Monday, 16 June 2008

Make Forex money automatically - c'mon!

I am not one of those people who like to ramble on about the various "scams" you can find online, but today I thought I would mention a product called Automatic Forex Cash - that I indeed believe to be a clear cut scam. If anyone can prove differently, please feel free.

I received a promotion for this product from a marketer I know have pushed many suspicious products (his own and those of other people) in the past. If he is promoting something I make sure not to touch it with a ten foot pole (nor with an equally long mouse cable). I have stayed on his emailing list mostly in order to get a sure indicator on the "make money online products" you definitely shouldn't buy.

The idea behind Automatic Forex Cash is that they claim to have developed a software program that will make winning Forex trades for you automatically. All you need to do is let it run and you will quickly earn a profit by trading the Forex market.

Are the similarities to the super-scam Wincapita obvious to anyone else? Only this time they are "just" asking you to make about a $100 one time purchase.

It should be said that I am by no means a Forex expert, never having traded myself. But simple logic tells us that something like Forex is basically a zero sum game, for every winner there must be a looser. And I simply refuse to believe that anyone would have developed an automatic way of winning almost all the time, and if they had they certainly wouldn't let anyone else have it for as little as a hundred dollars.

It's impossible in the end really; if everybody used this almost always winning software - who would then make the necessary loosing trades?

I'll leave proving the rest about how Forex trading works to more knowledgeable people and instead say a few words about the sales letter for this product.

The site might appear convincing at first sight. It is very slick looking, claims right on the top that the system has been "featured" on CNN and Forbes, and even sports a few video testimonials from people supposedly using the system successfully. However, upon closer inspection it offers no tangible proof that the systems works or indeed why it would work in the first place, "successful Forex trading is entirely mechanical" being the best they can muster.

As they offer a money back guarantee I am sure there are many people who will fall for this, but I would be skeptical if you actually do get your money back as there is some mentioning about having to show them screenshots of your lack of successful trades first. Needless to say no one will replace the funds you are inevitably going to loose when you try to trade.

The "feature" on CNN have probably been in the form of an advertisement, RSS news feed or similar trick. If a real journalist got a hold of this they would probably debunk it in 10 seconds flat.

Another crack in their presentation is the woman in the second video testimonial. During her whole speech she makes so many signs a person typically does when she is lying that it is almost ridiculous. While she's talking she sits there shaking her head like saying "I don't believe or understand a word that is coming out of my mouth, but if someone is crazy enough to pay me a fee hundred bucks to appear on camera for 20 seconds I'll take it!".

There are also all the typical limited, mysterious deal things going on - but those are used even on "real" internet marketing products these days so that doesn't really say anything in particular. Personally I still think that is poor marketing ethics (for example saying something is limited to the first 500 people when it isn't, and will still be up for grabs a year from now).

I could go on with this, but I feel I have wasted enough time on the subject already. Needless to say you should hit the back button quicker than Lucky Luke draws his pistol when you come across a site like this.

I know the truth is difficult to swallow, but making money online does take a lot of work.