Be Smart! Tips to Avoid Forex Scams

As the online forex trading market is becoming more and more popular in recent years, unfortunately so do Forex scams.

Companies or individuals who promise high yield profits with 0% risks, and show only success stories and actually plotting to clean up their victims,

The CFTC declared it has brought close to 100 enforcement actions, since 2000, against companies and individuals accused of selling illegal foreign-exchange futures and options contracts.

Federal regulators have formed a task force to investigate and prosecute fraud in the Forex retail market that trades foreign currencies outside of commodity exchanges.

How To Avoid Forex Scams:

1. Avoid signing up with unsolicited telemarketing calls and efforts to persuade an investor to transfer cash quickly.
2. Read reviews of Forex brokers in top Forex trader’s blogs
3. Always check the registration of companies and the regulations to which the company is liable.
4. Check there is “some one home” at the telephone support desk.

Reports by The US Commodities Futures Trading Commission (CFTC):

Rising Number In Forex Scams

Public Warnings For Forex Scams

A List Of Known Forex Scammers

Report A Forex Scam

Sun Platinum - Information for Scam Victim Customers

China Banned Forex Margin Trading

The Chinese Central bank last month ordered all local banks that provided Forex margin trading to stop their services to existing customers and not to accept new investors. This decision was made after more than 80% than the day traders with those banks reported loses. The banks that were offering online Forex trading in China were: China Bank, Minsheng Bank and the Bank of Communications. All forms of online trading of financial products such as shares, commodities and futures are very trendy in China with heavy off line promotions for various systems and trading platforms. The Yuan (RMB) itself cannot be traded in any way in international markets by Chinese regulations and is listed on the banned export commodities list.

Forex Signals

Forex Trading is a dynamic business. The exchange rates constantly are in movement and influenced by multiple factors. Profits are generated by purchases and sales, that take place at the “right” time. Therefore, it is very helpful to get dependable signals in “real” time.

In the near future we will offer services for forex signals via email. We will advise you of good times to buy and/or sell.

The signals are simply purchase orders and/or sales of pairs with stop/loss points suggested, sent to your e-mail, with which you can decide what to do. Ignore them, follow them or use them as a reference to confirm your transactions is following a professional strategy.

Forex Charts

Understading Forex Charts

ImageCharts are very important in trading and Forex trading is no exception. An experienced chart analyzer has an insight into the market and its trends. Many types of time resolutions can be applied to analyze the current price actions and future price movement. The charts can be displayed in different resolutions; monthly charts, daily charts, hourly charts, minutely charts, secondly charts and tick charts. In additional to various time intervals, there are different types of charts: bar charts, candle stick charts, renko charts, point and figure charts. Traders can select a specific chart to suit his or her particular trading style. To further interpret charts, mathematicians and economists developed many studies that can be applied to set parameters on chart interpretation.

Bar Charts: Standard bar charts are commonly used to convey price activity into an easily readable chart. Usually four elements make up a bar chart; the Open, High, Low, and Close for the trading session/time period. A price bar can represent any time frame the user wishes; from 1 minute to 1 month. The total vertical length/height of the bar represents the entire trading range for the period.

Japanese Candlestick Charts: Identical to a bar chart in the information conveyed, but presented in an entirely different visual context. The candlestick encapsulates the open, high, low and close of the trading period in a single candle.

Line Charts: A line chart’s strength comes from its simple design; it provides an uncluttered, easy method to understand view of a currency’s price. Line charts display the currency’s closing price. A line chart is simply a graph of the value of a currency taken at regular time intervals based on current prices.

Tick Charts: Tick chart has the finest scale - 1 tick is an individual quoting of bid and ask prices by market-maker. In the chart of Bid and Ask quotations which look like columns on the chart of the prices. The maximum of each separate column is the Ask, the minimum of each concrete column is the Bid.