Benjamin Franklin once said:
“In this world nothing is certain but death and taxes”.
Were he alive today and trading Forex, he would have been able to add another one to his list: Forex Scams!

If you have been involved with Forex trading for any amount of time, there is a good chance you have already been scammed. Why such a bold statement? Because we’ve all been there. The scams may not be blatant. In fact, it may be unfair to call some of these scams since perhaps a few had honorable intentions. Nonetheless, we have all succumbed to the desire to buy yet another training course, another video, another e-book, and our favorite, a super new trading system that will passively generate hundreds of thousands of dollars for us.

Now, don’t get us wrong: You are not to blame for this. You are dealing with marketers who are, in many cases, simply phenomenal at what they do. They've clearly mastered the principles that motivate people to buy: fear and greed. Marketers discovered this secret a long time ago, but the advent of the internet has allowed them to pitch their story to you without the hassle and expense of traditional marketing methods.

As soon as you visit their websites, you are drawn in line by line, statement by statement. It's as if they're speaking directly to YOU. Here is a sample set of instructions that the typical Forex book/trading system/robot author would use.

How To Write a Forex Scam Letter

First, understand the reader will be skeptical so let them know that you, the author, was also always skeptical about Holy Grail forex systems:
Dear Friend, I was once like you – tired at my job, working to make someone else rich. Let me tell you about a way to “stick it to the man”. By using this SecretForexSystem I was able to resign within 3 weeks. Now, I know what you’re thinking ... it's too good to be true, right? I was just as weary as you when I first saw it...

Next, generate some sympathy with the reader by explaining how you’ve spent tons of money in the past on failed systems and you understand how it feels:
If you’re like me, you’ve probably wasted thousands of dollars looking for the killer system. I spent so much money on systems that turned out to be worthless, so I know how you feel

Now is a good time to inject a healthy dose of Fear. Fear motivates people.
One need only turn on the news to see how dire our economy is. We’re in a recession and losing more and more jobs by the day. There is no such thing as employee loyalty in the modern world, and you can be let go from your job at any time without as much as a pen for a parting gift. How will you feed you family if this happens to you tomorrow?

Follow up with the second motivator: Greed. Hit them now that you have their attention, sympathy and have scared them:
Imagine waking up ever morning with an extra $4000 in your trading account? Yes, you could make this, and more, while you are sleeping. Imagine the joy of checking your account balance and then walking into your office and resigning. Imagine jet-setting to your penthouse in Paris earning more each hour than you did in a whole year of working in a tiny office.

You have them. Now finish them up. Close the deal.
As you can imagine, this is a powerful system. I cannot let too many people get their hands on this system and unfortunately I must limit it. I apologize in advance if you are unable to buy it but I’m sure you understand only a few people can be that rich. There are currently only 50...(cross out)..49 copies left. When that's done, its over, forever. Click here to secure your financial freedom forever…

Yes, we wrote that somewhat tongue-in-cheek but it highlights the point. Here is an exercise for you: Simply type “Forex systems” in your favorite search engine and look at a few of the links that come up. Pay special attention to the Forex systems that will make you rich - and try and spot items 1 through 5 from our formula above - we bet you’ll find most if not all of these concepts being applied.

An Inconvenient Truth

Here is the plain and simple truth. You may not like it, but – there is no such thing as a forex system that will automatically generate riches for you. No matter how compelling the sales letter may be (and trust us, they can be very compelling), there is absolutely no way to get rich from these systems. Many of us will jump from one system to another in the hopes that this next one is really all it claims to be. Unfortunately, it will not be. It can not be.

Some marketers have decided to up the price - as high as $6000 - in an attempt to convince you that, yes, these cheap systems will never work - they’re all scams – but instead you should buy this expensive one because it gives super signals and was developed by a mathematician. Again, you should never fall for it no matter the story.

Out of all the educational material we provide on this site, and all the educational material you’ll find on other sites, we hope this single lesson will become one of your most important. Just tell yourself that from this point forward, you will not believe these sales letters, you will not succumb to their fear and greed strategy and you will save your money.

You are strongly encouraged to invest wisely: Both in your trading account and in your trading education. Just understand, if you haven’t already, that being a profitable trader is a journey of discovery, introspection, discipline and knowledge. It is not a function of the latest and greatest Forex trading system, but rather of hard work and persistence.
Benjamin Franklin opened our article. Let him close it: “I conceive that the great part of the miseries of mankind are brought upon them by false estimates they have made of the value of things”.

Version 2.0