Do not be a victim of Forex scams, which can be described as schemes and trading positions that individuals use, advertised and leveraged to trick traders into believing that they can gain a monster profit over night by buying into their brokerage or their online systems. Michael Dunn of the US Commodities Futures Trading Commission has said that the currency market is rife with many nefarious individuals who would seek to take advantage of the vulnerabilities of new and budding investors to turn a quick profit.
There have been thousands of fraud cases and even more have cropped up online, ever since the internet was paired with Forex, and many online brokerages popped out. The average Forex trader who has been netted in by these scams have been known to lose more than $15, 000 dollars. One of the red flags you should look out for are websites who promise an insane amount of money in profits, guaranteeing overnight profits with an initial investment of a few thousand dollars. Typically, these ‘investments' you need to give out would typically be in the $1, 000 to $5, 000 range. The money that you invest will seem to be deposited into a brokerage account, but in actuality, is diverted into many several small accounts across the world where a withdrawal will be immediately made some few thousand miles away.
Although there is a special taskforce that has been setup to rid the internet of these Forex scams, there are still hundreds of them online, and the ease of the internet has allowed them to plant themselves on several different hosting sites and maintain their liveability online. Another one you should look out is the sale of Forex software. There are literally thousands of Forex based software and programmes available online, and only a small percentage of them are considered to be developed by legitimate sources. The rest are just rehashed Forex software or low quality programmes that have no use whatsoever. They often make sweeping statements in regards to the quality of these programmes and offer outrageous claims and money back guarantees. In reality, these software programmes or even e-books, are just simply scams for networks of people to make money.
Charging up to and over $40 USD per transaction, they are able to collect thousands of dollars within a month, disappear and then set up a different website under a different name. Their web sites are pretty polished and they often look quite credible. Always read what they have to offer and investigate their website a little bit deeper. It is actually quite easy for you to spot out a red flag in these Forex signals and when you do, report it to the local hosting service and of course the authorities. Forex scams are rampant all over the internet and you need to be aware of these signals before you commit your money. If you do need to invest, just use a well known brokerage and get advice from them on the steps you need to take.
Green Yellow Red Flags
If you've seen the movie adaptation of David Mamet's stage play “Glengarry Glen Ross”, no doubt you're familiar with Alec Baldwin's infamous scene in which he delivers one of the most memorable motivational sales speeches of all time. If you've worked in sales at any time during the last 14 years since the movie was released, chances are either yourself or someone you know can recite chunks of Baldwin's speech, or at least some of the key takeaway phrases (“coffee is for closers!”). For those of you who haven't seen the movie, Baldwin portrays a real estate shark (albeit briefly: he's only onscreen less than 10 minutes) brought in by fellow brokers Mitch and Murray in order to rally their sales team and roll out the guidelines for the monthly sales contest. The top two salespeople get to keep their jobs while everyone else is canned. At the end of his tirade, Baldwin responds to Ed Harris's question of why he's there. “I came here because Mitch and Murray asked me for a favor,” Baldwin sneers. “But I said the real favor is follow my advice and fire your (rear-end) because a loser is a loser.” Meeting dismissed. Harsh? Absolutely. Motivating? Without question it motivated the unproductive reps to take action, just not the actions Mitch and Murray would have hoped for (you've got to watch the movie to find out what truly desperate people in these circumstances will do). The first five minutes of movie blatantly establishes that the entire sales department, with the exception of top-producer Al Pacino (nominated for an Academy Award for his role) has already begun the downward death spiral many salespeople go through once industry burn-out has begun to set in. For those of you with a background in sales management who have seen the movie, you probably recognize that the intent of the sales meeting at the fictional Rio Rancho Properties was not to motivate the reps to sell; it was to motivate them to leave. Mitch and Murray's reasoning: turn up the pressure to an unbearable level and the ensuing war of attrition will weed out the ones that can't take the heat, thus saving the management team from the unpleasant tasks of either confronting the reps regarding their lack of production or terminating them in person.
