Have you ever been on social media and gotten a message from a stranger asking if you want to connect on a business level? Normally, these sound as shady as African princes congratulating you on winning the lottery. But the scary thing about Forex Trading is that it is a way of getting rich quick. The only problem is you must really understand what you’re doing.
And even at that, you’re still not guaranteed a profit. Forex Trading is a complicated matter. Even people with PhDs, who have been working in trading their whole lives, can’t exactly beat the system. What traders are doing on social media platforms, is persuading you to join a pyramid scheme. You are invited to join an “Academy” where you will be taught how to trade on the Forex market. You will be asked to make a payment in order to join the academy along with a monthly subscription fee.
But most importantly, you will be asked to recruit your friends and family as new members. You’re enticed to do this through the promise that you will be rewarded by receiving payment for each member you recruit. This filters through the entire academy. This leaves the people at the top of the pyramid to receive most of the profits, while the people at the bottom fight for scraps.
In order to go in-depth on the matter of trading, we sat down with a VP at a multi-billion-dollar investment firm to talk about the dangers of Forex Trading. Here is what he had to say: