Forex Buy/Sell Signal Providing Websites Are Not Your Friends

Internet is a big opportunity for making money, both for the legitimate businesses and also for the scams. Legitimate businesses try to make money through providing quality and reliable services and products and scams use the market and the demand that we have for so many products and services, to cheat people and make money. Just look around the web and see how many of them are ripping internet users off. From get-rich-quick programs, HYIPs (high yield investment program) and pyramid schemes to weight loss, search engine optimization, online drugstores and… .

After forex was introduced to public, scams found another opportunity to rip off those who want to trade forex and make money. Forex traders have a strong desire to make money and this is a good chance for the scams. Since the time that online forex trading became possible for public, we have had two main groups of forex scams: scam brokers and scam buy/sell signals.

There were so many fly-by-night scam brokers that disappeared with forex traders’ money. There are also a lot of other scam brokers that make money through the traders’ loss.

On the other hand, those scams who are not smart and equipped enough to run brokerage companies, try to rip people off through an easier way: buy/sell signals

Everybody knows that it is not easy to make money through trading forex. Finding the optimum entry and exit is the biggest problem for novice traders. More than 95% of those who start trading forex lose a lot of money. They look for the reason and they can not get anywhere. It is the time that they find the scam buy/sell signal providing websites.

Imagine after losing a lot of money in the forex market, you find a good looking website that promises to make 3000 per month for you. You would think about giving it a shot. You sign up for the program at least for one month to see how it works. But after a while, you lose money because of their poor signals and then you decide to unsubscribe. After paying a few hundred dollars, you will find out that the program is not able to return something it has promised. You unsubscribe and forget about it while they have already made thousands of dollars from you and people like you.

I have seen scam forex market analysis and buy/sell signal provider websites that advertise on CNBC!!! It is not cheap to advertise on such a popular network. Why do they spend so much money on advertising? Because it returns much more than what they spend for advertising. Because there are so many frustrated forex traders who have lost a lot of money while they still want to find a way to make money through the forex market.

I have been working over the internet for so many years. It is very easy for me to find out if a website is legitimate or scam. When I see a signal provider website that has a long list of successful months on its performance page and then I see that their website domain is registered a few months ago, I find out that it is nothing but a new scam website. You can never know whose that website is belong to and who is behind it.

About two years ago, one of these scam websites started working. It is still impossible to find out who is behind it. Now the website and the program is one of the most popular signal proving programs because it has an affiliate program and it is promoted by so many websites and weblogs. I have been in their mailing list since long time ago and I receive their newsletter. They were used to send buy/sell signals with no stop loss and a 20 pips target. Many of their signals were used to go to the other direction, sometimes for so many days or weeks. Taking a position without stop loss is the most stupid thing that a trader can do. Keep in your mind that finally you will blow up your account if you trade without a proper stop loss. The same thing happened to subscribers of this program. A few months ago, they took a long position with EUR-JPY while the market was strongly bearish. It went down for over 500 pips in a few hours.

What happened to that scam website after that? Nothing! They are still ripping new forex traders off. Probably those subscribers who their accounts were blown up, canceled their subscriptions, but new subscribers who have no idea still join everyday.

Be careful about these signal websites. They can neither help you to make any money, nor teach you anything. At least if you join these programs, try their signals with a demo account for a couple of months and then trade with your live account, if you found them reliable and promising.

However, keep in your mind that if you like to make money through forex trading, you can not be dependent on any buy/sell signal providing service, even the legitimate ones that provide strong signals (of course I don’t know any of them honestly). The reason is that they can stop working and let you down at anytime.

Those who have been following me in Forexoma Live Market Anlysis program know that becoming an independent trader is what I always emphasize on. I hate to have a pure buy/sell signal program; however I don’t see anything wrong with providing accurate buy/sell signals and also educating the subscribers at the same time. That is why my program is named Forexoma Live Market Analysis. We teach the subscribers through the live analysis of the forex market. So they not only learn how to analyze the market and find the trade setups, but also they can take the trade setups we find and make money. After a while that they learn everything they need to know and they build their confidence, they can trade on their own. They will become professional forex traders who are not dependent on anybody else.

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Further Reading: Before leaving our website, please take a look at the other articles we have published.

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