Jamaica-We’ve written three posts on online forex trading in
What we heard of recently. Investment Clubs. There is f1investments which is a group of Jamaican pilots some based locally and others in
Then there is DeArgent (spelling dubious) which was around just after Olint started making the headlines. They are traders and also submit monies to Olint. Their investment rules are that a member is to keep their money invested for a minimum of 6 months, you can start with a US$1,000 minimum and their guaranteed monthly return is 5%. Then there is WorldWise, which you can start with as little as US$600 and the promise a monthly guaranteed return of 12% per month. And there are other individuals who are simply creating sub accounts under their name and take a percentage of the money earned on the account. Again easy money.
The trend towards investment clubs but not becoming a trader. The trend we’ve noticed in the information we’ve been collecting, is that Jamaicans prefer to learn about the online trading process, so they understand what traders do, become more aware of the market and how it works, but in the end, they prefer to hand out their US cash to trained and qualified trader. In the end they prefer to sit back and collect, than learn to trade, then sit and stress daily.
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Oh what a day when it all comes crumpling down…
October 9th, 2007 at 6:23 pm
There are so man arguments John to support your opinion, that it will crumble soon, swiftly and horribly and then there are other arguments to support it since it’s been around for decades and decades. Isn’t it a case of who’s trading and who you give your money to?
October 9th, 2007 at 9:05 pm
It is a case of who is trading and who you give your money to - but that also only plays one part, just like at the sub-prime mess in the USA - established players got hit bad too so just because someone has been trading Forex for years doesn’t mean they will ALWAYS win.
Everything is a cycle and it is hot right now and will cool down again, some will lose their shirts, the smart ones would have taken out some of the money after they made back their principal and put the money into a traditional account that is insured.
This way, if you lose later, you only lost what you never really had and already did FAR better than if you were with a bank anyway.
October 11th, 2007 at 2:23 pm
David you are shrewd investor. I can see it coming out. Experience indeed teaches wisdom
October 14th, 2007 at 2:54 pm
I wanted to leave a comment on the onlinefxtrading.net blogs but cannot see how to subscribe. Any help you can offer?
October 21st, 2007 at 12:43 pm
[...] Previous stories: Forex Fever growing and growing in Jamaica [...]
November 7th, 2007 at 6:25 am
[...] The Forex Fever Growing and Growing in Jamaica [...]
November 30th, 2007 at 6:38 pm
I think you all are idiots over there.
It’s hard to believe fantastic money managers and incredible traders reside now in Jamaica, a country known for its lawlessness.
You have to ask yourselves: at 5%/month that’s 60%/year.
If the company offers you 60%/year, how much is it left with?
For profitablility, the compnay should also keep 60% for itself and that means the company output is 120%/year.
If you believe that’s possible, then indeed Jamaica is a country of hot heads.
November 14th, 2008 at 1:44 am