Forex Software: Watch out for Scams!

There are many different types of forex software and trading scams. It is advised that you watch out for them.

One of the most important scams to watch out for right now is the ones where you are offered some sort of “miracle software.” For instance, some software available that people purchase is sold as one that helps figure out the market for you.

Some of these may work, while others may not. Beware of the scams and never invest money unless you know you need to.

Common Examples of Scams

  • Perhaps you might notice some software products for sale, which cost thousands of dollars or more. Yet, they do not do more than say products that you can download for free.
  • Another very popular scam is simply being required to pay for a free trial. Then, some thief decides to steal your credit card number via usage of a money transaction system that is not even encoded or encrypted.
  • Some people seeking forex software may have been duped into purchasing products that are expected to be very effective. However, this information is often based on nothing but false advertising claims.
  • Consumers sometimes purchase products that have not even been properly tested. This often results in two things: disappointment and wasted money.
  • Sometimes advertisers will claim that their automated systems are guaranteed to product high returns. Although this may be possible, sometimes the systems that are used do not produce any results.

Other Trading Frauds

Aside from the frauds and scams associated with forex software, additional scams include those associated with certain online accounts. Sometimes money invested might be embezzled (stolen in large quantities).

Some of these above-mentioned types of fraudulent systems often are recognized by one main characteristic. That is, you end up sending them your money and you do not have to do any work.

Generally, this would be very convenient. However, it of course would not be very “convenient” if someone were stealing all your investment proceeds.

Another huge mistake that can lead to stolen funds is when a trader does not separate their investment account from their general funds. The result is that these accounts are not protected from creditors.

Likewise, one big mistake that often is made is they purchase e-books that are not even written by qualified foreign exchange experts. This leads to great frustrations as they try to invest.

Forex Software

How Forex Software Can Help

Anyone who is looking to ‘make it’ in Forex needs a little help getting ahead of the competition, or at least keeping up with them!  There is a huge amount of information that it is possible to be able to take in when it comes to making money form Forex, from spotting patterns to monitoring news stories.

The good news is that you don’t have to be alone – even if you really are working alone.  There are a huge amount of software options that can help you in your quest to make money from Forex.

Types of Software

When it comes down to it the huge amount of software options can be broken down into certain aspects.  Some software will only be one, some will combine aspects of multiple categories – but stick with these and you won;t go too far wrong.

News Monitoring Software

One of the most important aspects of Forex is keeping up with the news.  It is the news that will help you know how the exchange rates are likely to go – so you need to monitor it carefully.  There are a number of free and paid options for this, from expensive software to simple RSS feed and Google alerts.  Whatever you decide on ensure that you are always up to date with the news.

Pattern Recognition

Some of the best Forex bots are able to take news stories from sites and understand how they are likely to effect the market – given you graphs and information to work on to allow you to make informed decisions on investments.

Instant Trading and Dummy Trading.

Many brokers have trading software that allows you to perform instant trades with up to the second information on exchange rates.  They also include dummy trading accounts where you can practice, or come up with news techniques, without risking your savings.

Broker Shadowing

Many Forex bots allow you to simply shadow and experienced broker, copying his investments with your own automatically – thereby allowing you to be able to have an expert invest the money for you (to all intents and purposes anyway).