Jamaica- Jamaica leads the island in the forex fever. It was started by Olint, being fed by the Ceo’s training entity, MTI traders. And no they’re mushrooming investment clubs, forex trading platforms service. Since running the stories “Jamaican online fx trader blogs his journey to fx riches“ and Capitalor-Swedish forex company targets Jamaica. The Ceo Interview” the response has been fast and in a flood. We’re still sent new information daily about investment clubs and other companies targeting Jamaicans. There’s Worldwise,f1investments.com,a3union.com.
Why is Jamaica such a hot forex target?
- Jamaicans are sent over US$1 billion in remittances yearly, from a US based Diaspora with an annual spending power of in excess of US$50billion.
- Jamaicans much prefer the hard USD than their own JaDollar anyday.
- Jamaicans have grown more risk friendly and crave better returns on their hard earnings.
- Jamaicans are hungry for any information that will allow them to make more money.
Two questionsBut I keep asking, just how many Jamaicans will or are trading forex themselves? And will the fever die and give way to a few simply a few talented forex traders who had the USD to pay MTI and others to learn, the guts to continue and the desire to set up more I’ll trade your forex cash for you type investment services?
Day trading stocks But still reminds a few people of the Day trading madness in the 1990s, that boomed and busted. It seems that while day trading back them was about the stock market, online forex trading is about the forex market.
Back then just like now there was an increased awareness of how the stock market works, how the average person can tap into what’s making the big guys rich. It started with a few people who had made quite a bit of dosh, some rode that ticket by offering the education angle- let’s teach you how to day trade and others day traded themselves. The buzz grew so much that people were leaving their jobs to stay home and day trade on the stock exchange. It all ended in a nasty little crash and we haven’t heard much of day trading culture since.
http://www.siliconcaribe.com/2007/09/21/jamaican-online-fx-trader-blogs-his-journey-to-fx-riches/
About Finotec Trading Platform:
Trade Forex on the Finotec Trading Platform and step into the big league! Through this sophisticated and user-friendly trading station, you can trade currencies (over 32 pairs), commodities, options and CFDs on indices and stocks in the click of a mouse. Finotec offers all the tools you need to trade successfully: daily and weekly reports by experts, real-time charts and graphs (RSI, candlesticks, MA and many more) for successful trading. Finotec provides you with a high-level support team, whose representatives are available 24 hours a day via chat, phone or mail. With Finotec, trading forex has never been so easy, so start now and increase your profits exponentially!
Several of my close friends were totally obliterated by the madness of day trading. They had not anticipated the pitfalls in terms of the crash.The reasons cited for the popularity of forex trading by Jamaicans are quite accurate, but the potential dangers and pitfalls should not be ignored.Also,the legitimacy of some of these investment clubs and the larger question of regulation by government and Jamaican financial institutions must be addressed.
September 27th, 2007 at 11:02 pm
I agree with you Esteban.
And let me not be a hypocrite as I am an investor with Olint, just started this year after being told about 3 years ago. I thought it was a ponzi scheme, but I think I trust it because I went to school with David Smith, I trust the institution JMMB where he was trained and where I also have some dosh.I trusted the source from which the most compelling arguement came from.
But in the back of my mind, even after attending MTI’s free seminars and researching for ages on the topic, I don’t believe it’s sustainable by everyone who learns to trade forex.And to MTI’s credit even as tehir spiel is seductive and well thought out, they offer no guarantees and speaks always about the downside.
I’ve heard the burn out rate is about 5-6 years David Smith’s Olint is closing in on that time frame now I think. Also, We all know that the big guys trade forex, banks,investment companies…so as an entrepreneur, I can see the opportunity inherent in online fx trading.
What I’d liek to see is people learning about the opportunity, thinking realistically about it, leave it to the proven professionals to trade on your behalf and not some hurry come up shop promising instant riches.
I personally see it as an short to medium term investment vehicle as nothing can pay you like a successfully run business…10% will seem like pocket change
September 28th, 2007 at 1:14 am
Nice points above.
I was taught by one of my advisors that the time to get out of a specific type of investment is when the general public is talking about getting in - and that time is now for Forex in Jamaica, just like day trading as you rightly point out.
Unfortunately, life often is not a bell curve - it follows the 80/20 rule - 80% of your profits come from 20% of your efforts.
In other words, 80% of the profits made in Forex is by 20% of the people. Just like business, it is a pyramid shape:
A few people do very well, a good amount break even or do decent and the majority lose their shirts.
It is true when you look at businesses and failures of a 10-year period, it is true in the stock market and it will be true in Forex.
Why Jamaica?
Jamaicans are too quick to seek out astronomical returns and don’t seem to weigh the risks vs. rewards. When it comes to money, we all know that the higher the return is higher when their is higher risk.
Managing risk is vital in all areas of life - in this case, I agree with going with a Pro rather than doing it yourself.
September 28th, 2007 at 3:42 am
[...] Is the online forex fever, the 90s day trading disaster in waiting [...]
September 28th, 2007 at 11:53 pm
I used to trade for a living but lost a fortune. I am now trying to learn my trade before i dive back in and just wanted to say that i think you have some good stuff here.
December 19th, 2008 at 5:52 pm
Thanks Brian! Yeah man I lost a good chunk of change when someone else treaded for me. I’m not in the market for learning to trade on my own, I’m working on other ways to become wealthy.
December 20th, 2008 at 12:56 am
Thanks for sharing your knowledge on this subject. So many people write a lot of nonsense, but your post is well thought-out and looks pretty accurate.
Thanks again.
Barry
January 16th, 2009 at 2:04 am