Re Currency trading -- Currency Trading

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Date Posted: 11:59:45 11/15/01 Thu
Author: Paul Moran
Subject: Re Currency trading

I decided to start this forum in response to many misconceptions about currency trading and traders.I have been involved in trading since 1978,both commodity trading and inter-bank currency trading,I started in the operations side of the business,then became a trader/dealer and also did some sales which I will readily admit I am not great at.Interestingly it was my brief sales background that exposed me to the scammers,quite often a fair deal would have been worked out with a client only for that same client to renege on the deal later because he had been suckered by con artists saying that their program averaged returns of 15% a month.Needless to say what would happen was that the client would invest say $50k and over the first 4 months he would recieve statements showing the ficticious gains,impressed the client would tell friends and family and invest additional funds,often quite substantial ammounts and as with all such ponzi type schemes eventually the con man would take off with the money,leaving behind a bewildered office staff and one or two other officers of the firm to take the fall.I have seen this happen many many times in Europe,Asia and the US but it seems as though people never learn the lesson.Forums such as these need to be established so prospective investors can talk to other people in the business and share their experiences both good and bad. I am a registered Series 3 rep and my background can be checked with the NFA.There has been a marked increase in the ammount of scam artists purporting to have the "holy grail"of trading systems or promising huge returns to investors.Although huge gains can be made in this business quite often these companies will leave you with huge losses and very often these companies understate the risks involved with trading.Please feel free to ask me any questions you may have in relation to trading,brokerage houses etc.I look forward to a lively forum.I ask that all participants respect each other and refrain from flaming.

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