So a scam can actually be useful (part 1)

At the request of my beautiful cousin, I'm going to go through a basic run of how I got involved in trading, how trading works, and what you need to do to make money.

Early in the summer, the same person I mentioned in an earlier post also accompanied me to a 'free seminar on Forex trading', presented by a group called 'Knowledge to Action'. We arrived at a glamorous hotel, where the seminar was being held. It had an open plan lounge area, plush leather sofas and a fully stocked bar. I almost felt out of place in such a nice setting. Someone was trying to impress, and immediately my scepticism began to grow.

(I love this picture)

Once the seminar started, we were introduced to Gurdas Singh, and were told that we were actually incredibly fortunate to have him speak to us today because he never, EVER does seminars. Mr. Singh then delivered THE most rehearsed, mistake free presentation that I have ever seen, with a fully integrated powerpoint presentation and without ANY notes. It was about three hours long.

I'm going to go out on a limb and say that Mr Singh's claim that he never did presentations was a lie. In fact, it is confirmed by an article, where he is described as Knowledge to Actions 'most empowering speaker'. This guy!

Disappointed

Mr Singh then went on to tell us about his amazing success story. Trading brought him so much success that he left University as he was making more than his lecturers. How he could buy whatever he wanted, working just a few hours a day - and also that WE could also earn similar amounts by entering the Forex world. The seminar then described how the Forex Market worked, and how easy it was to earn money by eliminating the ability to make big losses (which is actually partially true).

However, the worst was to come. Having presented us with this seemingly easy way to make a fortune, Mr. Singh then said that the way to do this was to sign up to Knowledge to Action's trading University. The cost of this? £15,000. I nearly fell out of my chair.

I started to feel as though all this was a sham. Mr Singh had presented the false pretence that I could earn lots of money like him, just through attending this Traders' University. To make it worse, Mr Singh then said that we were very lucky, as this was actually the last time that he would giving the opportunity for people to sign onto the University, and there were only 6 places left, and because of this he was willing to offer the same package for £2000, and you could bring a friend to learn with you.

By now my Spider senses were going haywire. I felt as if my intelligence was being mocked.

Mr. Money-making, high-flying, car-buying, jet-setting Gurdas Singh (look at his scamming face here) was telling me he was willing to offer me a £15,000 course for £2000 - an 87% discount, which I could bring my friend along to (effectively making it 93% discount). This would guarantee me more money than I could dream of.

So I'm meant to part with £2000 of my hard-earned student loan money, which will probably go into your pocket and contribute to this jet-setting lifestyle that you are currently living??

Does it say 'mug' on my forehead?

This was a classic case of a pyramid scheme. Unfortunately, as I left, a few people did in fact sign up to the 'University', and I'd love to see if they had any return on their investment.

So - why would I, having been presented with what I felt was a scam, decide to actually enter the Forex Market? Find out this, and how the market ACTUALLY works, in part two.

Thanks for reading,

Jr

twitter.com/jr_dot