When I started learning to trade FX, I looked online for resources and the first thing I came across were people selling all these systems where the owners were claiming results which were nothing short of amazing. I remember one ad claiming “Make $500 per day with our currency trading strategy – no risk”. For obvious reasons I was highly dubious about such a claim. I clicked the link and read the page and there were various claims and testimonials from users of this system. At the bottom of the page was the “gimme money” link. They wanted $39 via paypal for this amazing strategy. I didn’t buy it, it quickly dawned on me that if they could make $500 per daying with their trading, they would never sell it to anyone, as it would be the “holy grail”.
This one was one of the more obvious scams out there, but unfortunately it is my belief that virtually all the systems out there for sale are not worth anything. If the person who designed the system could make real money with it, do you really think he would sell it for a pittance?
There are many interesting free strategies online, some of them have actually done very well historically.
In conclusion it is my view that if you see someone trying to sell a strategy online, it will almost certainly not be worth the money. It is far better to devise your own strategy that suits your own risk tolerance, and time commitments. As with most things in life, if it sounds to good to be true, it almost always is.
