Forex Trading — The Downsides and the Good of Forex Trading

As a four-year-old, if you wandered through Kuala Lumpur and asked anyone if they had any knowledge about forex trading at this content, many would just stare blankly. Only those who were highly educated in investment and banking could understand what you were saying.

Fast forward to 2009, I found that forex trading was well-known. For those living in big cities, it is also true. This can be attributed to the internet. Online forex trading has enabled currency markets to become accessible to all in a way not possible before. This phenomenon affects more than just one country. It also impacts all of the world. Many individuals from Russia, China and Africa have explored the forex market by using computers.

With forex brokers being in competition for small pieces of business, it comes as no surprise that there are so many. This has caused fierce competition between them. It also means that the requirements for opening an online Forex trading account have become extremely low. Major forex brokers will offer a $20 forex trading account. The equivalent of 20 American Dollars is 68 Malaysian Ripes. It won’t get you a great steak dinner if you spend 68 Ringgit. It is possible to get forex accounts starting at less than $1.

If you have enough money, a computer and broadband Internet access, forex trading is now possible for anyone. Every business opportunity with great potential is susceptible to scammers. The scammers never like to be left behind. They climb out of the dark places where they live to prey on those fortunate enough, as well as the inept and the ignorant. This is their question: What if $1000USD per day could be yours if you attend a 3-day Course?

The preferred venue for them is the hotels where they reserve expensive conference rooms in order to sell their services. I’ve attended more than 30 seminars. The overwhelming majority of these individuals didn’t seem to understand what they were talking. They were there in order to push a product which was already repackaged. Some people weren’t interested in forex trading. These people promote their courses by word of mouth, in the newspapers and on the internet. What about the cost? You can spend as low as $6000 on a 3-month course.

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