Forex trading fraud and scams are on the rise, and traders need to be alert. There is no easy money and forex is not risk free, if anyone tells you otherwise, beware. An extensive overview over currency trading scams and fraud may be found at forexfraud.com.

In an effort to prevent forex fraud The Commodity Futures Trading Commission put up a commission advisory in march 2001. Beware of foreign currency trading frauds . A must read if you are new to forex trading.

National Futures Association (NFA) also have an advisory on the net. Forex investor alert

Background Affiliation Status Information Center (BASIC) is the place to check if your broker is registered with the CFTC and/or is a member of the NFA. You may search by NFA id, firm name, an individuals name or pool name. If your broker is not registered, you should be concerned.

If have have come here because you believe you have been victimized or you are suspicious of a transaction or a broker firm, then you might want to fill out the CFTC questionannaire form.

If you have questions or concern regarding forex fraud, you might want to call NFA: 800-621-3570 or CFTC: 202-418-5250

Prof. Manuel Madrid-Aris together with Rodrigo Garcia [Optimal Capital Investments Inc] has developed an interesting intraday forex signal system. Abe Cofnas [Futuresmag] has made an interview that we think is a valuable read.

The system is based on analyzed historical time series for several currencies applied with econometric studies, along with technical analysis techniques to filter out noise. Dr. Mardrid argues The predictive power of our model is based mostly on correlation to past experience. So if something happened in the past, it is very likely to happen in the future.

The Forex system also incorporates strict risk management, they only trade in major currencies, with leverage from 1:2 up to 1:10, intraday stop orders varies from 13-26 pips, and they never risk more than 2.3% of the equity.

Prof. Manuel Madrid-Aris says their forex signal system has 66% winning trades, losing trades are 24% and 10% of the trades break even. The currency system also takes into account ceirtain news events that goes against the direction of their trades. They have also done backtesting, which show an average return of 88%, with 90% profitable months.

Read the whole article: Getting academic with trading system design

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There is a lot of factors that make up a successfull currency trader, and if you are to become one, or keep being successful, you need to stay in touch with cutting edge of forex development. Know the best brokers, have the best tools, read the best advisors, participate on the most useful message boards, read the latest indepth currency articles and commentaries, etc.

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