Forex Mentors

 

Earn Thousands of Dollars per month on auto-pilot. Yeah right! Or so I thought, until I tried The Forex AutoPilot System. This Forex program is one of the most popular ones on the internet and has been developed by Marcus Leary, a bone-fida successful Forex trader – so that’s a good start. In fact, The Forex Autopilot System is one of the best selling products in its class, so what makes it so special? Well, for one thing this Forex program is virtually foolproof – even a complete novice like me can, have a reasonable amount of success with it. The secret behind this Forex program is that Marcus has tried where possible to remove the human element from the process. All of us, as humans, suffer from emotional, psychological and even physical barriers when it comes to successful Forex trading – this system aims to eliminate as many of these problems as possible. Not only does this Forex program employ some nifty advanced analysis techniques – can anyone explain exactly what a Fibonacci sequence is, or does – but it is also backed up by a good amount of straightforward, common sense advice that explains how the markets work and how to make money from them.

For me, the best thing about this Forex program though was the software. It utilises real-life trading techniques and a proven model to advise you when to buy and sell. I had never even considered Forex trading before I tried this product but within a matter of hours I was up and running and I now genuinely earn an income completely on autopilot.

Backup is also one of the best I have seen for a Forex program. You have full e-mail help, of course, and also a phone number that you can call to speak to a real-life human advisor – that’s worth the cost of the package alone.

While I can’t honestly say you will become a millionaire using this Forex program, I honestly can’t rule it out either. Me, well I’m just happy to be making a regular income from it. The software has certainly paid for itself many times over.

There are plenty of people on the Internet keen to sell you advice and be your forex mentor or guru but most of the advice sold is not worth the money.

There is a huge industry in selling e-books, courses and systems, yet only a few are any good.

Let’s find out how to separate the good from the majority that will simply help you lose.

1. The obvious first question to ask

Yet most forex traders don’t bother asking this question yet its critical!

If you want to get rid of over 90% of the Forex mentors, gurus and advisors ask this obvious question:

How much money has been made following your advice can I see the real time track record please?

Most sellers of information like to say how successful they are getting them to prove it!

Most will dodge this question or give you a few testimonials (lucky trades or from friends or a hypothetical track record.

A hypothetical track record is done in hindsight KNOWING the price history!

Well anyone can do that that’s why you don’t see one that loses.

Ask for the real time track record that is all what counts real dollars made in the market.

It amazes me that people buy advice without checking if it has made money.

If there is no track record don’t buy the advice.

2. Look for the method to be simple and fully revealed

You should not simply follow a system or signals given to you.

You need to understand the underlying logic it is based upon.

Why?

Because if you don’t understand it, you wont have confidence in it and will lack the discipline to follow it through inevitable losing periods.

3. Look for a satisfaction guarantee

If you are buying something based upon sales copy you need to be sure that the hype matches the reality when you receive your advice.

Most reputable system or advice sellers will give you one that gives you the comfort that they are prepared to refund you if you are not happy.

Never buy a system unless you get one.

Finally

There is some good advice out there and there are some good systems that are sold but they’re in the minority so take your time to seek one out that you understand has good support and above all – make sure it has made real money in the market before parting with your hard earned cash.

As more and more people enter the Forex (Foreign Exchange) Market each year, unfortunately so does the increase in Forex fraud.

Between 2001 and 2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $300 million, mostly in managed accounts.

The highly technical nature of the retail Forex industry, and the loose regulation of the market, leaves retail speculators vulnerable.

Defrauded traders and regulatory authorities can find it very difficult to prove that market manipulation has occurred since there is no central currency market, but rather a number of more or less interconnected marketplaces provided by interbank market makers.

Retirees can be especially vulnerable who might have a large sum of retirement cash and they’re looking for a safe place to invest it. Never use retirement money for trade purposes, it’s a good way to lose everything.

These are the kinds of people that become targets of fraudulent operators market.

Remember, if it’s too good to be true it probably is. Here are some examples of statements that should be warning signs that you’re about to be conned.

1. “Whether the market moves up or down, in the currency market you will make a profit.”

2. “We are out-performing 90% of domestic investments.”

3. “The main advantage of the Forex markets is that there is no bear market.”

These statements are patently false, and the beginning trader should proceed with caution before he turns over his hard earned money to these hucksters.

If you’re just getting started trading in the Forex Market, you need to become fully informed on what the best ways are to profit from this huge market.