Foreign exchange markets – they have been touted as some of the hardest to conquer and succeed in, but for those who have done it correctly, huge profits are abound. This unique market is able to offer investors opportunities which they would never find elsewhere. However, whilst large amounts of money can be earned, equally large amounts of money can be lost. For this reason, you need to know what you are doing.
This is where Forex moneymaking products come in. A simple search on Google will provide you with hundreds of thousands of results for moneymaking systems, automatic trading platforms, trading robots, chart analysing tools, technical analysis tools, and so on. It seems that there is an endless array of products out there targeted at the Forex trader, all offering lucrative returns and profits.
The reality is that most of these do not work. After all, if they did, we would have millions of millionaires all around the world as a result of foreign exchange.
We don’t. And therefore, if you are to succeed in this industry, you need to save your money, and spend it on a reliable, trustworthy Forex moneymaking product.
Are There Any Decent Ones?
Given that blunt an abrupt introduction, you’re probably left wondering whether or not there are any decent moneymaking Forex programs out there. Indeed, the good news is that there are. It’s just a matter of finding them.
Recently, we did a quick test of the prop trader industry, analysing and comparing the results of 25 different trading tools and systems. The results were particularly interesting.
Of the 25 systems tested, only two of them actually produced positive returns in the time that we tested. If you consider that an adequate return for almost $5000 that we spent on all these systems combined, then you are one of the only people to think this.
Quite frankly, we think it’s outrageous that companies are able to advertise their services as providing you are €˜guaranteed’ return, when in actual fact all you receive is a loss.
To help you out, we have provided a link to the program which worked the best out of it to that provided a positive return – underneath this article. We highly recommend that you take a look at the program, analyse whether or not it would be worth your while, and whether or not it would fit your circumstances, and if so give it a go.
The Frank-Dodd Reform and Consumer Protection Act that was passes one year ago will finally make its presence felt. One of the regulations for Forex industry laid down under the Act mandates that only regulated brokers who stringently follow all the guidelines laid down by CFTC can practice Forex Trading. All the others have been directed to stop operating.
Of the brokers who have stopped operating are Legendafx, MIG and ACMarkets. TadawulFX closed its doors on 8th July 2011 and many others did so much earlier than that. The deadline for the implementation of the Act was 15th July 2011.
The guidelines laid down for brokers regulated under CFTC are: –
RFEDs and FCMs are required to maintain a net capital of $20 million along with an added amount of 5% by which obligation to retail Forex customers surpass $1 million;
The leveraging to be offered by brokers has been reduced to 1:50;
Brokers will now have to maintain records strictly aid according to the requirements of specific reporting.
CFTC has filed a suit against brokers such as FXOpen, GIGFX, Legendafx and others for operating without a license. They have also been accused of luring traders with false promises.
Traders can withdraw their amounts by making the request in the same way as they deposit it. Accounts of traders that remain open as on 15th July 2011 have been automatically closed. Such traders have been advised to find new brokers.