For many sales managers across companies of all sizes, turnover is a way of life. Dealing with performance issues comes with the territory: either you address it with your reps individually or someone will be addressing yours with you. Whether a sales rep leaves voluntarily or is escorted to the door by security, it's a painful process to watch someone go from excited candidate to promising newcomer to frustrated rep to underachiever to latest casualty. I have yet to meet a manager who wouldn't rank firing people at the bottom of the list of “most rewarding aspects” of their job. Looking back at the interview process, most sales managers will admit they recognized the red flags that ultimately led to the undoing of a particular candidate once he or she became an employee, but for whatever reason chose to overlook or downplay them. I've spoken with sales managers and business owners who, after an exhaustive parade of unsuccessful hires and terminations, have come to the conclusion (incorrectly, I might add) that it's virtually impossible for them to predict whether or not any one candidate will be successful in their organization based on a handful of interviews. “Salespeople are professional interviewers, right? Aren't they trained to tell you exactly what you want to hear?” So they devise a recruiting strategy that consists of establishing some rough hiring guidelines (ie., Bachelor's degree, minimum of 2 years sales experience) bring on the first person that looks presentable, throw them a bunch of dead leads and/or disgruntled customers, point them to a phone and if they fall to produce in the first 90 days, get rid of them. Recruiting the RIGHT people is no easy task, so it's understandable how one could adopt this scattershot philosophy. My advice would be that if you want to make every working day feel like a week while ushering in your own demise, then adopt this strategy immediately.
While this is an extreme example, most hiring managers would concede there have been occasions when they have overlooked critical flaws in a candidate's background, character, etc. simply because they were desperate for someone to step into the position, only to watch it blow up in their face down the road. If you are the type of manager who is swift in taking action upon the realization you have made a bad hiring decision (and by that I mean terminating the employee), then I applaud you. There is nothing worse than watching someone toil away just to collect a paycheck. But wouldn't life have been easier if you hadn't hired them in the first place? One of the keys to successful recruiting (particularly in sales, where the candidate criteria can be more subjective than with other roles) is to pay close attention to your gut instincts and if something about a candidate doesn't sit well with you, move on to another candidate! If you're an individual with a lot of pet peeves, then you'd better do your best to determine early on in the interview process whether or not a particular candidate has the potential to drive you crazy. You can save yourself a lot of frustration by recognizing those subtle indicators of future “termination-worthy” actions. Here is a handful that I watch out for when interviewing sales candidates:
The Inaccessible Candidate. It bothers me when I am unable to connect with a sales candidate on their cell phone after 2 or 3 tries. If I'm not able to get through to them after a reasonable number of attempts, why should I assume that one of their prospects or customers would be able to? I can appreciate not answering calls from blocked numbers, but I don't think refusing to answer because they don't recognize the phone number is a legitimate excuse. Who's to say I'm not a referral from a client?
The candidate who gets too personable, too quickly. Like many of our clients, sales reps in our industry are essentially consultants: we do not sell a product and the services we provide are highly customized based on the needs of our clients. In addition, our firm operates on a retained basis (whereas the majority of our industry is comprised of contingent firms), so in order for us to justify an up-front engagement fee it's imperative that we establish credibility and capacity very early on in the relationship. Our clients look to us as professional consultants and solution providers, first and foremost. If a personal relationship develops beyond the scope of our obligations, great, however, our clients to do hire us to discuss deep-sea fishing, my nephew's wedding and whether or not the Marlins can pull a rabbit out of a hat this Saturday against the Cubs. If this is the route a candidate takes in an attempt to immediately try and establish rapport with me, what makes me think he or she is going to act any differently with one of my clients? There is a time and place for those conversations: just make sure they're not in the first 15 minutes of our initial conversation (that is, of course, unless I happen to mention the Marlin's current winning streak).
The Blame Game. The majority of people leave their jobs either because they do not get along with their immediate supervisor or they simply do not like what they're doing from the hours of 8 to 5 each day. That's understandable; I think all of us have been there at one time or another. The problem I have is when a candidate consistently points the finger at someone or something that stood in the way of their success, thus forcing them to look for a new line of work. This is particularly troubling when you have a candidate with a less-than-consistent work history (more than 2 jobs in the last 5 years). “The job was not as described,” is a way of saying “I didn't fully investigate the opportunity.” “The company was not financially sound,” in the candidate's mind is better than saying “I failed to do my due-diligence and research because I was desperate for work.” “My boss had unrealistic expectations.” They probably should have figured out what those expectations were before they accepted the position.
Both Chris M Lee & Thad Greer are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Chris M Lee has sinced written about articles on various topics from Finances, Forex Review and Online Forex Trading. to claim your Free Forex “Basic Momentum Analysis” report today! Christopher Lee helps thousands of traders learn the proper way to. Chris M Lee's top article generates over 49500 views. to your Favourites.
Thad Greer has sinced written about articles on various topics from Flirting Tips, Work From Home and Family Concerns. Thad Greer is an Executive Sales Recruiter and the Managing Partner with Priority Recruiting Solutions, Inc., a nationwide retain. Thad Greer's top article generates over 5400 views. to your Favourites.
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