to Learn, Learn, Learn, Learn, and Continue Learning. So, yes you really have to study, learn, study, and research.
I have also discussed how to profit from the forex trading business by using a Forex Robot or Expert Advisor (EA) provided by the MetaTrader4 or MetaTrader5 trading platforms. And if we talk about Forex Robot then again many cases happen like this. There is a beginner forex trader who wants to be rich from the forex trading business instantly but he does not have sufficient ability plus he does not have the time to run this business so he looks for how to profit in the forex trading business. And he did it by entering a keyword into the google search engine. And finally met him with a new term called Forex Robot or Expert Advisor (EA). And then he tried using the Forex Robot or Expert Advisor (EA) to help him run the forex trading business.
And do you know how much it costs to buy an Expert Advisor (EA)? Expert Advisor (EA) prices are priced at a price that is not cheap even though there are free ones.
And if you want to buy an Expert Advisor (EA) have you asked yourself. How much profit can you get by using Expert Advisor (EA) when running a forex trading business. Maybe you even lose and if you lose it can mean you have lost twice that is the loss of the forex trading business and also the loss from the cost of purchasing an Expert Advisor (EA). And also ask whether the Expert Advisor (EA) can guarantee you get a profit. If the Expert Advisor (EA) cannot make a profit why do you have to buy it.
Actually you can get many benefits from the forex trading business if you really study seriously.
If we talk about big profits, then it is very tempting if we talk about Expert Advisors (EAs) which are sold starting at IDR 50,000 – up to IDR 10,000,000, – so there is a high probability that forex traders will be tempted to profit large with minimal effort. So if you are the type of forex trader like this then you have to be careful because this could be the SCAMMER’S trap! which can hurt you if you get stuck buying what they sell.
And before you buy an Expert Advisor (EA), please ask yourself. If the Expert Advisor (EA) is indeed able to generate huge profits, why do they sell it to you. Why don’t they use it themselves to run a forex trading business so surely they will get even bigger profits.
Actually I do not prohibit you from using Expert Advisor (EA) but you must be careful using it because Expert Advisors (EAs) are only programmed based on certain conditions and that also depends on the experience of the manufacturer itself. If you choose the wrong Expert Advisor (EA), then the possibility of experiencing a loss is very large so that you as a forex trader especially beginners must be more careful using it. There is no other way than LEARNING and CONTINUING TO LEARN to be able to get regular benefits from the forex trading business.Remember! that the name of the forex market is full of uncertainty and that is certain in the forex market is uncertainty itself and this means that the forex market cannot be predicted with certainty especially with the name Expert Advisor (EA) or Forex Robot.
If we talk about trading signals it is actually almost the same when we talk about Forex robots.When you are looking for where the forex market is moving and you happen to meet someone who says that he is able to predict where the forex market is moving properly and he is asking for payment then you have to be careful. Why? it could be that he is a fraudster who only uses your trapped situation. Why? because no one can predict exactly where the forex market will move.
Beware of SCAMMER’S promoting anti-failed trading signals because no one knows where the market moves are including those of professional forex traders. Don’t just buy trading signals that you don’t know where the signal comes from, especially if you are a forex trader who wants to depend on this business. Be careful not to lose capital due to ignorance.
Actually the same as the PAMM Account or Forex Robot, trading signals are only tools when you do an analysis of the forex market and not a HOLY GRAIL that will definitely bring profit. So if you want to successfully run a forex trading business then there is no other way that you have to learn independently and continue to do research to hone your trading skills but don’t forget to practice right, which can be started from small capital first.
Before I close the writing about various types of scams in this forex trading business, I need to say that I have never forbidden you to use the three tools above, namely PAMM Account, Forex Robot or Expert Advisor, and Trading Signals for profit. It’s just that you have to be careful when choosing which tools you will use because a lot of SCAMMER’S lurks you through tempting offers through this tool. And before you choose to use which one, please ask yourself if you are ready to bear the risk that if it turns out your choice is wrong.
Actually, besides the three types of scams above, we also have to be aware of forex brokers who can turn into SCAMMERS.