Hond Financial

Posts Tagged ‘Scam’

The most common credit card debt elimination or rebuild credit scam and illegal mutual funds offers that you may come across starts with one or more emails that you receive from a debt elimination company. People feel more inclined to believe what they are told particularly when they can no longer handle their debt. Scammers take advantage of their plight and promise to stop their financial agony by making repayment unnecessary without repercussions. Well, that is not possible! Don’t trust anything that sounds too good to be true!

Some people don’t suspect a credit card debt elimination scam because of the legal appearance that the ‘program’ seems to have. A title or a law could make the scam look credible, thus you will often come across: Title 15 United States Code section 1692, The Fair Credit Billing Act, The Fair Debt Collections Practices Act and much more. For fees that can climb up to a few thousands dollars, some companies could even send you all sorts of materials to show you that you have the legal right not to pay your debt.

Do not trust the credit card debt elimination scam that hides behind such stories! If you are reasonable you have all the chances of seeing things more clearly! Billions of people are using credit cards, and lenders extend the credit limits for their clients on a regular basis. If this practice were illegal, law makers or law enforcers would have taken measures by now. ‘There is no free lunch’! There is no debt elimination unless you actually pay what you owe; there is no other way!

In order to stay realistic and be wary of a credit card debt elimination scam I suggest the following self-analysis. What did you spend the money on? Are you enjoying a better sofa, some artwork or different possessions? Have you paid for home repairs? Well, if you have overextended the credit to consume, who do you think will cover this debt? What grounds have you got to believe that you get all these things for free?

The best advice that you can get here is not to trust any promise for debt elimination. Send any debt elimination email messages to the spam folder and delete them. Carry on with your payments, and, in case you really need some solutions to reduce your debt, talk to accredited financial institutions and get solid professional advice for one course of action or another. Be cautious, reasonable and moderate, and you’ll keep trouble away!

Managed forex trading can be defined as funding an expert trader, a trading company, or a forex robot to trades for you. When you have extra money that can be invested instead of stacking in your bank account, this method is one of the best.

There are some benefits that you can gain from managed forex trading:

1. If you still have doubt, you can perform testing by opening a small account. If you want to test by invest in small amount, some forex broker even allows as initial deposit. Read about how to identify a good account at currency trading account.

2. A good forex trading company is transparent, so you now what they do with your account, when they trades, how much their earning / commissions, profits and loss, what currencies they trades, what strategies that they used, etc. Learn more about this at online forex broker.

3. If you choose professional trader, your money is managed by professionals who do trading as a living.

4. If you choose forex robot, your money is managed by tested software that has been proven to make profits from forex market.

5. A real trading company will also have real time account management and reports which allow you to access detail reports for the trades at anytime as well as ask for a withdraw whenever you want. Note: for money withdrawal, it will still require some times to process.

6. If you don’t know anything about forex market or you just simply don’t want to bother with such details, you can just pass all the trades to the company/robot and waiting for the profits reports.

However, managed forex trading is not without risks. You have to aware that no trading company can give their promise to make profits for you in a paper with their company logo, CEO sign, and company’s stamp. According to the law, it is forbidden to promise such things and this is put them in a secure position.

How? At the front page of a forex company website, usually you will see “Managed by professional traders” written with big fonts, but these are some points that you get when you click the tiny “Risk Disclosure” link way at the bottom of the page:

1. “The possibility exists that you could sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You may be liable for losses that exceed the amount of margin that you post. ”

2. “All opinions, news, research, analysis, prices or other information contained on this website are provided as general market commentary and do not constitute investment advice. We will not accept liability for any loss or damage, including, but without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.”

3. “We have taken reasonable measures to ensure the accuracy of the information on the Web site, however, the company does not guarantee its accuracy and will not accept liability for any loss or damage which may arise directly or indirectly from the content or your inability to access the Web site, for any delay in or failure of the transmission or the receipt of any instruction or notification sent through this Web site.”

Basically, according to this Risk Disclosure, they don’t have any responsibility to make profits for you as the investor. They will have their earning from spreads or commission per trade; it doesn’t matter if it is a losing or a winning trade. Basically, these people don’t have anything to concern in each trade while your money are on the line. This is the hard facts for any investor in a managed forex trading.

