I will not sit and watch legit Forex Traders’ reputations ruined.
With the up and about snake oil salesmen, so called Forex traders and investment gurus I would like to alert village mbirrionaires on what to look for before investing with any trader. The pointers are by no means exhaustive but will ensure you do not lose your hard earned money.
1. Money back guarantee. If someone is to trade for you, how sure are you to get back your money?
M.O.Us rarely cut it. You need to set up the trading account in such a manner that withdrawals and deposits run through your bank with YOUR authorization only. Online brokers offer this feature.
2.Track Record. Do not listen to anyone guaranteeing you profits off of the markets. Trading is not as easy as many will have you believe. Ask for a valid and live(not demo) trading log.
3.Get educated. Learn any and everything possible about the asset class yout ‘trader’ wants to put your money in.
4.Refletor account. This is not mandatory but it is good to have a trader with a lot of about 10 times your stake connect accounts with your lot. Thus any trade they take is reflected on your account. This reduces conflict of interest by ensuring the commitment of your trader. However, you will need education as there are periods of drawdown where you could be forgiven to think your trader is on a mission to run you out, only for things to turn positive again.
This is but a small list. However, not many con artist can escape it. Lets give them hell by making our kind learned. Add lookouts as you may.