Recently I have been made aware of The Lexington Code. It reminds me very much of a situation that I got involved in last year when I nearly got stung by a Binary Options scam.
This is how it happened:-
I was not a total newbie and had researched online business opportunities frequently. Most either didn’t appeal to me or turned out to be disappointing.
Wealthy Affiliate seemed to be the best long term honest proposition.
Hey! I signed up with them. They are the best I have ever come across and to date I have not come across anything negative.
Click Here if you want to know more.
However, when someone suggests you can make a lot of money without any experience using Binary Options, I thought well why not? I can always use a little extra money and my philosophy is “nothing ventured nothing gained.”
Had I searched Google before I signed up to DreamProfits
Indeed they were. You can check the whole story here. CLICK HERE
BinaryOptionswatchdog gave me the advice to only deal with registered options brokers and seemed to be honest reviewers of possible scams.
I was surprised to see that they were giving the’ thumbs up’ to the Lexington Code” because it looked very similar to the DreamProfits video, but as Binary Optionswatchdog were recommending them I decided to take a look.
So I had a deeper look and lo and behold it seems that BinaryOptionswatchdog, run by Michael Freeman, is not as trustworthy as I thought. Now I guess I am naïve, but I expect people who are putting themselves out as being guardians against Scam brokers and software should be genuine. It is a clever trick to expose some scams and yet to promote other supposedly genuine yet absolute outright cons.
You see I was being careful doing a search before getting involved. A couple of warning signs had flashed up – I was going to be one of the lucky 25 Beta testers? Mmm where have I heard that before?
I got as far as the bit where you find that to get access to the software you have to register with one of their brokers. Guess what? I get to register with a broker called TradeExtra. Who is TradeExtra.? On searching on another server while on hold at the “sign up” I discovered that TradeExtra are not registered options brokers.
This is how I came to realize that unfortunately you cannot be too careful in this Binary options arena. There are some very cunning tricksters out there. Check Michael Freemans stuff on youtube.
What happens when you deposit your £250 or$250?
Very rapidly one of the team, a salesman, will try to persuade you to increase your deposit. By increasing your deposit you will get bonuses. These make it difficult to withdraw.
( On signing up you will have agreed to various conditions, which will make it very difficult to get your money out.) Remember they are not regulated. They can do what they like with your money.
You gamble your money and the bonuses, but there are conditions to the winnings attached to the bonuses.
To cut a long story short, you lose your money and in some cases your savings and property as well trying to chase that elusive fortune.
If you followed my story mentioned above CLICK HERE and you will see that I was one of the lucky ones. Others I was in contact with were trying to get $thousands of dollars back..
Let’s Consider the following:-
Are you cut out to be A Binary Options Trader?
Of course the attraction with these scams is that they are presented as get rich quick schemes. Everything is going to be automated for you. All you have to do is deposit $250 and sit back and rake the money in. Your only effort will be counting your profit.
Doesn’t sound too likely, does it? In real life how often does it occur that someone out of the blue promises to show you how to get make $thousands a day with little or no experience?
When you consider what you will be doing is gambling, wouldn’t it be a good idea to understand what you are gambling with?
Now of course the promoters of the scam say you don’t have to know because they have access to automated software that will guarantee you make a profit. Some like the Lexington code say they have 100 %win strike rate!!! If only!
The point is that no Autobot can be 100% accurate. Some of your bets will lose. Professional gamblers realize this.
First you need to understand the market that you are trading in, be it The FTSIE the Dow Jones ,Gold or oil etc.
You need to be aware of what factors will affect your chosen market.
You need to understand how to interpret the various signals so you can decide which way the market is going to go, because you are going to be gambling on whether the price is going to go up or down. Sounds easy doesn’t it? Do you remember the financial crash of 2008? Not many people predicted that, did they?
Lamb being led to slaughter
If you are not up to speed with these considerations, then I suggest that you could be just like the lamb being led to the slaughter.
You can make money trading Binary Options if you know what you are doing. It’s like any other skill. You have to work at it study it to master it. Beginners are advised to choose a Broker that allows a practice mode where you cn practice without using real money until you have the confidence to Gamble with your real life savings. I keep highlighting the word gamble because binary options trading sounds like it is more respectable than gambling, doesn’t it?
Personally, whilst I can appreciate that it can be fun to have a flutter on an event, it is difficult to see how worthwhile it is as a way of life. This is why I asked the question “ Are you cut out to be a Binary Options trader?”
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