So, is it a good idea to have a managed forex trading account in a trading company? Yes, IF you can find a real trading company with real skilled traders. You have to be very careful when you trying to find this type of company since forex market are full of unskilled people who can spit very convincing bragging. They are the scam forex companies.

Basically, they lure an investor with various sweet promises to open an account and deposit his money. This account is not really used to trades at the forex market; these scammers are using current market data to make some analysis and pretend to make trades based on it. These trades mostly contain of loss trades and they devised various excuses for their losses. After they have squeezed the investor dry, they will take cover behind the risk disclosure and move on to the next target.

It is not easy to spot these companies; I can only suggest you to be very cautious of these signs from a company:
1. Guarantee large profits.
2. Promising something impossible such as no financial risk.
3. Refuse to give their performance track record.
4. Engage high pressure tactics.
5. Encourage you to transfer money quickly.
6. They reach you by unsolicited phone calls, sometimes even through an outsource service.

With various risks behind it, managed forex trading is still a great way to invest your money. The second alternative, which I preferred more, is using a forex robot. Why? Read the full story at Forex Robot Software.

If you have any interest toward forex trading, automated trading system is one of the features that can be very tempting for you since with the right system, you can just sit down and watch the profits roll in. For most traders, acquiring this “right system” is the most difficult task. But you can just learn it from someone else; read forex trading course for further info in this matter.

Until recently, the only way to own an automated system is ask an expert trader to trades for you. Today, the forex industry offers a better solution: the forex robot software. A robot is a software that created to identify a potential profit at the market movement and execute the order without your interference at all. It is sound too convenient that some people think that it is a scam.

Is it a scam? Is it possible to build such software that can beat the fluid forex market? I rather not call it “beat” because that would be mean you can score 100% winning trades from it. However, it is highly possible to create such software if the creator has a system that works to back it up.

How to identify a trading system that works? Easy, just accumulate all your winning and losing trades at the end of the month; if you gain significant profits then it is works. If you have tried forex trading and found that at the end of the month you loss more than you gain, I’m 100% sure that you are in the wrong hand with the wrong system.

Every successful trader has a system that work for him to gain profits without fails. This system contain trading strategies that have been proven to create winning trades in different times when it is carry on with discipline. After all, no trader can make profits if they are affected by emotion such as greed or anxiety.

Based on those facts, it is absolutely possible to interpret this system into a set of rules and apply it to create a powerful forex robot software. Equipped by a system that works, the robot will carry it without exception; basically it will working like a clockwork by creates profits for you on regular basis.

These are the benefits of using a forex robot software:

1. No Emotion to Disturb The Job
It wills not getting anxious when the market moves against it or overflowing with greed when the market moves by its side. What it will do is makes trades based on the rules while applying good risk management strategies.

That means a forex robot will not hesitate to close a losing position at a pre defined price instead of relying on vague hope that the market will swing to its favor. On the other hand, it doesn’t have greed to influence its decision when closing a profits position.

2. Low Cost Automated Trading System
A forex robot software doesn’t need to feed its family, going on vacation, commisions, or any other things that a human trader needs. When you have a large brokerage with many professional traders work for you, you cannot charge small fees for each open position; it simply doesn’t makes business sense. Using a robot is a far better choice in term of cost.

3. Works 24 Hours
A software doesn’t need to rest or sleep; it will analyzing, identify hot markets, and keep making trades for you 24 hours a day. This ability creates various chances to spot every little movement in the market that potentially profitable. A human trader will collapse if he tries to compete with a robot in this area.

4. Leave All the Hard Works to It
Like any other forms of automated trading system, you can just let the robot do all the work and wait the money to roll in. Just remember to pick an account that offer you the most benefits to maximize your robot’s potential; learn it at Currency Trading Account.

5. No Risk Involved
Most of the good forex robot software comes with 100% money back guarantee. During this guarantee period, simply create a dummy/practice account and test the robot. If by the end of the period, it doesn’t do very well, you can always ask your money back. If by chance you are not satisfied with this test, you can always do a back test by using previous market data.

On the other hand, you can’t ask a trader: “Hey, I have created this dummy account. Would you use it for two months so I can measure your trading skills?”

