Forex Scams and How to Avoid Them

It’s a sad fact of the Forex world that it is rife with devious individuals that are only interested in extracting money from unwitting, novice traders. These unsavory people prey on newcomers to Forex trading because they are ‘easy targets’.

The MO (modus operandi) of these con-artists is pretty much alwasy the same.

First they establish an image of authority and a successful trader. They will usually do this by building a website with lots of apparently helpful and knowledgeable information. Sometimes these people will even go as far as writing a book or some other such method of establishing there credibility.

But the one thing that is prevalent throughout all these scams is the fact that these types will never show their real trading accounts. They will never actually prove that they can trade and so all you’re left with is a pretty good story told by a skilled con-man.

One such con-man was recently exposed to have bee using exactly these techniques to extract money from unwitting traders for years.

Dale Woods runs a website by the name of (if it weren’t’ true it would be funny!). On the site he presents himself as a ‘professional Forex trader’ called ‘Graham Blackmore’, but as you can read in the article that exposed his fraud, neither of these claims are true.

Rather than go into all the details here you should read about TheForexGuy Scam over at and judge for yourself.

It’s interesting to note the tactics and techniques used by this Forex scam merchant when he’s caught in his lies. He attempts to inject as much misdirection and overt lies as possible. Is objective is abundantly clear and he is simply trying to move the focus of attention away from himself and on to anything or anyone else.

The Oxford English dictionary defines fraud as such…

“A person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities” and “Wrongful or criminal deception intended to result in financial or personal gain”

It is blatantly apparent from the above definition that by calling himself by a completely fake name, Dale Woods had indeed committed an act of fraud. His criminal activity is further compounded by the fact that he uses this fake persona to establish credibility as a ‘professional Forex trader’ to extract money from people.gun-fb-share

This is one of the most blatant and objectionable attempts at fraud I’ve ever seen an obvious Forex Scam. Unfortunately this is just one in a long line of such fraudsters that can easily set themselves up as ‘experts’ and claim they have skills and education that they simply do not have.

If you have fallen victim to either TheForexGuy Scam or any other Forex scam then you can contact and report the offender. You should also post about your situation on as many related forums as possible to prevent others from falling victim to a similar fate.

In closing I will leave you with a quote attributed to Edmund Burke…

“All that is necessary for the triumph of evil is that good men do nothing”

How to Find the Best Forex Trading Platform

Every provider will always claim they have the best forex trading platform so you need to study your options carefully. It’s very easy for a new forex trader to become overwhelmed by the jargon used in sales pitches. Basically, a currency trading platform must have the same features as any platform for security trading, so in short, the platform has to function as a go-between for the trader and broker.

Features You Should Look For

The trading platform has to provide information necessary to conduct currency trades such as charts and quotes, and the interface for issuing orders has to be provided for as well. The platform may be web-based or can be installed in your computer, and the trading software is cross-platform, so it doesn’t matter whether you use Windows, Linux or Mac. For many people though, web or Java-based trading software is preferred because it gives you access to the market anywhere you are, provided there is a computer with an Internet connection. Some trading platforms are free while others charge a fee, with the cost determined by the number of features or functions that a user wants to access.

Online and Third Party Trading Platforms

metatrader 4 trading platformOnline currency trading platforms are very popular as they are convenient, and the best of the lot will provide historical and real time data essential for trading. You will also have access to different kinds of data required for executing orders. For others though, the best forex trading platform is available from third party vendors, and many of them have an API (application program interface) that permits traders to use other programs with it.

Regardless of which trading platform you choose, you need to consider other factors such as cost. Is the platform really free? If it isn’t, how high is the fee compared to others, and what kind of features will you get?

Other Factors to Consider

The best trading platform will provide you with several technical indicators in the charts, and this is something you need to look into if you are serious about trading. Again this underscores the importance of research, because if you don’t know what to look for you could end up with an inferior platform.

The other thing you need to consider is whether to get an OS or web / Java based system, and as indicated earlier, the latter option is better so you will not be dependent on your laptop or desktop to be able to access it. And if you are an advanced user you will want a platform that allows for programming and program addition too.

If you are new to trading and haven’t tried these systems before, remember that the best forex trading platform should allow you to trade off the charts, and there should be several kinds of orders available. You may not think you will use all of them, but as your trading strategies improve and grow you will soon find yourself trying out different orders.

The most popular trading platform in the world is the MetaTrader trading platform which is free from MetaQuotes.

Learning Some Forex Swing Trading Strategies

Anyone who’s spent time on forex trading knows how convenient swing trading strategies are, because once you have implemented the strategy and placed your trade, you’ve pretty much done your job and you just let the market do the rest. Unlike other forex strategies, the swing trade approach only requires you to check your trade four hours later, or even the next day.

Now there are many kinds of strategies, but for a newcomer, the 5EMA and 8EMA Cross Over should be easy to understand.

How the 5EMA and 8EMA Cross Over Works

The basic principle behind this strategy is that, if the 5ema (exponential moving average) moves to the 8ema (the slower moving average) on the upside, it indicates an upside trend. But if the 5ema goes to the downside of the 8ema, it points to a downtrend.

To use this strategy, remember the rules on long entries. When the 5ema goes over to the 8ema on the up, buy at the candlestick’s closing that ends following the crossing of the EMAs. Next, put your stop loss at 5-10 pips under the candlestick’s low point. The rule for short entry is just as simple: wait for the 5ema crossing of the 8ema at the down and sell at the candlestick closing, and look for the candlestick’s high and set your 5-10 pip stop loss there.

