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”

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