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Five Christmas trading scams - Part 4: Beware of the trading job offers for R100,000 a month!

by , 24 December 2015

First thing in the morning, you grab a coffee and open the newspaper. You scan through the headlines to see what's going on in the world. And then you decide to look at the classified section. In your mind you have that idea. One day there'll be a profit opportunity for you to make a side income from doing what you love. There is one tiny advert saying: Forex Trader wanted: Bank R100,000 a month trading the Forex market. You think it's a software, book or service. It's not. It's a job offer that looks too good to be true. Beware this is a scam!

This is a legitimate legal scam!

In the advert you see that you don’t need any qualifications, training, or experience. 

It seems like a too good to be true job offer. 

So you go to the premises. The building is beautiful, the computer screens are laid out like a professional traders lair and you see white collar men and women dressed to impress.

This is legit, you think. 

So you go into the CEOs room and he lures you into the world of trading Forex. 

He goes through the whole interview process where he asks you the usual questions you get asked for any job. 

He then entices you.

Tells you that you’ll be sitting at that desk where he’ll provide you with:
  • 4 Screens for trading 
  • 1 permanent desk and chair
  • 1 laptop 
  • Bloomberg terminals
  • Intellectual property to grow your portfolio up
  • A free R20,000 trading account to get started
  • Free coffee and lunch 

But then he tells you…

The CATCH!

He says you’ll be at the office from 8:30am until 5pm every trading day. This makes sense because the JSE market is only opened until this time. 

He then says, there’s an admin fee of R25,000 a month to secure your position at the company. 

You think that’s steep but with the intellectual property and all the amazing things you’ll receive, you’re bound to make it up. 

But you only have a R20,000 trading account, with your own money to start out with. 

You’ve quit your job and the only income you have is your life savings. 

This is why I call this a scam!

The institutions lure you into joining them where you pay a hefty R25,000 a month, just so you can have internet, trading terminal and a free lunch…

I’ve never heard of anything more ridiculous in my life. 

You have a R20,000 trading account and you have R15,000 life expenses on a monthly basis. 

Taking up this opportunity could wreck you financially and emotionally. 

Today you can have an internet account for R500 a month, trading terminal for free and trading strategies for less than R1,000. 

What on earth will spending R25,000 a month to look pretty in an office with a R20,000 account do for you and your family?

Nothing!

You might not think it’s a scam or you’ve probably not even considered this at all. 


I’ve always said these three important tips when it comes to trading.
 
1.    Always have a primary income coming in 
2.    Always trade with money you are comfortable to risk 
3.    If there are too good to be true opportunities when it comes to trading, they’re a scam!

I hope this brings in some light for how scammers are scamming people in legit and legal ways as well…

Always remember, 

"Wisdom yields Wealth" 



Timon Rossolimos
Senior Editor: Trading Tips 
Head Analyst: Red Hot Storm Trader
Author:           94 Top Trading Lessons of All Time 







Five Christmas trading scams - Part 4: Beware of the trading job offers for R100,000 a month!
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