When to Take Profits

There are two ways to profit using this strategy. If you use swing trading strategies set on daily charts, get out on the 7th day, and if you base your trades on the 4-hour timeframe, get off on the seventh candlestick following the entry. Or you can just set the profit target to three times the risk that accompanies the trade.

In addition, there are other trade management rules you ought to follow when using this strategy. If the trade goes in your favor and you want to take a profit, you should set your stop up just behind the low or high of the candlesticks. What this means is that in short trading, you need to set your stop loss over the candlestick that keeps making new highs. If you’re into long trading, place the stop loss at the low of candlesticks that produce higher lows. If you are trading using the daily timeframe you should use a trailing stop of 50-80 pips, and if on the 4-hour timeframe, set the stop at 25-40 pips.

swing trading strategyThere are a lot of other forex trading strategies you can use, but the 5EMA and 8EMA is preferred by many because it isn’t that hard to understand and implement. More importantly, it doesn’t require extensive management, which is perfect if you don’t have a lot of time in your hands to trade.

Another advantage of swing trading strategies is that they work very well in a trending market, and with the proper approach and stops, can translate to excellent profits. However, you need to also keep in mind that one of the potential drawbacks here is that the stop loss can be a bit high for beginners, so if it makes you feel uncomfortable, make adjustments that suit your risk appetite.

To learn more about swing trading check out this great article.

MQL4 Tutorial – Learn for Free!

Trying to learn something can occasionally seem very overwhelming at first yet as you become accustomed to the particular subject theme you shortly understand that it wasn’t quite as hard as you had first feared. To simply understand MQL4 you must find the best initial MQL4 tutorial.

The mql4 tutorial can take including the most novice of programmers by way of the standard methods to build a easy expert advisor and presumes absolutely no prior programing knowledge or experience whatsoever. The tutorial serves as a great initial step to any person that’s thinking about finding out more about the metatrader 4 programming language and specifically the best way to develop expert advisors. You are going to swiftly get up to speed and will have created your own basic EA in no time at all.automated-trading-software

The course focuses simply on making an expert advisor and does not deal with the way to program indicators in any way. With that said it is not really too much more work to adopt what you’ve acquired in the metatrader mql4 tutorial and carry out the concepts to let you code a great indicator. When trying to understand mql4 as with every other programming language you must always make an attempt to browse the help file provided, review other pieces of code and attempt to understand of what it’s doing. It might seem tough in the beginning but trust me when you apply yourself and remain concentrated you’ll be able to get it done. Look for a piece of writing on the net that sets out what it takes to become an MQL4 programmer and discover if you possess the right state of mind.

As you prepare taking your studying just a little further there’s a free ebook mql4 tutorial resource that will help you.

Understanding MQL4 genuinely isn’t way too hard . in any way and is also a great language to start off with as it’s freely based on Visual Basic which can be one of the most straightforward languages there is. Lots of people claim that mql4 is founded on c++ which is actually a extremely effective language yet it’s syntax isn’t really instinctive. Precisely the same cannot be stated of visual basic and thus mql4 as both work with really familiar as well as simple English language constructions within their syntax. The brand new coding language for metatrader, mql5, is in fact a lot more comparable to c++ and it is hence nowhere close to ‘newbie friendly’ as mql4 is.

The language is perfectly suited for automated trading and is therefore very popular with Forex traders.

If you are intent on trying to learn to code your very own expert advisors or perhaps indicators for metatrader 4 you’ll undoubtedly benefit simply by reading the mql4 tutorial.

An Insight into Forex Automated Trading Software

Since the introduction of forex automated trading software most businesses desire to bring this major change in the market. This top of the line automated trading software that has been developed works throughout the day 24X7 with robot traders. Often most traders indulge multiple robots to work on their behalf. By using such automated systems businesses can certainly be able to reap immense profits from their investments. Profits from such automated programs have reportedly earned at least three to four times the initial investment in their account.

Forex automated trading software involves robots that trade constantly on your behalf while you can perform other things. When purchasing these software packages, you will not only acquire the online trading software, but will also gain access to membership forums, customer support, and forex tutorial materials as well. For those who are beginners in trading of this kind they obtain a major advantage, which often starts with profitable trading. The robot learns to trade consistently just like you desire, thus providing some great profits with time.

The best part of using an automated trading program is the convenience of successful prediction for future moves. Automated forex trading software is designed to perform all such calculations that would have been otherwise done by hand. However, these robots are programmed to make new decisions based on the real time trades. Those who’ve designed and created the software incorporated the experiences of successful forex traders and used their strategies for the program. In fact, such traders were astonished to discover how their knowledge and insight into the trading scenario has been implemented to create such profitable robot traders.

Automated forex trading software packages like the newest mql4 tutorial is certainly a profitable investment. The software program consistently makes money for traders. For those looking to invest and earn greater profitability may consider using multiple robots. These robots will then become your personal trading team which will be successful in most trading scenario. You will be surprised at just how profitable they might be.

The latest forex automated trading software is even more user friendly. These versions are compatible to most operating systems and can be easily installed on your computer. Some of these automated trading software may offer you a free demo account. This allows you to practice trading without losing any money. The successful versions exhibit their success over the years by posting their real time trading results. These predictions are simply incredible and profits undoubtedly more than you can imagine.