Conclusion
Forex robot software is a breakthrough system in current forex trading. It is not a scam as long as it has proven system behind it and you can test it easily. In my opinion, it is also the best ways to go no matter you are an investor, new trader, or experienced trader. Learn about the top forex robot at best forex robot.

There is plenty of opportunity for unscrupulous people to make money fraudulently by launching a forex trading scam. Unfortunately there are always people who will part with money too fast in the hope of making more. However, we cannot assume that a system has to make cash for everybody using it in order to be genuine. So what are the signs of a real scam?

1. Unrealistic claims

All websites that are promoting a forex product or service will try to appeal to your wish to make money. That is what forex day trading is about, after all. But if a site promises to make you millions of dollars virtually overnight no matter who you are and without requiring any work on your part, stay clear.

2. Huge earnings on trading account screenshots

It is also common for sites to provide images of their own trading account results to convince you that their system makes money. This is standard practice. A scammer will fake the screenshots using Photoshop, and it is pretty much impossible to tell.

So although having screenshots on the site is not in itself a problem, you shouldn’t pay much attention to them. Even if they are not faked, you don’t know that the person followed the exact system you are buying in order to obtain those results … and  even if the figures are 100% genuine, it certainly does not mean that you will achieve the same results.

3. No guarantee

There should be a money back guarantee on any product and you should not have to jump through hoops to get it. Look for a "no questions" guarantee rather than something that says you must have followed all instructions to the letter before you can qualify for a refund. Following the instructions may include investing more cash than you have.

If you are buying a downloadable product such as an ebook or expert advisor, you can trust anything that is sold by Clickbank as far as refunds are concerned. Clickbank will always refund these items within 58 days of your purchase.

If you are looking at a membership site or a service, refunds on past payments may not be offered because of the time that the company will have put in to providing the service for you during the time that you were a member. However, you should check that you can cancel at any time without incurring further charges. Don't sign up for something that locks you in to a contract for 6 or 12 months.

4. Bad press in the forums

All products will show you recommendations and testimonials from satisfied customers. If you want to be sure you can ask for evidence that they are real, and a genuine business will usually find a way for you to contact the person if there is not already a link given along with the testimonial. 

But even the worst day trading system will have some users who were just lucky. What you want to know is what the un-satisfied customers are saying. There will be some for every product, no matter how good, and you need to find them and sift through their comments. Are they just unhappy because they didn't make a million dollars overnight, or was there a genuine problem with the product? Search for them in online forums to get a clear idea of which products are worthwhile and which ones might be a forex scam.

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The forex market is a niche that involves money, so you, as a trader, should be able to discern if what you’re looking at is one of those scams or not. This is a niche wherein deceitful people have a lot of opportunity to make money by using fraud as they launch a forex scam. This article will give you the hints in identifying a real scam.

Those with impossible claims…

It is in the nature of websites promoting forex products or services to appeal to your wishes as a trader to make lots and lots of profits and money. There’s no question with that, but once they promise you that you can earn millions in just one night… then that’s a scam that you need to look out for!

Screenshots that show big profits on trading accounts…

Websites endorsing forex products always provide images of their own trading account results to convince the people of the ability of their system to make profits. Scammers will fake their screenshots with the help of Photoshop, making it impossible to tell whether it's a fake or not. Even if what you see is really genuine, do not pay any attention to it, as you will never know what kind of system that person is using… and those systems might not work for you as well.

There's no guarantee offered…

A true forex product always offers a money-back guarantee that's easy to avail of. What you should be looking for is a no questions kind of guarantee instead of those that say that you have to follow a set of instructions before you qualify for one. For downloadable EA's and e-books, trust those that are sold by Clickbank for refunds, as they are the one who handles those kinds of transactions (within 58 days of the purchase). With those membership sites or a service, you should choose the ones that you can cancel anytime you want without taking any charges, and make sure never to sign up for a scam that binds you to contracts that will last for around 6 months or 12 months.

Forums with bad press…

Forex products will show you the testimonials and recommendations that the satisfied customers has given them. To make sure that such claims are authentic, you can always ask for the proof: a good business always finds a way for you to contact those people who made such testimonials and recommendations. Also, look at what the unsatisfied customers are saying about the product (which is always present for any kind of product, no matter how good it is). In the online forums, you can go through the customers' opinions and comments, which will help you in judging the product's credibility, whether it is a forex scam or not.