The best person to teach you about Forex and foreign currency exchange is someone who understands it well.
Watch the videos below to get a basic understanding of Forex and foreign currency exchange.
When one video finishes, the next one will play automatically.
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged Marvin Cooper and his company Billion Coupons, Inc. (BCI), both of Honolulu, Hawaii, with operating a Ponzi scheme that involved more than 125 customers — all of whom are Deaf — in connection with commodity futures trading and foreign currency futures (forex) trading.
The CFTC alleges that since at least September 2007, Cooper and BCI solicited approximately $4.4 million from more than 125 Deaf American and Japanese individuals for the sole purported purpose of trading forex. Also, according to the complaint, while Cooper and BCI opened both forex and futures accounts with approximately $1.7 million of customer money, Cooper misappropriated more than $1.4 million of customer funds for personal use.
Cooper allegedly used the misappropriated funds to purchase computer and electronic equipment, flying lessons, and a $1 million home. He also allegedly returned approximately $1.6 million to customers as purported “profits” and as commissions to employees and agents.“This case is a clear example of affinity fraud: Cooper preyed upon the Deaf community to leverage and exploit the inherent trust within so that his scheme would prosper. The CFTC urges the public to be cautious with their investments even when opportunities are presented by those with whom they have an association,” said CFTC Acting Director of Enforcement Stephen J. Obie.
Cooper and BCI allegedly lured in customers with promises of 15 to 25 percent monthly returns, depending on the amount and size of the customer’s investment, while representing that the investment would be low risk and that the promised return was produced by their successful trading. Cooper and BCI, however, were running a Ponzi scheme since the purported “profits” paid to customers came from existing customers’ original principal and/or from money invested by subsequent customers.
Finally, the complaint alleges that to conceal and perpetuate their fraud, Cooper and BCI provided customers with false account statements representing that their accounts were increasing by as much as 25 percent, when, in fact, the accounts were collectively losing money every month.
Read more ...
Are you ready to make millions trading in the Forex market? Well, you might want to hold up for a second.
Statistics show that more than 50% of Forex traders lose money in the foreign currency exchange market. And who do you think loses the most money? Brand-new traders who have no idea what they’re doing.
Forex trading isn’t like going to a casino. Although some people treat it like playing the lottery, it really isn't a game. Here’s a list of three things every new Forex trader should do.
1. Invest in Your Forex Education
This is the most important pointer on this entire list. If you are serious about succeeding in the Forex market, you need a good education.
There are seminars, workshops, and books you can learn from. Beware of free e-books that you can get online. A large amount of the information is just plain wrong.
You need to learn a bunch of technical stuff like how to use indicators to determine the right time to enter or exit the market, how to get started in the first place, where’s the best place to start, and so on.
It’s best to learn these things from a reliable source, such as a book that’s been written by a professional Forex trader and fact-checked by a reputable publishing company. Or in a class taught by someone whose background you can check and verify.
Two books I recommend are The Forex Trading Course and Getting Started in Currency Trading. These books are much more reliable than any free e-book you’ll find online. Believe me, I did a lot of research before starting this website, and free Forex e-books are usually full of bad information.
2. Learn Money Management
Money management is the ability to not lose all of your money in the market. You know how much money you can risk, and you never trade with money you can’t afford to lose.
It’s a good idea to keep your living expenses separate from the money you put into Forex. Also, you should never spend your life savings in the Forex market.
3. Trade with Discipline
Discipline is important. You should have a trading plan that you stick to no matter what. You should also avoid trading based on your emotions.
In poker this is called going “on tilt”. It basically means you make a bunch of bad decisions based on how you feel at the moment. This is a quick way to the poorhouse.
If you can follow these three steps, then you’re off to a good start.
Read more ...