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Trading forex can be an extremely volatile and scary ride for new and experienced traders. With all of the uncertainty in the markets since the recession starting in December 2007, the last thing you want is to worry about your forex broker ripping you off. I warned you before about people promoting their awesome automatic forex systems that don’t work (aka, scam in my book). But there are some really crooked brokers out there that you need to watch out for.
Forex Peace Army provides an awesome service to forex traders in their ‘forex scam resolution center’ by helping you get to the bottom of an issue if you feel like you are being ripped off by a forex broker. Not only will they call out the broker on their site, if the site does not respond to your complaint, they will help you file the right paperwork with the National Futures Association (NFA) and FBI Internet Crimes Division. Some of you might be surprised that this actually happens. But this is unfortunately not as uncommon as you would imagine with worthless brokers. Forex Peace Army also has a great section where traders can provide broker rankings based on their trading experiences with them.
Did I mention that the creators of this website are also pretty good traders too? This jack of all trades website has Felix Homogratus and Sir Pipsalot as your guides, and they also provide a free daily signal that is based on trading news releases and catching short bursts. I won’t get into the details because this could be an entire post.
My recommendation to traders is to go with a well respected and regulated company that lies within the United States. I would never trust my money to some new forex company that is offering a signup bonus. I can’t stress enough how important it is to have a reputable broker, because they last thing you need is another variable thrown into your trading.
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Tue, Dec 2, 2008
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