Forex broker contest: another way to take your money - Singapore Forex Trading, Singapore Forex Academy, Singapore Forex Association

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Forex broker contest: another way to take your money


You need to understand that forex brokers are above all marketing machines. Forex brokers continuously require a flow of new clients, since many retail forex traders don't survive longer than a few months. After losing, more than 90% simply quit and give up forex trading.
For enticing new clients, vast sums of money are spent on advertising by forex brokers. You can check this fact by going on Google and typing any forex related keyword. Almost all the ads will be by forex brokers. Each click costs them around $1.
Most popular way used by brokers to make you trade more and more and burn your money is to announce monthly Forex Trading Contests. Cash prizes of $2000, $1000 or $500 are announced. 
In order to win, many small traders get wiped out; losing their money. This is just a trick fx brokers use to make you trade more. The more you trade, the more money your broker makes. This trick is similar to a lottery.