Forex Apprenticeship Scam?

Hi All,

I've been following a 'trader' on facebook for a while who looks like he making loads of money from trading forex. Now he runs a company that is offering what they are calling an 'apprenticeship'. The details of this are as follows: open a live account with 24fx, deposit around £1k and you get on-going training and support and some signals to help you. Apparently the goal is to become a full time fund manager with them if you are any good.

All of this feels a bit suspect - I mean if its genuinely free what is in it for them? Also I question whether the screenshots of his trades are on a demo account as he is trading 100 lot size positions, even with a hefty account leverage that still requires quite a large funded account no? Also if he can go to the market, place a trade and make £60k in one go why is he even bothering with everything else?!

I enquired for some more info just to see how they handled my enquiry and basically got called a s**t load of times by a couple of different people trying to get me to register.

I suppose I just don't understand how he is making his money? Surely you cant fly first class, own a massive house and shit loads of watches if you aren't making a load of cash somehow? Is there really that much money in training and scamming people? I just don't understand if its all a scam why people aren't coming forward and saying so?

What do you guys think? I haven't registered by the way and don't intend to as I can't make everything stack up in my mind!

Thanks!

Suspect ? are you sure ?

Your guru is not the only one who found the only way to make money in the forex.

1) find a gimmick (example "We found a long lost trading manual written by W D Gann"
2) Show some positive trading track record (demo is ok and values can be doctored as needed)
3) Grow a membership base. You must invest and put all your effort in marketing
4) For the edification of your enthralled followers, make sure to do a "live trading session once a week" - real money, as a marketing expense ..
5) and to cap it all, always sell sell sell; (books, videos, training, software ; etc ...)

true real trader

The main question is from your questions, you are not sure whether he is using demo account or not. If he is really making a lot Why is he bothering people??

I think you need to gather your thoughts and decide how you are going to face the challenge of learning to trade rather than substituting your own skill for that of a potential charlatan. I know who I would trust if he was sincere enough about winning, and that my friend is you.

Most likely - he's basically acting as an introducing broker (IB) to 24fx and creaming commission, and the rest is just hot air.

Just beat all of them, on your own, working hard, being sensible, keeping it simple, keeping your head down. It can work.