Forex Training Scams Debunked
I have a special guest for today. Not only is this guy a ‘trainer’ but a world-renowned forex fund manager as well. What surprised me about his ‘managed accounts’ racket is that the minimum amount to participate is $1mil. WOW. He boasts over 100% ROI for 10 years, making 220% in 2012 and 162% in 2013. Although he states that his performance is audited, I couldn’t find any evidence that a third party auditor really exists. There is also no evidence that he manages $10k, let alone millions, as he claims.
As if to show the world that a scam artist won’t stop anywhere, this guy has the nerve to STAGE a press conference.
The second case I’m going to present might not seem like a scam at first sight. It’s certainly not as obvious as the previous ones. But for someone who’s been trading for a long time, there are a few alarm bells ringing. First, there is the very high price of this supposed training. To have the gall to charge more than $11k, when you have no trading credentials, just some posts where you brag how many pips you’re making, it’s a major red flag.
Secondly, there is the offer of managed trading, where there is no proof of past performance. Not only that, but there isn’t any mention of risks involved, just a promise of making the client rich. How is this guy expecting prospective clients to hand him ‘substantial funds’ as he puts it when for all we know, he might not even be trading a real account at all.